Frugality often gets a negative reputation, possibly because it’s often mistaken for stinginess. Think about those folks who can’t part with their money, or those who would drive an additional five miles just to save a few cents on gas. The ones who opt for dates when discounts kick in and insist on ordering just appetizers. You know who I mean.
Then there’s the common misconception that being frugal is of little importance. Some bloggers are vehemently anti-frugality arguing that skimping on an occasional purchase won’t bring any significant savings. Their advice? Work on magnifying your income so you can afford not to count every penny.
Yes, increasing your income is indeed a crucial aspect of amassing wealth. But judicious spending can lend a nice balance to this approach too. Especially in your early years, when your career is just taking off, wise spending can help you save extra nickels and dimes while you are working on increasing your income.
Don’t let the concept of frugality deter you. You can simply incorporate it into your daily routine.
1. ALWAYS CAPITALIZE ON PROMO CODES.
More consumers are resorting to online shopping these days. Once you proceed to check out, you would usually come across a small window asking for a promo code.
If you don’t have a promo code, simply search for one online and you can often locate one. While I was ordering checks online recently, by applying a promo code, I saved whopping $15 on a purchase that was initially going to cost me $21.36. The quick two-minute internet search allowed me to retain part of my money.
2. OPT FOR PRE-OWNED ITEMS.
Those who desire to match the Joneses in terms of possessions can do so by buying used items, and save a substantial amount of money. As Barbara Friedberg suggests in her latest book, Wealth Building for the Financially Illiterate, even luxury cars can be purchased pre-owned. This principle can be applied to other purchases like clothes and furniture too.
3. ADOPT MONEY-SAVING OR MONEY-MAKING HOBBIES.
Leisure activities could be expensive, but if you choose those which save or make money, you can enjoy your pastime and give your savings a boost too.
For example, I learned the craft of sewing when I was young. Though not an expert, I can easily convert my old t-shirts into dresses for my daughters or alter my son’s uniform to make them fit better. This simple hobby has saved me the amount I would have spent buying new clothes.
Writing and photography are two other pursuits that can let you earn extra on the side.
If the fear of being labelled a miser is discouraging you from being frugal, try some of these effortless ways to save money without diminishing the quality of your lifestyle.
Do you already put to use any simple money-saving strategies?
