Saving money is easy to do when you’re in the habit of doing so and hard to do when you don’t. No-one gets to save a load of money without making certain decisions about how they are going to live their lives.
You need to be in the habit of saving money. Frugal habits that you embrace will help you to achieve many things in life including saving money.
Look around you and find the millionaires; they won’t be the ones in the big flashy cars eating out at restaurants 3 times a week.
Nope, those people are the wannabe millionaires who haven’t sussed that in order to have money in the bank you do actually need to put it in there and keep it there.
Super rich people may spend a lot of money but you can bet they don’t spend all their money living paycheck to paycheck.
Regardless of your income, in order to build your savings you need to live below your means. Period.
The frugal lifestyle helps you to achieve just that. In addition it brings you enjoyment, peace of mind and the joy of living below your means.
When you embrace frugality you get into a groove of frugalness and create yourself some great frugal habits that you live your life by.
Being frugal isn’t associated with an income bracket, it’s about how you live your life through habits, values and goals you set yourself.
Frugal people come from all walks of life, you could be a millionaire or you could be on the minimum wage.
Of course if you earn a reasonable income and focus on being super frugal then you can end up rich. That’s your choice.
You could go down the extreme frugal living route or you could just focus on being the right shade of frugal for you.
So what frugal habits should you develop? What frugal habits do the super rich have that you can copy? And are their frugal habits different to the frugal habits of less well off frugal folk?
Related reading: How To Be Frugal in 2019: 110+ Best Frugal Living Tips To Try Today
8 Fantastic Frugal Habits
Frugal people plan and prepare their food at home using low cost but healthy ingredients they have bought at the best low price. This frugal habit of eating encompasses many other little habits that help you to save money.
Using a meal plan to plan your meals ahead of time stops you from spontaneously eating out because you don’t know what to cook.
They will happily make cheap frugal meals and enjoy them, alongside other cook from home recipes. Other frugal habits that help you to eat frugally are:
- prepare food from scratch
- always have a meal plan
- buy in bulk
- reject convenience foods
- eat out rarely
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Live Within Their Means
Regardless of your income if you spend more than you earn you are going into debt because you are living beyond your means.
Conversely, if you adopt the frugal habit of always living within your means then you will have money to save.
Frugal people know that the way to enjoy life is to not have to worry about money so living within your means is crucial to your frugal lifestyle.
You will likely adopt other smaller frugal habits in order to achieve this surplus income. Habits such as:
- wait before buying
- emergency funds
- live in smaller houses
- always learning about money
If you want to go down the super frugal route then have a read of my post about 11 extreme frugal living tips to get you started.
Know Where Money Goes
If you don’t keep track of what you are spending how do you know if you’ve spent too much? Frugal folk understand that knowledge is power.
They know what they are spending their money on every month because they track their spending. This knowledge enables them to make informed choices about their money.
for instance they can see if their grocery bill is getting too high and make changes accordingly. They can negotiate with their utility company when costs creep up.
Be Capable And Self Sufficient
Being a capable and self sufficient person allows frugal folk to get more bang for their buck. Continuously striving to develop your own capabilities instead of paying someone to do something for you has many benefits.
You save money by not outsourcing the tasks; you increase your knowledge and skill-set and complete the task yourself. And the final benefit is you get a great sense of satisfaction for achieving that outcome.
Capabilities you can develop to save money include:
- Completing your own repairs
- Making your own
- growing your own fruit and vegetables
- Completing your own DIY projects
Related reading: 12 Traditional Frugal Living Tips To Supercharge Your Savings
Think Long Term
They are not sucked into the “buy it now, must have it now” mentality that has consumed most 1st world countries. 50 years ago people didn’t have credit cards or access to personal loans.
If you wanted something; a new car, a new cooker, you had to save up for it and go without until you had the money.
Frugal people recognize the value in saving up for items they require thereby not paying interest on loans and credit cards. Quality is also something you would concentrate on in order to maximize value for money.
It’s not about buying expensive gear, it’s about getting quality gear which you can often pick up used for a fraction of the price new. Things to focus on are:
- think long term
- plan purchases ahead
- pay in cash
- never pay full price
- value quality and reliability
- shop second hand
- never buy new cars
Know How Much You Need
Buy only what you need instead of anything that you want and save the extra money not spent. Sometimes you can get mixed up between what you need and what you want.
You might need some form of mechanical transport (a car) but you don’t need a brand new pick up truck.
You need something that gets you from A to B (presuming there is no public transport), what it looks like and how old it is are fairly immaterial.
Children don’t need huge amounts of plastic toys and dozens of after school activities. They need time to play and have fun, which doesn’t have to cost a lot.
Frugal people have worked out what is important to them, what their needs versus their wants and are able to save money as a result:
- only buy what they need
- give kids less stiff
- use every drop
- wait before buying
- say no
Creative In Their Life Enjoyment
You can spend a fortune on entertainment if you choose to. Frugal folk choose not to. Being frugal means they choose alternative forms of entertainment.
They still have fun and enjoy life without spending a ton of money. They will likely have friends who share similar frugal values.
Friends who have the same outlook as you are an absolute boon, you don’t have to explain what you do and why you do it to them. They get it.
- seeking out free entertainment
- don’t shop as a form of entertainment
- do low cost exercise
- Focus on work life balance
Getting A Great Balance
Being able to balance work, life, being frugal, saving money is a great habit to embrace. So many people strive and fail to achieve a good work/life balance.
Frugal folk have got it sussed. They aren’t trying to keep up with the Joneses; they’re not working as many hours as possible just to pay the huge bills they have addled themselves with.
They know by living below their means, saving money and being thoughtful about how they live their lives they can achieve a great life balance now.
They may well work extra hours but it will be on a money making hobby or a side hustle that they enjoy doing. They are less stressed because they have got a good balance.
Frugal Habits To Live Your Life By
When you want or need to be frugal you need to make certain life decisions and create routines that you live your life by in order to attain the frugal lifestyle you want.
As you can see even rich people have the same frugal routines as those of us on a more modest income.
Being frugal isn’t about having a load of money. It’s about what you do with the money you have and that is where these simple frugal habits come in.