5 Ways to be Frugal

by Matt

in Money Management

In today’s economy it can be tough to get by.  The recession lingers on, however, it is showing strong signs of recovery.  Despite the recovery, unemployment is still at 8.8% and it can be tough to live on little to no income.  That is why adopting ways to be frugal can help you, even if the recession has not hit you very hard.  The reason for this is you save money and it teaches you to live on necessities in the event that your financial situation does change one day.  In tough times you should always have a backup plan and have a “rainy day fund” in the event that a main source of income stops.  Regardless, here are some ways you can start being frugal and save some money.

  1. Take advantage of sales.  The best time to raid the department stores is when the sales are going strong.  This is mostly during holiday seasons throughout the year.  You can save a great deal of money if you wait to buy big purchases during times of sales.
  2. Go to the library.  Instead of purchasing a new book or these days buying one on your e-reader, go to the library.  It is free to check out books and you can renew them over and over until you finish them.  This can save you hundreds of dollars without even knowing it.
  3. Use Redbox kiosks for movies.  It is only a dollar to rent a movie from a Redbox kiosk at your local supermarket.  This is a much better deal than spending money monthly for a service that you may or may not have time to watch.  When you use Redbox you are getting a 1 day rental for a dollar.  This is a very cheap way to watch new releases without breaking the bank.
  4. Clip out and use coupons.  You can save hundreds of dollars if you clip out and use coupons from your local newspaper or from free sites online.  You can find a number of great deals on anything and everything when you go shopping.  When you are using coupons, you are getting more work out of dollar.
  5. Eat out less.  It has become the new norm to eat out daily or several times a week.  People are working longer hours and more days of the week so they do not have as much time to cook a meal at home.  However, that $50 everyday (or more) adds up over time and ultimately costs you a pretty penny.

These are just a few ways you can save some money and live frugally during times of lower income or no income at all.  Even if you have a job or a source of income, it is still good to be frugal in the event that you have a cut in money flowing into your household.  Keep a “rainy day fund”, you never know what the future holds so it’s best to prepare yourself and set aside money while you have it.

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