Q:

What are some frugal living tips?

A:

Quick Answer

Tracking spending carefully, avoiding impulse buys and finding creative ways to reduce unnecessary spending and save money on essentials are good ways to establish a more frugal lifestyle. Having a particular savings goal in mind can also make it easier to live more frugally, as it can provide extra motivation.

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Full Answer

Tracking expenses for a week or two is a good way to become more aware of one's spending habits. Many free online budget trackers, such as Mint.com and BudgetPulse.com, are available to help users balance their budgets. These tools show users how much of their budgets go towards food, housing, gas, entertainment and other expense categories. Once you have a good idea of how you spend your money, you can start to identify ways to cut back.

Another way to live more frugally is to avoid the temptation to spend. For example, when you go shopping for clothes, make a habit of only looking at stores within your budget. Use email tools such as Unroll Me or Google Inbox to bundle promotional emails. This clears your inbox of advertisements and makes it easier to avoid online impulse buys.

One way to reduce non-essential spending is by identifying routine purchases that you can cut back or eliminate. Small convenience expenses, such as buying coffee in the morning or going out to lunch at work, can quickly add up. Try bringing lunch from home and making your own coffee. If you can think of your savings as going towards an important goal, such as clearing debt or going on vacation, it may be easier to go without these expenses. You can also find ways to make saving money fun. For example, if you frequently go to the movies, plan a fun movie night at home instead.

Learn more about Household Budgets

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