Being Frugal Without Being Cheap:10 Tips How to Save Money

 In Personal Finance

how to save money

How often do you ask yourself about ways how to save money? Face it—saving money is difficult. There are so many temptations to spend.

But if you aren’t already thinking about your future, you may be doing something wrong.

Being frugal is not only a valuable skill, but it is also essential. The following article focuses on ten ways that you can be frugal without being cheap.

These are money-saving methods that can benefit you in the present and, most important, in the uncertain future.
saving for retirement

Don’t Clean Your Home

Emma Johnson, the creator of the blog WealthySingleMommy, recommends hiring someone to clean your home. “If you are a professional,” Johnson writes, “your time is worth more money per hour than what it costs to hire a housekeeper to scrub it clean every week or two.”

You can use your extra time to focus on developing your business or career, or on spending this time with your kids. Always think of time in terms of money, and weigh your options accordingly.

Search for Internet Coupons

With the Internet, it is easy to find coupons and great deals on just about any item you can imagine. Websites like SlickDeals are valuable resources to find ways how to save money.

Coupons is also a helpful website. After all, coupons are free—what excuse do you have for not using them?

Check Groupon

Thinking of going on vacation? What about just going out to eat for the night?

Check Groupon for money-saving deals. Groupon features everything from all-inclusive trips to Ireland to buy one burger get another free at your local pub.

Unplug Your Appliances When You Aren’t Using Them

Did you know that appliances still use up power even when they are turned off? This is why unplugging your phone charger, microwave, coffee maker, and television when you are not using them will save on your electrical costs.

Of course some appliances, such as your washer and dryer, your cable box or computer modem, you do not want to turn off. But you will find that by unplugging smaller appliances you will begin to see the savings on your monthly electrical bill.

According to MNN, you can save up to thirty percent just by turning off your television when you are not using it. Think about how much you can save over the course of one year!

Install Energy Saving Lightbulbs

Switch out those old light bulbs and put in energy efficient bulbs and I guarantee you will see a decrease in your monthly electrical bill.

According to Energy.gov, installing Energy Star light bulbs could save you seventy-five dollars per year in energy costs.

Pay Attention to the Prices per Ounce on Your Grocery Items

When you are shopping at the grocery store, make sure that you look at the prices per ounce or pound printed on the item’s price tag. Looks can often be deceiving, and you may not be getting the best deal by just buying what appears to be the lowest priced item.

And don’t always assume that a generic product is lower in price than a brand name product. These prices fluctuate, and it is important to check the prices per ounce or pound and to use this to compare the price of your items.

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Cheap Today May Be Expensive Tomorrow

Just because a product is cheaper than another product, does not mean that it will save you money. Sometimes spending more money up front for an item will save you money in the end.

A prime example is the energy efficient light bulbs, which are considerably more expensive than bulbs that are not classified as energy efficient. But you are thinking over long periods of time rather than only in the present moment.

Lower priced shampoo, for instance, may contain more water than a slightly more expensive shampoo, and therefore, you will need to use more of the less expensive shampoo to achieve the same results you would get with less of the more expensive shampoo.

Unfortunately, the only way to know some of these things (the shampoo, for instance) is by buying the less expensive product and then discovering that it is not only lower in price but also quality.

Being frugal sometimes means paying more upfront to save money later.

Would you like to know how to save money fast? Cancel Your Cable TV

Cable television can be outrageously expensive. If you have a television show that you love, odds are you can stream it online using lower cost websites such as Netflix or Hulu.

Or, if you don’t want to shell out the cash for streaming websites, you can wait until the show goes to DVD and then reserve it at your local library.

Libraries are wonderful resources for new and older media. The worst-case scenario is that you might be placed on a waiting list for a few weeks before you receive your DVD.

But think of the money you will save!

Use Your Toaster Oven

Toaster ovens are really energy efficient, especially compared to the larger ovens most people have in their homes. Try to find a toaster oven that is large enough to handle items like frozen pizzas that you might like to cook at home.

You will be amazed by how much you will save in energy costs by using your toaster oven instead of your conventional oven.

Start Your Own Herb Garden

Many herbs, such as basil, cilantro, and rosemary, can be grown at home for very little money. Stop spending 2 dollars at the grocery store for small packages of herbs. For just five dollars, you can start your own herb garden.

Remember that anytime you grow your own food, you are probably going to save money.

In addition to herbs, why not try growing smaller fruits and vegetables such as tomatoes, lemons or limes? If there is a special fruit or vegetable that your kids like, do some research on how to grow it.

Gardening is also a very low-cost activity that you can do with your children. It gets everyone outdoors, and your kids will learn valuable skills.

Saving money is difficult. But by being frugal, making just small adjustments in your life, you will be amazed by how much money you can save.
saving for retirement

Sergey Sanko
Sergey had started an IncomeClub after years of being an investment advisor for high affluent investors and managing fixed income securities. He is the lead investment advisor representative and holds a Series 65 license. Sergey earned his Executive MBA degree from Antwerp Management School.
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