5 Ways To Be More Frugal On A Daily Basis

how to be frugal on a daily basis

If you are new to the concept of frugality, it might feel like an impossible task. This is especially true in a tricky economy filled with increased inflation. 

Being frugal might also feel like a long-term commitment during which you will only reap the benefits on a long-term basis. Frugality, however, can start very small, at any time — and every dime is going to make a difference. Even a penny saved is a penny earned when you are living the frugal life!

Here is how to have more fun and financial freedom frugally. Try the following 5 ways to be more frugal on a daily basis. 

1. Try For An Everyday Budget 

Paying with a credit or bank card for everything leaves you open for overspending, especially if you have a hectic lifestyle where you are always on the go, paying for the odd drink, fuel or bite to eat. Setting a budget every day is going to help you to avoid overspending. 

It is a good idea to plan your everyday budget in advance. Then, at the beginning of each day, you can hit the ATM machine and draw out your exact amount so that you know how much you can spend and won’t be reaching for your card. Using only cash when possible helps you to realize exactly how much you are spending through visualization and set a limit on what you buy.

2. Save Your Change 

Another reason drawing money out of the machine instead of paying on your card for everything is that it allows you to save that little bit extra. For every bit of spare change that you get, try to save daily in a designated place, whether this is a savings jar or another container at home. Change which is left in your wallet or thrown into the car cup holder will only be wasted or spent for the sake of it, and that's not frugal! 

Now there are helpful apps like Acorns that automatically deposits or saves the change on all credit card / debit card / digital purchases to a bank or investment account. All of that change from your transactions can really add up to savings, investing account growth, and/or credit card rewards.

3. Compare Prices On Everything 

Price comparison when shopping online frugally is going to help you save money. Don’t just opt for the first price you see, even if the item is exactly what you are looking for. Even if it is only a penny cheaper elsewhere, that is still a saving, and when you have a big purchase with a lot of items, it will all make a difference. 

But make sure to keep commuting time and fuel costs in consideration when making your purchases. Time is money and if you have to drive an extra 10 miles to save a couple of pennies, it doesn't make sense in the big picture.

This is especially important during COVID-19 lockdown, as you can easily compare prices on Coronavirus Essentials so that you are saving money on your quarantine purchases. There are many apps and websites that allow you to easily compare product prices, most notably on Amazon. 

You should also check for coupons and promo codes before making a purchase. Now most coupons are digital and you can find incredible deals if you know where to look.

4. Avoid Impulse Buys 

Impulse buys are easily done daily by those new to frugality. You might grab a bite to eat from the drive-through or buy a coffee that you didn’t really want. Impulse buys easily add up in price, especially if you are traveling a lot throughout the day and are presented with lots of different options to spend your money, whether big or small. 

Think ahead about what you need for the day. If you have packed your own lunch and essentials, then you can avoid all eye contact with coffee shops, other snacks and more. Stores and restaurants are set up scientifically to maximize your chances of buying more items than you intended, so it will require discipline and focus to avoid extra purchases.

5. Consider What You Have At Home 

While of course it is okay to treat yourself now and again outside the house, when you’re trying to be more frugal, resisting temptation is crucial. 

If you are easily swayed by a coffee sign while you are out, think about the coffee you already have at home which you can have for free. If you are tempted by a more luxurious lunch, plan ahead for making your lunch at home with the food you already have. 

Frugality Forever

Being frugal forever is a habit and a lifestyle. The same goes for anything during your daily routine, which must be mastered. 

If you always make a habit of popping into stores and impulsively buying a new outfit or the odd item of clothing, stop and think about the clothes and clothing accessories you already have at home and whether you really need to spend more.

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