Let’s make frugality fun – because I sure am! I’ve been collecting money-saving tips my whole life. Honestly, I don’t use most of them but the 5% that work for me are pure golden nuggets.
So, after nine years of being a money-saving fanatic, what proven frugal hacks do I have in my toolbox? At first, simple life hacks sounded brilliant, like real game-changers to save money. They do help a bit, but not as much as you might think. They’re still great though, because they give you a sense of control over your finances.
Just remember, being smart with money is often about the bigger life choices. The best cost-saving step I took was staying with my parents between theatre gigs. It might sound silly or childish to some, but believe me, it beefed up my savings and built a decent buffer for future theatrical pursuits.
In case you’re in the arts like me but can’t live with your folks, don’t fret! Look into jobs that offer housing facilities, like cruise ships or regional theatre opportunities. Leasing out your place or skipping rent by couch surfing between gigs can be a big money saver!
As for me, I chose to settle in an affordable side of London instead of a pricier central district. Bigger life decisions, like where you live or what car you drive, are where your thrifty senses matter most.
If you want to start small, that’s great too! Try to reduce waste – for example, be mindful of your groceries so they don’t rot away. Even if you water down your soap to stretch it a bit longer, it helps create a frugality mindset, which can benefit both your wallet and our planet.
I also have a cashback system that works in the background, providing me coupons automatically. For purchases on a whim, I save them on a wishlist and revisit the idea after a while. Sometimes, I realize I don’t want it that badly after all.
Being frugal is all about finding what works best for you. Some methods might be more hassle than they’re worth, like negotiating lower utility rates (I know, right?), but they could be handy in tighter financial times.
Lastly, here are my financial goals that I stick to:
1. Pay off all debt.
2. Tithe 10%.
3. Save at least 15%.
4. Build up a $10,000 emergency fund.
5. Max out my IRA every year.
6. Learn and then invest in the stock market.
7. Understand how REITs work and invest in them.
8. Own a home.
9. Pay upfront for cars.
10. Write a book about Jorge, the little man who lives in a jar.
Care to share your favorite money-saving tips?
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