Do you feel like your spending is out of control? Or maybe you are someone who just feels like you could tighten up on spending in order to save more? In any case, if you’re looking for tips to live a more frugal lifestyle below your means, I hope you find some inspiration here!
The first step, I don’t care where you are in the process, is to have budget check-ins REGULARLY. I used to be someone who used a budget check-in at the beginning of the month as simply a check-in to see what to expect for the month ahead. After a while, I found that this “sticker shock” only showed me that I wasn’t making enough money. So in an effort to tighten up, I began checking in on pay day. Then, I would still have a snapshot of the month ahead, but I would also have an actual number to use to figure out what bills needed to be stretched between what paychecks. But I found that although this plan of action was better, it still wasn’t fool proof. I would still find ways and excuses to not stick to the budget – and let’s be honest. We’re human. We’re going to test limits. But if you can sit down and have a realistic check-in and set realistic goals based on real numbers, you’re much more likely to stick to your budget. Even if you’re not perfect, you’ll have an awareness of where your numbers are. Dave Ramsey, financial guru, says “If you don’t tell your money where to go, you’ll end up wondering where it went.” A budget does just that and budget check-ins help hold yourself accountable.
Piggy-backing on the budget, my second tip is after you’ve checked in with your budget and gotten familiar with your spending, take an average of your ‘fun money’ or spending that maybe wasn’t necessary but convenience or fun or whatever else. The number may shock you, but use the knowledge of it as power. And instead of continuing to swipe the card, give yourself a cash allowance for this amount. Once you’ve determined that number for that pay period, visit an ATM on pay day and withdraw this predetermined amount. Tell yourself that for your allowance money runs out, it’s gone until next pay period. Once you’ve determined your average, using this figure for the cash amount will help you feel them impacts of these expenses and you may find yourself cutting back on them. If you’re an Amazon or online shopper, you can also just tell yourself the predetermined amount and try to stick within it. I do find this is much harder though.
Similar to the cash allowance tip, roll change. After a few months of using cash as opposed to a card, you should have a decent amount of change accumulated. We keep a glass piggy bank frame in our bathroom. This way, when someone undresses for a shower, they have a visual cue to empty their pockets, and that change adds up quickly! Every few months, we have somewhere between $70-$90 dollars in a small piggy bank. Sometimes we use this as a bonus for date night but recently I used it to combat some overspending. The great thing is you can use it however you please! (An additional tip here – check with your bank to see if they accept rolled change. We bank with 2 financial institutions and one allows rolled change while the other requires you to bring in UNROLLED change and only accepts it at certain locations.)
Forth, I recommend meal-planning. I know. You’ve heard it before and it doesn’t work for you. Are you flexible with the meal plan? What causes it not to work? One tip in this area: don’t go searching for new recipes weekly. This is exhausting. Instead, start in your kitchen, maybe you have pasta and beef and just need sauce in order to have spaghetti. Are eggs, bread, and bacon staples in your home? Breakfast for supper! Use what you have before you begin your list. Also, maybe spring is hectic time of year for you and all of your children’s extracurricular activities. If so, pencil in sandwich night or crockpot night when you have little time to prepare.
For tip number five, utilize selling things you have to help when things are tight. Maybe this means taking children’s clothes to a consignment shop. I find this super helpful when either of my kids are about to outgrow something and need to size up. Maybe you’re trying to get out of debt (more on this in a sec!), look around your home. There’s bound to be items that aren’t serving you that you could sell in a yardsale or on Facebook Marketplace. Every little bit helps, and decluttering with the bonus of getting paid for your stuff if always nice!
Tip six may ruffle some feathers, but I’ve mentioned Dave Ramsey before, so I feel that’s a good context clue of what’s coming next if you’re at all familiar with him. Be or be trying become debt-free. Living a life without payments is so freeing! Many car payments these days are the equivalent to a mortgage payment a few years back. It’s wild. If you do have debts, please know I’m not condemning. But it is my opinion that to be debt-free you will feel a lot less stressed than had you had debt.
If you get spring fever accompanied by an itch to spend, like I do, then listen up for tip seven! If you’re getting inundated with ads and you’re wanting to freshen up a space, think of alternatives. Sure, maybe you still freshen up the space but instead of rushing out and buying the new on trend decor item, see what you have already that you can make work instead. In my case, I struggle with the lack of light and color in my living room, so instead of completely replacing a piece of artwork, I found something else I could put in a frame that I already have. In summary, be creative! (The cow “print” is a dish towel!)
On that note, tip number eight is to take your creativity and look out for freebies! If you have a creative eye and a little extra time, you can easily make an extra buck flipping trash to treasure finds. This one is a slippery slope! – for me. I like to say “yes!” To all of the projects and then wonder why I feel overwhelmed when I have so many I can’t move through the room where they’re stored to work on them. So only say “yes” to what you can flip quickly so you’re not stuck hanging on to a backlog of projects to be completed. But anything you get for free can pretty much be flipped for profit especially if you already have supplies at home.
One way I like to practice living below my means is bringing back the underutilized barter system for tip nine. I have a relative who cuts my hair and that I clean for, and when both services are needed at the same time we simply trade a haircut for cleaning service. Similarly, I often check with family if I’m out of something or need something and see if they need something I might have so we can trade. This really helps limit how often I am buying new which in turn helps limit my spending and helps me to live within my means.
Tip ten goes hand in hand with budgeting mentioned earlier, and is to plan for the unexpected. Plain and simple: have a savings. At the end of the day, no one can tell you exactly how much is the perfect amount for your savings, but to start, at least have one month’s worth of expenses. You never know when you’re going to have to put your car in the shop, take the dog to the vet, take someone to the emergency room, or replace a large household appliance, but inevitably these things all happen. Typically, no one sees them coming, and people tend to use these events to charge a credit card. But if you plan for the unexpected, then you shouldn’t need a credit card.
In summary, having a budget, planning for meals, selling what is no longer serving you, and planning for the unexpected are all great ways to live a more frugal lifestyle within or under your means. What are some things you and your family do to live a lifestyle within your means?