Recently I wrote a blog containing my honest opinion about Dave Ramsey’s Financial Peace University. I had read most of Dave Ramsey’s books in the past so initially I figured that I did not need to go sit with a room full of strangers once a week who were also trying to get their whacked up financial life in order. However, the future held other plans for me and I scored a free ticket to attend his Financial Peace University and the rest was history. I had a great time and learned loads more information on financial education that I was not able to attain from his books alone.
Getting involved in Dave Ramsey’s teachings was one of the best steps forward I have taken since being on my journey to becoming debt free and financially independent. Alongside that step, I have since progressed into being a more frugal person. Since I can remember I have tried to be wise in my spending, although not always succeeding. I can think back to when I had my first job in a pizza shop. I would get my teeny tiny paycheck, pay my bills first, and then stash away the rest in the bank for savings never wanting to make big purchase because I knew that I wanted to continue saving. Even when I was first getting out on my own, I was never really rolling in the dough but I would like to spend less than I made and save money where I could. This included couponing, borrowing things when I needed, and saying no to a lot of invites where I knew I could spend some serious money. I admit there were times when I was a shameless spendthrift with my “You Can’t Take It With You” attitude. But mostly I have since been carrying with me these money saving habits as best as I could and have discovered many more along the way through college, working jobs, moving cities, and other life events that have occurred.
I want to share with you some frugal habits I have clung to over the years. Some I have since ditched but will be beneficial to some
Sometimes it’s not so much about how much money you make but how you save it and where it goes, is what is going to get you to your financial goals faster. These tips I want to share with you are what have been working for me. Some of you may eye roll on these and know you have standards and where you draw your line and that’s OK too! This is simply a guide I have been using to help me pay off debt and put away more money for a better future. Most of them are suitable for everyday living.
It is in the habits you do daily that will create long term success!
Living
After leaving the parents house when I was younger I first opted to get into an apartment. Back then apartments were a lot less expensive. As prices rose in the past I would pack up and move to a cheaper apartment or I would opt to get roommates or rent out a room in others homes to save money. Then as time passed I eventually got into my RV. If you don’t have an aversion to sharing a space with someone, renting out a room from a possible stranger, or full-time RV living, then riding this wave out for as long as you can stand it will save you some serious cha-ching!
- Shop apartment prices very carefully – Some apartment unit’s prices will fluctuate depending on the day of the month
- Longer term leases could mean reduced monthly rent
- Shop around electric providers for best cent per KW
- Negotiate when renting a room – Will the cost of the room come with WiFi? Utilities? Cable? Laundry facility?
- Buy furniture from estate sales, second hand, or garage sales
- Shop dollar stores for very inexpensive home decor
- Move back home for awhile to stash some cash
Working
I have to admit that I was never the type to stay put in a job in my early working days. As an ex hairdresser I loved to hop from one salon to the next thinking it would solve my problems of not having enough money. (Hint: If you are a hairdresser STAY where you are and build your clientele! This will make you more money in the long run) Younger me thought that staying at one place was such a drag and for the birds but older me would have stayed put and utilized a company’s 401k for investing purposes. It may be boring where you work but thinking long term is best if you want financial freedom faster.
- Stay as long as you can at your company
- Benefit from 401k if offered
- Take cheap classes to advance your skills and earn more money
- Bring your lunch everyday
- Take the shortest route to save gas
- Buy work clothes at second hand shops
- Bring your own coffee/tea and snacks so you are not tempted on breaks
- Work a second job on nights or weekends
Grocery Shopping
People waste so much food it’s incredible. I am a huge believer in eating everything you buy and not wasting anything, not only for the planet but for your wallet. Grocery shopping has always been a weekly thing for myself and I have found that doing it in these weekly increments allows me to stay more on track with my food budget. Remember to get only items you need and will consume for the week or however you decide to plan it out.
- Meal plan for the entire week
- Create a list before you go and stick to it
- Coupons Rock! (In store coupons, newspaper ads and online coupon websites)
- Buy in bulk (This can be great if you have larger family)
- Don’t pass the sale racks
- Buy “expired that day” items to eat soon
- Bring cash and leave the card at home
Entertaining
My idea of entertainment use to be spending a hefty portion of my paycheck on hard drinks and dance clubs most nights of the week. While I was busy jumping from job to job when I was dumber with my money I was also busy entertaining the idea that I was invincible to any harm that I could be inflicting on the health of my future myself. Can you say PARTAAAAYY!?!? Now a days and for many years now I have since swapped my borderline alcoholic evenings for a less expensive more chill kind of vibe. This frugal habit is probably one my most favorite as I am not only saving my wallet, but the future of my health as well!
Instead of the local bar, swap out an evening there instead and go to an observatory park where you can see the stars instead of the twinkle in the glossy eyes of the drunk crowd. But if you must go because Becky is throwing the bridal shower of the century, insist that the bartender serve you water on ice with a twist of lime all night instead of the usual overpriced drinks. Your tab will be much cheaper when you close the place down, I promise.
- Before you go catch up with friends at a restaurant, eat at home
- Visit local museums during the day
- Matinee movies are generally cheaper or dollar theater
- Library for movies and book rentals
- Go to parks and have a picnic and enjoy nature
- Ride your bike or whip out the old roller blades
- Join or start a group to share ideas on how to become debt free
- Read Freedom Chaser blogs
ELECTRONICS
It’s the year 2020! Everything is going digital and technology is moving rapidly. I will admit that I miss the old days when we went places without phones and for information we drove to the library or opened the yellow pages. I get it, times are changing and we have to keep up to an extent. However, I do not understand keeping up with the overpriced material items we think we need in order to be happy or the poor folks who fall prey to this belief that the expert marketing gods have instilled in us. That shiny new name brand phone you just dropped 2K on will have an updated version come out six months from now! If you are saving money then you have got to get a firm grip on your needs versus wants when it comes to the latest and greatest gadgets that are coming out to a mall nearest you.
I’m convinced that there is a cell phone in just about everyone’s hands these days. With that said, there is a lot of competition for service providers. Shopping around for a great inexpensive plan that fits your needs and budget is easier than ever. Personally I feel icky if I have to pay more than $50 a month for phone service. If you are a serious saver though, I have seen plans as low as $25 or less a month.
- Skip out on an internet bill and utilize free WiFi in libraries and other public places
- Buy used or refurbished phones
- Say NO to brand new devices
- Stop buying apps that you never use
- Share one computer, tablet, or laptop per house
BONUS TIPS FOR THE EXTREME SAVERS
- Sell you washing machine and dryer (Use your friends and line dry)
- Re-use plastic sandwich baggies and tin foil
- Ride bike or walk to work
- Take the extra napkins they give you from restaurants to home
- Add water to soap bottles to get every last drop out
- Buy everything off brand
- Skip out on buying additional furniture (Do you really need two couches?
- Borrow anything and everything you can from friends before absolutely needing to buy
- Repair clothes (Missing buttons, Ripped Jeans etc.)
- Grow your food
Deciding to take on financial lifestyle changes in order to get your money game stronger takes immense effort if you are not accustomed to it. An extremely massive amount of people have more month left at the end on their money so know that you are not alone! I recommend to read books constantly and consistently on money matters to help get you in the right mind set and stay there while moving forward in this journey. The Millionaire Mind and The Millionaire next Door offer a fantastic dip into the ways the average millionaires think and the habits they live by. Browse the internet as well for page after page on finance articles. Going even further you can pick up more tips on how to save money and even investing money which is another great vehicle that can take you to financial freedom faster. I recommend catching some YouTube videos from Hidden Freedom for top notch financial information and investing ideas.
Choosing to tighten up with your spending and saving is a great way to get ahead of the financial game. Some of you are limited to only making so much money right now. If that is the case and you are not able to take on extra work or find other ways to generate more income then reducing the amount you spend may be your only alternative to getting ahead at this time. This is not necessarily a bad thing. You do the best you can with what you currently have and that is what matters. I recall times when I had no other choice but to put items back on the grocery shelf because I only had enough for the bare basics. This particular time of my life forced me to go even deeper into frugal ways of living and I appreciate that I got to experience firsthand the feeling of being so dang broke. It changed my life when I decided to tweak the lifestyle I was living. Every day, week, month and year has only improved and pushed me closer to my financial goals because of the sacrifices I made and am making. I am hoping that with each decision you make towards saving your money is financially wise for you because if you save your money, your money will save you.
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