Tips for Frugal Living

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Topic Author
mooudn
Posts: 95
Joined: Sun Jan 05, 2020 10:28 am

Tips for Frugal Living

Post by mooudn »

Hi all,

Confession: I'm a cheapskate. I used to be ashamed of it, but not after I realized it's less about how much money I save, but the idea that I'm saving with my frugal habits that's extremely satisfying. I can't help it...I just love to save :moneybag :sharebeer

What are some frugal ideas and tips that you use in your daily life?

I'll start you off: I never buy foundation. I always get the little samples they give out at sephora and use those. Mind you, I don't go through a lot of foundation to begin with :mrgreen:
nalor511
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Re: Tips for Frugal Living

Post by nalor511 »

Don't spend 10-20x the $ on things outside that I can do myself at home, with better results (coffee, food, financial advice), unless for social reasons
Godot
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Location: Little Beirut

Re: Tips for Frugal Living

Post by Godot »

mooudn wrote: Wed Dec 23, 2020 8:26 pm Hi all,

Confession: I'm a cheapskate. I used to be ashamed of it, but not after I realized it's less about how much money I save, but the idea that I'm saving with my frugal habits that's extremely satisfying. I can't help it...I just love to save :moneybag :sharebeer

What are some frugal ideas and tips that you use in your daily life?

I'll start you off: I never buy foundation. I always get the little samples they give out at sephora and use those. Mind you, I don't go through a lot of foundation to begin with :mrgreen:
Related thread with a few responses: viewtopic.php?f=11&t=235575
"If by Godot I had meant God I would have said God, and not Godot." | ― Samuel Beckett
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FIREchief
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Re: Tips for Frugal Living

Post by FIREchief »

The "world" says that if you are retired with assets, you should take fancy vacations, drive an expensive car, own a fancy home and eat out a lot. I really don't like doing any of those things so I don't. We take cheap domestic vacations using credit card miles for flights (cruises and Disney), drive a reliable newer Toyota, rent a nice apartment that somebody else maintains and cook at home or pick up quality take out from reasonably priced restaurants nearby. The simple life style is often the most enjoyable. 8-)
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
humblecoder
Posts: 565
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Re: Tips for Frugal Living

Post by humblecoder »

mooudn wrote: Wed Dec 23, 2020 8:26 pm Hi all,

Confession: I'm a cheapskate. I used to be ashamed of it, but not after I realized it's less about how much money I save, but the idea that I'm saving with my frugal habits that's extremely satisfying. I can't help it...I just love to save :moneybag :sharebeer

What are some frugal ideas and tips that you use in your daily life?

I'll start you off: I never buy foundation. I always get the little samples they give out at sephora and use those. Mind you, I don't go through a lot of foundation to begin with :mrgreen:
To me, saving on little things is great, but you get the biggest bang for your buck by saving on your biggest asset: your house.

First, choose where you want to live wisely. I read a statistic that something like 75% of people end up living within a short distance from where they grew up. That makes sense since probably have a ready-made network of people: family, friends, etc. Plus you are comfortable in that area. However, if you happen to have grown up in a high cost of living area, you are going to end up behind the financial 8-ball since your housing expenses are going to be that much higher. However, if you are willing to expand your horizons and situate yourself in a lower cost of living area, this gives you a better chance of reducing your housing expenses.

Second, once you have chosen what area you want to live in, don't overbuy in terms of your house. Besides the obvious up front cost of the house, a bigger house requires more energy to heat, more furnishings, higher property taxes, higher insurance, etc. Even if you rent, you may be paying a higher rent indirectly because of some of these costs.

By finding an area with a reasonable cost of living combined with not overbuying real estate, you can literally save hundreds of thousands of dollars.

So that's my frugal tip 8-)
an_asker
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Re: Tips for Frugal Living

Post by an_asker »

humblecoder wrote: Wed Dec 23, 2020 11:18 pm
mooudn wrote: Wed Dec 23, 2020 8:26 pm [...]
I'll start you off: I never buy foundation.[...]
To me, saving on little things is great, but you get the biggest bang for your buck by saving on your biggest asset: your house.
[...]
As long as OP is ready to pay for the foundation ;-)
maroon
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Re: Tips for Frugal Living

Post by maroon »

delete
Last edited by maroon on Fri Jan 01, 2021 2:36 pm, edited 1 time in total.
Johnny Thinwallet
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Re: Tips for Frugal Living

Post by Johnny Thinwallet »

My biggest 3 are probably:

1) Marry wisely - it's a major advantage to have a spouse who is fully onboard with your financial mindset
2) Housing (as mentioned in an above post)
3) Cars - I like to buy new and keep for 10+ years

I can create a list of dozens of small things ... from one time things like installing LED light bulbs in your house to repetitive things like taking advantage of gas points and filling up both cars simultaneously when I get $0.30+ off per gallon. And let's not forget things like the annual fight with the cable company/TV service provider when they hike rates (among other highly enjoyable tasks). But they'll all be pretty minuscule compared to those 3 things above.

Certain things we've actually gone in reverse and are less frugal, for example, grocery shopping. We used to go to 3 stores regularly and were adamant about buying things only on sale and/or with coupons. But that just wore us out - it was like a weekly grind - and now we simply don't have the time to visit multiple stores as frequently. So now my aim is to find a better balance and merely do a "pretty good job" on grocery savings without spending as much time/effort on the process.
InvestorP
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Re: Tips for Frugal Living

Post by InvestorP »

One of the things I do to be frugal is not pay for a traditional cell phone plan. I have a free google number and use wifi for all my calls and text.
Ocean77
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Re: Tips for Frugal Living

Post by Ocean77 »

Johnny Thinwallet wrote: Thu Dec 24, 2020 12:35 am 1) Marry wisely - it's a major advantage to have a spouse who is fully onboard with your financial mindset
This!!!

Even though I bring in more than enough for a care free living, my wife refuses to spend any of it, and insists on working. Moreover, she steered us from the beachfront mansion I was eying to a townhome that we could pay cash for. I count my blessings every day.
Doctor Rhythm
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Re: Tips for Frugal Living

Post by Doctor Rhythm »

As a messy eater, I am being frugal by extending the 3 second rule to 10 seconds.

More seriously, frugality happens without any effort this year as opportunities to spend have diminished due to the pandemic. Travel, dining out, entertainment, and even a plan to replace a 13-year-old car have been put on hold. Why buy a new car that will barely be driven 300 miles per month? Sigh...
Equitius
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Joined: Sat Apr 27, 2013 6:32 am

Re: Tips for Frugal Living

Post by Equitius »

Don't buy anything but groceries. I just took a look at my credit card statement, and that's pretty much all that's on there for me. Invest the difference.

I now wear the same clothes most days. I love it.

All those coins are stacking up.
dalbright
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Re: Tips for Frugal Living

Post by dalbright »

Get the cheapest coffee you can! I get most of my k-cups now from menards (home improvement store in midwest). I think the box i'm currently using was about a dollar for 20 after rebate. If you don't like the flavor of "cheap" coffee just make it into iced coffee as all iced coffee tastes the same. Between making my own coffee and previously just using the free coffee at my gym (when gyms were a thing) I'll be able to retire a few years earlier ha! Second the use of slickdeals website. It used to be a lot better before it was bought out and has more targeted/paid product placement but if you search around you can still find decent deals. Also never buy things in season and get them only on sale. Works for xmas lights, lawn/seasonal stuff, clothing, etc as long as you plan ahead and actually will use them.
neverpanic
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Re: Tips for Frugal Living

Post by neverpanic »

I buy greeting cards and holiday wrapping paper 364 days in advance at a 75-90% savings. Of course, when it's 90% off, I will sometimes overbuy, and then I've got a 3-year supply.

Stay vigilant for phone companies trying to set pricey opt-ins as the default when you upgrade your smartphone. AT&T and Verizon are trying to include "protection" - at $15/month - on new devices. If you set up a new bank account, be on the lookout for costly ID protection and credit monitoring that you did not actually request.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
h82goslw
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Re: Tips for Frugal Living

Post by h82goslw »

dalbright wrote: Thu Dec 24, 2020 4:02 am Get the cheapest coffee you can! I get most of my k-cups now from menards (home improvement store in midwest).
I can appreciate good coffee and getting it for a good price. But please think about the amount of plastic waste that comes with k cups. They really are bad for the environment. Every little thing we can do helps 👍
Olemiss540
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Re: Tips for Frugal Living

Post by Olemiss540 »

Mint Mobile.

No cable TV (only select streaming services). Never sign up for something that requires monthly subscriptions if there is any alternative that you can pay full upfront.

Credit card churning.

Aldi's

Leftovers

Buy one get one free at publix
I hold index funds because I do not overestimate my ability to pick stocks OR stock pickers.
jackb1117
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Re: Tips for Frugal Living

Post by jackb1117 »

Learn to do things yourself. I still hire out if I don't have the time or a project is exceedingly complex, but those instances seem to happen less and less frequently each year since I have adopted this mindset.

Learn to cook
Learn to sew
Learn basic car maintenance
Learn basic home maintenance & landscaping
Learn to manage your own money & investments (you're here, so sounds like you probably have this base covered)

I also like to get the full use out of everything. An onion goes into a meal, it's scraps go into a veggie stock, once the scraps are strained from the stock they go into the compost pile to turn into garden soil. Garments with holes get mended, if they can't be mended they go to the garage to turn into rags for use later on, etc. Waste not, want not.
DiploInvestor
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Re: Tips for Frugal Living

Post by DiploInvestor »

h82goslw wrote: Thu Dec 24, 2020 7:25 am
dalbright wrote: Thu Dec 24, 2020 4:02 am Get the cheapest coffee you can! I get most of my k-cups now from menards (home improvement store in midwest).
I can appreciate good coffee and getting it for a good price. But please think about the amount of plastic waste that comes with k cups. They really are bad for the environment. Every little thing we can do helps 👍
Coffee is one of the few things we won’t skimp on. Just make it at home rather than buying takeout and you already save money without having to endure a bad cup of Java.

If you like Keurig, buy the metal insert so you can use your own coffee rather than plastic k-cups = better quality and less plastic waste.
"History doesn’t repeat itself, but it often rhymes." -- Mark Twain // "If you have a garden and a library, you have everything you need." — Cicero
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JoeRetire
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Re: Tips for Frugal Living

Post by JoeRetire »

mooudn wrote: Wed Dec 23, 2020 8:26 pm What are some frugal ideas and tips that you use in your daily life?
I ignore the Joneses.
It's the end of the world as we know it. | It's the end of the world as we know it. | It's the end of the world as we know it. | And I feel fine.
Aged Maduro
Posts: 219
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Re: Tips for Frugal Living

Post by Aged Maduro »

Focus on keeping the Big Five Expenses under control:

- Buy the smallest house that you and your family can comfortably live in within a good school district. Pay it off as soon as you can and preferably live
there for the rest of your life.
- Buy quality cars used and in cash.
- Keep food expenses low by learning how to cook and eat at home most of the time.
- Choose value oriented education by sending your kids to highly ranked public schools. Encourage grants and scholarships. Save for college in 529 plans.
- Make sure that either you or your significant other always have access to good healthcare coverage for the family to prevent unforseen medical bills.

If you do this on a consistent basis you won't have to sweat the small stuff or live like a miser.
30west
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Re: Tips for Frugal Living

Post by 30west »

I read years ago that many people penny pinch their whole life but then undo all that hard work by blowing a hole in their budget with one bad decision, like buying tio big a house or spending way too much on college or a wedding. Their are scores of professionals doing their best to seperate uou and your money the moment you get engaged. It takes iron willpower not to fall for it. (Of course i love you dear, but we dont need doves released at out wedding)

The moral of the story was this- dont sweat the small stuff. Enjoy your latte once in a while and dont feel bad about buying concert tickets. That's what the money is for. But when the time comes to choise that dream house, think long and hard about what that jumbo mortgage is going to do to your financial future.
30west
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Re: Tips for Frugal Living

Post by 30west »

Cell phone tip; RedPocket mobile.

I buy unlocked phones. Currently using an LG G7 and its great. I use Google fi for service because i travel internationaly for work. I use Redpocket mobile for the kids. $250/ per line per year if you prepay for it. Hard to beat.i just paid for one month at first to make they could provide reliable service before committing to a full year.
aristotelian
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Re: Tips for Frugal Living

Post by aristotelian »

Mint mobile and no contract unlocked phone. I am shocked at how much people pay monthly between their phone and plan.

Roast my own coffee. Comes out to about $5/pound and quality is comparable to high end coffee shop.

Good cash back rewards credit card. Make sure they are paying you instead of the vendor passing the hidden fee for you to pay them.

Always bring my own bag lunch.

Don't drink soda at home or in restaurants.

Dual edged safety razor instead of proprietary razors. Higher quality and way cheaper.

No cable. Keep streaming services to one per month. In general avoid subscriptions.

Agree with the above, big ticket items like car and home are most important but the everyday stuff adds up too.
Last edited by aristotelian on Thu Dec 24, 2020 8:58 am, edited 1 time in total.
sailaway
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Re: Tips for Frugal Living

Post by sailaway »

30west wrote: Thu Dec 24, 2020 8:34 am Cell phone tip; RedPocket mobile.

I buy unlocked phones. Currently using an LG G7 and its great. I use Google fi for service because i travel internationaly for work. I use Redpocket mobile for the kids. $250/ per line per year if you prepay for it. Hard to beat.i just paid for one month at first to make they could provide reliable service before committing to a full year.
We are paying $180/yr on Mint.
bwalling
Posts: 222
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Re: Tips for Frugal Living

Post by bwalling »

h82goslw wrote: Thu Dec 24, 2020 7:25 am
dalbright wrote: Thu Dec 24, 2020 4:02 am Get the cheapest coffee you can! I get most of my k-cups now from menards (home improvement store in midwest).
I can appreciate good coffee and getting it for a good price. But please think about the amount of plastic waste that comes with k cups. They really are bad for the environment. Every little thing we can do helps 👍
You're not getting it for a good price in a K Cup. Coffee is far cheaper by the pound, even aside from the waste.
Equitius
Posts: 119
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Re: Tips for Frugal Living

Post by Equitius »

JoeRetire wrote: Thu Dec 24, 2020 8:03 am I ignore the Joneses.
So do I. Funny! Birds of a feather?
chazas
Posts: 199
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Re: Tips for Frugal Living

Post by chazas »

30west wrote: Thu Dec 24, 2020 8:27 am I read years ago that many people penny pinch their whole life but then undo all that hard work by blowing a hole in their budget with one bad decision, like buying tio big a house or spending way too much on college or a wedding. Their are scores of professionals doing their best to seperate uou and your money the moment you get engaged. It takes iron willpower not to fall for it. (Of course i love you dear, but we dont need doves released at out wedding)

The moral of the story was this- dont sweat the small stuff. Enjoy your latte once in a while and dont feel bad about buying concert tickets. That's what the money is for. But when the time comes to choise that dream house, think long and hard about what that jumbo mortgage is going to do to your financial future.
I’ve done this before. Good real estate decisions early in my career I realized were in large part luck when I had some bad real estate results later on.

I’m 5-7 years from retirement and I think of my lifestyle as frugal profligacy. I bought a nice new build house but in much lower cost part of my metro area. I am furnishing it with a combination of used pieces found on FB marketplace and Craigslist and newer moderate quality stuff, but for the new stuff I always make sure I buy with the best available “sale” discount. I have a tiered system of cash back credit cards and always use the best for a particular purchase. I shop for groceries at the less expensive stores and spend 5 minutes before I go in clicking on the e-coupons. I pay off my credit cards every month and never charge more than my cash flow will support. I move “extra” money into savings/investments/additional mortgage principal every month as soon as it becomes clear how much I’ll need to keep in my checking for bills coming due.

I buy what I want but I always question “do I really want this?” And if I do, “is this the best price I can get?” Works for me.
RJC
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Re: Tips for Frugal Living

Post by RJC »

Just buy quality and in the long run it will be more cost-effective.
basspond
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Re: Tips for Frugal Living

Post by basspond »

Spend more time volunteering
Buy non-perishables on sale
DIY
Keep cars until wheels fall off
Only drink water at restaurants
Wannaretireearly
Posts: 1429
Joined: Wed Mar 31, 2010 4:39 pm

Re: Tips for Frugal Living

Post by Wannaretireearly »

Call up your regular services and ask for money back & discounts (e.g. Comcast). Be persistent with every purchase, price match before/after purchase etc. A lot of places make it easy online to price match now. E.g. costco
This time next year, we'll be millionaires!
slick_dealer_05
Posts: 420
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Re: Tips for Frugal Living

Post by slick_dealer_05 »

No cable, No pets, No kids
Cook good meals at home. Avoid eating out
Buy used clothes on eBay e.g. nice clothes - Brooks Brothers can be bought for $10ish
Buy used furniture/equipment - often sold for free or fraction of the cost in garage sales/nextdoor
Sell car, bike to work and for errands - cheaper and healthier lifestyle
Plant fruit trees and vegetables - eat what you grow
Avoid any recurring optional expenses e.g. cable, newspaper, cellphone plans, etc
Find free outdoor exercises e.g. yoga, biking, hiking, etc
Last edited by slick_dealer_05 on Thu Dec 24, 2020 2:27 pm, edited 1 time in total.
RudyS
Posts: 2190
Joined: Tue Oct 27, 2015 10:11 am

Re: Tips for Frugal Living

Post by RudyS »

Johnny Thinwallet wrote: Thu Dec 24, 2020 12:35 am My biggest 3 are probably:

1) Marry wisely - it's a major advantage to have a spouse who is fully onboard with your financial mindset
2) Housing (as mentioned in an above post)
3) Cars - I like to buy new and keep for 10+ years
That's us! Started with a wedding at DW's home (back yard). Our kids went to highly rated state school. Now very comfortably retired.
jharkin
Posts: 2719
Joined: Mon Mar 28, 2016 7:14 am
Location: Boston suburbs

Re: Tips for Frugal Living

Post by jharkin »

DIY home repairs and maintenance.

Most people far underestimate their capability to fix things with a little training. Lots of stuff doesn't even take complex tools... and Youtube makes it easier than ever to learn how to do things.


Example: Last week the icemaker in our expensive KitchenAid fridge suddenly stopped working. A quick search of the model # on appliancepartspros.com and a couple youtube videos found me a replacement unit (its just a rebranded whirlpool) for $120 and installing it literally took 15 minutes with nothing but a screwdriver. I didn't even have to pull the fridge out from the wall.

Calling service would have taken at least 2 visits (diagnosis then come back with part) and I bet cost $500 +
LittleMaggieMae
Posts: 746
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Re: Tips for Frugal Living

Post by LittleMaggieMae »

Do some soul searching and determine what you truly value in life. And then spend your money accordingly.

I tend towards the mantra of Less is More. So, I try to spend money (frugally and sometimes not) on the things I value. Knowing what I value helps when making spending decisions (easier to meet the Less criteria because I'm getting more because I'm spending on what I truly value). This helps me from falling for "impulse buys" and from "keeping up with the Jones" as I value (and am content) with what I have.

This also means I do have some "nice things" and that I do spend money on fun things. Sometimes those who follow a frugal lifestyle become consumed with "saving money" or "not spending money" and so miss out on a comfortable life in the name of "frugality" when they actually have the money and it wouldn't be a burden to spend some of it.
BalancedJCB19
Posts: 260
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Re: Tips for Frugal Living

Post by BalancedJCB19 »

I'm not a cheapskate when it comes to others, but I am with myself, because I'm a man of simple needs.

If you get two of life's big things right, the rest is easy.

Roof over your head - I got lucky with this one and bought at the real estate market low in 1993 and am still in my paid off home. Forget about the term Starter Home where one day you will move into your dream home. Make your starter home your dream home. Ask the folks who bought a bigger home they didn't really need, and during the 08/09 crisis, many of them were homeless. You don't own anything until it is paid for.

Transportation - Rethink the way you look at cars. A car is a utilitarian piece of equipment that gets you to part a and b. Safety and reliability do count, but most cars even older ones have all those features. Buy a used reliable vehicle, let someone take the depreciation.

The only expenses I care about are recurring one. Indulge and treat yourself if the purchase is a one time deal, those won't really matter to someone who already is doing the big things right. However, the recurring expenses are the ones that will keep you from saving as much as possible and becoming so wealthy these discussions will be just for entertainment purposes.
ArtsyProf
Posts: 216
Joined: Sat Dec 12, 2020 12:49 am

Re: Tips for Frugal Living

Post by ArtsyProf »

Thrift store vintage clothes
rent not buy
no car
bike and walk
cook
ignore materialistic mindsets
30$ cell phone plan w used phone
tea not coffee
cut our own hair
no makeup
bulk groceries
cat insurance
dislike TV so no cable bill
fly off season
mediation not restaurants/movies
free museum days


i do spend $$ on high quality food ingredients yo cook and rental cars for hiking trips and on my career and simple hobbies
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FIREchief
Posts: 6685
Joined: Fri Aug 19, 2016 6:40 pm

Re: Tips for Frugal Living

Post by FIREchief »

BalancedJCB19 wrote: Thu Dec 24, 2020 12:17 pm Roof over your head - I got lucky with this one and bought at the real estate market low in 1993 and am still in my paid off home. Forget about the term Starter Home where one day you will move into your dream home. Make your starter home your dream home. Ask the folks who bought a bigger home they didn't really need, and during the 08/09 crisis, many of them were homeless. You don't own anything until it is paid for.
I agree with parts of this, but there is an inherent problem with planning to stay in a single home long term; needs change!

Young and single or married w/o kids: don't need much space, schools don't matter, likely want freedom from home maintenance
Married with young children: need a safe neighborhood and a nice back yard, with more space for kids stuff
Married with older children: need good schools, maximum space
Empty nest: need less space, need to decumulate, schools no longer matter
Growing older: need accessibility and freedom from home maintenance, possibly need easier access to healthcare facilities and nearby emergency medical services
Elderly: need flexibility to move to assisted living/LTC

For me, that translated into rent/starter home/bigger home/rent/tbd. "Dream home" never entered my vocabulary. :D
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.
Aged Maduro
Posts: 219
Joined: Thu Dec 17, 2020 7:17 pm

Re: Tips for Frugal Living

Post by Aged Maduro »

FIREchief wrote: Thu Dec 24, 2020 3:45 pm
BalancedJCB19 wrote: Thu Dec 24, 2020 12:17 pm Roof over your head - I got lucky with this one and bought at the real estate market low in 1993 and am still in my paid off home. Forget about the term Starter Home where one day you will move into your dream home. Make your starter home your dream home. Ask the folks who bought a bigger home they didn't really need, and during the 08/09 crisis, many of them were homeless. You don't own anything until it is paid for.
I agree with parts of this, but there is an inherent problem with planning to stay in a single home long term; needs change!

Young and single or married w/o kids: don't need much space, schools don't matter, likely want freedom from home maintenance
Married with young children: need a safe neighborhood and a nice back yard, with more space for kids stuff
Married with older children: need good schools, maximum space
Empty nest: need less space, need to decumulate, schools no longer matter
Growing older: need accessibility and freedom from home maintenance, possibly need easier access to healthcare facilities and nearby emergency medical services
Elderly: need flexibility to move to assisted living/LTC

For me, that translated into rent/starter home/bigger home/rent/tbd. "Dream home" never entered my vocabulary. :D
After we got married we bought a three bedoom two bathroom ranch house that is 1,500 square feet. It will be out starter home, our grown up home and our carry me in out in a box home.
KlangFool
Posts: 20471
Joined: Sat Oct 11, 2008 12:35 pm

Re: Tips for Frugal Living

Post by KlangFool »

OP,


I do not believe in frugal living. I believe in saving 1 year of expenses every year. Aka, save as much as you spend. A balanced approach.

And, it is very simple to save. Do not overspend on the house, car, and college education. Then, you do not need to worry about all other small expenses.


KlangFool
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atfish
Posts: 89
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Re: Tips for Frugal Living

Post by atfish »

My Amish friend told me when buying stuff "always base it on is it a want or a need". Buy it only if it is a need.
chazas
Posts: 199
Joined: Wed Nov 01, 2017 1:22 pm

Re: Tips for Frugal Living

Post by chazas »

atfish wrote: Thu Dec 24, 2020 4:03 pm My Amish friend told me when buying stuff "always base it on is it a want or a need". Buy it only if it is a need.
I dunno, taken literally that sounds like a recipe for a very dull life if you can afford a little more.
manatee2005
Posts: 1760
Joined: Wed Dec 18, 2019 9:17 pm

Re: Tips for Frugal Living

Post by manatee2005 »

This isn’t an extreme FIRE board.

We invest to make money and live well.

We didn’t win the 1 in billion lottery to be born so we can eat frozen dinners, buy second hand clothes and never experience the best in life.
manatee2005
Posts: 1760
Joined: Wed Dec 18, 2019 9:17 pm

Re: Tips for Frugal Living

Post by manatee2005 »

FIREchief wrote: Thu Dec 24, 2020 3:45 pm
BalancedJCB19 wrote: Thu Dec 24, 2020 12:17 pm Roof over your head - I got lucky with this one and bought at the real estate market low in 1993 and am still in my paid off home. Forget about the term Starter Home where one day you will move into your dream home. Make your starter home your dream home. Ask the folks who bought a bigger home they didn't really need, and during the 08/09 crisis, many of them were homeless. You don't own anything until it is paid for.
I agree with parts of this, but there is an inherent problem with planning to stay in a single home long term; needs change!

Young and single or married w/o kids: don't need much space, schools don't matter, likely want freedom from home maintenance
Married with young children: need a safe neighborhood and a nice back yard, with more space for kids stuff
Married with older children: need good schools, maximum space
Empty nest: need less space, need to decumulate, schools no longer matter
Growing older: need accessibility and freedom from home maintenance, possibly need easier access to healthcare facilities and nearby emergency medical services
Elderly: need flexibility to move to assisted living/LTC

For me, that translated into rent/starter home/bigger home/rent/tbd. "Dream home" never entered my vocabulary. :D
Dream home, dream vacation, dream college are so cringy to me.

My neighbor called her home her “forever home” and she left as soon as she could afford to buy a bigger house.

One thing I’ve noticed in people, and also why I quit Facebook long time ago, is they will defend their choices because they don’t have an alternative because of lack of money. As soon as they get the money they change their minds. Like cheap vacations, cheap food, cheap car etc. I don’t trust anyone now that says they are happy in a crappy house, I know I’d they had the money they’d be out of there.
Johnny Sharp
Posts: 17
Joined: Wed May 20, 2015 8:02 am

Re: Tips for Frugal Living

Post by Johnny Sharp »

Go grocery shopping on a full stomach.

Do not apply this strategy at the liquor store.
Carguy85
Posts: 492
Joined: Thu Mar 19, 2020 6:26 pm

Re: Tips for Frugal Living

Post by Carguy85 »

Many good tips ..just a few general ideas that fall in line with a lot of what has been said....

1.Care about WHERE what you purchase is made. Educate yourself on why you may want to avoid products made in certain countries. This will save you lots of money on useless junk you don’t really need or want for that matter that ultimately and usually quickly ends up in a landfill. Buying such things has been made way too easy unfortunately. Considering the above will help you avoid impulse buying.

2. Care about your well being. Eating right and exercising...likewise maintaining a healthy weight among other things to avoid chronic health conditions and medical costs as much as your genetics will allow you.

3. In general, avoid the center isles of a grocery store

4. Pay cash for everything except maybe your home. 0% is not really doing you any favors in the grand scheme of things.
neverpanic
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Joined: Sun May 10, 2020 12:26 am

Re: Tips for Frugal Living

Post by neverpanic »

manatee2005 wrote: Thu Dec 24, 2020 4:24 pm This isn’t an extreme FIRE board.

We invest to make money and live well.

We didn’t win the 1 in billion lottery to be born so we can eat frozen dinners, buy second hand clothes and never experience the best in life.
Not gonna lie, I wish I'd spent more money enjoying life instead of focusing on being so cheap the past 20 years. 2020 has taught me a lot. I want my kid(s) to be smart with money, but not be hamstrung by Depression Era thinking. I still won't pay full retail for clothes, though.
I am not a financial professional or guru. I'm a schmuck who got lucky 10 times. Such is the life of the trader.
neilpilot
Posts: 3745
Joined: Fri Dec 04, 2015 1:46 pm
Location: Memphis area

Re: Tips for Frugal Living

Post by neilpilot »

sailaway wrote: Thu Dec 24, 2020 8:51 am
We are paying $180/yr on Mint.
We are paying $144/yr for Xfinity.....for 2 lines.
With tax, about the same as you.
Wilderness Librarian
Posts: 243
Joined: Sat Jun 23, 2018 8:50 pm
Location: Idaho

Re: Tips for Frugal Living

Post by Wilderness Librarian »

RJC wrote: Thu Dec 24, 2020 9:37 am Just buy quality and in the long run it will be more cost-effective.
Not only that, but you will enjoy things more while you are using them (or eating/drinking in the case of food & beverages).
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Sandtrap
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Re: Tips for Frugal Living

Post by Sandtrap »

mooudn wrote: Wed Dec 23, 2020 8:26 pm Hi all,

Confession: I'm a cheapskate. I used to be ashamed of it, but not after I realized it's less about how much money I save, but the idea that I'm saving with my frugal habits that's extremely satisfying. I can't help it...I just love to save :moneybag :sharebeer

What are some frugal ideas and tips that you use in your daily life?

I'll start you off: I never buy foundation. I always get the little samples they give out at sephora and use those. Mind you, I don't go through a lot of foundation to begin with :mrgreen:
Having simplicity and frugality as part of one's lifestyle and personal ethos already accomplishes far more than inordinate efforts at not buying things and so forth. Finding enjoyment and satisfaction and reward in living within one's means, IE: buying a $21 dollar warm jacket at Walmart that looks nice and is warm and comfy (not cheap and fragile but reasonable) vs one that costs $200 at a specialty store with a prestige brand name.
So much of the reward of living is in things that have no price.
This way, accumulation of wealth and financial security and independence happens as a byproduct of one's daily life and preferred way of living.

I think there is such a thing as foundation sunscreen SPF 50 oil free. Maybe Neutrogena. Not sure. :shock:
j :D
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presto987
Posts: 382
Joined: Sun Aug 30, 2020 10:58 pm

Re: Tips for Frugal Living

Post by presto987 »

Carguy85 wrote: Thu Dec 24, 2020 4:45 pm 2. Care about your well being. Eating right and exercising...likewise maintaining a healthy weight among other things to avoid chronic health conditions and medical costs as much as your genetics will allow you.
This is a really good point. It's not something people think about, because you can't directly or immediately observe the impact of your actions on your health. And of course you don't have full control over how your health evolves. But to the extent it is possible to maintain better health, this will improve quality of life and probably save more money from medical costs than trying to cheap out on food or other small items.
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