7 Habits of Highly Frugal People (what frugal people do)
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How can you tell if someone is frugal???
Living frugal involves a complete shift in the way you use your resources. This can help you save money and be less wasteful.
But if you ask different people what is means to be frugal, you might not get the same responses because everyone approaches it differently. However, frugal people do share a few habits and traits. So if you’re trying to shift your mindset and become a little more thrifty, these are habits to adopt.
1. Be frugal with your time
Saving money and spending less is a big part of thriftiness. Yet, your money isn’t the only thing to monitor. It’s also beneficial to monitor your time and make good use of it.
Time is often compared to money, and we’ve all likely heard the phrase “time is money.” This can mean different things to different people, with some viewing time as a valuable commodity. Regardless of how you interpret this saying, being frugal with both your resources and time can have a positive impact on your wallet.
There’s always something to do and buy. And depending on your circle, you might frequently receive invitations to dine out, travel, go to the movies, or participate in some other form of entertainment.
Although balance is important, entertainment and recreation can get out of control fast (if you’re not careful) and kill a budget.
Now, I’m not saying you need to sit at home or only have fun if it’s free. What I am saying, though, is that it’s okay to prioritize things that are important to you. And it’s okay to say no, if you prefer “not” spending time on something.
Choosing to spend less time on things that don’t matter as much means you’ll have more money for the things that do matter.
2. Be low maintenance
This doesn’t mean that you can’t get your hair done, your nails done, or like nice things.
Understand, though, there’s a difference between self-care (or doing things for yourself) and placing such a strong emphasis on appearances – to the point where you spend an excessive amount on clothes and products to keep at a current level.
That type of mindset is expensive. And high maintenance people tend to spend more and save less, especially if they can’t really afford the upkeep.
Low maintenance is another term that can mean different things to different people. Some use it when referring to a “drama-free person,” but it can also refer to someone who appreciates the simple things in life. This can apply to their appearance, their finances, and their possessions.
They might have a minimalist wardrobe, little debt, or a low-maintenance home.
3. Be proactive with money and think long-term
For frugal living to work, you have to take action. And one such action is being a good money manager.
We’re responsible for our own financial choices, and the way we approach money can either help or prevent us from saving. Being proactive, of course, involves the obvious like budgeting, tracking spending, and paying yourself first.
Creating a plan for your money (and seeing where your money goes) can reveal areas where you’re overspending, or where you’ll need to make adjustments. This way, you’re less likely to run out of money each month.
But being proactive doesn’t stop here. It can also involve being creative with how you save money. This includes shopping around for insurance or financing, negotiating credit card rates, and asking for discounts.
These efforts might seem minor or appear not to make a big difference, but they can improve your bottom line over time.
4. Don’t be wasteful
I’m guilty of this. When a product gets a little low, I have a bad habit of tossing it aside and buying a new one, even though there’s plenty of product left in the old tube.
I’ve done this with lotion, shampoo, toothpaste, and it really goes back to “not wanting to be inconvenience.”
However, just because a product doesn’t come out of a tube as easily doesn’t mean there isn’t a lot left. And if you grab a pair of scissors and cut open a tube, you can get several more uses out of an item and be less wasteful.
I keep these little travel size toiletry bottles around the house. When the shower gel gets too low – where it’s difficult to squeeze – I’ll cut open the bottle and scoop the shower gel into the smaller container and continue to use it.
5. Be patient
This probably goes without saying, but I can’t do a post without mentioning this. Patience is a trait that really separates a frugal person from a non-frugal person.
For the most part, those who live a more frugal life are patient. They delay instant gratification and they don’t have to have everything right now.
Just about everything at some point goes on sale, and waiting a few weeks can make a big difference regarding price. A frugal, resourceful person knows this and they rarely pay full price – because there’s often no reason to.
And not only do they wait for prices to drop, they’ll also comparison shop to make sure they’re getting a good price. Or, they’ll use the 24-hour rule and “sleep on the idea” of buying something before making the purchase.
6. Become a DIY pro (while also knowing your limitations)
It’s often easier to hire someone to do things around the house. Whether it’s cutting your grass, washing your car, or changing a light fixture.
And sometimes, it only makes sense to hire a professional. Knowing your limitations can save money too, because a failed DIY project can cost you money.
However, don’t automatically assume that you can’t do something yourself.
YouTube is one of the best libraries of how-to-guides, and there are so many step-by-step tutorials on how to do multiple projects, such as changing a faucet in your bathroom or a light fixture.
The cost of completing a project yourself can save money, thus freeing up cash for other home improvements.
7. Buy things that last
This is a hallmark of developing a frugal mindset and saving money long-term. Always going for rock bottom prices, fast fashions, or just not giving any care to quality can end up costing you money.
Now, this doesn’t mean you should pay a lot for everything, or that you should get into debt to buy quality items. But if you can afford to pay more for something – especially something that will last two or three times longer than a cheaper version – save up and choose quality over price