Frugal Living 101: Simple Tips for Saving Money Without Sacrificing Quality

Frugal Living

Frugal living is a lifestyle approach that focuses on conscious spending, resourcefulness, and making deliberate choices to maximize the value of one’s money. Frugal living does not mean being cheap or depriving oneself of essential comforts. Instead, it emphasizes finding creative and practical ways to cut unnecessary expenses, reduce waste, and make the most of available resources. It involves making informed decisions about purchases, finding deals and discounts, and adopting habits that promote financial stability and long-term sustainability. Frugal living encourages individuals to live within their means, save for the future, and avoid unnecessary debt. It often involves budgeting, tracking expenses, meal planning, seeking out secondhand items, practicing energy and water conservation, and finding low-cost or free alternatives for entertainment and leisure activities.

The goal of frugal living is to achieve financial freedom, reduce financial stress, and have more control over personal finances. It allows us to prioritize our values and long-term financial goals while making intentional choices.

Making more money won’t resolve all your financial problems. Learning how to manage money correctly will. And frugality can help with it.

Frugality and minimalism share many similarities however, the main difference is their focus. Frugality primarily centers around financial management, while minimalism encompasses a broader perspective on simplifying and decluttering life in general.

I consider myself a very frugal person and very intentional with saving, spending and investing money. However, I was not always like that. After my Bachelors degree, I got a nice first job. The first time earning ‘adult money’ after long student life, I spent most of my income on new shoes, clothes and partying. Although I have never been in debt or never maxed out credit card, I could have saved money instead of being wasteful. I was 19 and I didn’t know better. When I started taking more seriously about money and my personal finance is in fact 3 years ago. I was living abroad, working abroad and have more adult responsibilities. To become more frugal is a change of mindset, rather than techniques. If you do not wish to be better with finances, it is not possible to be good with finances.

Budget and stick to it

If you find yourself very difficult to stick to the budget, don’t start from budgeting. Think about more long-term financial goals first. For example, I would like to buy an apartment by xxx (time) and the down payment would cost xxx (amount). Since I now have a bigger goal to chase, it makes it easier for me to budget. And the budgetting tasks become more meaningful. Like since I am focusing on long-term financial goal like buying my own place, I spend more intentionally like:

• Cook meals at home instead of eating out frequently.
• Cut back on unnecessary subscriptions and memberships.
• Shop with a grocery list and avoid impulse purchases.
• Borrow books, movies, and other media from the library instead of buying them.

Being frugal is about prioritization

Practice mindful spending by considering if a purchase aligns with your values and needs before making it. Being frugal does not mean that you cannot have nice things.

Create a splurge list, or areas where you really would like to ease up a little. The areas that you value and mean a lot to you. My splurge plan looks like:

• Fitness: I’d save some money if I just run or do exercises at home. But I am more productive at a gym and I cannot compromise this.
• Vacations: I love travel and I have been travelling to 2 new countries/destinations a year on average since 2019.
• Museum visits
• Occasional restaurant visits

Create a no-f*ck list, or areas where you don’t care as much honestly but because of societal norms, you tend to care. These are the areas where it is okay to pinch a penny. My list:

• Buying branded/known household brands: I don’t care if my Ketchup is not Heinz. I’m okay with generic brand for 99% of cases.
• Electronics: I don’t upgrade to new iPhone unless I need to.
• Music streaming services: I don’t mind ads in my Spotify.
• Going clubbing/ going to music festivals
• Clothing

If you create these splurge list and no-f*ck list, you will see what you value and what you don’t. It will be easier to budget strictly to the list you don’t care as much.

Be creative and opt for alternative options

• Utilize Free your stuff Groups: Join local online communities like Freecycle or Buy Nothing groups, where people give away items they no longer need for free. This allows you to acquire useful items without spending any money. (Example, Free Your Stuff or sometimes Facebook marketplace)
• Make Your Own Cleaning Products: Instead of buying expensive cleaning products, create your own using simple and affordable ingredients like vinegar, baking soda, and lemon. There are plenty of online resources that provide recipes for homemade cleaners that are effective, eco-friendly, and cost-effective. I personally do this a lot because of my willingness to be more eco-friendly.
• Master the Art of Meal Planning: Plan your meals for the week ahead and create a detailed grocery list before heading to the store. This helps you avoid impulse purchases and reduces food waste by ensuring you only buy what you need.
• Emphasize Experiences Over Material Gifts: When celebrating special occasions or giving gifts, prioritize experiences over material items. These gifts create lasting memories without breaking the bank. For example, this can also be hosting dinner or picinic with friends instead of doing a paid activity like going to cinema.

Remember, frugal living is about finding creative ways to save money while still enjoying a fulfilling life. By implementing these uncommon frugal living tips, you can further optimize your finances and make the most of your resources.

While the cost of living remains a big challenge in our economy, it is important to recognise that the responsibility does not solely lie with individuals’ frugality.

Although my article is about frugal living 101 and my tips on how to live more frugal, I want to stress that being frugal is can only go so far. While the cost of living remains a big challenge in our economy, it is important to recognise that the responsibility does not solely lie with individuals’ frugality. While frugal living can help us navigate financial constraints, it is not the root cause of the problem.

Addressing the cost of living requires systemic changes, such as affordable housing, accessible healthcare, and fair wages. By focusing on both personal frugality and advocating for broader economic reforms, we can work towards a more equitable society where the burden of high living costs is alleviated for all.

Financially Yours,
Yinnie