Do you want to save more money?
Depending on your level of commitment, you may be a candidate for extreme frugal living. One of the very first things you should determine is the type of frugality you would be comfortable with in your life. So, what exactly is frugal living?
There are three types of frugal living:
- saving money;
- frugal living; and
- extreme frugal living.
It extends beyond occasionally clipping a coupon or foregoing shopping for a month. Instead, it is a way of living that entails limiting your expenditures and saving money whenever feasible. And by that, you should read “whenever possible“!
Keep on reading to see how extreme frugal living works and how you can start adopting frugal tricks into your own life.
Who can benefit from extreme frugal living?
Before committing to extreme frugal living, it is a good idea to figure out who it is best for.
While what is extreme to one person may not be severe to another, extreme frugal living often entails conserving money in ways most people are unwilling to do.
So, who could benefit from this way of life?
- People with significant financial goals.
Have you set a significant financial goal for yourself? Many factors contribute to achieving a financial plan, such as ensuring that it is measurable, practical, and written down. In addition, you will have more money to devote toward your goals if you incorporate thrifty life tips.
Extreme frugal living is difficult to apply, but having a goal to work toward can increase the likelihood of adhering to your new lifestyle.
- People willing to accept compromises.
Are you willing to make sacrifices to achieve your goals? If so, extreme frugal living could be for you! Otherwise, it may be difficult to maintain some of the more severe parts of the lifestyle.
Even if you do not think you are willing to make sacrifices, you can give extreme frugal living a shot. You might be surprised – it is never too late to make a difference.
- People looking to live a minimalistic lifestyle.
Living frugally can help you lessen your environmental impact. From buying less or no new clothing to producing your food to lowering your overall waste, frugal living can help you leave a smaller ecological imprint.
Those who consider the environment in all of their purchasing decisions practice “ecofrugality.”
It means being mindful of how your spending affects the rest of the planet. Following an extremely frugal lifestyle will absolutely help you reduce your impact if you are interested in doing so.
What are the advantages of adopting a frugal lifestyle?
Whatever your motive for wanting to live more frugally, adopting frugal hacks into your daily life has certain advantages.
- You can achieve your financial objectives quicker: Those financial objectives we discussed earlier? Well, by living frugally, you will be far more likely to reach goals and much faster. You will be surprised at how quickly your savings accumulate when you stop spending.
- It teaches you how to live within your means: You gain a valuable life skill when you learn how to live below your means, regardless of your financial situation. By making frugal life hacks a habit, you are more likely to stick with them for the rest of your life. This implies that even after reaching a more comfortable financial position, you will continue to live below your means, freeing up more money for future economic ambitions.
- Assists you in determining what is truly essential to you: Do you know what your priorities are? What is the most important thing to you? If not, it could be because expenditure and consumption impede the process. You will have more time and space to investigate and pursue what is essential to you if you cut out the excess and expenditure.
- It helps to reduce waste: Extreme frugality is an excellent strategy to reduce waste. For starters, consuming less minimizes the quantity of trash you produce, which helps to reduce your environmental effect. Second, it saves time that you would otherwise spend on non-priorities. You free up much of your time when you limit your spending to simply the necessary. Managing your things or excessive purchasing is no longer a challenge. You have time for yourself and whatever you choose to accomplish.
14 extreme frugal habits to save you money daily
Are you interested in extreme frugal living? Here are 15 pointers to get you started right now.
1. Shop for groceries with a list and stick to it
Little things that may not appear to be extreme can have extreme consequences. Consider going grocery shopping. When was the last time you made and followed a list?
If you are already shopping on a budget, take it further and pledge only to buy what is on your list. This seemingly insignificant difference might quickly build up.
2. Borrow instead of buying
You have probably heard of clothing challenges, in which you refrain from buying new clothes for a month or so. But why not take it a step further? Make a promise to borrow instead of buying everything you need.
Borrowing clothes, baby equipment, and gadgets is one of the simplest methods to save money.
3. Become a vegetarian
Consuming meat may be costly. However, if you are not concerned about protein intake, switching to vegetarian meals could turn out to be far less expensive than meat.
If you want to go all in, consider eliminating meat at all. On the other hand, if you are going for a smaller commitment, consider eating meatless meals at least twice a week to see how much money you may save on groceries.
4. Learn to cut your hair
Haircuts, be they monthly or twice-yearly, undoubtedly add weight to your financial situation. But, if you become your own hairdresser, you will learn a new skill “at the expense” of saving money by avoiding appointments at the salon. You can even top that by becoming the go-to barber and hairdresser for the entire family.
5. Stop eating at restaurants
Cutting back on dining out is at the top of the most popular cheap living hacks lists. But, if you want to accomplish more, do not just cut back on eating out and delivery; eliminate it.
Learn how to prepare all of your food, and do not throw anything away! It may be a significant life change, but it will be well worth it in the long run.
6. Don’t toss food away
Over 130 billion pounds of food are wasted annually in the United States. This astounding figure is detrimental to both the environment and our pocketbooks. However, there are solutions you can try to reduce or perhaps eliminate this amount.
Using up all leftovers and freezing food before it goes bad are two of the numerous ways you can reduce food waste and save money.
7. Keep track of your spending
One of the best ways to get organized and learn where your money is going is to keep track of your expenses. It is a tried-and-true frugal hack.
Track every single penny spent if you want to go all in. And this certainly means every penny! This gives you the most accurate picture of your spending and where you may reduce back.
8. Make your own cleaning supplies
The average American home spends around $170 on cleaning supplies every year. Try producing your own cleaning products if you want to spend less money.
Natural products are not only better for you, but they can also save you a lot of money. It is only complementary that you will know precisely what you are putting on your counters and using to clean your clothing.
9. Put your credit cards on hold
Whether you freeze them in a block of ice in your freezer or use a more technologically advanced method, freezing your credit card can help you avoid impulse purchases.
This will help you control your spending and force you to think carefully about any purchases, saving you money.
10. Abstain from exchanging store-bought gifts
Making homemade presents is a great way to save money.
Inform your loved ones that you no longer wish to receive gifts. Most people will understand if you replace gift-giving with quality time together. A handwritten card goes a long way when it comes to giving something for a particular occasion.
11. Make cuts in all expenditures
Sure, you can cut the cord (and Netflix, and Hulu, and more), but that is not the only option to save money. An even more thrifty technique is to accomplish that while also lowering your other expenses.
A common practice among extreme frugal living adherents is setting the thermostat to lower degrees year-round, unplugging all equipment when not in use, line drying clothes rather than using a dryer, and taking cold showers only.
12. Get rid of your smartphone
Many people nowadays want to spend less time on their phones. So what is the most extreme frugal living hack to achieve this?
Remove your smartphone!
Replace it with a flip phone that only makes calls and texts, or stick with your landline if you can afford it social-wise. You will not only save money, but you will also be able to break your phone addiction.
13. Sell anything that isn’t in frequent use
Another way to clean out your home of useless goods and earn additional cash is to hold a significant purge. The more stuff you sell, the more money you will make, so be as cutthroat as possible! You never know what you can live without until you get rid of everything.
Those with extreme frugal lifestyles understand that they can do without a lot!
14. Opt only for reusable products
Those who buy diapers or menstrual products know how pricey they can be. The expense of these disposable things can add up on a daily or monthly basis. Consider reusable alternatives instead of wasting money on a product you will throw away.
Cloth diapers and reusable menstrual products benefit your body, the environment, and your budget.
What are the disadvantages of adopting a frugal lifestyle?
You may be ready to dig in and get started on all of the economical tips available by now, which is fantastic. However, keep the following disadvantages in mind as you embark on your extreme frugal living journey to avoid going too deep:
- You could be saving money at the expense of your time or health: Using thrifty tricks is one method to increase your savings. But make sure your savings do not come at the expense of your time or health. If following all of your thrifty life hacks, for example, takes away from the precious little time you have to spend with your children, it may be time to reconsider your options. Saving is not always worthwhile if it comes at a high cost.
- You might miss out on things you enjoy: It is fine to spend money on yourself, your loved ones, and the things you enjoy! People who practice extreme frugality may forget this. If you lose sight of the notion that money is available for spending, you may miss out on things you could have purchased. Even if you are in a season of life where frugality is at the forefront of your mind, remind yourself that it is all about balance.
- It might lead you to consider all expenditures as bad, regardless of purpose: It is risky to think of spending money as “wrong” because there are some things that are advantageous to spend money on. Additionally, going too far into extreme frugality may harm your money thinking. You want to live a life of financial abundance, not scarcity, so be conscious if your thinking begins to move from one of abundance to one of scarcity.
Are you ready to be frugal and live frugally?
Extreme frugal living is not for the faint of heart or the infrequent saver! However, it is a powerful instrument for assisting you in achieving financial goals you never believed were attainable and changing your life.
So, which frugal hack would you like to try today?
