Save immediately: When you receive your paycheck, put a portion of it into savings right away.
Cut expenses: By doing things like cutting your own hair and performing your own manicures, you can save money on beauty products.
Use affordable alternatives: Instead of buying expensive beauty products, consider using drug store basics or making your own.
Implement a waiting period for non-essential purchases: Set a rule that you must wait a certain number of days (or hours) before buying something if it’s not planned. For example, if an item costs $70, you would have to wait 7 days before allowing yourself to buy it. This can help you avoid compulsive spending and impulsive purchases.
Review and adjust: If you still want the item after waiting the designated period, then go ahead and buy it. However, more often than not, you will forget about it or change your mind before the waiting period is over, which can be a great way to save money.
Grocery shopping instead of eating out: The author uses their per- diems to buy groceries and cook meals on the road, reducing food expenses.
Stocking up on essentials: In addition to food, the author buys non-perishable items like oatmeal, canned beans, apples, bananas, and cheese that can be used later or stored for longer periods.
Using a cooler: The author has a good cooler that allows them to transport perishables safely over long distances.
Avoiding temptation: Living in the country with limited options makes it easier for the author to resist spending money on frivolous things.
Bartering and labor trades: In their rural community, people often exchange goods or services rather than paying cash, which can be a cost-effective way to get what you need.
Rethinking heating systems: Since there is no central heating in the author’s cabin, they have learned to start fires for warmth and are not tempted by costly heaters.
Finding free entertainment: The author suggests doing activities that don’t require spending money, such as restarting old hobbies, going for a walk, reading a book, drawing, or baking.
Hosting small gatherings: Instead of going out for expensive meals, the author recommends hosting friends over for potlucks to enjoy each other’s company without breaking the bank.
Sharing a rent stabilized apartment: The author lives with a roommate in an old apartment with no amenities to save money on rent.
Restricting eating out: The author only eats out socially, not for convenience, to reduce expenses.
Focusing on saving big: By saving hundreds of dollars each month on large expenses like rent, the author doesn’t need to worry about cutting back on small luxuries.
Starting retirement savings early: The author began saving money in their retirement accounts at a young age and is relying on compound interest to grow their savings over time.
The power of compound interest: Saving $10,000 in your 20s can have a much greater impact than saving the same amount in your 50s due to compound interest.
Living frugally when younger: The author believes that it is easier to live more frugally and make sacrifices when you are younger because you have fewer responsibilities and less expenses.
Save money by doing boring basics: Shop sales for food and cook often to reduce expenses.
Travel for cheaper groceries: Willing to travel a little to save on grocery costs.
Cut unnecessary expenses: Focus on needs over wants to avoid thoughtless spending.
Manage subscriptions: Regularly check statements to ensure they’re not forgotten or left on autopay.
Simplify your wardrobe: Only need 2 weeks of clothes per season, and only buy replacements if necessary.
Make the most of free activities: Take advantage of parks, museums, and other free events in the city.
Host potlucks with friends: Apts are small but cozy, making them perfect for casual gatherings.
Enjoy outdoor activities: Go on picnics during summer months, or simply walk around to enjoy the sights (free!).
Take advantage of value deals: Use ferries as a great way to explore new places at an affordable price.
Cooking and Food
- Cook at home instead of eating out
- Ask friends to cook with you if it’s part of your social life
- Meal prep with budget recipes using frozen/canned ingredients
- Only buy food to replace or fill a concrete need, not just for convenience
Frugality
- Try to buy things with multiple purposes or that you will use regularly
- Repair broken items yourself instead of relying on others
- Use free resources like YouTube tutorials to learn how to repair things
Gift Giving and Celebrations
- Consider having gift-free gatherings where everyone just gets together
- Value the person and thought behind a gift more than the physical item
Savings and Budgeting
- Have separate accounts for bills, savings, and everyday fun expenses
- Don’t budget too hard when your goal is to save for retirement
- Avoid transferring money out of savings regularly or you’ll lose the sense of accomplishment from saving
Personal Development
- Try low-cost free time activities like reading books from the library or crafting
- Learn a new skill that could earn you money later on
- Use YouTube tutorials and online resources to learn how to do things yourself.