Photo by Alexander Mils on Unsplash
Frugal Tips for Spending Less and Saving More in 2024
January 29, 2024
In 2024, consumers are trying to spend less and save more. They are employing means to fatten up their savings by trying to negotiate better prices on everyday goods. However, some basic frugal tips can help consumers make the most of their paychecks.
Essentially, the tips begin and end with living within one’s means. Living within one’s means comes down to having enough money to cover expenses and not spending beyond what can be reasonably afforded — in a sense, the lessons your parents taught you as a child.
Per AOL, saving money means considering every purchase, not impulse buying, and ensuring that everyday needs such as housing, utilities, food, and other basic necessities are met monthly.
Most of all, living within one’s means may also require closing your eyes to what others have and leaving your green-eyed monster at the door. Envying how others live and attempting to copy their lifestyles only keeps consumers in debt, buying what they cannot afford in an attempt to keep up with their more affluent friends or family members.
“FOMO is how you go broke,” Robert H. Johnson Jr., the founder and principal consultant at RHJ Consulting Group, LLC, told GOBankingRates. “Think about what you choose to participate in with friends. You don’t have to participate in every lunch, dinner or even leisure trip.”
Save money, but do it the right way. https://t.co/y3a6iZVqvr
— GOBankingRates (@GOBankingRates) January 26, 2024
Johnson suggests using credit as a tool to build financial stability versus using it to finance a lifestyle. He explains that one should use credit to open possibilities but not to become beholden to credit card companies.
Finally, Johnson suggests consumers ask themselves why they want a particular item. Then, they should really think their purchase through before committing to spending the money.
Overall, the key to making frugal tips stick is to implement them daily. Making a game out of it helps.
Search for sales, and buy items you use frequently in bulk since the costs are many times lower. Purchase a used vehicle instead of a new one, and utilize local marketplace listings on social media to help you save money on furniture, appliances, and other things you need in everyday life.
For those with serious or chronic medical concerns, the cost of prescriptions can add up. Save money without sacrificing your health by looking for generic medications and utilizing discounts, according to U.S. News.
Finally, take advantage of store loyalty programs at grocery chains. Many have apps that let you clip coupons digitally and load them to your account for even more savings at checkout.
More than a shift in spending habits, living frugally can transform your perspective on money, your daily habits, and your whole life. Think of frugal living in 2024 as honoring the longtime lessons your parents taught you and putting them into action.
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