Cheapskate Guide: Tips for Frugal Living-Part 1

I am typically frugal (though not always), though on occasion I take it too far: I have T-shirts with holes in them and I ran in my previous pair of running shoes until the soles were smooth.

Lately, I have learned to be frugal in ways that I would recommend to others. I don’t feel you should have holes in your t-shirts, and you should definitely replace your running shoes more often than I used to, but there are ways to cut back on spending and live a frugal lifestyle.

Why live frugally? Mostly because it allows you to spend less than you earn and use the difference to pay off debt, save or invest. Or all three. Second, because the less you spend, the less you need to earn. And that means you can choose to work less, or work more but retire early.

If you’d like some tips on frugal living, here are just a few. I should note that I do most, but not all, of these tips.

  1. Go with one car. Besides your house, your car is probably your most expensive item. If you can do with one, you should.
  2. Go with a smaller house. Just because you can afford a larger house, doesn’t mean you should live in one. Live in as small a house as you can and still be comfortable.  You can save thousands a year with a smaller home. Many times, if you get rid of a lot of clutter, you don’t need a large house.
  3. Go with a smaller car. Again, you can save thousands by going with a smaller car. A car instead of an SUV is a big savings. Be comfortable, but don’t overdo it. You’ll save a lot on gas too.
  4. Rent rather than own. This will probably spark a huge debate.  Basically, don’t assume that buying is the better investment. If you calculate the interest you pay on a mortgage, the cost of insurance and maintenance, buying is often much more costly than renting … and if you rent, save money, and then invest the difference, you can actually end up well ahead in the long run. Now, it’s not a given, so do a comparison, factoring in all expenses.
  5. Look for used first. If you need something — I mean really need it, not just want it — see if someone you know has one that they don’t need anymore. Send out an email to family or friends, or ask around. You might be surprised. If no one you know owns one, try or Then look to buy used, at garage sales or thrift shops.
  6. Eat out less. One of the biggest expenses in our daily lives is eating out — the average person spends well over $2,000 a year on eating out. Restaurants are expensive, including fast-food (not to mention the health hazards). It’s much cheaper to cook your own food.  Lately I’ve even been prepping it in the morning, so it’s a breeze to cook dinner when I get home.
  7. Brown bag it to work. Instead of eating out, bring your lunch.
  8. Adopt a minimalist wardrobe. This tip won’t be for everybody. I generally wear jeans or casual pants, a T-shirt or Polo-type shirt, and sandals or shoes. Plain, solid colors are my favorite. Everything goes with everything else, and I don’t have too many clothes. This saves me the stress of picking out an outfit.
  9. Stop online impulse buys. Realize that online buying can be way too easy (you don’t even have to go to a store) and therefore, we make impulse buys. Buy online if you really need something and it’ll save you money, but beware the impulse buy.
  10. Don’t “shop”. Don’t go to the mall or other shopping area or department store to look around and shop. Go to a store if you know what you need and get out.
  11. Use a 30-day list. To curb impulse buys, create a 30-day list. When you want to buy something, other than a true necessity (medicine or food, for example), put it on this list, with the date you added it to the list. And make it a rule that you can’t buy anything for at least 30 days after you put it on the list. And stick to it.
  12. Cut out cable. It saves money every month (in my area, about $60, or more than $700 a year), and also forces you to do things like read and have conversations and go outside. (Confession time: I have not been able to cut out cable!)
  13. Use the library. Instead of buying books, check them out. The library often also has a great selection of DVDs (depending on your area), saving you even more.
  14. Find free entertainment.  The average person spends about $1,800 a year on entertainment (not including eating out). Now, I’m not saying you shouldn’t have fun … but there are cheaper ways to do it.
  15. Frugal exercise. Exercise is important, but it doesn’t have to cost a lot of money.  What about going on a walk? It’s free!
  16. Stay healthy.  Staying healthy can save you tons of money on doctor’s visits, hospital bills, and medicine over the long run. An ounce of prevention–eat healthy, and exercise. Simple.
  17. Commute by bike. Even if you own a car, commuting by bike will save you gas, and get you in shape at the same time.
  18. Carpool or ride the bus. Find a friend or neighbor who works near you, and arrange a carpool. Or take public transportation.
  19. Walk. Often we drive to the store, or to a school that’s less than a mile away. Leave a few minutes early, walk, burn some calories, and save gas.
  20. Sell your clutter. This is not so much saving money as making it, but the frugal, simplifying cheapskate, like myself, will want to declutter and make a few bucks doing it. Hold a garage sale or sell it on eBay.
  21. Frugal gifting. Gifts can cost a lot of money over the course of a year. Look for ways to do it cheaply. Make a gift, or give a consummable like cookies, for example.
  22. Quit smoking. I know. It’s hard. Not only will you save on cigarettes (which are expensive over the long run), but also associated costs (I used to buy a soda or beer to go with my cigarettes) … and of course the huge, long-term medical costs. In less than 2 years of not smoking you can save well over $3,000.


Published by

Jody Thompson

I'm going to blog about my many shopping escapades. Whether it is a used book store, a thrift shop or a consignment shop-- I'm here to tell all about my experiences. When I find great stuff-- I'll let you know. I'm sending good karma to all the thrifty shoppers out there!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s