Tips for Living Frugal During Cost of Living Hikes

For some of us, frugality comes naturally. But for others, frugal living conjures up images of a miserly, meager existence. No wonder so many tune out when the topic of frugality comes up!

But what if I told you living frugally doesn’t have to be painful or boring? And—what if I also told you it could bring financial peace, security, and even freedom? It’s true. A frugal lifestyle can provide all this and more.

Start Thoughtfully

Try to be thoughtful when choosing your initial money-saving tasks. Don’t start with overly difficult or drawn-out ones. This could sap you of motivation and derail the whole process. Instead, select tasks that are relatively easy to accomplish and give you a boost.

Regularly revisit recurring expenses

Revisit your recurring expenses to see if you can reduce, cut or optimize them. For example: do you still read that magazine? Could you get away with less mobile data? Revisit your expenses annually (at minimum) plus anytime your needs or life situation changes.

Pay in cash instead of with a credit card

Often, smaller businesses will offer a discount if you pay in cash or with your debit card. (This tip goes against my previous tip. But in some cases, the savings are greater than any credit card rewards you might earn.)

Register for refer-a-friend programs Many billers and banks offer refer-a-friend programs where you and/or your referred friend receive a bonus. Sometimes, the referral bonuses can be quite lucrative, so always check to see if your biller or bank offers them!

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