Feeling tight on cash or simply want to have more of it? In this article, I’ll tell all about going extremely frugal so you can have more in your bank account. When I was in college and throughout my twenties, I used all of these tips below which saved me thousands of dollars without feeling like I was depriving myself.
From your home to grocery shopping and dining out, there are many ways to practice being frugal and thrifty without sacrificing your quality of life.
Read on to learn about going extremely frugal.
Why Be Extremely Frugal?
Reduce Debt
If you owe some money to someone and are struggling to make payments, frugality means you can free up more cash to pay off what you owe. Check with a financial advisor to determine if it’s a good idea to pay off your debts now or wait until you achieve another financial goal.
Free Up Cash for Other Goals
In addition to reducing debt, living on an extreme budget will mean that you can free up some cash for other goals you may have. These goals vary from person to person, but could be anything from:
- Stocking an emergency savings account – something everyone should do
- Saving up for a major trip or vacation
- Funding a retirement investment account
Get Creative with Cheaper Alternatives
When you practice frugal living, you’ll have the chance to get creative when finding extreme ways to save money. For example, instead of always going out for your favorite weekly Thai meal, you can buy the ingredients at an international market and make them yourself. Choosing cheaper alternatives is a good practice in case your income is suddenly reduced and you need to live more frugally without any choice. Additionally, it’s fun to get creative with saving!
Become Focused on What You Already Have
In addition to extreme frugality meaning you’ll have to find cheaper alternatives, you’ll also be able to focus on what you already have. We have so much that we take for granted that so many people in the world do not have access to. Anything from clean clothes to wear, groceries, a quiet and safe place to live and friends are things you should not take for granted.
Here’s a fun challenge for you: each week, try focusing on one simple pleasure in life that’s cheap or free. For example, in addition to heading off to the gym three times a week for an indoor workout, try doing some yoga in the grass in your backyard once a week. Appreciate the smell of fresh grass and the breeze blowing through your hair.
Extremely Frugal Ways to Grocery Shop
The average person spends up to $550 per month on groceries per month in America. Thankfully, there are many ways to reduce this amount by being frugal with money when grocery shopping and cooking meals. Let’s get into the top ways to do so.
Prepare a Meal Plan
Before you go about shopping for grocery ingredients, cooking and prepping your meals for the week for your family, you need to have a plan. Planning your meals is essential to frugality. When you know exactly what you’re going eat for breakfast, lunch and dinner every day, you’ll be less tempted to grab a pizza on the way home from work.
Use What You Already Have
When you prepare your meal plan, be sure to first make use of what you already have in your fridge, freezer and cupboards. This includes leftovers. Get creative and repurpose your food. For example, use that pasta sauce and stir it into a pot of chili. Take that leftover spinach and use them for tomorrow’s green protein shake after your workout.
Regarding the ingredients in your fridge, pantry and freezer, always use the ingredients closest to expiry first. Go through each package of food and check the dates. Once you’ve pulled out the ingredients closest to expiry, organize your storage. Put the oldest items at the front and the newest items at the back. This way, you’ll minimize the risk of letting food go bad and avoid throwing money down the drain. Create a list of breakfasts, lunches and dinners that use your leftovers and ingredients that are going to expire soon.
Eat the Same Dish 2-3 Days in a Row
Maximize savings by aiming to eat the same dish 2-3 nights in a row. Why do this? It’s simple, really. When you cook larger portions, you’ll generally need to buy larger packages of food. Generally, larger packages are cheaper to buy in the long run as the cost per unit is cheaper.
For example, if a 250ml jar of pasta sauce costs $2.50 but a 500ml jar costs $3.00, you’re paying $0.006 per ml instead of $0.01 per ml. While this may not seem like a huge amount of money, in the long run, it’ll save you tons.
Compare Prices at Different Stores
After committing to use what you already have and making a meal plan that’s as frugal as possible, it’s time to go shopping! Or is it? Wait a minute. Before you go to the grocery store, it’s essential you compare prices of different ingredients at stores. If you own a car or live on a transit line near two or more grocery stores and can easily visit two or three stores within an hour or so, compare prices using an app such as Flipp. Personally, I like this app the best because you can set up notifications to track prices of specific items you need. Refer to this article by GoBankingRates on the 5 best price comparison apps so you can choose the best one for you.
Check the price of essential items on your list such as bread, eggs, pasta, milk and cheese at each store. Pick up the item at the store that carries it for the lowest price. Make the process easier by making separate grocery lists for each store so you know where to buy each item.
Choose a Designated Day to Meal Prep
Once you’ve done your due diligence in comparing prices and have gone grocery shopping, it’s time for the best part – in my opinion! Instead of making lunches and dinners every single day, choose a designated day to get it all out of the way – also known as meal prepping. This is especially applicable if you are eating the same dish multiple days in a row. Prepare all your ingredients, batch cook and portion the dishes out equally into containers. If you want your food to be a little fresher, choose to prep your meals twice a week instead of once a week. This is especially applicable for items such as bean salads that will spoil in 2-3 days’ time.
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Extremely Frugal Ways to Save on Dining Out
You’ve committed to and have practiced frugal grocery shopping and meal preparation. How about dining out? While you can go frugal extreme by completely cutting out restaurant dining and takeout, this isn’t always possible. At the end of a long day, you may have little to no time to prepare a meal. Thankfully, there are ways to save on dining out, even in this day and age. Read on for the best tips and tricks I’ve learned that have saved me over $1,000 a year.
Eat a Snack or Appetizer at Home – Be Extremely Frugal and Hone Your Cooking Skills
Eating at home before you go out is a simple way to ensure you don’t order too much at the restaurant. Prepare a simple and healthy snack at home and eat it before you go to the restaurant. It doesn’t have to be fancy. Some of my favorite appetizers to prepare at home include:
- Spinach and artichoke dip with pumpernickel bread
- Hummus, crackers and veggies
- Fruit, cheese and crackers
- Cream cheese rollups
Drink Water Before You Go Out
In addition to eating a snack before you head out, be sure you’re hydrated. Often, your body isn’t really that hungry – instead, you need to drink more water! Did you know that an estimated 75% of Americans are chronically dehydrated? Drinking water will also make you feel fuller faster, which means smaller portion sizes – and maybe even skipping dessert (although do treat yourself every once in a while still!).
Drink Water at the Restaurant
Waters all around! Cut down on your restaurant bill by up to 20-25% by skipping the drinks and going for ice water. Healthier for you and your bank account as well. Ask the waiter for lemon so you’re not bored by plain water.
Go Out On Your Birthday
Looking for an easy way to get a discount or even free food? Go out on your birthday. Many restaurants offer a discount or free appetizer on your birthday. Be flexible with where you’ll go out for your next meal. Not all restaurants offer discounts, so be open to going to a new place instead of your favorite gourmet pizza joint.
While it won’t save you thousands of dollars, this is another timeless, easy frugal dining tip to try out.
Extremely Frugal Ways to Save At Home
Saving at home is made easy with these tips and tricks. Read on to learn the top extremely frugal ways I’ve saved money in my home.
Get Rid of Your Dryer
If you have the space in your backyard or on your balcony, commit to air-drying your clothes. Air-drying your clothes will cut down on your electricity bill by an average of 10-20% per month. Drying clothes means you’ll reduce your carbon footprint by by 2,400 pounds a year as well!
Additionally, choosing to dry your clothes naturally means that your garments will last longer. Washing machines and dryers are quite harsh on clothing.
Join a Buy Nothing Group – Meet Other Extremely Frugal People and Clean Out Your Closet
Another essential way to be extremely frugal at home is to commit to spending as little as possible. A simple and fun way to do this is to join the ‘buy nothing’ movement, where people freely give away items they no longer want or need. Buy nothing groups mean that there is no exchange of goods, nor money paid for the items. Search the Buy Nothing Project website to find a group in your area.
Commit to Stocking a Minimalist Capsule Wardrobe
Take a look inside your closet. Are you overwhelmed by the sheer amount of stuff you own? Understandable. In reality, you probably don’t need as much stuff as you have in there and inside your dresser drawers. Pull out all the items you own. Declutter and donate anything that’s:
- Worn out
- An item you no longer wear
- Too big or too small for you
Next, commit to replenishing your wardrobe and replacing old items with a minimalist capsule wardrobe. A capsule wardrobe is a core collection of clothing, shoes and accessories that are high-quality, versatile and can be worn with a variety of different outfits. The best way to be extremely frugal when stocking your wardrobe is to attend a clothing swap in your area. If you can’t find what you need, peruse the aisles of the local thrift store to find what you need. Check this article from Frugal Fun Finance to on what you should have in your capsule wardrobe and more essential tips on creating your ultimate closet!
Being Extremely Frugal with Your Bills
Negotiate Your Bills
Negotiating your internet, cable and other utility bills is an often overlooked way to save without much effort. Sure, it takes some time and courage in putting yourself out there. If you’ve been a loyal customer to your internet provider for over a year, call them up and ask about a discount.
Did the representative decline? Wait a few weeks and call again. Tell the rep you’re switching service providers and see if you’re offered a discount. Companies want your business. In order to keep you, they may transfer you to their retention department which often hands out special offers. While this isn’t a guaranteed way to save money, it worked for me.
Personally, after being a customer of my internet provider, I was offered a 20% discount off my internet for an entire year. Not bad at all for 30 minutes of work!
Cut Your Subscriptions
Do you really need that Netflix subscription? Unless you’re a junkie for a certain TV series, you should seriously consider cutting streaming subscriptions. There are many free alternatives, including your local library. Many municipalities offer music, television and movie streaming included with your library card fee. Alternatively, ask a family member if they want to split a membership (legally) for a streaming service.
An Important Note on Being Cheap vs. Frugal
While being extremely frugal is a good thing, don’t take it to far. It is possible to be too frugal. When you sacrifice your health or relationships with others, you’re being cheap instead of frugal. For example, if you absolutely refuse to spend money on presents or restaurant dining, over time, you may lose out on invitations from friends to special events. Over time, a cheap person causes relationships to fade due to their extreme stinginess. While you shouldn’t feel the need to always go out and spend money, always have some money on hand for occasional treats. Remember: the difference between cheap and frugal is subtle. Be careful!
A Final Word on Being Extremely Frugal
There are tons of simple ways to be extremely frugal without feeling you’re sacrificing your quality of life. With a little planning and a good mindset, being frugal is fun! Get creative with different ways to cut costs. Enjoy the savings you’ve acquired by setting aside a portion of it for a treat every once in a while. Enjoy!
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Janita is a frugal living expert and owner of Frugal Fun Finance. With over five years of personal experience finding and trying out the best ways to make and save more money, she's eager to share her knowledge. Janita's strategies have helped her save thousands of dollars for funding investments and traveling to over 20 countries.
Janita completed training in personal finance at The University of Western Ontario and McGill University, two prestigious Canadian universities. Her expertise has been shared on GoBankingRates, Yahoo Finance, and NASDAQ.com.
