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The Ultimate Frugal Living Guide: 18 Tips for Extreme Penny-Pinching

The Ultimate Frugal Living Guide: 18 Tips for Extreme Penny-Pinching

When it comes to spending less and saving more, there are many ways to get financially fit, but some are much easier to accomplish than others. We’ve put together the ultimate frugal guide for people who are excited about saving money and really want to do whatever it takes to whip their finances into shape. Check it out below.

1. Dry your clothes on a line.

I know, I know. There’s this thing called a dryer that someone invented. Lucky us! However, you can save around $100 a year or more if you hang your clothes up to dry on a line. If you don’t have a yard, you can hang them up in your apartment too.

2. Wash dishes by hand using one sink-full of water.

Some people say washing dishes by hand costs just as much as running the dish washer, but if you use just a minimal amount of water, you’d be surprised at how much you save.

3. Make your own laundry detergent.

Did you know that you can actually make your own laundry detergent? It’s really awesome because you can see exactly what goes into it, which creates a healthier environment in your home.

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4. Take public transportation.

Gas and parking passes get so expensive, especially if you use your vehicle every single day. Do some research to find out how much your local bus or subway costs. You might be surprised at how much you save. Also, ask around your work to see who might want to share a ride with you.

5. Make every gift you give.

With the popularity of websites like Pinterest, there is no shortage of ideas for handmade gifts. All you have to do is search for crafts or gift ideas, and you’ll have hundreds of awesome tutorials and ideas at your disposal.

6. Travel in-state.

Everyone always travels to different states or countries, but I bet you’d be surprised at how much fun you can have within a 200-mile radius from where you live. That way, you can save on hotel costs and maybe learn something new about your community along the way.

7. Give up your smart phone.

I know—these days, smart phones might seem like a necessity, but I lived without one for almost two years and I was amazed at how relaxed and rejuvenated I felt after giving it up. You can also save hundreds of dollars a month on your cell phone bill. If you really, really want to save money and penny-pinch, this is the way to do it.

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8. Become a coupon expert.

You’ve probably seen the TV shows about extreme couponers, and that can be you too! All it takes it a little bit of time and practice to learn about couponing. You can save hundreds of dollars on groceries this way, so it’s definitely worth the time you put into learning about it!

9. Get a roommate.

Maybe you didn’t have a good experience with roommates in the past, but you can’t deny that having one cuts down on costs dramatically. For the most benefit, ask your roommate to split all bills with you, including electricity and water, so that they will be respectful about their usage.

10. Grow your own food.

Think of how much money you’ll save if you grow your own tomatoes or herbs. Plus, you’ll have awesome, fresh-tasting veggies to put in your dinner, which is great for both your wallet and your waistline.

11. Patch up your own clothes.

You don’t have to buy a sewing machine to do this: all you need is a few pieces of scrap fabric and a needle and thread. It will only cost you a few dollars. Plus, you can watch tutorials like this one on YouTube that explain the process in just a few minutes.

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12. Use the Internet from your local library.

If you are really strapped for cash, you can use your local library for Internet access. They are usually open every day, and the librarians are so helpful if you have any questions.

13. Give up cable.

Today, you can catch all of your favorite shows on your computer, so there is no reason to pay $100 a month for cable. Plus, watching TV takes up valuable time that you could be using to hustle and make some money.

14. Use cards or board games as your main entertainment.

You don’t have to spend $20 per person to go see a movie. Playing board games with a handful of friends actually makes for a really fun night—just try it and see. I think you’ll be surprised at how inexpensive and how fun a game night in can be.

15. Cook more meals at home.

Eating out is definitely a drain on your budget. If you start to cook in more, you can save hundreds of dollars a month.

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16. Shop at thrift stores.

You can buy all your clothes and furniture from a thrift store. I always say that it’s amazing what people will give away! You can definitely find designer duds if you look hard enough. Also, be sure to go on 50% off days if your local store has them!

17. Clean with vinegar.

Vinegar can be used to clean just about anything. You don’t have to spend any more money on expensive products. All you need is an old rag and a vinegar/water mix to make your house sparkle.

18. Unplug everything when you leave the house.

Our very last tip is to unplug all electronic devices when you leave the house. Although it might take up some time and only save you a few dollars, this is a must for those of you who want to live the ultimate frugal living.

Of course, these aren’t the only ways that you can save money and live better, so please share your tips with us in the comment section below!

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Catherine Alford

Catherine is the go to personal finance expert for educated, aspirational moms who want to recapture their life passions.

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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