From Crafts to Insurance: 10 Money-Saving Tips for Frugal Women
With everything costing more these days, it pays to be frugal — and there are a lot of ways to do that as a homeowner. No, being frugal doesn’t mean sitting at home with no heat or A/C, staring at the wall.
There are ways to minimize your financial burdens without missing out on life or your passions. It’s all about balance and creating sustainable habits.
These habits can and do span everything from fun ones like dressing up your decor with the resurging vintage craft of macrame to practical ones like reducing the cost of your homeowners insurance with home insurance quotes.
Definition of a Frugal Lifestyle
A lot of people associate budgeting or frugal living with fewer luxuries or fun. While there is something to be said about limiting frivolous spending, starting and maintaining a frugal lifestyle doesn’t mean you lose all fun.
The dictionary defines frugal as tightfisted, stingy, or cheap, but that isn’t necessarily the picture of a frugal lifestyle. In reality, living frugally means finding areas of excess that can be reined in so something better can be purchased down the line.
The purpose of frugal living isn’t to deny ourselves everything. It’s to minimize financial and material distractions to achieve something greater. What that something greater is depends on you.
The world today is often materially obsessed. People are constantly working for the next new thing. These new things usually come with big sacrifices and bigger price tags. The truth is, the big, expensive things we desire aren’t always necessary.
Living a frugal lifestyle can be mentally and emotionally freeing just as much as it is financially freeing. It can be tough to break some of those old habits, though. Fortunately, there are small steps you can implement to start creating frugal habits.
Budget Tips
The first place to start a frugal lifestyle is when and how you budget. Budgeting can come with negative thoughts and feelings, but it doesn’t have to. Yes, budgeting means cutting back and analyzing how you spend your money, but it doesn’t have to stop there.
Set and stick to a monthly budget, but there are creative ways to save a few dollars. You can even save a little money on your electric bill or try a few of these budgeting ideas.
#1 – Barter
Budgeting doesn’t have to mean money only. You can budget your time and energy as well. One way to budget your money, energy, and time is through bartering.
If money is a little tight, consider trading your time or skills with someone else. Maybe you have a skill such as sewing, computer and digital skills, or babysitting. Offer these services to an individual who has a service or good you need.
This arrangement ensures you get things completed, but you won’t need to spend money to make it happen.
#2 – Shop Midweek
When you’re trying to stretch your grocery budget, consider shopping midweek. Many stores launch new sales and promotions in the middle of the week. People who do their shopping on these days are the first to reap the benefits of these sales.
#3 – Start a New Hobby
There are new skills you can learn that can pay you dividends. For example, you can learn to cook. You can find stress relief and enjoyment in the kitchen, but you can also save money by not getting takeout.
You might also learn to sew. If you master this skill enough, then you can charge others for repairing holes or buttons in clothing items. You’ll get more wear out of your own clothing and have the potential to make a few extra dollars by selling your services.
#4 – Windfalls to Savings
This little trick is a small change in your spending habits, but it can make big impacts on your personal savings. A windfall is any unexpected income you might receive. This could be a birthday check or a bonus from work.
When you receive these windfalls, put them directly into your savings account. Because this money is unexpected, it doesn’t need to factor into your monthly or weekly budget. Instead, you can watch these small savings add up quickly.
#5 – Reassess Monthly Subscriptions and Insurance
Another way to cut out wasteful spending is to reassess where your money is currently being spent. The modern world is all about subscriptions. It can be difficult to remember which subscriptions you have, what they cost, and which you actually need.
It’s a good idea to reassess and reevaluate your monthly subscriptions every once in a while. You can cancel any excessive subscriptions and save a few dollars each month.
You can also reassess some of your monthly bills. Your insurance is one area you might be able to make some financial changes. Review your policy and ways you can save money each month. Consider opting into a higher deductible, limiting your claims, or comparing your current car insurance coverage with other providers.
DIY Tips
DIY is a great way to save a little money. You can tackle a small project or create a new piece of furniture to refresh a corner of your home. The trick is knowing your own strengths and abilities and when to call in the professionals.
#6 – Reuse and Recycle
It may seem silly, but you can make a big difference in the environment and your wallet by simply reusing everyday items. That sandwich bag you used for lunch yesterday? You can dump the leftover sandwich crumbs and reuse it for your next lunch.
Find little ways to reuse and recycle the plastic or paper products in your life. This will help save the planet and save you money.
#7 – Get Thrifty
Purchasing new clothes can be a big financial burden, but clothes are a necessary part of life. The next time you decide to go shopping, consider thrifting over buying brand new.
Thrifted clothing is often gently used and ready to find new life in your closet. The best part? You can find some designer or brand name clothing at a fraction of retail prices.
#8 – DIY Home Decor
Everyone wants a cozy, inviting, and well-decorated home. To make that happen, however, can cost a pretty penny. Fortunately, there are ways to decorate your home without spending a lot of money.
Look for ways to DIY your home decor. Shop your home. Find pieces of furniture or decorative pieces in one area of your home that can be better used in another area.
You can even invest some time in developing a new hobby. Learn to macrame and create vintage pieces of functional wall art to add a little spice to your home.
Side Hustle Tips
If you’re looking to add some extra income, consider starting your own side hustle. These side hustles are meant to fill in the gaps financially without taking some much away from your daily life. There are plenty of opportunities for additional income — everything from selling handmade goods and offering services to enrolling as a food delivery driver.
#9 – Get Crafty
There are hundreds of ways to make money crafting. Platforms like Etsy have made it even more possible for people to advertise and sell their handmade goods and objects. If you have a passion for crafting or hand making, consider opening your own Etsy shop and making a little extra income.
#10 – Go Digital
If handmade isn’t your thing, maybe you have skills in the digital realm. People are often looking for digital downloads, ready-to-print designs, or digital templates to make life just a little easier. These items can be created and sold over and over again, making it an easy option for extra, passive income.
Frugal living is a shift in mentality and spending, but it can pay dividends. Reevaluate the ways and places you spend money. Find simple ways to save money and see just how much you can save.
Laura Gunn writes and researches for the insurance comparison site, USInsuranceAgents.com. She has embarked on a frugal lifestyle with two young boys. She is passionate about finding new, creative ways to save money.
