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5 Habits To Help You Live Frugally

Sep 16, 2017, 19:55 PM by User Not Found

Check out these 5 tips sure to help you live frugally. How many of these habits do you practice?

1. Coupons

Remember when you were a kid and your Mom would drag you to the grocery store? She’d pull out a big book of papers and sort through them at the register. I would always wonder how much my mom would actually save by using coupons. The notorious “coupon book” actually is a great way to save money. Digital coupons may be a bit handier and greener, but cutting coupons can definitely help you save money during your weekly grocery shopping trip. Check your mail, newspaper, or the internet for coupons that could help you save hundreds annually. Also, make sure you shop around. Some places will price match with what you find in flyers or even online. Groupon also offers some really affordable deals for family fun!

2. Emergency Funds

If you follow along with our blog, you know we are big advocates of emergency savings. I know I sound like a broken record, but experts recommend saving six months’ worth of expenses. You never know what life will throw at you, and you want to be prepared for when it happens. Utilize automated payments, and have funds transferred to your savings account.

3. Buy in Bulk

Buy your groceries in bulk. Head to the nearest Costco or Sam’s Club and purchase your household needs and groceries at a lower price per item than you would at your grocer. If the cost is too much to buy in bulk, split it with a family member or friend.

4. Clean Sweep

Simplify your life. Do a clean sweep of your closet, attic, storage unit, or shed and have a garage sale. Take your gently used clothing to a thrift store and make some extra cash to add to your savings or for a fun night out with the family. Websites like Glyde are great for selling your old electronics that you no longer use! Poshmark is also a great app to sell gently used clothing.

5. Limit Eating Out

You never really know how much you spend eating out or purchasing Starbucks until you start adding up the transactions. For one month, record every time you eat out. You will probably be shocked at the total. Once you pick your jaw up from off of the floor and realize that this is fixable, you can start limiting the amount of times you eat out. Save money by simply bringing lunch to work, brewing coffee at home, or passing up a soft drink and ordering water at your next trip to a restaurant.

For more information on how to take control of your financial wellness, speak with a financial counselor through Balance. A financial counselor will help you avoid or resolve financial distress and establish personal financial control.

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