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Cheap, thrifty people can teach us amazing lessons on money. Thrifty people are families, singles and couples who have this saving, frugal living thing mapped out and understood.
What is thrifty?
Thrifty by definition is using money and other resources carefully, thought out and not being wasteful. Living a simple frugal life.
They are people who pass on the extras and live below their means so they can afford to live like no one else. I am sure you know the people I’m talking about. The ones that seem to have this frugal living thing figured out.
They can make a meal from the leftover contents in the fridge that tastes amazing. Their grocery bill always comes in under budget. They live without some of what we feel are life’s essentials and they seem perfectly happy. What is their secret?
23 lessons from thrifty people:
Thrifty, frugal and people who easily save money know how to and regularly use a budget. Some may view a budget as a restraint financially but in reality it gives you lots of opportunity. A budget ensures you are making your money work for you.
Get out of debt
Thrifty people know the value of being debt free and aim for achieving this level of financial freedom. If you are currently paying debt off monthly or weekly think about all the extra money you will have once those debts are gone.
Don’t buy it till you can afford it
Shiny object syndrome, we all want it now. You can come up with 30 reasons as to why having it now can validate the extra costs, the interest and etc.
Frugal individuals can fall into this common situation but they know if they wait and save the money a few things will happen. They will probably pay less for it. They will enjoy it more. And they will probably find a better deal.
Grow your own food
This is an amazing way to save money that thrifty and frugal people alike enjoy. Growing your own food is a great way to save money on groceries, it is also a great way to spend time outdoors. Something so simple as growing tomatoes and salad greens can help you save money.
Skip the drive thru and the pre-made meals and enjoy some home cooking. Thrifty individuals know the value in a home cooked meal.
Gathering the family around the table and enjoying a cooked from scratch meal. Something so simple as soup and sandwiches can save you money, fill your tummy and provide time for family conversation.
If you struggle in the meal preparation department and cooking dinner makes you nervous investing in a meal plan may help you serve up dinner stress free.
A meal plan is exactly that a plan that provides meals, recipes and grocery shopping lists. You could also create a simple meal plan out of the dinner meals your family enjoys eating. For example soup and sandwiches, chicken dinners, pastas, taco night and etc.
Use cash envelopes
It’s really easy to place your purchases on plastic and charge up the credit cards without really knowing what you’re spending or what is left in your bank account.
Cash envelopes is a simple system thrifty people use when paying in cash. Paying in cash allows you to relate physical dollar values with goods. The cash envelope system divides up your budgeted cash between groceries, entertainment and etc.
You only spend the allocated money in each envelope without dipping into other areas. This system is designed to help keep your spending and budget in check.
Don’t be house poor
Bigger is better, we need more rooms for all our stuff. Frugal people know that working just to pay for your home is not a way to live.
Downsizing, living in a home that suits your needs and your finances is important. It is easy to want a bigger, nicer home but before you make the purchase make sure you can afford it even when things go wrong.
be money smart
Use a list, know your budget, look for deals and ways to cut costs where you can. The Grocery Budget Workshop is an amazing resource for money saving tips and tricks. Thrifty people know how to save a dollar.
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- 275 Ways To Cut Your Household Expenses
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- 21 Things We Stopped Doing To Save Money
Use it, mend it, re-purpose it
Something those that have lived before us know so well. Use it up, mend it and re-purpose it until it is no more. Hand me downs are a prime example or flour sack dresses and pillow cases. Extreme frugal living at it’s best.
Simple living is a thrifty persons best friend. Living with in your means and aiming for a zero waste lifestyle.
Use coupons, apps and other ways to save money
Free money is the best way to save. You can find coupons in your weekly newspaper and at your local grocery store. If you shop online the best money saving app is Rakuten. Try Rakuten today and receive $10 as a free gift.
freebies and deals
Thrifty people never pass up a good deal. Online barter sites, social media share sites, online buy and sell sites are all great places to find good deals. Freebies can also be found in these locations.
Knowing when to shut down, unplug and walk away from your electronics and social media is important to. Smart people know the value in down time, enjoying real time with people. Power down and enjoy real time.
Do It Yourself
Thrifty people know how to do the research and do minor and major DIY home repairs. Learn how to use hand tools and if you feel confident try to do a few minor repairs yourself. It could save you a ton of money and time.
Save for a rainy day
Setting up an emergency fund or rainy day fund is important it gives you that little bit of back up in case something goes wrong. The car breaks down or the fridge stops working or an unexpected trip to the doctor. Set your goal for $1000 and add to it as you can. Reserve this money for emergencies.
Work hard and apply your skills
Thrifty people know the value in hard work and working smart. They know that sitting around hoping for the right opportunity won’t bring results. Applying your skills and creating your opportunity will.
Leverage what you have
Embrace your skills and leverage them. If you’re a great baker, create a side business. If you have a spare room or suite maybe an Airbnb rental opportunity are for you. Leverage what you have to get ahead.
Be content, enjoy a simple life
Thrifty and frugal people alike are content with what they have. They have no problem living below their means, keeping things simple and enjoying minimalism.
Skip the extras and make do
In the spirit of minimalism and living simply thrifty people will opt to skip the extras to make do and stay within the budget and goals.
For example maybe skipping dinner out this week in return for a great home cooked meal and tickets to a family event. It’s about finding balance in the budget for life events.
stop keeping up with the Joneses
In today’s society it’s all about keeping up with the neighbors, your friends Instagram feed, celebrities and more. Stop keeping up and start enjoying what you have.
Stop comparing yourself to others
The grass may look greener on the other side but it may be full of debt and rough edges. Stop comparing your reality to what you think someone else has. Thrive for betterment in your situation and happiness.
Updated October 7, 2020