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A great time to build your budget, consider how you can save money and edit your spending habits is at the beginning of the year. If you want to live more frugally in 2024, there are easy ways to audit your expenses and make better choices about what you want and what you actually need.
What It Means To Be Frugal: Quick Take
To live a more frugal lifestyle, knowing the definition of “frugal” would be helpful. Essentially, if you want to be frugal in the new year, it’s not about being cheap; it’s about being careful with how you spend your money. A great resolution for 2024 would be to start being more frugal and only use money and supplies when you need to.
5 Tips To Live More Frugally in 2024
It’s time to give your credit card a break and maybe sit back and analyze where there is wiggle room in your budget to produce better saving habits. Here are five tips you can follow to start being more frugal in the new year:
- Cut back on water and energy consumption
- Stop buying name-brand items
- Take advantage of your local library
- Eat at home, not at restaurants
- Consolidate and pay down your debt
1. Cut Back on Water and Energy Consumption
Cutting back on your water and energy usage can save you money on your utility bills. To start this win-win frugal practice, you can employ a few of these tricks:
- Use cold water settings when doing loads of laundry.
- Set a timer when taking showers so you don’t take longer.
- Don’t keep lights on if you are not using them, especially when you leave the room.
- Make sure to fix plumbing issues such as a running toilet or leaky faucet.
2. Stop Buying Name-Brand Items
Buying generic-brand items instead of the more expensive name-brand ones goes a long way to trim down your expenses at retail or grocery stores. Though it may only be small amounts here and there, when you add it all up, what you save in a month can be quite substantial. Although there are no guarantees, generally, generic brands are nearly identical to the more recognizable name-brand counterparts, so it can’t hurt to do some comparison shopping.
3. Take Advantage of Your Local Library
One of the most underestimated free resources at your disposal is your local library. Instead of buying new books and movies, you can simply get a library card and check them out for free. This also helps with decluttering your house a bit. Aside from books, e-books and audiobooks, there are often community boards posted in the library that can let you know about free events happening in your community.
4. Eat at Home, Not at Restaurants
When you’re at the grocery store, you can buy just enough ingredients for meals you plan out for the week. Eating at home can save you on food costs quite substantially, which makes it a great frugal step to take. Make sure to also plan on packing your lunches for work so you aren’t tempted to go out on your break.
5. Consolidate and Pay Down Your Debt
Consolidating your debt, paying it down or even paying it in full can go a long way to improving your financial situation and outlook. You can consolidate your credit card debt to pay lower interest, but simply paying all of your bills on time can go a long way to lowering the debt and interest you pay, as well as improving your credit score. Here are some ways you can start:
Final Take To GO
The bottom line is that knowing the difference between wants and needs can help you take steps toward starting a more frugal lifestyle. This can mean making simple changes like buying in bulk, or practicing restraint when it comes to impulse buying. By following these simple tips, you might surprise yourself with how much money you can save per month.
Read More: 5 Things To Start Doing To Be More Frugal in 2024