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We are always looking for ways to stretch out the budget. We fully take part in frugal family living and this, in turn, teaches the kids about money as well. This all boils down to the 6 genius frugal living tips that are the base for all our frugal living.
6 Genius Frugal Living Tips for Frugal Family Living
If you're looking for “new” ways to save money, you are probably overlooking quite a few of them. These six ideas are only a few to get you started. Once you've got these put into practice, take a look at the other ways to save money that we recommend. They will help you save money in all areas of your life so that you can build on these six ideas.
How can I save money fast?
I always want to start by saying you should always bring in more money where you can and I get asked this question a lot. So I've included several ways to make money below but I also want to share my 45+ Ways to Earn Amazon Gift Cards for Free! I use these and add to my grocery bill and as needed use them to get Gift cards for travel and gas.
Drive an older car
Did you know that a huge portion of millionaires in this country drive older cars? They understand that the value on a brand new car significantly drops the moment the tires hit the street. Instead, buy a used car that is at least two years old.
By purchasing a car that is two years old, you keep yourself from purchasing a money pit but you've gotten past the losing value phase. Also, make sure that you pay cash for your “new” car instead of taking and loan. When you take a car loan, you pay much more than you should in interest fees.
They will also Earn Money from Your Car. Yes, it's possible!
Related: 10 Save Money on Gas Tips + 4 Gas Rebate Apps!
They rarely buy new
Buying used isn't limited to cars for thrifty people. One of the biggest ways thrifty people save money is by rarely buying new at all. If they can find it used, they will. Buying used has more than one purpose; not only does it save significant money usually but it also keeps items out of the landfills.
The only time that you should not look for a used version of an item that you need is if it is an item that should not be bought used such as a car seat or outdated baby crib. Make sure to also check out 6 Things You Do Not Need To Buy For Your Baby.
You can also make money with these Thrift Store Finds Worth Money You Don't Want to Pass Up.
Related: How to Save Money at the Flea Market
They follow other thrifty people
Thrifty people know the value of having other thrifty people around and they also recognize that having wasteful people around is a bad idea. People who don't actively look for ways to save money often blow through their money very quickly.
This can result in the thrifty family trying to keep up with the Joneses and huge financial losses.
They build a stockpile
Thrifty people know the value of a good sale and they know how much savings is possible when you don't have to pay regular price for things. This is why most thrifty people have at least a small stockpile of food and household goods.
To quickly build your stockpile, wait until the items that your family eats or uses go on sale and buy more than you normally would. Eventually, you will have an excess of everything your family needs so if you have a bad month or something isn't on sale, you won't need to buy it!
Related: Stockpiling 101: Getting Started
They wait for the right deal
Have you ever walked into a store to see a sale sign that only had the item marked down by a few cents? Thrifty people know that the best way to save money is to wait until that item goes on a “true” sale and not simply a “we're humoring you sale.”
They will wait for the deal to be right before they purchase. If they can't wait, they will shop around or use a site such as Ebates to save as much money as they can.
Related: Why Buy One Get One Free Promos are Killing Your Budget
They have sinking funds
Have you ever heard the term “sinking funds?” No? Don't feel bad since far too many people haven't heard it either. Sinking funds are a bank account that is set aside for things that wouldn't fall under your regular expenses but don't necessarily meet the criteria for taking money from your emergency fund.
Regular things such as car maintenance, home maintenance, school expenses, and Christmas all fall under sinking funds. One of the biggest ways that thrifty people save money is by having sinking funds ready when they need them. They understand that a car that isn't maintained will ultimately cost them more money.
Related: How to Use the Cash Envelope Budget System
They know that Christmas comes every year and that they will have to purchase gifts so they save for them. If you don't currently have any sinking funds available, consider opening a savings account specifically for these funds. Just be sure to keep them separate from your regular emergency fund.