How to Live Well While Being Frugal

by Justin Weinger
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If you love looking for ways to save money, then you probably already practice being frugal. You probably pack your own lunch instead of eating out, brew your coffee and clip coupons to get the best deals. But when it comes to cutting corners, there’s a fine line between frugality and being cheap. Not that saving as much as possible isn’t a good thing, but if your quest to save every cent starts to impact your life, it’s time for a change. Here are some of the best ways to live well and save money at the same time.

Cancel Monthly Subscriptions

Netflix sounded like a good idea when you signed up but now there’s hardly any time to watch it. It’s easy to sign up for monthly subscription services only to let them fall by the wayside completely untouched. You might even have a few coming out of your account that you forgot about. Have a look at your bank statement and cancel any that you haven’t used in the last month or so. This money can be automatically transferred each month into a savings account that accrues interest.

Bundle Your Insurances

Insurance companies usually offer better rates when you bundle your insurance needs under one umbrella. If possible, house all your insurance coverages with one company for extra discounts. You could save hundreds of dollars each year on your car, home and life insurance policies.

Buy in Bulk

Buying in bulk can save you a lot of money if you’re buying the right things. On the other hand, you might lose a lot if you continually buy food or other products that go to waste. Only buy products that you know you’re going to use, like paper towels, toilet paper and laundry detergent. Perishable food items should only be bought if you can freeze and use later on.

Shop Second Hand

Second hand clothing does mean buying clothes that look shabby or out of style. Consignment shops have come a long way and in fact, you can find all kinds of luxury items if you know where to look. There are plenty of high-end consignment shops that only cater to gently used luxury items, so be sure to check these out prior to paying full price. Conversely you can sell your own clothing in a yard sale to earn extra cash. There are some great tips for yard sale success that can ensure you set yourself up to not only rid yourself of unneeded clothing but cushion your wallet a little bit too.

Start Saving Early

One of the worst financial mistakes people make is saying they’ll start saving tomorrow. It’s never too early to start saving, especially if you plan on helping your kids go to college. Create an account that’s specifically for their college tuition and add as much as possible each month. You can also ease the financial burden by applying for a low-rate private parent loan to help them cover their degree. Since you want to be there financially for your children, once approved, you can help them pay for tuition, housing and any other expenses that might come up.

Save on Travel

Going on vacation doesn’t need to cost a fortune. If you travel after peak season, you can save upwards of 50 percent off the original price. Book holiday travel either before or immediately after the most traveled times of the year. Not only will you save money, but you’ll also avoid all the tourists.

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