Over 60 Frugal Living Tips to Help You Save Big Money (2024)

Frugal Living

Looking for ways to save money? Check out these 60 frugal living tips that can help you save big… plus find a FREE frugal living guide.

Let’s face it, we all want to save money. I’ve been interested in living a frugal lifestyle since college and I have read a ton of articles on the subject. Since then, I’ve gotten married, bought a house and have four little boys! We definitely practice a lot of these frugal living tips in our own lives and I want to share my favorite frugal living tips to help you save, too!

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Over 60 Frugal Living Tips to Help You Save Big Money (2)

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How do I live a frugal life?

Being frugal is not necessarily just pinching pennies and stretching your dollars. It’s being financially responsible and making the most of things you have.

Living frugally doesn’t mean that you will never have fun or splurge on anything. It’s living within or below your means to make the most of your money.

What are the benefits of frugal living?

Living a frugal life will keep you from being a slave to your money. It will give you the freedom to do what you want with your life, which is one of the big reasons the tiny house movement is so popular – imagine what you could do with low or no rent/mortgage payments!!

Retire early! This is another benefit of frugal living. You can choose when to retire instead of working until you are old enough for social security (if it’s even there for us at that time, anyways!). It can help you live comfortably well before typical “retirement age”.

Another benefit is having more money to save or invest. Having a fully funded emergency fund is a goal of ours, and pinching pennies now is helping us move toward that dream (right now it’s going toward debt!). You also will have less stress about money, because you won’t be living paycheck to paycheck, except in certain circ*mstances.

Over 60 of the BEST Frugal Living Tips

Do as much as you can yourself.

  • Make your own laundry & dish soap
  • Make your own cleaning products
  • DIY Baked Goods
  • Make your own convenience mixes
  • Cut your own lawn
  • Repair everything you can on your own (Youtube is your friend!!) -car -clothes -appliances
  • Take your lunch to work
  • Grow a garden and plant fruit trees and bushes
  • Handmade gifts
  • Take your coffee with you from home instead of buying it out
  • Dye your own hair and do your own nails (Youtube it or have a friend help)
  • Cut your kids’ hair yourself
  • Make your own smoothies and juice instead of buying it
  • Do your own taxes (it’s a pain but so worth it!)

Save money on food.

  • Weekly Meal Planning
  • Plan for Leftovers
  • Budget-Friendly Recipes
  • Switch to water instead of buying drinks
  • Work at recreating restaurant favorites at home
  • Have kids? Take advantage of all the Kids Eat Free promotions!
  • Use a slow cooker to tenderize cheaper cuts of meat and save electricity

Save on heating and cooling your home

  • Bundle up before turning up the heat
  • Seal your windows and doors (tip: use plastic wrap!)
  • Buy a programmable thermostat and set it to save money when you are not home

Reuse everything you can

  • Freeze leftovers for later (DIY frozen dinners!)
  • Freeze vegetables for soup and fruit or greens for smoothies
  • Turn leftovers into compost and use it for the garden

Give up what you don’t really need

  • Cable (use Netflix, Hulu or Amazon Prime)
  • Gym (work out at home!)
  • Combine trips in the car to save on gas
  • Cut down on dry cleaning – don’t buy dry clean only clothes and start cleaning most things on gentle in the washer or by hand

Buy in bulk or on sale

Buy used, rent or borrow

  • Buy secondhand clothes
  • Rent a prom dress
  • Rent tools you don’t use often

Find free or cheap things to do

  • No Spend Challenges
  • Budget Friendly Family Activities
  • Free or Cheap Date Night Ideas
  • Visit the library – free books and movies

Trade services or goods

  • Trade babysitting with friends to make date night even cheaper
  • Start or join a monthly freezer meal club to share the meal planning burden with others
  • Consider starting a clothing exchange or toy exchange with other parents you are friends with

Always buy some items at places like the Dollar Tree

  • Gift bags and tissue paper
  • Greeting cards
  • See a comprehensive list here!

Don’t shop unless you need to, and always shop for deals

  • Shop online and make sure you are getting the best deal (use ebates and also use an app like honey to find the best promotional codes!)
  • Look for things like “oops” paint, clearance flooring, etc when you know you will want to remodel your home
  • Check the outlet stores and scratch and dent stores when you need large items

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Whew!! That’s a lot of ways to save money! Have any frugal tips that I’ve missed? What are some ways YOU save money? Comment below!

Over 60 Frugal Living Tips to Help You Save Big Money (3)
Over 60 Frugal Living Tips to Help You Save Big Money (2024)

FAQs

How do seniors live frugally? ›

Downsizing can significantly cut your monthly costs, freeing up cash for doing the things you enjoy or paying down debt. You may even decide to ditch the yard work and housekeeping and move into an independent living community.

How to save money when you are already frugal? ›

Ten Frugal Habits to Save Money
  1. Track Spending.
  2. Automate Your Savings.
  3. Save Loose Change.
  4. Compare Prices & Comparison Shop.
  5. Avoid Spending Triggers.
  6. Shop Second Hand.
  7. Save Windfall Income & Use a Spending Rule of Thumb.
  8. Institute a Waiting Period.

How to be extremely frugal? ›

12 Tips for Frugal Living
  1. Choose quality over quantity. ...
  2. Prioritize value over price. ...
  3. Use credit wisely. ...
  4. Declutter regularly. ...
  5. Use a budget to guide your spending. ...
  6. Know the difference between wants and needs. ...
  7. Be a savvy consumer. ...
  8. Prioritize your values.
Oct 17, 2023

How to live frugally on Social Security? ›

To make the most of your Social Security income, it's best to pay off all debts, including credit card bills and mortgages, before retiring. This way you can focus on putting your benefits towards what you need day-to-day, rather than spending it on things you purchased in the past.

How to live comfortably on $2000 a month? ›

Housing and Utilities

Housing is likely your biggest expense, so downsize or relocate somewhere with a lower cost of living. Opt for a small space or rental apartment rather than homeownership. Shoot for $700 or less in rent/mortgage. Utilities should run you no more than $200 in a small space if you conserve energy.

What does an average older 65 household spend most of its money on? ›

Housing. Housing—which includes mortgage, rent, property tax, insurance, maintenance and repair costs—is the largest expense for retirees.

How can I save money if I barely make anything? ›

SHARE:
  1. Focus on small changes in various budget categories.
  2. Automate your savings into a high-yield savings account.
  3. Earn interest on your checking account.
  4. Use those three-payday months to save more.
  5. Keep a budget.
  6. Shop around for insurance rates.
  7. Refinance your mortgage.
  8. Find a way to save on rent.
Oct 19, 2023

How can I trick myself into spending less money? ›

'Avoid the 1-click option 100% of the time': 5 ways to trick yourself into saving money
  1. Automate your savings. ...
  2. Think of purchases in hours worked, not dollars spent. ...
  3. Do your spending with cash. ...
  4. Do a spending cleanse. ...
  5. Wait 24 hours before making big purchases.
Apr 20, 2023

What is the difference between cheap and frugal? ›

A cheap person is someone who is extremely price-sensitive. They would go for the cheapest possible option regardless of the quality or value. They would prioritize saving money over getting some nice clothes or going out for experiences. Whereas a frugal person would try and maximize the value they get.

How to live on very little money? ›

These seven tips may be able to help.
  1. Understand your current financial habits. Not sure how to start spending less? ...
  2. Create an effective budget and stick to it. ...
  3. Look for ways to reduce spending. ...
  4. Set financial goals for future success. ...
  5. Save for emergencies or major purchases. ...
  6. Pay down debt. ...
  7. Stay aware of lifestyle creep.

How to live simple life and save money? ›

Before you head to the supermarket, create a meal plan and a shopping list so that you don't end up buying items you don't need. This way, you'll reduce waste and save yourself the stress of trying to use items before they go bad. Cooking for yourself can have other benefits, too.

What are frugal habits of millionaires? ›

You might be surprised to learn that many millionaires clip coupons, buy in bulk, wait for sales, scour eBay and Craigslist for deals, limit clothing purchases, fly coach, avoid credit cards, and save half their restaurant meal for lunch the next day--habits that can free up cash for the occasional splurge.

What is the average Social Security check? ›

As of March 2024, the average retirement benefit was $1,864.52 a month, according to the Social Security Administration. The maximum payout for Social Security recipients in 2024 is $4,873 a month, and you can only get that by earning a very high salary over 35 years.

How to retire at 62 with little money? ›

You may need to make financial & lifestyle adjustments
  1. Set a detailed budget to minimize expenses. ...
  2. Downsize your home. ...
  3. Continue working. ...
  4. Take advantage of tax-advantaged retirement plans. ...
  5. Open a traditional or Roth IRA.
Jan 31, 2024

What is a livable retirement income? ›

After analyzing many scenarios, we found that 75% is a good starting point to consider for your income replacement rate. This means that if you make $100,000 shortly before retirement, you can start to plan using the ballpark expectation that you'll need about $75,000 a year to live on in retirement.

What is the cheapest way for a senior to live? ›

One option for seniors is to downsize to a smaller home, apartment, or condo. This can help reduce housing expenses such as rent, mortgage payments, property taxes, insurance, and maintenance costs. Seniors can also consider sharing a living space with family members, friends, or roommates to further reduce costs.

Where do seniors hide their money? ›

The Freezer

It's a way of life for many seniors. We've found everything from credit cards to gold coins frozen inside blocks of ice and plastic zipper bags filled with cash at the bottom of ice trays.

Where should a 70 year old put his money? ›

Retirement: 70s and 80s

You're likely retired by now—or will be very soon—so it's time to shift your focus from growth to income. Still, that doesn't mean you want to cash out all your stocks. Focus on stocks that provide dividend income and add to your bond holdings.

Can a person retire on $2000 a month? ›

Living on $2,000 per month is doable, but you won't be able to live just anywhere. This is important because at the time of writing the average Social Security benefit paid is $1,701 per month.

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