Let’s get one thing straight: Frugal does not mean being cheapskate or miser. Practicing frugality frequently gets referred to as being cheap, but there are discrete dissimilarities between the two.
Cheapskates hate spending money, and when they do spend, it’s habitually on the wrong things or mediocre products. Whereas being frugal implicates adjusting what you have by being creative.
Frugality is different – In fact, frugality is a lifestyle. It’s less about the hesitancy to spend and more about being calculated with money and making purposeful decisions about how to spend the money. Being frugal is about being thoughtful about what it means to spend less and live more.
Following are 10 things frugal people never buy at all costs:
Frugal people never buy things that they can get for free, for example, books. A good read is always nice, but frugal people will only buy a book as the last option. The library and free sources online come first – The point is why to pay for books when you can check them out from the library, download free ebooks, or download free audiobooks.
Being frugal is not only a lifestyle, but it’s also a mindset. It is about making a conscious effort not to spend lavishly on things we don’t need to purchase. Thus, buying books comes under this category. The library is king for truly frugal readers.
A true frugal would certainly not pay for something that is obtainable nearly for free everywhere. A frugal person is well aware of the fact that most of the costs of purchasing bottled water come from packaging, transportation, and the brand name associated with it, but not the water itself.
Thus, you’re actually paying for a truck to bring you a branded plastic bottle from somewhere.
If you must carry water with you, invest in a decent reusable or eco-friendly water bottle and try using a filter. It will save you a good amount of money annually. Frugal people don’t waste money, and single-use anything is a major waste.
A frugal person knows where their money is going. They make a budget and keep track of every dollar spent.
Frugal people will never pay for expensive coffee on the way to work every morning. Numerous financial experts insist you can slowly get rich if you avoid your daily expensive latte.
True frugal belief in buying a coffee maker which will allow them to make coffees at home and get some keep-cups to take along when stepping outside the house. They know that a price of a single coffee every morning from a café can add up to hundreds of dollars in a year.
They rather make smart choices and spend this money on something more valuable. Since a bag of coffee beans often costs as much as two paid coffees at the shops, and you can probably get 30 cups out of one.
The odds of you getting hit by lightning, dying in a shark attack, and becoming a millionaire are higher than your odds at winning any sort of lottery.
A frugal person is never going to purchase a ticket to the greatest scam of a Vegas casino. They are well aware of the fact that lottery money will almost always go further somewhere else, the odds are against them, and lotteries are more likely to pull money from low-income people.
Instead, they may think of investing the same money in stocks; no doubt it still involves risk. But, if done smartly, it involves far less risk than buying lottery tickets. The odds of accomplishment are substantially better.
A brand-new car
Buying a brand-new car is the definitive mistake in the eyes of economically minded folks – or in other words, the frugal mindset.
A gleaming set of new wheels does not charm to the frugal. In their eyes, moderately used cars are superior in every way. Additionally, frugal people don’t buy cars that gobble up fuel. They’re much more inclined towards choosing something that is more fuel-efficient.
Americans also have the option to become members of Costco and simply visit the Costco Auto Program website. Where they can select a vehicle to research, and they will get information for different dealerships and select the one with the best price. It’s an ideal program for people with an economical mindset.
Endurance is a symbol of frugal life – In other words, frugal means being patient.
Frugal people never make purchases of anything that is latest and greatest. A frugal person will never opt to purchase the newest iPhone but will patiently wait to purchase that iPhone when the price comes way down and will enjoy the gadget just a little later, but with big savings.
The price of gadgets always comes down given enough time. A few weeks, a few months can mean big savings for exactly the same product with the same features that others bought at a much higher price. Hence, patience is the key!
A 2020 analysis by DecisionData.org found that the average household cable package costs $217.42 per month. A true frugal would never spend this much when there are sufficient economical options available.
Fortunately, you have plenty of options for cheaper and even free entertainment. If you look up all the streaming costs, there are budget-friendly streaming alternatives to cable, such as; Netflix Premium charges $13.99 per month, Hulu with Live TV bills $39.99 per month, and Amazon Prime Video costs $12.99 per month.
Or, there is also an option of a more restrictive library of movies and shows, with free streaming services online.
Why spend more on brand names when similar products are available in generics with much more affordable prices. Frugal shoppers will almost always pick the generic over any brand name unless the latter is on sale. Some might even indict the name brands of sporadically sacrificing a bit of quality simply to save a buck.
Most of the time, a generic product is practically indistinguishable from a brand-name product, and the majority of the time, it is less costly. Frugal shoppers always have a spot in their hearts for those store brand products.
Many times products with brand names come out of the same warehouses as the off-brand products. A frugal person will never waste money on such products and, therefore, will opt for the store-branded product with the same quality but a more affordable price instead.
Frugal people capitalize on the power in building a budget, and then they stick to it. This strategy for their money allows them to line up their spending on what matters most.
Frugal shoppers know that clothes make the person, but they also know they can destroy the wallet. Dry-clean only clothes ask for a lot. They entail you to pay for the service, drive to the shop – waste gas and spend your time – that most precious of commodities, just to get clothes cleaned.
When all this can be done, cost and time efficiently from the comfort of your own house.
Extended warranties are almost always a waste of money. They make a lot of money for those who sell them. Frugal shoppers are well aware of the fact that extended warranties have many loopholes.
Extended warranties are actually relying on contract fine print to deny coverage for almost any reason. They’ve become a major source of complaints to the Better Business Bureau and elsewhere.
RELATED POST: 5 Famous People Who Are Frugal With Their Finances
Some extended warranties are merely a replacement for the express warranty coverage you receive from the manufacturer, which you’re required to use first. And along with the initial cost and deductibles, some plans charge a fee every time you claim the extended warranty you already purchased.
People who are thinking about budding up their bank accounts typically choose a frugal lifestyle and a mindset. They look forward to establishing a lifestyle that doesn’t rotate around spending and obtaining more things to be happy.
Frugal people give importance to experiences over things but don’t detriment the health or welfare of themselves or their family just to save a few dollars.
Thriftiness supports putting your needs before your wants by highlighting what is most important to you. It’s also essential to be contented with what you have since ravenous and frugality do not mix well.
By instigating the above-mentioned buying habits in your own life, you can boost your savings rate and relish a more affluent life in every sense of the word.