Top 15 Frugal Living Tips for Young Adults Entering 2025
by Ankita Tripathy Financial Planning 27 December 2024
Frugal living tips are often looked down upon by young people. They usually come at you saying that you only live once. Therefore, you must live to the fullest. At the same time, it is a noble thought. But adulting is different.
You must live life in accordance with the dictums of your favourite lifestyle coach. You need to be conscious and judicious about your money. This article will help you with that. Therefore, let us start our journey to understand the practical frugal living tips that you need to master or understand.
Understanding Frugal Living
The conventional norm is to live life king-size. To live like there is no tomorrow. While this notion is excellent and all. However, it needs to be more sustainable. Therefore, we must look towards the absolute opposite of living a luxurious life.
This form of living is known as frugal living. Frugal living is a very new and unique form of living where people only live on the bare minimum. It may not sound very swanky and attractive, but it is highly sustainable and ethical.
Why Do You Need It?
Frugal living is the absolute opposite of extravagant living. In this way of living, you are expected to live according to your needs and not wants.
It is a form of living where you only use resources that you need to live by and not the luxuries you want. Therefore, helping you with Debt reduction, building Retirement savings, etc.
This is not just good for your bank balance, but it can also help you with environmental sustainability. The more you live life on the extravagant side, the bigger your carbon footprint.
This is one of the most prominent aspects of living life on the extravagant side. This is why we bring to you this article that can help you understand the essence of frugal living and frugal living tips. So that you always have that emergency fund when needed.
Best Frugal Living Tips That You Need for Frugal Living
Frugal living is not just a set of rules that you can memorize. It is a lifestyle that needs to be owned up in order to master. Therefore, we bring to you an extensive list of the ways you can live frugally and with minimal resources.
However, remember that these frugal living tips are generalized in nature. Therefore, you need to understand that some might not fit your bill. Thus, keep an open mind while you approach this article.
Tip #1: Carpooling
Most families nowadays own more than one car. At the same time, it is okay to have more than one car. However, as a family, you must consider carpooling.
This can actually help you save money on fuel and help you build up some savings. Therefore, consider carpooling or taking one car. It can even help you maintain a monthly budget.
Tip #2: Downsize
A house is where you stay, and a home is where you live. Therefore, home is not based on size or extravagance. You can have the largest property in the city, but it will not bring you any peace. Therefore, you must focus on quality over quantity.
Get a small and cosy place that has your aesthetic. That can be your home and not a trophy house, something you can show off.
Tip #3: Small Car
A car is the second most important and significant investment that you will make in your life. As a result, just like buying a house, people tend to buy the most significant car with the loudest engine to capture people’s attention.
We suggest that you understand the basic functionality of a vehicle. It can take you from Point A to Point B. Therefore, understand this aspect and decide accordingly. Hence, save up and buy a small car that fits your bill.
Tip #4: Rent Than Own
Owning a house feels great. It is like that final frontier that an adult needs to understand and conquer. Therefore, every young adult wants to own a home at some point in time, but it comes with a lot of caveats. Thus, the best way to proceed is to rent a house instead of owning one.
This is a fantastic way to save money in the long run and live frugally. Then again, everything has its pros and cons.
Tip #5: Refurbished Goods
Using refurbished goods could sound more fun. Why use something that has already been used before? Well, shove these notions in the toilet and listen to us. One of the primary frugal living tips is to live by. Therefore, if you really need something, you need to ensure that you get a refurbished deal.
At the same time, you need to be careful while buying refurbished deals. However, in some cases, you can actually hit gold. Therefore, shop second-hand.
Tip #6: No Eating Out
Food can be one of the most significant and most prominent expenses that you need to bear. This is one of the only expenses that is purely a necessity. However, eating out is not. In fact, you need to understand that eating out is a luxury and you do not need it. Yeah, you can go for dinner once in a while but let us avoid making it a habit.
Tip #7: Carry Lunch
Since we are on the topic of food, let us talk about lunches. If there are statistics, you will see that people spend the most money on lunches. This is one of the only reasons why you must consider bringing in your lunches. You need to start understanding that you can save a ton if you save on lunches. Therefore, ensure that you get your own lunch.
Tip #8: Thrift
A wardrobe can be the death of finances. Fashion is one of the most expensive things you can invest in. Therefore, you must understand that you need to be cautious.
Then again, you must know that being frugal in fashion does not mean that you will wear hand-me-downs unless he is Anthony Bourdain.
But it would help if you raided thrift shops, and you might find something gold. So, you should THRIFT ALL THE WAY!
Tip #9: No Impulse Shopping
Boredom can be a massive aggregator of impulse buying. We all have been guilty of window shopping when we are bored. While there is no harm in that. However, you must remember that you must this can be the biggest enemy of conscious living or frugal living.
Hence, be careful and do not buy things on impulse. Ensure that you need the product that you are adding to the cart.
Tip #10: Setting Budget
An impulsive shopping spree is something we all have been guilty of. We all have bought things that we do not need with money that was set aside for something else. To stop this, you need to ensure that you avoid falling into the cycle and that you have a practical approach.
Therefore a weekly or monthly list for convenience and follow that list religiously. You will see that it is actually held; ping you to keep the expenses down.
Tip #11: Shift to OTT
The world moved on from cable networks a long time ago. The world is more inclined towards OTT platforms. As a result, we suggest that you do the same. Cut out the cable and move over to the OTT side of things. This is one of the best ways to save money as you will not have to pay an extra charge as you can access everything on OTT. Get a family bundle, and you will be good to go!
Tip #12: Library
This one is for all book lovers. Well, we must keep you from hoarding your living space with all the books you might or might not read. However, we can stop you and tell you that there are books that you have not even touched. So, consider getting a library card instead of buying a book. This would help you get books and even build a reading community.
Tip #13: Quit Addictions
Quit all your addiction. This is, again, a very extreme way of saving money or fixing your personal finances. However, think about it. Alcohol and cigarettes are a literal poison that you are putting in your body. Therefore, quitting is not just going to save money but your life as well.
Tip #14: Walking
Walking is more than just a great way to stay healthy. But it saves money. A lot of money. If you’re living in New York City, and you need to go over a block or two, walk. There is no need to avail yourself of a cab or take the tube. Just pick up your satchel and walk. You will see what we mean. It can actually help you stay healthy and save money at the same time.
Tip #15: Sleep
So, this is probably the wonkiest thing that you have heard. Trust us, we are not kidding. But it would help if you considered sleeping as a hobby. This is perhaps one of the best and most cost-effective ways of passing time. Jokes apart, find ways to keep yourself busy and entertained for free. Before capitalism rained hell on our lives, people used to pass the time in an idyllic manner. Therefore, consider going back to those roots and finding free entertainment for yourself.
The Final Thought
In the end, the biggest frugal tip that we can give out is to understand your needs and wants. Draw a clear differentiator between these two, and that will help you move ahead. In fact, this will also help you understand what your life requires and how to proceed.
If you liked this piece of content, please let us know, and we will serve you better with more focused content on the topics that you want. Thank you, and have a great day ahead.
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