The how-to’s of frugal living: 10 SIMPLE TIPS to start saving money

In these tough financial times, we’re all looking for ways to save money.

From cooking at home to ditching the car, there are several ways to cut costs on your bills — frugal living is all about making small changes that can save you big bucks in the long run.

So, if you’re on the hunt to reduce your weekly spending and boost your savings, look no further. We have curated some of the best tips we found on Reddit to share with you!



1. Avoid lazy tax

One way to save money is to avoid the so-called “lazy tax”. This is when companies increase the prices of their products and services without customers realising it. For example, your insurance or loan provider may slowly increase the rate you pay each year without you noticing the raise.

One user explained: “Your insurance and loans, in particular, will draw you in with a decent rate, and then slowly increase that year after year. They rely on you not taking the time to check other options or refinancing.”

To avoid this, it's essential to shop around and compare rates regularly. Taking the time to do this can save you hundreds of dollars.

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The skyrocketing costs of living have prompted many Australians to opt for lifestyle adjustments to reduce their spending. Credit: grisworldhomecare.com.

2. Meal planning

We understand that we’ve mentioned this tip a few times and you’re probably tired of us recommending this, but when it comes to budgeting, planning your meals ahead of time can help you lower your spending on groceries and food by a significant margin, especially when you know how to properly prepare your food.

One person shared how they made meals in advance without bulk cooking, explaining: “Creating a meal plan and cooking at home most nights of the week. Cooking enough for two extra meals so we also have lunch the next day. Severely cuts down on food waste and saves a packet by not buying takeaway.”

3. Investing in kitchen gadgets.

Kitchen gadgets such as slow cookers, rice cookers, and instant pots are great tools for frugal living, as they can help you stretch your ingredients further.

One user said: “If you buy something like an instant pot you can slow cook, roast/air fry and also pressure cook which is great for getting more meals from ingredients.”



4. Ditching car rides

There are also several ways to save money on transportation. If you live in a city, you may be able to get by without a car. Walking and riding a bicycle are good options for navigating urban spaces. Choosing these alternatives can keep you fit and healthy as well as save you a lot of money on gas, insurance, and auto payments.

One user shared: “Riding a bike instead of a car got me fit! It has done wonders for my mental/physical health as well as my bank account. Falling into the car dependency trap is draining society of its wealth.”

5. Saving on tolls or public transportation

We understand that not everyone is able to walk long distances or ride a bike, so if you need a car to go around your neighbourhood, Reddit users recommend downsizing to a more fuel-efficient model.

The users also advised considering prepaying for subscription services like tolls or public transportation. This can help you avoid wasting money on transportation costs by planning your budget ahead and not having to worry about incurring additional costs while travelling.

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Cycling not only allows you to cut down on transportation expenses, it can also help you stay fit and healthy. Credit: HIF.

6. Capsule wardrobe

Another way to save money is to buy fewer clothes and build a capsule wardrobe.

What’s a capsule wardrobe you may ask? Basically, it is a small collection of clothing that can be mixed and matched to create different looks.

“Keep a basic closet with a lot of blacks, whites and navy blues so all your clothes can be worn together, as opposed to buying clothes that can only be worn with specific pieces,” one user advised.

This way, you don’t have to buy a new outfit for every occasion. Another benefit of a capsule wardrobe is buying higher-quality pieces that will last longer.

Another added: “One other thing that can also help is buying higher-quality pieces that can be worn for years, as opposed to buying a cheap one every year. You can end up saving a lot of money in the long run.”

“I have some tops that have had 50+ washes and still look as good as they did when I bought them.”



7. Simple tips for cutting down water and energy bill

Turning off the tap when you’re not using it is not only eco-friendly, but it can also help you save money on your energy and water bills. While this may seem like a small thing, it can make a big difference in your budget!

One user wrote: “When in the shower and the water temp is either too hot or too cold always turn the offending tap down rather than the desired tap up.”

Another tip suggests replacing your regular light bulbs with LED lights as they consume less energy.

“Switching to energy-saving LEDs in the house dinted my electricity bill by about $200 per year,” another user claimed.

8. Getting a library card instead of buying books

Another way to save money is to borrow books from the library instead of buying them. With a library card, you can check out up to 20 books at a time. This is a great way to save money if you’re a bookworm.

“Recently got a library card for the first time in years. One of my first books loaned is Grant Sabatier’s Financial Freedom. Saved my normal habit of buying books” one person shared.



9. Take advantage of bulk discounts and bundle deals

Reddit users suggest looking for bulk discounts and bundle deals on products you regularly buy. Many companies offer discounts if you bundle their services together. For example, you may be able to get a discount on your internet service if you also have a phone line with the same company.

10. Saving tips for online payments and services

Pay off your credit cards and delete all Afterpay services. This can help you become more mindful of your spending and help you save money in the long run. If you can, go for old-school lay-by instead. This way, you'll be more likely to stick to your budget.

By making small changes in your spending habits, you can save big in the long run. Overall, there are several ways to save money and live a more frugal lifestyle.

So, there you have it, folks! What other tips do you have for frugal living? Share them with us in the comments below so other members can use them too!
 
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To add to the library card one - use the Borrowbox app & borrow your library books online! It's a brilliant app & really easy to use.
 
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Add up a typical months spend on everything and add one months worth of periodic bills and make this new total the credit limit on your credit card. that way you will know you can always afford to pay it off in full plus it stops you overspending and racking up huge credit card bills. I don't use cash at all and my credit card limit is $2000, I've never maxed it out and always pay it off in full. This has double benefits as money received stays in the bank to attract the measly interest offered these days and with only one transfer per month to pay the credit card there are no transaction fees.:)
 
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MAKE time somewhere in a year to total up ESTIMATES of your rates, lighting, gas, insurances, in fact everything you buy that you can remember, as working girls have extras like gymnasium etc. Don,t
forget board, or rent, in fact EVERY account that has to be met in a time frame. Smokes & drink of course if you inbibe. Some of these startling facts will need to be gone, but eventually you will get some idea what you have to curtail on. Cut lunches are a must from home to begin with & even a thermos of coffee. They were MY two I found was urgent if I wanted to go to a show now & again. Lots more, but you've got the drum on it . Do try. Stamps, gifts, etc, we wonder how we find the cash but you quickly learn when the tummy's rumbling & you have need to save for a particular thing you REALLY want. In 6 months you will be an expert I promise you. Strong willed is for it to happen. trust me we ALL need that. You'll certainly hit trouble if there is a necessity for drinks all round, shouting etc. You WILL come undone unless you have allocated for it. It IS hard, but if you want to save your money you MUST set a plan that will suit your individual tastes. None of us are the same. We have separate commitments to be really concerned about.
 
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I haven’t had a credit card for twenty years. I pay all my bills directly from my bank account. I take out enough cash at the beginning of the month to cover my estimated expenditure. That way I know exactly how much I’ve already spent and how much I have left. Occasionally I underestimate my expenses so another trip to the ATM for a top up ☹️, but more often I have a bit left over. Works well for me.
 
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Pack a picnic and thermos for outings and make a day of it.
Bake a cake or pie for dessert using in-season fruits.
Do your own painting as modern acrylics are very easy to apply.
Make lists of items for shopping at different shops. eg Bunnings screws, fertilizer etc, so it's a once a month trip.
 
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