20 Best Money Saving Tips

Saving money tips, frugal, saving money ideas, reduce spending

The idea of these money saving tips is to reduce your spending without reducing the quality of your lifestyle. While they are useful, the most useful tip of all is to make sure when you spend money you are doing so consciously. Try to remember that you work exceptionally hard for your money and the more you spend the longer you have to work to maintain your current lifestyle.

 “I have learned to seek my happiness by limiting my desires, rather than in attempting to satisfy them.” – John Stuart Mill

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    Reduce Spending or Increase Income?

    If you are interested in early retirement then you will have invariably thought about whether it is better to focus your energy on increasing your income from work or to reduce spending. For most people the answer is normally to reduce spending, and I will discuss why that is true for most people during today’s article.

    For some people, notably single income families, those without work, students and people at the beginning of their careers, it is worth focusing on increasing income compared to reducing spending. The exciting thing about reducing spending is that it usually can be done without affecting your ability to earn an income. Reducing spending can rapidly decrease the time it takes to retire early by increasing the amount you can save and more importantly, by permanently reducing the amount needed to retire.

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      My Best Frugal Tips

      Here you will find the best frugal tips that I use on a regular basis or think you should try. In no particular order:

      • Live close to work
      • Ride a bike whenever possible
      • Cook your own food
      • Buy second hand where possible
      • Men: Cut your own hair (Women too if you’re adventurous!)
      • Use the library
      • Cancel your cable/subscription TV service
      • Cancel your gym membership and exercise for free
      • Shop for the best insurance, phone plan, internet deal.
      • Turn off unused appliances and lights
      • Buy quality tools $10×8 is worse than $70×1
      • Eliminate debt
      • Make your own cleaning products using vinegar power!
      • When you can’t buy used, buy online
      • Install solar panels
      • Throw your clothes dryer on the rubbish heap
      • Keep warm with more clothes
      • Grow your own vegetables
      • Start a price book
      • Stop eating take away
      • Repair your clothes
      • Take your lunch to work
      • Drive a second hand car
      • Fix your own car
      • Sell unwanted and unused items
      • Wait 30 days before committing to big purchases
      • Shop around for a good bank or credit union
      • Negotiate a lower rate of interest on your debt
      • Consider consolidating your debt as you pay it off
      • Choose low fee investment vehicles like Vanguard Index Funds
      • Borrow and share items with your friends
      • Have a games night instead of going out
      • Backpack instead of staying in a resort
      • Watch less TV
      • Stop smoking
      • Take up a part time job
      • Have shorter showers
      • Save grey water to use outside
      • Eat more vegetarian food
      • Negotiate better pay at work
      • Use vouchers and shopping dockets
      • Drink less alcohol
      • Use resources at work to your advantage: refrigerator, free coffee, free canteen
      • Carpool if you have to drive
      • Stop using your credit card if you can’t control yourself
      • Set up a budget (I recommend YNAB)
      • If you are near the sea: Fish, dive, spear and trap dinner