Ever wondered exactly what it is that makes frugal people so frugal? It’s the little things that frugal people do differently that make a huge difference to their finances, and there are some great tips we can all pick up from them.
You don’t have to completely morph into a frugal person to save money. Changing just a few habits could make a huge difference to your bank balance. Try a few tips from this list of habits of very frugal people and see if it works for you.
8 habits of very frugal people
They are not afraid to say no
Have you ever noticed how quickly saying yes to every social invitation can drain your bank account? Frugal people are not afraid to say no to an invitation if it doesn’t fit into their budget.
You don’t have to say no to everything, but if you feel as though your social calendar is getting a little out of hand, try saying no to any social invitations you are less enthusiastic about.
Related: 4 ways to enjoy life on a budget
They double check before making a purchase
A highly frugal person doesn’t just walk into a store without first comparing the price with other stores. A frugal person will always check for discounts and coupons, as well as price checking different stores.
This is actually a great little savings hack that can save you big amounts. Always do a quick check that the price you are about to pay is the best price. These days it’s easy enough to whip out your phone and do a quick Google search of the product you are about to buy.
They always find a cheaper way to do something
Frugal people don’t just spend money on things because that’s what everybody else does. They nearly always find a cheaper way to do something. They are not afraid to go against the grain if there is a cheaper (and possibly better) way to do something.
Instead of just buying a brand new item, you could have a look around your home and see if there is something else that could do just as good of a job. If you can’t find a suitable substitute that you already own, before paying full price try finding the item second hand, or if it’s something you only need as a one off ask if anyone has one you could borrow.
Related: 10 reasons you can’t save money
They can account for every cent they spend
Frugal people tend to record every purchase and expense they make, whether it’s on paper, using an app or just keeping the receipt. They pay great attention to their finances, and always know how much money they are spending on certain things each month.
Keeping track of expenses helps keep you motivated and accountable to your budget, and you quickly know if you are overspending on certain expenses, and can quick rein in those costs before they affect the budget.
Related: 5 ways to stretch your food budget
They don’t brag about how expensive items were
You will never hear a frugal person brag about how expensive something was, but will instead hear them brag about how little they paid for something, and how much it would have cost them had they paid full price.
Highly frugal people get a kick out of finding a great bargain, and are not afraid to let everyone know just how much they have saved.
They have a plan for their future
Frugal people aren’t frugal for no reason. They usually have their financial future mapped out, and are making all the right moves to reach them. They probably have a healthy superannuation fund, and some great investments on the side.
Most importantly, they have money stashed aside for a rainy day. They won’t be caught short if an emergency happens that requires a lump sum of money immediately.
They never stop learning
Highly frugal people understand that there is always more to learn about personal finance. It’s likely that they have a heap of frugal bloggers they follow, and read all of the personal finance and frugal living books they can get their hands on (loaned from the library of course).
Once of the best things you can do for your financial future is to never stop learning and growing when it comes to personal finance knowledge. Even if it’s just spending a few minutes each day reading article from your favourite frugal bloggers.
They learn from their mistakes
We have all made mistakes when it comes to money. Whether it’s taking on debt we shouldn’t have or making silly purchases that we later regret. Even highly frugal people make these mistakes, but the difference between ordinary people and highly frugal people is the way we learn from these mistakes.