There was a point in my life when I’d ask my college roommates to bring me back ketchup packets from their lunches out (#1). I wasn’t about to pay full price for the Heinz when they’re just giving that stuff away at some local establishments… I mean, C’mon.
I say the above to let you know that I’ve sat for hours contemplating different ways to save a buck here or earn a buck there. All in a combined frugal effort to fight the staggeringly large 6-figure student loan debt over our heads.
And now that I’ve been to the frugal mountaintop and we’re nearing the end of our student loan repayment, my personal finance nerd friends and I will occasionally search the web for frugal tips that we haven’t heard of or tried in a while.
But I haven’t found a comprehensive list that details all the things we’ve tried or seen our friends do. And with the student loan and general debt epidemic that is running rampant through our generation, we need an arsenal to fight back.
We need a cache of frugal tip weapons to aid us in fighting the approaching debt army.
Here are 67 Great Frugal Tips to Make you Wealthier Today
Frugal tips to use as a general best practice
1- Write your financial goals on a piece of paper you’ll see every day
2- Make a realistic budget
3- Sleep on large purchases
4- Protect your income
5- Establish an emergency fund
Frugal tips for food (I like to eat)
1- Grow your own veggies
2- Don’t go grocery shopping until you absolutely need to
3- Use new tech
4- Couponing is not dead
5- Cook at home vs going out to eat
6- Ask for a discount on purchased items
7- Meal plan and stick to the list while at the store
8- If you’re going out to eat pick places where your kids eat free
9- Batch Meal prep for the week over the weekend
10- Pack snacks rather than buy
11- Shop at Aldi
12- Pack your lunches during the week
13- Make your own trail mix
14- Order water if you’re out to eat
15- If you’re going with fast food, use the value menu
16- Buy in bulk (Costco, Sams Club, etc.)
17- Use Groupon if you’re going out to eat
18- Try intermittent fasting
Frugal tips for handling debt
1- Go on a spending freeze
2- Refinance higher interest debts
3 – Literally freeze your credit card
4- Improve your credit score
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Have older cards – Rather than canceling old accounts, just cut that card up (so that you won’t use it and it can’t be stolen from you) and keep the account active. This is especially helpful if that card represents your oldest line of credit. If you opened that account 10 years ago and your other most used card is only 5 years old, by closing that older account you will effectively be cutting your length of credit history in half.
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Don’t run your credit unless absolutely necessary – Safeguard your Social Security Number so that you are less likely to be a victim of identity theft. One of the easiest ways to torpedo a credit score (and your overall finances) is to have lines of credit opened in your name by identity thieves. Now that we have security accounted for, make sure you do your research before opening any new accounts. Is this the perfect credit card for your current needs? Are you sure that the payment terms are acceptable for that new car? And make sure to shop prices before the seller checks your credit.
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Reduce the Outstanding Debt Ratio (ODR) or Debt to Income Ratio – When it comes to Outstanding Debt Ratio, the lower the better. But if you’re like most Americans with a mortgage, car payment(s), student loans, and other liabilities, reducing this ratio can be tough if you have a short amount of time. Lucky for us consumers, though, ODR is one of the least impactful factors on your credit score.
5- Pay off your credit card every Friday
6- Automate your debt payments and adjust the timing
Frugal tips for reducing expenses
1- Ask to spend less on monthly “fixed” expenses
2- Remove collision insurance on older and paid off cars
3- Subscribe as a family – apple music, Netflix, Prime
4- Consider a discount phone plan(MVNO)
5- Walk or Ride to work (if possible)
6- Shop at second-hand stores
7- Use local community parks for dates or play dates
8- Workout for free
9- Use the public library over bookstores or Amazon
10- Practice self-discipline and say no
11- Take advantage of Netflix (or other services) free trial periods
12- Wash your clothes in cold water and hang them up to dry
13- Shop around to see multiple quotes
14- Use less toothpaste per brush
15- Be your own handyman
16- Clean with vinegar
17- Use a Nalgene or other washable bottle
18- Audit your monthly subscriptions
19- Cut the proverbial cord
20- Free local festivals or parties
21- Ask for “wants” during the holidays or on your birthday
22- Collect soaps from any hotel stays
23- No new makeup purchases until you’ve used all of those free samples
24- Use the carpool lane
25- Negotiate the ability to work 4 10-hour days
26- Search for different utility providers in your area
Frugal tips for using taxes to your benefit
1- Open a Flexible Spending Account (FSA)
2- Ohio’s Tax-Free Weekend
3- Hire an accountant
4- Utilize credit card rewards
5- Donate unused clothes and household items – then claim the deduction come tax time
Frugal tips for earning or saving more
1- Ask for a raise at work
2- Never stop your education
3- Get your side hustle on