10 Frugal Habits To Adopt Right Away in 2024
A new year is an ideal time for a fresh start. If you’re looking to improve your finances in 2024, embracing at least a few new frugal habits can be a game-changer.
How To Survive on $500 a Month: A Frugal Living Guide
More: 3 Things You Must Do When Your Savings Reach $50,000
Frugal and cheap aren’t the same thing. But Jen Reid, financial planner and expert, founder of Base Financial Planning, said most people confuse the two.
“A frugal person is going to prioritize their spending and where their money goes, usually buying things they really want, need and value,” she said. “While being cheap is really just looking to spend as little money as possible.”
She said being a frugal person can offer many financial benefits, as well as other advantages.
“You are able to focus on your own personal priorities and what matters to you the most,” she said. “You can live a frugal and also very wealthy life, because you are consciously spending on the things that truly bring you joy.”
Here are 10 frugal habits you should start as the new year gets underway.
Cutting Your Grocery Bill
You can’t do anything about rising grocery prices, but you can change the way you shop, said Scott Lieberman, founder of Touchdown Money.
“It all comes down to planning,” he said. “Plan weekly menus based on store flyers — most stores have them online now, too. Sign up for store apps for discounts, freeze or store excess food bought on sale and shop at warehouse stores for bulk items.”
He recommended using a service like Dinner Daily to find the best prices.
“For an affordable subscription price, you tell Dinner Daily where you most frequently shop and the types of meals you prefer — vegetarian, etc. — and they’ll send you a weekly meal plan, recipes and a PDF of all the coupons you’ll need for the items in the meal plan,” he said.
Additionally, he said it’s wise to stock your pantry with frequently used staples.
“Identify a few meals your family loves, then make these meals part of your regular rotation,” he said. “If it’s pasta, for example, keep an eye out on pasta and sauce sales even if you’re not planning on pasta that week.”
I’m a Shopping Expert: 9 Items I’d Never Put in My Grocery Cart
Searching for Cheap Entertainment
“Instead of going out to restaurants, shows or even the movies, have game nights, potlucks or wine nights at home with friends and family,” Lieberman said. “Plenty of cities also offer free entertainment, from outdoor movies in the summer to Shakespeare in the park.”
To find free local entertainment, he recommended visiting your city’s events page or the website of your local destination marketing organization.
“They’ll have a list of events, free activities and other things to do you may have never thought of,” he said.
Joining Loyalty Programs
“If there is a loyalty program available where you shop, join it,” said Trae Bodge, Smart Shopping Expert at Truetrae.com. “All provide benefits, like discounts or the ability to earn points.”
She cited the CVS ExtraCare rewards program as a personal favorite.
“As a free member, you get exclusive access to sales, personalized deals, rewards and offers, plus 2% back in ExtraBucks Rewards on most purchases,” she said.
Selling Your Stuff
“Once or twice a year, look in your closets or basement for things you no longer need, but may be of value to someone else,” Bodge said. “Some of those things can be easily sold for cash, which can help shore up savings and clear out clutter at the same time.”
She said the platform MPB.com is one of her favorites, specializing in the sale of camera and videography equipment.
“On their site, you provide info about the items you are selling and they will provide a quote and a free shipping label,” she said. “Once the item is received and the condition is confirmed, you get a direct deposit payout in two days.”
Avoiding Keeping Up With the Joneses
If you’re on a tight budget, trying to spend at the same pace as friends and family with more money can be a big financial pitfall, Bodge said.
“If you’re spending more to keep up with your friends or family members — i.e., buying a more expensive house, car, clothes, etc. than you can realistically afford — start setting some healthier boundaries and understand that their budget may not be yours,” she said.
Reviewing Your Budget To See Where You Can Make Cuts
“To complete a full review of your budget, tally up all of your expenses by going through all of your financial statements, including your banking, retirement, student loan, credit card and mortgage statements,” said Abby Wendel, president of consumer banking at UMB Bank. “By doing this, you can assess your current budget to reveal where you can and should reduce your spending.”
She said this will also help you prioritize your expenses.
Automate Your Savings
Out of sight, out of mind. Reduce temptation to spend money earmarked for savings by keeping it out of your hands entirely.
“Automatically deposit part of your paycheck into a savings account,” Wendel said. “This is an easy habit to get into where you won’t even notice the money growing in your savings.”
Shopping Store Brands
Popular store-brand items are often marked up at a premium.
“The grocery store might have their own brand that is less expensive and typically the product quality is exactly the same as the name brand,” Wendel said. “It also helps to stick to your list and meal plan as much as possible to avoid food waste.”
Checking Your Utility Bills
“As energy costs inflate, utility bills are on the rise,” Wendel said. Your utility provider might have an assistance program you can opt-in to or a payment plan that can help you better budget and predict these costs.”
She said you can also reach out to utility companies to see if you can negotiate your bill — especially cell phone providers.
“There might be a part of the plan you are no longer using but still paying for,” she said. “Review your bills carefully to see if there is an opportunity to contact them to get your bill reduced.”
Reducing Unused Subscriptions
“Review all of your current subscriptions, from shopping to entertainment,” Wendel said.
Since recurring costs you forget about can significantly impact your budget, she said it’s wise to take inventory to see if there’s any you don’t use or could pause for awhile.
More From GOBankingRates
Zelle Scams on Facebook Marketplace: How To Recognize and Avoid Them
Experts: Make These 7 Money Resolutions If You Want To Become Rich on an Average Salary
This article originally appeared on GOBankingRates.com: 10 Frugal Habits To Adopt Right Away in 2024
