Are you frugal?

                Are you trying to become more frugal? Saving for a trip? Trying to build wealth while on a tight budget? Here’s a few simple tips that could help you save a bit more.

1. Buy a lunch box and use it!

I recently calculated that my lunch box likely saves me around $2,000 or more dollars a year. Most of my coworkers eat out every day. However, I bring my lunch and eat at my desk or in our break room. And I save about $7-$10 every day by not eating out. After a while, those savings add up! Over the course of a year that’s saving $2,000 or more!

2. Disable/cancel subscriptions that you no longer use

This one is pretty simple, are there subscriptions that you no longer use? I cancelled my Amazon subscription because I realized I was using it less than it was worth. I purchased about 10 products in 2020 (despite ordering on it more often during Covid) which cost me about $12 per order for 2-day shipping. Typically, the cost of two-day shipping (although prices vary some) is about $10. So, for me personally, closing my amazon prime subscription made sense because I don’t shop on Amazon a whole lot. But for others, it can be an amazing deal. But do you have a gym membership you hardly ever use? Or a cable subscription? Go cancel it. And check out this reoccurring cost calculator to really understand how a monthly or yearly subscription can add up.

3. Get a library subscription!

Seriously, library subscriptions are completely free and you can rent out movies, books, and even attend classes or seminaries completely for free. The worst thing is you might have to pay a small late fee for forgetting to return your items. I’ve saved quite a bit of money by getting books that I wanted to read, but didn’t necessarily feel like owning from the library.

4. Focus on your priorities and financial goals first

If you don’t have a budget, you should get one, but assuming you do and have financial goals, considering your goals first before spending can help you make correct choices. Are you saving for a new car? Or trying to pay off your student debt? Make those a priority in your life, your spending should reflect those things.

5. Don’t wait till the last minute to plan things.

Waiting until the last minute often costs you a lot more money than planning ahead would, from airplane tickets to meal prepping. If you wait until the last minute to go buy Christmas gifts on Christmas Eve rather than buying them on discount when black Friday is happening.

Ultimately, the point of being frugal is to save money and invest towards the future life you are building. And if you are trying to build wealth and want to invest, try using m1 finance (you’ll get an extra $30 dollars with the referral link) it’s a great platform for long term investing. And finally, if you’re looking for further ways to enhance returns check out our high risk and ultra-high risk newsletter.

If you’re a first-time investor, try checking out the easiest portfolios out there. Or if you’re looking to get out of debt, try getting motivated with “ The power of Budgeting.”

Note: the m1 referral link gives the reader $10 extra dollars to invest with if they choose to fund a taxable with $100 dollars within 30 days of opening the account or fund an IRA with $500 within 30 days of opening an account. The author of this article will receive a $10 dollar compensation as a result of the reader opening an account. The compensation for both parties occurs 30 days after the deposit occurs and assumes the full amount is retained in the account until the end of 30 days from the deposit day. YNAB offers a free month of use this will be given to both the author and reader if the reader subscribes after the free trial period and buys a month of subscription. The author uses and endorses both YNAB and M1 Finance and both links are affiliate links.

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