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Thrift is not a monolithic concept. It’s more of a continuum and different people approach it differently. You can be thrifty without sewing all your clothes, growing most of your food, making all your gifts, or creating your own entertainment.
Thrifty people can and will! — Eat at restaurants, buy a car, go on vacation, pay for streaming services, and splurge on things you really want. They just do it carefully.
My own frugality mantra is this. Like my thrifty brethren, I make informed choices about my money and my life.
Here are some of the things smart and thrifty people never do.
1. Paid retail
Why would you want to pay the original price quoted? Honey, reveal deals you might never find on your own. Seriously, check them out.
Thrifty people also take advantage of post-holiday sales and clearance sales. They visit thrift stores and garage sales. The lucky ones can find just what they need in the local Buy Nothing Facebook group. This means that you are not paying for it at all.
2. Ignore cashback shopping/loyalty apps
Save a lot on what you need point credit cardcashback programs, etc. Rakuten Fetch Rewards and IbottaSavings may come in the form of rebates or in points redeemable for gift cards or cash.
For more info, see 9 Best Shopping Apps to Save Money and 7 Apps I Use to Beat Inflation at the Grocery Store.
3. Carry your credit card balance
A persistent rumor is that carrying a credit card balance will improve your credit score. that. To do. no. according to Experian Credit Bureau:
“An outstanding credit card balance can even have a negative impact on your credit score. This impact is greatest when your balance exceeds about 30% of your card’s borrowing limit. We tend to keep our utilization below 10%, and nothing is better than paying off all purchases in full each month and keeping a zero balance.”
Having a balance means you are paying unnecessary interest (actually, why?) and could indicate that you are living beyond your means. need a budget Helps keep your spending on track.
4. Ignore your health
Do you ignore the scary sounds under the hood or take the car to the mechanic? The same rules apply to your body.
An annual checkup can catch small problems before they become big problems. For example, let’s say the stomach pain you keep ignoring is a gallbladder problem. If dietary changes are unsuccessful, outpatient laparoscopic surgery can be done.
Or, if you keep ignoring it, it could lead to invasive emergency surgery or hospitalization.
5. Spend all your salary
Aim to live under Your means, not theirs. Spending all your paycheck means you have no savings. How will you cover the next emergency? Talk about your zero-sum game.
Whether you’re spending carelessly or simply not earning enough, you need a plan. Find a qualified financial advisor to help you manage your cash.
6. Buy now, pay later
The Buy Now Pay Later service (commonly known as BNPL) allows you to split the cost of your purchase into multiple payments.according to Consumer Financial Protection BureauThe general plan is interest-free bi-weekly 4 payments.
This can be a lifesaver in rare situations, such as “teenagers stop wearing shoes before a single parent has a chance to save enough money to pay cash.” . However, this approach may encourage that parent to only buy at retailers that use BNPL instead of looking for the best deals. Additionally, according to the CFPB, returns can be complicated and you may not get the same dispute protection you get with a credit card.
But most importantly, BNPL plans help you develop habits of instant gratification. Instead, adopt the smart frugal habit of skipping the BNPL plan and sticking to your budget.
7. Throw away food
Food prices skyrocketed, with food prices increasing 10.4% from December 2021 to December 2022. According to the Bureau of Labor StatisticsThe prices of some staples have skyrocketed even more, making eggs more expensive about 60% more At the end of 2022, just like a year ago.
Wasting food was never a good idea. The recent price spike has made food waste even more of a silly idea. See below for tips on how to make the most of your money and avoid wasting it.
8. Late payment of bills
Paying bills on time is the biggest factor in determining your credit score. If your bill is 30 days or more late, it will affect your score. If your bill is only a few days late, it will likely not affect your score, but you will have to pay the late fee.
Don’t let any of them happen. Automate your bill payments! If you have to do it manually, set up simple steps to make payments on time.
9. Grocery stores without lists
Wandering into a supermarket without a clear plan is like opening your wallet in a hurricane. Money may stay there, but it may not. When you get home, you might buy more things than you planned and have less money in your pocket.
Luckily, there’s a simple two-part fix. Create a weekly menu before you shop. Write down what you need to buy to make those meals.
Here’s the hard part: stick to that listYes, the freshly baked chocolate chip cookies from the store’s bakery smell wonderful. Hold your breath and keep walking. Your budget will thank you.
10. Throw away anything that can be repaired, reused, or sold
Frugal people don’t automatically throw things away or put them on the curb. They are creative and sometimes even get paid.
A 3G Android phone that no longer meets your needs could be someone else’s lifeline. A few videos and his DIY articles will help you tune your weed-scraper. Once you’ve finished your Costco-sized jug of pickles, use containers to store your dry food instead of buying expensive storage jars.
You might even be able to make some money with this, especially with electronics and quality clothing. How to?
11. Let your insurance automatically renew
After all, your insurance agent will never overcharge you. You can trust them, right?
Trust me, but check.using an app like zebra This means that you can get quotes from all major insurance companies nationwide. Here’s the beauty part: Someone else is doing legwork.
12. Window shopping online or offline
Are you the type to shop when you get bored? Get a hobby that doesn’t cost money.
It’s all too easy to be tempted by brick-and-mortar clearance racks and flashy homepages promising the lowest prices. price! Ever!
If you have something you don’t need, stay away from the store.
13. Keeping up with Jones
what could jones live for appear I like their best life, but looks can be deceiving. They may be in debt, they are one step ahead of the repo man, and they are too stressed to sleep at night.
Fun, right?
There’s nothing wrong with wanting what Jones has – make sure it’s yours TRUE want. Make a plan to get there, be grateful for what you already have, and stop counting other people’s money.
