7 Habits Of Highly Effective Frugal People
The more we do something, the easier it becomes for us.
So as we wrap up no spend November, there are several things we can take with us in order to maximize or finances. These actions, repeated again and again become habits, and once they are habits they become easy to maintain. These are habits I have personally done to help get and keep my finances under control.
Frugal people do these things and you can as well:
Budget - Frugal people budget, thus making it easier to keep their money under control. Once budgeting is sustained, It keeps things streamlined because we are no longer blind to how much money is coming in versus how much is going out. Getting started might not be the easiest but I have a lot of budgeting tips here to get you started.
Check in on said budget - Another habit frugal people have is to check in on their budget. They don’t just set it and forget it. They actually check in weekly or even daily to make sure everything is going as it’s supposed to. Sometimes unexpected things happen, and this is why it’s a wonderful frugal habit to check in on our budgets because once these things happen, we can adjust the finances accordingly as to not derail everything.
Check your bank account(s) daily - Checking bank accounts daily is another habit frugal people do regularly. That way, fraudulent charges or other suspicious activities, get discovered right away. No waiting to the end of the week, month, or trying to swipe our debit card just to find out that (God forbid) the money has mysteriously disappeared. This happens more often that one might think, this year alone it has happened to us twice. Unfortunately, there are some not nice people that want to scam others. We must do our due diligence and keep a watchful eye on things. So that if such a thing were to happen (God forbid) we can report it right away.
Have multiple bank accounts - Speaking of bank accounts, frugal people have multiple bank accounts. Unless you are a whiz on Excel spreadsheets, and or can keep track of the numbers perfectly. It might be best to have multiple accounts if you can. They are free to open and can help keep your goals and how close you are to reaching them crystal clear. Capital one and Ally are two banks that let you open one account but have multiple “buckets” if you will. So that you can see things clearly. Or you might earn a little bit of interest on your emergency fund in one account, but another is just to pay the monthly bills for example. Maybe you have a rainy day fund and a fully funded emergency fund and you wish to keep them separate as to not get them confused. Either way, having multiple accounts is something frugal people do for peace of mind and ease of use.
A disclaimer, if you are married make sure you and your spouse are both on board with this. It is not wise to start a money fight or have secret accounts. Money disagreements are one of the major cause of divorce, so please, don’t do it. Two become one in everything once married. There is no more separation. Play rock, paper, scissor ; flip a coin ; or some other way. But please, remain on one accord.
Shop around - Another habit frugal people do, is shop around. When it comes to doing grocery shopping, they shop the deals. However, only if the stores are in close proximity to one another, otherwise, the money is just being wasted on travel. Also, be mindful to not select more than three stores. Otherwise, it takes up too much time and that is something we cannot get back. It is best (if possible) to select 2 - 3 stores, shop them online, and then go pick up the groceries. Some supermarkets do curbside for free, some others have a 3$ fee. Another possibility is if not all the stores do curbside pick up, or you need to go in for whatever reason, choose one to go inside. The other one or two, do curbside or Instacart if you can. Instacart charges 10 dollars a month for unlimited groceries (plus tips) but they do have a free trial here. This is not sponsored or anything, I just use them sometimes since I have 2 boys 2 and under and it’s not practical for me to go inside if I cannot get certain items during my curbside pick up. If you choose this service it is $99 dollars for the year or $9.99 per month. Alternatively, If you will just use them once in a while, you can use Instacart without a subscription as well which is what I do. I do curbside pickup at my local supermarket, and Instacart occasionally. But before I had my 2nd son, I use to go in three supermarkets, (near to each other) I will start from cheapest to the more expensive one, if needed. So just do what is best for you and your family.
Leave in cart - Another frugal habit is, when some purchase is needed. Or when we think we need something, add it to cart and leave it there. Let it sit there from a day to a week (depending if it’s a want or a need). And after the time has passed, if the item is still need it then go ahead and purchase it. But a lot of the times you will find the item is not always as important as it seems at the time.
Let themselves have (a bit ) of fun - Frugal people also let themselves have a little bit of fun with their money. We didn’t start to do this until we were out of debt and had our fully funded emergency fund. (Because we wanted every single penny to go into that). However, once we were able to, we began to budget for fun money and it has been a total game changer. Yes, we still have other financial goals, but we also allow ourselves some fun money as well. Otherwise, we might get burnt out and confuse our brain as to why we are doing this if there is no reward. So it’s best to have a bit of (reasonable) fun. That way, we are able to keep up the plan for way longer since we are allowing ourselves to play a little. Select a small number that works for you and your family, while you tackle your other goals. Once the goals are complete, adjust accordingly.
These habits really work and I can say these habits have helped turn me into a frugal person because that was not always the case. Not at all, my husband and I were over 50,000 dollars in debt so we were by no means frugal. And now we are, try them out and see the results for yourself!
