Frugal people tend to be wealthy people, but that doesn’t mean they live extravagantly. In fact, their cheapskate mentality is exactly what helps them get rich and stay that way.
Drive Inexpensive Cars
Invest in Quality Over Quantity
Prepare Meals From Scratch
Don’t Feel the Need to Constantly Upgrade
Avoid the Diderot Effect: The Didero Effect is a social phenomenon whereby someone acquires something of high quality and feels the need to make “reactive” purchases to complement the original one. For instance, a person buys a new rug. They’re enamored of the rug, but it matches nothing in the room—so they make a slew of additional purchases in order to furnish a room that complements the rug. Frugal people are aware of this cycle, so they avoid temptation and don’t fall prey to it
Sidestep Fees: Instead of automating all their payments, they’re constantly monitoring all of their bills and subscriptions to make sure new fees haven’t been introduced (and to make sure they’re not paying for goods and services they don’t need). If shipping fees for online purchases are too steep, they buy in-store. And ATM fees? Forget it. Cheapskates understand that dribs and drabs add up.
Don’t Shop for Fun
Try Repairing Before Replacing
Opt for Community-Sponsored Activities That are Low-Cost or Free
Save Pennies—Literally: One of the everyday tricks of cheapskates is to save their spare change in a money jar instead of keeping it in their wallets, where they’ll be tempted to spend it. They literally empty out the change compartment each day and forget about. It’s one of the most practical ways possible to save money without even feeling it—and it adds up faster than you’d think.
Article by Kristine Solomon for Family Handyman