As humans, we sometimes get judgemental towards how frugal or cheap someone is. Some people often equate being frugal as being cheap. To me, living frugally does not mean that they are cheap. Living frugally means that they have controlled spending & avoid spending money unnecessarily. Each of us has a frugal side where we tend to spend lesser on something such as parking fee where we tend to park at free parking & rather walk further while some will try and save that money by eating in. That does not mean that they are cheap.
Being cheap means unwilling to spend on services despite engaging in them. In my experience as a gym owner, I used to have a promotion where you can purchase a coupon & train with us for a limited class. I’ve experienced people where they purchase the coupon expecting to attend full class despite the terms & conditions stated clearly it is for selected classes. There are also some other individuals where they are known among gym operators that are requesting free trials after free trials to avoid paying membership fees.
Below are some of the tips & tricks on how to live frugally without looking cheap.
1. Cut Your Netflix or Other Subscriptions
The first option where I can think of is TVBox where you are paying a one-off RM600 & you get to enjoy almost every channel or movie you can find on Netflix, Disney+, HBO, Amazon & many others. It is really worth it. There are also other options where you can stream movies or series via illegal sites. I’m sure many people do that.
2. When You Go Out With Friends
All of us have our group of friends where they will organize a meetup or gathering in any restaurant. Some people would rather save money & choose not to hang out with friends. Why not? You can either order the cheapest meal at that restaurant or you can be the planner where you narrow down the cheapest restaurant. If you are looking into a more extreme level, eat before you meet them. You will most probably stay full during the gathering.
3. When You Want To Shop
Most of us will always survey & compare the prices of each item before we purchase. Usually, when I buy online, I will either wait for a sale or promo. If there is none, I will always search for a promo code & usually, I can find it after 15-20 minutes of searching. There is also a chance that I won’t be able to find any discount or code.
4. Preparing Your Own Meal or Coffee
Eating out can be really expensive. You can always opt to prepare your own meal or even prepare your own coffee to save money. Not necessary you can prepare all the meals but you can start by preparing breakfast or dinner. Most probably you are able to save some money from preparing a meal from home.
5. Learn To DIY
When it comes to fixing something or even changing something, all those skills can be learned & used on certain occasions. For example, if your toilet or kitchen has some minor issues and you have the basic skill set to fix them, you can save on it by doing it yourself. In my recent purchase of Ikea wardrobe, I am grateful that my buddy came & helped me out where I am able to save almost RM250 for the wardrobe setup.
6. Travelling
Traveling during the off-season is often cheaper than traveling during peak. You can always plan & travel during the off-season. Flights & accommodation is often 20-50% cheap so why not?
7. Buy Second Hand
A second-hand car is often a solution for someone who spends their money frugally. There is also another second-hand luxury item that is up for sale & you can often get them at a way cheaper price. Items such as luxury watches, handbags, phones & many others are often can be found on sale.
8. Plan Your Expenses
Whether you are spending frugally or not, planning your expenses should be part of your plan. Just planning how much to spend daily specifically on your meal or other expenses will help you to save some money. Spending when it is necessary is also often important such as only purchasing what you need & not something you don’t need. It will definitely help.
In the above items, I am sure most of you have done all of that before consciously or subconsciously. I am sure you are able to save some money by just applying these few frugal tips in your life. The next question is, what can you do with the money you save? The simple answer is to grow your money by investing it. In my recent article, I have shared some Personal Finance Guide To Young Adults where you can check out for some tips on personal finance & investment.
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You can also check out my latest YouTube video on How To Spot An Investment Scam In Malaysia:
