10 Frugal Money Habits That Actually Work in This Economy, From YouTuber Kate Kaden
Some frugal habits look a little odd, but they're usually worth it once you realize how much money they can save you.
"[There are] things that frugal people do that may look weird to everyone else, but to me, actually make a lot of sense — especially in this economy," frugal living expert Kate Kaden said in a recent YouTube video.
According to Kaden, these 10 habits reduce impulse buys, lower daily costs and make your money last longer.
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1. They Use Items Until They Truly Wear Out
Instead of always upgrading, frugal people maximize what they already own.
"We keep things way longer than everyone else," Kaden said. "If it's working, we're going to use it until it doesn't work anymore."
This goes for smaller purchases, like couches and toasters, and major purchases, like cars and even homes.
"When it's time, we will spend the money, of course," Kaden said. "And we'll buy something quality so we don't have to keep buying it over and over again."
2. They Plan Restaurant Orders Before Arriving
Even frugal people go out to eat from time to time, but they plan ahead to ensure they don't overspend.
"We know what we're ordering at a restaurant before we even set foot in there," Kaden said. "I go online and I look at the menu. I decide, I know, I go in confidently."
Knowing prices ahead of time and making a game plan prevents frugal people from going over budget.
3. They Talk About Money Openly
People in frugal communities normalize financial conversations that others avoid.
"We talk about money more than the average person," Kaden said. "I'm huge into talking about money. Talking about budgeting, savings goals, getting out of debt, investment plans, all that kind of talk, leads us into learning more, knowing more — and knowledge is power."
4. They Track Prices So They Know a Real Deal When They See One
Knowing what things should cost helps frugal people spot real deals.
"We check prices on everything," Kaden said. "I know what things cost because I'm looking all the time."
Frugal people track prices, and when their favorite things are on sale, they stock up ahead of time.
5. They Wait at Least 24 Hours Before Buying Anything
Impulse spending is replaced with intentional decision-making.
“Frugal people delay purchases," Kaden said. "We wait a little bit. We let it kind of marinate.”
She recommends delaying purchases for at least 24 to 48 hours to ensure the purchase is something you really need, not just something you want in the moment.
6. They Always Pack Food and Drinks
Having food and drinks on hand prevents you from making overpriced, on-the-go purchases.
“We bring our own food," Kaden said. "This is something that I've gotten in the habit of doing, just always having snacks, always having the water. The habit of having food on you at all times sometimes is enough to cut that craving, or enough to tide you over until you can go home and make a meal."
7. They Get Excited About Saving — Not Spending
For frugal people, financial progress is more rewarding than any purchase.
"We get excited about saving money," Kaden said. "We love seeing the savings pile up ... We understand that this progress leads to more freedom, and that's the whole reason I do this."
8. They Plan Their Week To Avoid Overspending
A little planning prevents a lot of unnecessary spending.
"You save so much money when you have a plan," Kaden said. "Frugal people look ahead."
If you don't look ahead at your week, you are much more likely to spend money on takeout because you didn't prepare your meals, or overpay for a birthday gift because you forgot to buy one ahead of time. Looking ahead can also help you batch your errands to save on gas.
9. They Try To Fix Things Before Replacing Them
DIY fixes can extend the life of everyday items.
“Frugal people repair things instead of replacing them," Kaden said. "It's worth giving a little try to start."
If you can't successfully repair something, then you should feel OK replacing it.
10. They Prioritize Financial Freedom Over Looking Rich
Appearances take a back seat to long-term security.
"We care more about freedom than looking rich," Kaden said. "I don't have fancy things, but I really enjoy not stressing about money as much as I would if I did focus on the fancy things."
While some might consider these habits "weird," Kaden considers them to be smart.
"Everyone needs to make their own decisions for personal finance," she said. "But frugal tips have really helped me create finances that I don't lose sleep over."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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