Browse   Newsletters   Contests   Ask   Share   Account   About Us

Adding Up the Savings of a Frugal Life

Piggy Bank Surrounded by MoneyWe all know that those little things you do to be frugal everyday adds up to big savings over time. However, it can help you stay motivated to be frugal by sitting down and calculating just how much your are saving. This is a guide about adding up the savings of a frugal life.
     

Solutions: Adding Up the Savings of a Frugal Life

Read and rate the best solutions below by giving them a "thumbs up".

My Frugal Life: Use Every Bit

My Frugal LifeCorrie Ten Boom, author of The Hiding Place, related a miracle that happened while she was imprisoned in one of Hitler's concentration camps:

"My instinct was always to hoard that little Davitamon bottle. Betsie (my sister) was growing so very weak, but others were ill as well. It was hard to say no to eyes that burned and hands that shook with chill. I tried to save it for the very weakest; but even these numbered fifteen, twenty, twenty-five. . . And still, every time I tilted the little bottle, a drop appeared at the top of the glass stopper. It scarcely seemed possible.

Most of us have experienced "miracles" like Corrie's. Remember the satisfaction you felt at being able to extract that last bit of toothpaste or shampoo or cold cream? Remember how long it took? Each day you thought there couldn't possibly be anything left in that tube, bottle, or jar, but there always was.

To achieve such "admiring awe," you probably put a little ingenuity, patience, or perseverance into it. Take the lotion bottle, for example. You might have tried upending it, or adding a little water, then shaking it, or zapping it in the microwave to remove those final elusive drops. Or you swung the bottle around in a circle(cap facing outward) to let centrifugal force do its work. Or maybe you cut the bottle in half with scissors or a hack saw, and used a spatula to remove the lotion. Whatever you did, you were sure to get your money's worth.

But shouldn't we be just as frugal with the precious moments we have left of our lives? Isn't every instant of infinite value? Shouldn't we be living--fully-- every single second of every single day?" I think so.

That's why I surround myself with happiness--my cats, my books, my plants, my vegetable garden, my family and friends. But I also set exciting, accomplishable goals, and I work, scrimp, and save to make them happen. My current, half completed mission is to take each of my five grandchildren on a fabulous trip of choice; to the Galapagos, South Africa, and Australia, for example. And finally, I try to maximize my mind (by writing), my body (by eating right and exercising daily), and my soul (by being kind and good).

I'm living my life--now--as if every moment I have left is a miracle.

By Viaux from Miami, FL

Do you have a frugal story to share with the ThriftyFun community? Submit your essay here: http://www.thriftyfun.com/post_myfrugallife.ldml

14 0SharePrintFollow1 Feedback

My Frugal Life: Common Sense About Money

My immigrant non-schooled Mom and jack-of-all-trades Dad supported a family of 5 with no-nonsense and common sense when it came to money. Dad worked at whatever job he could find (and was never without work) and Mom stayed home to attend to the house, the huge veggie garden, a few chickens and us kids.

My parents are gone now (God rest their souls) and I'm almost a senior myself. I've much to thank my parents for because they were my mentors and taught me much. I'm trying to pass on the things I learned to those who want to listen, learn, and sleep easy.

  • Look after the nickles and dimes and the dollars look after themselves. A dollar here and a dollar there for non essentials (like Tim Horton's coffee on the way to work, a can of pop and bag of chips from the lunch wagon at work, a beer on the way home from work on Friday night). It all adds up.

  • Pay your house mortgage off as quickly as possible. This is the single most expensive part of everyday life. Refinance if necessary and make the mortgage pay-off a priority of life.

  • Adopt the attitude that if you can't afford something cash, you can't afford it. You just have to save a little longer.

  • Stay away from credit cards unless you can afford to pay off the balance each and every month.

  • Pay your household bills on time and avoid interest charges.

  • Never give into impulse buying and don't compare what you have or don't have with others. Remember that by nature, we tend to think that we're worse off financially than the next person when it's not true at all. We're all scratching along and nobody tells all.

  • Treat yourself once in a while to a fancy dinner at home. Spend a few bucks on a good cut of meat, buy a bottle of wine, put out the good dishes, and make the family meal an occasion. It's much cheaper than going out.

  • My personal favorite is to start January 1st every year completely debt free (except for the mortgage). Every last household bill is paid by the end of the year so that when January 1 rolls in, I feel like a queen. I might only have $200 in the bank, but it's mine.

  • The single most greatest thing that I learned from my folks is that food in itself isn't expensive at all. Budget on everything in life; the house, car, vacation, clothes, entertainment, big screen TV and stereo equipment, snowmobiles and boats, pets, etc., but never on food or friendship.

  • Be happy with the small wonders of the world that we only have to open our eyes to see and don't cost a cent. A hike in the woods, a day of fishing, a walk to the park to see the kids having fun on the swings. It's refreshing.

I can go on and on and on, but it all comes down to common sense and maintaining the balance of what's truly important and what's not.

By mlina from Amherstburg, ON

Do you have a frugal story to share with the ThriftyFun community? Submit your essay here: http://www.thriftyfun.com/post_myfrugallife.ldml

10 0SharePrintFollow10 Feedbacks

Budget with Envelope System

Credit cards have only been here since the middle of last century, for hundreds of years before it was cash, barter or credit balance payable at the end of each month in full (which most places don't do).

Spending cash hurts! Swiping a credit/debit card doesn't. If you have a 100 bill, it hurts to break it, not so with a $100 in the bank, sometimes you can even spend more of it than you have, then incurring more fees!

Try the old standby, the envelope system, for the things you can pay cash for. Gas station maybe not, but the grocery store, eating out (ridiculously overpriced and bad for you), coffee drinks, entertainment, etc. Set a budge of what you think you spend, or track your spending for a month. You'll be surprised. And when you do use cash, you'll be surprise how much you don't need that extra large coffee, another pair of black shoes or those ding dongs "on sale" at the grocery store.

I'm so excited about the envelope system, and how it's changed how much we keep each month. I bought a super cute wallet for my birthday that is the "envelope" system and a wallet all in one!

P.S. Please don't tell a frugal person your money woes if you spend it all before the next paycheck. Ask us for help, we might have some good ideas. No one makes you use that credit card or overdraw your bank account but YOU!

By Michawn from CA

3 0SharePrintFollow1 Feedback

Saving Coupon Savings

I use coupons when I go to the store the money that I save off my coupon I put back and save. When I get up enough I will use it and go out to eat somewhere that I like or buy myself something I don't regret it because its money I would have spent anyways. Hope this helps!

By Mary from OK

3 1SharePrintFollow1 Feedback

Save Money By Keeping Track and Banking the Extra

I've lived on my own for the last 7 months, and having been around the world, and having attended a community college, I wasn't the least bit frugal with my spending habits! It took some time, and a lot of careful spending, but I think I MAY have managed to find a way.

I live in an apartment and income between my fiance and myself is roughly $3000 - $4000 a month. We've purchased a notebook; and for each paycheck, we've written down our daily costs: groceries, rent, car expenses, and our investment funds payments. We write down how much we expect to make from the check for that week, and round down. Then we added up our daily costs, and figured out how much we will have left over. With the money we have left, we put it aside for internet, cell phones, and other added misc. costs. The money that we have leftover, we've put into a savings account. In the last 6 months, we've managed to save over $800!

By amanda from Ontario,CA
1 0SharePrintFollowPost Feedback

Use Store Receipts to Figure Savings

An easy way to keep track of how much you are saving is to hold onto your store receipts. Major grocery stores show how much you save by using their customer card, plus you will have all the subtractions from coupon savings.

In shopping for other items, you could keep the price tag, along with any other markdowns on it, with your final sales receipt.

If you are crafting, you could keep a photo what you created with a list of the makings and approximate cost, along with a print-out or clipping of a similar store item with its purchase price.

By Vivian P.

1 0SharePrintFollowPost Feedback

Coupons and Savings

I save money using coupons, but I also put the amount of money that I save into a savings account (minus the cost of the Sunday paper). That amounts adds up very fast.

By Georgetta from Waterloo, IA

1 0SharePrintFollowPost Feedback

My House (And Bank Account) Have Never Looked Better!

A few years ago, I was out a job from my third oil company layoff, and decided to move from Houston to Galveston to get away from big city blues. That saved me a lot right there - moving to a smaller city, only an hour away! But there were fewer jobs here, all vastly lower paying, so I had to economize. Here are some of the things I did:
  1. Air conditioning is a must for 6 months of the year, a 1 bedroom apartment with a den can cost up to $200 a month to cool. I bought a $75 cooling fan with a water wick that rolls from room to room (Target has these) and gradually installed flat fans in windows. These are portable and cool about 700 square feet by up to 12 degrees F. I also noticed that tourist shops on the Strand here use over-door fans with a blast-jet of air as you're coming in and leave their doors wide open all summer. It circulates the humidity at the door and cools that store about 10 degrees.

    My peak cooling season electric bills are now only about $60-$75! I just use the A/C during really sticky, still periods to cool down the place and rid the humidity so the fans work better.

    Also, gradually replace overhead and outdoor lights with those coiled energy-saver bulbs - try your $1 store for deals.

  2. Boil a chicken weekly with nice herbs. Remove the skin and feed it to pets. Make a generous salad, or several, or chicken casseroles and eat throughout the week. (For a family, it might take 2-3 chickens.)
  3. Buy minimal, basic cleansers: Ammonia, bleach, baking soda, and a good detergent. There's not much you can't clean with these few things.
  4. Go to a thrift store and buy up junky old fabrics for rags to save on paper towels.
  5. Create a coin jar and watch it grow. I last counted mine at $40! Also, set aside $5-$10 a week when you can in an old cookie jar or other hiding place. That will grow fast too.
  6. Haunt any local consignment shops, dollar stores and thrift stores, as well as garage and yard sales, often. You would not believe the beautiful wardrobe I've assembled doing just this, and I have found many useful housewares in good condition, too. I almost never buy anything at full price anymore!
  7. Get a bike and do short local errands that way (attach baskets, of course!) You'll get good exercise and save a bundle on gasoline, as lots of start-and-stop short hops really consume the most gas.
  8. Finally, keep a notebook documenting how much money you save doing these things as a morale-builder. Once living frugally becomes a habit, it's almost a hobby, it's so much fun. My house (and liquid bank account) have never looked better!

By Barbara from Galveston, Texas

Do you have a frugal story to share with the ThriftyFun community? Submit your essay here: http://www.thriftyfun.com/post_myfrugallife.ldml

1 0SharePrintFollow4 Feedbacks
Share Your Feedback: Once you try any of the above solutions, be sure to come back and give a "thumbs up" to the solution that worked the best for you. Do you have a better solution? Click "Share a Solution" above!

Questions

Here are questions related to Adding Up the Savings of a Frugal Life.
Adding Up the Savings from a Frugal Life

Just out of curiosity... Has anyone tallied up what money they actually save with their frugal efforts? (e.g., flourscent bulbs, off-brand milk, popcorn instead of chips, air dry clothes, etx) I hear about how some frugal behavior saves loads of money, but it's hard to see it when the savings is so small. I guess I'm looking for encouragement.

Coolchinchilla

SharePrintFollow17 Feedbacks

Most Recent Answer

By anne (Guest Post)01/19/2009

You can put up a clothes line in your garage or attic during the winter to save on dryer electricity, it will take longer but the savings will be worth it.

Follow ThriftyFun