Extreme frugality might not be the most sustainable thing over the long term unless you can make a lifestyle out of it. It requires a strong set of values surrounding thrift. This might be more feasible as a short-term strategy or at least an experiment. With that in mind, here are eight ways to be frugal in the extreme.
Never Pay for Entertainment
Instead of paying to keep yourself entertained, take advantage of all the free resources around you. Go on walks, take hikes, find a free (or money making) hobby, have your friends over to play games, or build a fort in your living room.
Don’t Drive Your Car, Ever
Taking mass transit is cheaper than driving. But it’s even more frugal to ride a bike instead – plus it’s better for the environment. So is walking, which is the cheapest of all.
Lose the Credit Cards
If you’re unable to pay your full balance on a credit card, that’s a sign you ought to cancel the card. Pay off what you owe as soon as you can to minimize your interest and penalties, then consider the experience a lesson well learned.
Dine on Only a Dollar a Day
This might sound too good to be true, but this comes from things like setting strict limits on how much you will pay for things, searching aggressively for giveaways and coupons, sticking to farmer’s markets — speaking of which, see below.
Start a Farm
Growing a vegetable garden is a great way to build your food supply for pennies on the dollar. Even if you don’t have a yard, you can still set up a terrrarium in a window — there are online kits for this but you can also read up on how to do it yourself. And if you have extra crops, you might also be able to arrange to barter with other growers efor things you don’t grow yourself — often all it takes is a trip to your nearest farmer’s market to get started down this path.
Only Buy Second Hand
If you’re searching for extreme frugality tips I really hope that this is something you already do. If not, get on it. In addition to the obvious savings, this is also a great way to get quality items. Try Craigslist, Facebook, garage sales and thrift stores.
Learn To Do More Things Yourself
Learn how to perform basic home repairs yourself. The internet is a vast source of information and you can find ways to do absolutely anything if you’re willing to invest a little time learning how. On the other hand it’s also smart to know what to hire out. Don’t try do things beyond your capabilities because that might cost you more in the long run. Similar logic applies to tasks that take you a lot longer to perform than hired help can do it.
Embrace Coupons
If you are considering making any type of purchase, chances are you can use a coupon or a discount code to make your purchase cheaper. Check out coupon websites — they have lists of available deals that you can use instantly.
Just Don’t Buy Things You Don’t Need
This pretty much sums up frugality as a whole: Don’t be impulsive. Bottom line, frugality requires mindfulness. Evaluate your purchases, don’t spend on impulse, and don’t buy things that you won’t use. If there’s a way to get something for free instead of paying for it, like bartering, just do it.
Readers, do you have any suggestions of extreme frugality tactics?
Jackie Cohen is an award winning financial journalist turned turned financial advisor obsessed with climate change risk, data and business. Jackie holds a B.A. Degree from Macalester College and an M.A. in English from Claremont Graduate University.
