A new year means a new start, even with your finances. I came up with some of the best frugal living tips for 2020 so that this can be the year you save as much money as you can without being cheap.
As you can probably guess, my site is full of frugal living and money saving tips but this post features my all time favorites that have really made an impact on our budget. The best part is that most of them are simple and don’t take much time or effort.
These are the frugal living tips for 2020 that I am personally going to continue to use so that we can live comfortably while still growing our savings for the future.
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Frugal Living Tips for 2020
Use Cashback Apps for Grocery and Online Purchases
I love using cash back apps! I have gotten so much money back from my grocery store and online purchases over the years. I have earned over $1500.00 with Ibotta alone!
They are all free to use so there is no excuse not to take full advantage of them. My favorite ones are:
Shop When you are Busy
Leisurely browsing can be a drain on your wallet. Having to get in and out quickly may help keep you focused on only the items you need to get.
Don’t shop when you are hungry, either. A study found that hungry shoppers spent 64% more on everything, not just on food items.
Join a Wholesale Club
This is on my to do list this year. I will be joining Costco and splitting the cost of the membership with a family member. We can then split the cost of all of the bulk items we will need. This is a great way to save on wholesale prices even if you don’t have a large family. Just split the things (and the cost) you buy between friends, family, or neighbors.
Buy Gift Cards and Tickets at Costco
Speaking of Costco, they have great deals on gift cards and movie tickets! If you are going to be shopping at a certain store or eating at a specific restaurant anyway, grab the gift cards for those places at Costco to save a considerable amount of money.
I saw $100 gift cards for only $70! That is $30 you have already saved in addition to any coupons or offers you can use at the actual store or restaurant.
Live Frugally Without Being Cheap
Use Credit Card Perks to Save Money
Do a deep dive into your credit card perks so you can make sure you are saving as much as possible. Each card is different but some cards have perks like:
- TSA precheck fee (normally $85)
- Monthly credits or percentage off services like Lyft, Postmates, and more
- Mobile phone protection if you use your card to pay your bill
- Travel insurance or car rental coverage
Higher Quality May Save you More in the Long Run
Before you buy an item, do some mental math. Take the price of the item and divide it by how many times you think you will use it. It may be cheaper in the long run to get a good quality item that will last longer than an item with a lower price tag.
Shop Around Twice a Year
Shop around for home and car insurance, cable, and wireless services. Many companies change their offers regularly or have special deals for new customers. Call, don’t email, to get a better deal on your plan. It is much cheaper for a company to keep a customer instead of signing up a new one.
Ask what kind of deal they can give you. If they say they can’t offer you anything, that is your cue to check out sign up offers from other companies.
Simple Frugal Living Tips
Buy Secondhand Clothes
There are so many great sites where you can buy gently used second hand clothing for yourself and the kids. Some of the items still have the tags on them! You can save a considerable amount of money while also being environmentally friendly. My favorite sites are:
What to Not Buy at the Grocery Store
To really save some money, stop buying the following at the grocery store:
- herbs and spices: get them for up to 90% less at ethnic food stores
- batteries: prices are lower at warehouse club stores
- cleaning products: make your own or buy them at big box stores
- bottled water: unless your drinking water is unsafe, get a home water filter and a resuable bottle
- individual serving bags: save $150 a year by buying big sizes or chips, crackers, etc. and just dividing them up into reusable bags.
- precut meats: steak kebabs, chicken tenders, and stir fry cubes can be marked up by 60%. Just buy the larger slabs of meat and cut them yourself.
Stop Buying K cups
The amount per ounce of a K cup versus regular ground coffee can be double the price. Buy bags of ground coffee and a reusable k cup filter to save money and help the environment from all of that plastic waste.
Organize to Prevent Food Waste
You can prevent food waste by organizing your pantry and refrigerator. When unloading new groceries, put them in the back and move the older items to the front. Have a small bin labeled “Eat Me First” to put in any food that is about to go bad. Then everyone in the family will know what needs to be eaten first.
More Frugal Living Tips & Tricks
Check Utility Rates
Some municipalities will have lower rates during the week. If your service provider offers this, try doing laundry and running the dishwasher during the week when rates are usually lower. The weekend are usually peak times for the rates to go up since most people are cleaning their house on their days off.
Cut Costs without Going Cold Turkey
Take a look at hobbies or activities you love doing but could do more cheaply. Do you really need that fancy gym membership or could you pay a much cheaper price for a fitness streaming service like, Beachbody on Demand?
Can you cut your TV streaming services down from 3 subscriptions to 1?
Give yourself a budget friendly manicure instead of going to the nail salon.
I will be using all of the frugal living tips for 2020 and I hope you have found some that may help you stay on budget this year.