15 Frugality – Personal Finance Tips

Frugality is the quality of being frugal, sparing, thrifty, prudent, or economical in the consumption of resources such as food, time, or money and avoiding waste, lavishness, or extravagance.

1. Buy a used car. The most expensive miles on a car are the first 10,000. Let someone else drive those for you. Buying used can save a lot of money considering how little value the car has actually lost.
2. Be patient. Don’t buy that new gadget today. Wait a month or two and the price will certainly go down.
3. Buy airline tickets as far in advance as possible. The cheapest flights are the ones the are bought at least two months in advance. For holiday travel especially, buy as soon as you can.
4. Get the most bang for your airline miles. Each airline mile you redeem provides at least 1 cent toward the price of a ticket.
5. Never buy the extended warranty. Often, your new product already comes with a 90-day or 1-year warranty (when most “faulty” things will break anyway). There’s a reason everyone wants to sell you an extended warranty: they’re hugely profitable (for the business, not for you).
6. Make your own meals. Eating out gets to be expensive if you do it too often.
7. Make your home more energy efficient. Check this post on how to do so – Energy Efficient Homes.
8. Get a better cell phone plan. If you’ve had the same cell phone plan for a couple of years, chances are there’s something better out there. Look around or call your current provider and ask for a better deal.
9. Banking fees are for suckers. Many banks will charge you checking fees or minimum account balance fees. Find a bank that does not.
10. Keep track of your spending. At least for a month, keep a journal of everything you purchase. At the end of the month, review your spending priorities and make adjustments.
11. Ditch your car. Walk, bicycle, or take public transportation. You’ll save on car payments, gasoline, parking, and speeding tickets.
12. Use your frequent flier miles often. They may expire before you know it, so there’s no sense in stockpiling them. If you have enough for a free flight, use them.
13. Buy through your favorite airline’s partners’ merchant store. AA.com, for instance, has multiple retail partners from whom you can earn frequent flier miles with each purchase.
14. Negotiate fees. For example, ask a bank to waive late fees. Often enough, they will.
15. Get your free money. Money might be owed to you. Get it.