In this video, I’m going to give you 13 Top Strategies to beat rising prices!
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Strategy #1: Do I Really Need It?
Frugal people have a smart way of deciding if they really need something instead of just wanting it.
The first thing they do is to think hard about whether they should buy something or not. They ask themselves important questions like: Do I really have to have this thing? How long will it work before it stops? Is the price fair?
They also think about how much they'll actually use the thing they want to buy and if it's worth the money they're going to spend. By doing this, frugal people can decide if they should buy something or not.
So, if prices are going up, remember to think about what you truly need. This can help you use your money wisely even when things get more expensive.
Strategy #2: Have a Smart Budget
Frugal people know that having a smart budget is powerful. They carefully decide how much money should go to different things, like weekly needs and monthly bills.
They also make sure to spend money only on important things and not too much on things that aren't necessary. This helps them stay in control of their money.
When things get more expensive, it's important to know how much money you have and how much you spend. It's a good idea to look at how you use your money and find places where you can spend less. When you make a budget and keep track of what you spend, you can control your money better and choose where to use it wisely.
Helpful hint: You can use apps to watch your spending and find places where you can spend less. This is really important because it helps you make good choices about money.
Strategy #3: Jump on Bargains, Sales, and Coupons
Frugal people who are really good at saving money know how to shop smart and find the coolest discounts. They're not afraid of going to different stores, looking at prices, and getting good buys on sale. They also use special apps that give them even more discounts, coupons, and even cash back.
Before you buy something, take time to look up prices online, go to different stores, and think about buying several at a time if you use them a lot. It's also frugal and very smart to use coupons, sign up for special programs at stores, or buy items when they are on sale. If you're a smart shopper, you can make your money go further and get the best deals.
Helpful hint: When you're buying big stuff like electronics or furniture, don't be afraid to ask for a lower price or check to see if there's a way to pay for it over time without interest or fees. That might make it easier on your wallet upfront.
Strategy #4: DIY Culture: Doing More with Less
Smart frugal people who are good at saving money have a special way of thinking called the "do-it-yourself" mindset. This means they like to do things themselves instead of paying someone else to do it. It helps them save a lot of money, whether they're fixing things at home or making cool gifts from scratch.
They often use their creativity to engage in DIY projects and save money. They fix things around the house and make special gifts themselves. These activities not only help them spend less money, but they also result in feelings of accomplishment and something meaningful.
Helpful hint: You can watch videos and join online groups to learn new skills for doing DIY projects even better. This way, you can save money while having fun making things yourself.
Strategy #5: Sustainable Living and Repurposing
Frugal individuals are often environmentally conscious, seeking ways to repurpose items and minimize waste.
By creatively repurposing or repairing items that might otherwise be discarded, they extend the lifespan of products and reduce the need for new purchases.
Frugal people are also good for the planet. Instead of just throwing things away, they use their imagination to find new ways to use them. They fix things that are broken so they can be used again. This means things last longer and we don't have to buy new things all the time. It's a smart way to help the earth and save money at the same time.
Strategy #6: Energy Efficiency for Your Pocket Book and The Earth
Because the prices for things like electricity and water are going up, people who are good at saving money are paying more attention to how they use energy.
They look at how much energy they use and find ways to use less of it. This helps them not waste energy but it also saves them money on their utility bills.
Some of the things they might do is to use energy efficient appliances or use “smart devices” in their homes. Smart devices include, thermostats, LED light bulbs, programmable timers, solar-powered chargers, low-flow water fixtures etc.
Helpful hint: You might want to invest in a few “smart devices as these can help you use energy in a smart way and bring down your utility bills.
Strategy #7: Meal Planning and Cooking at Home
Cooking your own meals at home is a very important part of saving money and improving your health.
Frugal people plan their meals ahead of time. One of the tricks to this is by using fruits and vegetables that are in season. This way, you can spend less on food and most importantly still have delicious and healthy meals.
So, the best way to make your money go further is to plan your meals and cook at home.
Going to restaurants or getting takeout can cost a lot, especially when things cost more. Instead of that, plan what you'll eat before you go shopping, make a list of what you need to buy, and try to get things in bigger amounts when you can.
Making your own meals at home saves you money, and you can also choose the best ingredients to make food that's good for you. It's fun to try new recipes and enjoy food you cooked yourself.
Helpful hint: When you see things that don't go bad quickly on sale, like canned goods, it might be a good idea to buy several of them at once. This way, you won't have to pay more later when prices are high, and you'll always have what you need.
Strategy #8: Minimizing Transportation Costs
When the price of gas goes really high, frugal people think about different ways to travel. They might try things like taking buses, trains, or even sharing a car with other people going the same way. They think about how much money each option costs and pick the one that fits their budget best.
Helpful hint: There are apps and websites that can help you figure out the best way to use public transportation and find others to share rides with. This way, you can save money on transportation.
Strategy #9: Building a Community of Frugality
People who are good with money often hang out with other people who also want to save. They share helpful tips, that can help everyone save money. They do this on websites, social media, and even by meeting up in person. Being part of these groups is like having a lot of useful information about how to spend less money, especially when prices go up.
Helpful hint: If you want to save money, join these groups online and join in the discussions. You can learn from what others have done, share your own ideas, and work together to find ways to spend less money.
Strategy #10: Anticipating and Planning for Future Expenses
Rather than being caught off guard by unexpected expenses, frugal individuals anticipate and plan for upcoming replacements or repairs.
This proactive approach allows them to allocate funds wisely and avoid last-minute financial strain.
Strategy #11: Getting Rid of Unnecessary Subscriptions
Frugal people take a close look at the things they pay for every month and decide if they still need them. They stop paying for things like streaming services or “surprise boxes” in the mail if they don't use them anymore. They don’t hesitate not to cut back on things they don't really need.
Here's a smart idea: Look carefully at the things you pay for every month and decide if you absolutely need them. You might even be able to share some of these things, like sharing a streaming account with your family or friends, to save money together.
Strategy #12: Go Second-Hand
The rise of online platforms has made buying and selling second-hand items easier than ever. Frugal individuals are quick to browse through thrift stores, online marketplaces, and garage sales to find high-quality items at a fraction of their retail prices.
Tip: When purchasing second-hand goods, inspect them carefully and do your research to ensure you're getting a good deal and a functional product.
Strategy #13: Prioritizing Quality and Longevity
While it might seem counterintuitive, frugal individuals understand that investing in high-quality products can save money in the long run. Cheap, subpar items may need frequent replacements, which ultimately lead to higher expenses.
Tip: When faced with a price hike, research durable brands and products that are known for their longevity. This might initially seem expensive, but it can lead to substantial savings over time.
Thank you so much for watching. If you found these tips helpful, give this video a thumbs up and don't forget to subscribe for a lot more of these frugal living tips. Until next time, stay frugal and Happy Savings!