13 Things Frugal People Never Do
Frugality is not a monolithic concept. It’s a continuous thing, with different methods for different people. You can save even if you don’t sew all your clothes, grow most of your own food, make all your own gifts or make your own entertainment.
Sighted people can – and do! – eat at restaurants, buy cars, take vacations, pay for streaming services and spend on things they really want. They just do it carefully.
My frugal mantra is this: “I save where I can so I can spend where I want.” Along with my grateful brothers, I make informed decisions about my money and my life.
Here are some of the things that wise and grateful people never do.
1. Pay to sell
Why would you want to pay the initial price offered? Instead, thrifty people are using apps and browser extensions like Capital One Shopping, which reveal great deals you’d never find on your own. Seriously, check yourself.
Thankful people also find themselves with post-holiday sales and clearance. They visit thrift stores and garage sales. The lucky ones are able to find what they need in their local Buy Anything Facebook groups, which means they don’t pay at all.
2. Ignore refunds
You can save a ton on the things you need with cash back credit cards and cash back programs. Savings can come in the form of discounts or points that you can trade in for gift cards or cash.
Read more in “Here are 9 Popular Cashback Apps with Pros and Cons.”
3. Manage credit card balances
A persistent rumor is that carrying a credit card balance improves your credit score. It. Is it. NO. According to credit reporting company Experian:
“Balances left on credit cards can even hurt your credit score, and this has a particularly negative impact when balances exceed about 30% of the card’s borrowing limit. Those with the highest credit scores tend to keep their credit utilization below 10%. Maintaining a zero balance by paying off all your purchases in full each month is best.”
Carrying a balance means you’re paying unnecessary interest (indeed, why?) and it may indicate that you are living beyond your means.
4. Do not neglect their health
Would you ignore that scary noise under the hood or take the car to a mechanic? The same rule applies to your body.
An annual health check can catch a small problem before it becomes a big one. For example, let’s say that the abdominal pain that you keep ignoring is a gallbladder problem; if changing the diet doesn’t work, then laparoscopic surgery for the patient may take care of things.
Or you can continue to ignore it, which could lead to invasive emergency surgery and a hospital stay. Your phone.
5. Use all their income
You must aim to live below your power, not theirs. Spending all your income means you have no savings. How will you protect against the next emergency, let alone save for the future? Talk about a zero-sum game.
Whether you spend recklessly or don’t earn enough, you need a plan. See a qualified financial advisor to help you take control of your money.
6. Use buy now, pay later
Buy now, pay for the latest services – often referred to as BNPL – allow you to split the purchase cost into several payments. According to the Consumer Financial Protection Bureau, the standard plan is four interest-free biweekly payments.
This can be a lifesaver in rare cases, such as “teenagers grow out of shoes before a single parent has a chance to save enough money for a down payment.” However, this approach may lead that parent to only shop at BNPL stores instead of buying the best products.
In addition, returns can be complicated, according to the CFPB, and you may not have the same dispute protection that you would with a credit card.
Most importantly, however, BNPL programs help you build a habit of instant gratification. Instead, adopt the smart frugal habit of skipping BNPL plans and stick to your budget.
7. Wasting food
Food prices have increased in recent years.
Wasting food was never a good idea. Inflation makes food waste a common sense.
For tips on getting the most for your dollar and avoiding waste, see “Don’t Let These 8 Leftovers Go to Waste” and “19 Ways to Make Your Food Last Longer.”
8. Pay bills late
Timely bill payment is the single biggest factor that determines your credit score. If a bill is more than 30 days past due, your score will be affected. A loan that is a few days late probably won’t affect your credit score, but you will have to pay the late fee.
Don’t let any of those things happen. Automate your bill payments! If you have to do it manually, set up a foolproof schedule to make those payments on time.
9. Restaurant off the list
Wandering through a supermarket without a clear plan is like opening your wallet during a storm: Maybe the money will stay there – but maybe it won’t. You may come home with more items than you planned to buy and less money in your pocket.
Fortunately, there is an easy two-part fix: Before shopping, make a weekly menu. Write down what you need to buy to make that meal.
Now for the hard part: Stick to that list. Yes, the bakery’s fresh chocolate chip cookies DO smell amazing. Hold your breath and keep walking. Your budget will thank you.
10. Throw away something that can be repaired, reused or sold
Sighted people don’t automatically throw things away or put them on the curb. They make art – and sometimes they even get paid.
An old Android phone that no longer meets your needs can be someone else’s lifeline. A few DIY videos or articles will help you fix that weed killer. When you’ve finished a Costco-sized jar of pickles, use a container to store dry food instead of buying expensive storage jars.
You may even be able to make money with this, especially with electronics or good quality products. To find out more about how to do this, see “6 Easy Ways to Buy, Sell, Find and Give Items Online.”
11. Let the insurance renew itself automatically
After all, your insurance agent will never overcharge you. You can trust them, right?
Trust, but verify. That means shopping around. Use this online tool to compare car insurance rates quickly – you can save up to $600 a year.
12. Window shop, online or offline
Are you the type of person who shops when you’re lonely? Find an inexpensive hobby for yourself.
It’s so easy to be tempted by a bathroom at a brick and mortar store or a shiny home page that promises the Lowest Price! Prices! Always!
If you don’t need something, leave the shops.
13. Keep up with the Joneses
What might the Joneses do for a living? you look like their best health, but appearances can be deceiving. They may have short hair in debt, one jumps ahead of the repo man and they can’t sleep at night because they are so stressed.
Some fun, huh?
There’s nothing wrong with wanting some of what the Joneses have – just make sure it’s what you have indeed search. Create a plan to get there, be grateful for what you already have and stop counting other people’s money.
