Cheap People Use 11 Frugal Tricks To Keep Themselves From Overspending Their Money
novak.elcic | Shutterstock When it comes to spending money, many people adopt the wrong habits. They build a mindset focused on scarcity that actually urges them into worse habits and, in many cases, allows impulse spending and overconsumption. But according to financial advisor Tiffany Woodfield, these people get one thing right: it all comes down to changing your mindset.
Cheap people use certain frugal tricks to keep themselves from overspending their money, and they revolve around a healthy mindset and emotional intelligence. If you can figure out what drives your spending and detach from the coping mechanisms, you're more likely to craft new habits that make sense. Not only will you find saving money easier, you'll be less driven by instant gratification and a false sense of control.
Cheap people use 11 frugal tricks to keep themselves from overspending their money
1. Deleting shopping apps from their phone
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According to psychotherapist Joyce Marter, a lot of people allow emotions to guide their spending habits and decisions. They buy clothes when they're sad and overspend for a sense of control when they're stressed, sometimes even feeding into comparison culture by buying into trends that allow them to fit in.
If deleting social media is too intense or unrealistic at this point, consider getting rid of shopping apps. Food delivery platforms like DoorDash, clothing apps, any kind of impulse-spending sites, and discounted websites all make it much harder to save money and avoid instant gratification spending.
2. Going to estate sales
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Estate sale influencer Maddy Brannon argues that estate sales are the perfect outlet for furnishings and household products, as well as clothing, at a fraction of typical prices. Cheap people tend to use simple tricks like this that prevent them from overspending, understanding that people they see online can afford to decorate their living spaces through second-hand options.
Not only do these items often come at a much lower price, they tend to be higher quality. Of course, whether you're at a second-hand thrift store or a garage sale, it's important to keep a few main things in mind.
First, it's just as easy to impulse shop, even when you're paying a fraction of the price, so figure out what you need. Go in knowing what you're looking for and don't be afraid to ask for a bargain price. Second, always go on the last day, as families and companies hosting the sale are more likely to accept lower prices and mark down their items.
3. Couponing
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Getting a bargain price and using coupons in the store doesn't need to be embarrassing. Unfortunately, as a study published in the Journal of Consumer Research found, people worry that using coupons makes them look poor, especially when others can see someone using that coupon. While the stigma isn't about saving money, it's more about image and the way people perceive it as socially unacceptable.
Now, everything is online, and stores like CVS and Dollar General have apps that already have all their coupons downloaded. However, many people have a misconception about their convenience, as these coupons aren't going to find themselves. You have to seek out bargain prices and do your research ahead of time, only purchasing items that have a discounted price.
4. Perusing 'buy nothing' Facebook groups
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While it's important to be mindful of digital literacy and safety when it comes to purchasing things from people online, joining groups focused on giving away items for free, particularly through social media, can be perfect for casual browsing.
Especially if you're looking for specific items or furniture, it's easy to make a post and ask people in the group if they have things they're willing to donate. There's no sifting through thrift store racks or cutting coupons in the parking lot.
If it's a small community group or a neighborhood Facebook page, you're also reaping the benefits of connection, giving and receiving small favors from the people in your community. Cheap people use frugal tricks like this because it's not exhausting or emotionally draining, and can create new relationships in the process.
5. Utilizing curbside pick-up
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Ordering groceries online and picking them up at the grocery store comes at no additional cost, but it also helps to save money from impulsive purchases. Grocery stores are set up to promote impulse buying. From giving samples to specific layouts, everything is intended to push consumers to buy a little something extra.
You don't have to sacrifice adding a treat to your order or even stopping in once in a while, but making the intentional choice to remove the distraction and temptation can make it a lot easier to prevent overspending.
6. Re-negotiating utility bills
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Many people consider their utility bills to be fixed, and they pay it every month without a second thought. But rather than just accepting that they owe a certain amount, cheap people negotiate their monthly bills, preventing overspending and letting them put away additional money that would have gone to waste.
Try this: add one utility bill to your calendar every month and try calling one at a time. If you can demonstrate a willingness to change providers and offer a more reasonable rate, most utility companies will work with you to lower your monthly costs.
7. Putting any raises or bonuses into savings
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Nearly 29% of households live paycheck to paycheck, forced to spend their income on necessities like rent or groceries. But there are other households that have made their current bills and monthly financial obligations work.
The key to actually saving money and working out of a poor financial situation is continuing to live in a similar manner, even after you've started making more money. If you get a raise, figure out how much you need to live off of every month and redirect any additional income from your raise into a different savings account. It's the same thing with a bonus, where you take what you need for necessities and put the rest in savings.
Of course, don't go too far with this kind of sacrifice and saving mentality. It's important to motivate yourself with treats and celebrations, but don't let a moment of instant gratification cost you more financial comfort down the road.
8. Investing in a free hobby
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A lot of people spend more money when they feel lonely or stressed. In order to keep themselves from overspending due to their emotions, cheap people rely on hobbies that are free. In fact, having a hobby can greatly boost your well-being, promoting a happier attitude and even safeguarding your physical health.
When you have something, like drawing or experimenting with cooking from the pantry, to help fill your time, you begin to connect with yourself and relax. And when that happens, you're less likely to rely on spending money to feel a sense of control.
9. Going to the library
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While younger generations are starting to utilize the library much more in recent years, not just for books but for social connection, there's space for everyone to enjoy this space. You can save money by renting books from a free library, but there are also a number of other resources a library offers.
You can learn about financial literacy and money management from books on the shelves, but many libraries also offer classes and courses on business and education topics. You can build a community and fill your time with something that interests you, all while avoiding the social and emotional pull of spending money on things that don't benefit you.
10. Downsizing streaming services
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Unless you're using cable TV for familiarity or comfort, consider switching to a single streaming service. It's what very frugal people do to not only avoid the internal guilt of not utilizing all of their subscriptions every month, but to save money wasted on paying for things they don't need.
More than half of Americans are subscribed to more than four streaming services every month. Coupled with all the other monthly plans and subscriptions we adopt, it can be incredibly hard to keep track of where our money is actually going. So, even if you're downsizing for the sake of convenience, it's worth the switch.
11. Spending more time at home
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It's common for people to feel pressure from friends or social media to get out of the house and spend more money on unnecessary things for the sake of experience. Of course, living your life is important, but crafting a sense of financial peace and comfort can help to ensure you have the opportunity to.
Enjoy your rent payments. Soak up what that monthly mortgage payment goes into. Bask in the space that you work so hard to afford. If that means sitting on your coach on a Friday night with a book, that's a great thing, and you shouldn't beat yourself up about it.
Zayda Slabbekoorn is a senior editorial strategist with a bachelor's degree in social relations & policy and gender studies who focuses on psychology, relationships, self-help, and human interest stories.
