Monday, November 29, 2021

How to be Frugal Without Being Cheap

People think often that being frugal means being a cheapskate, but those are, by far, not synonymous. I wrote a blog post on the topic once that I'd love to link you to but I can't find it. Oh well. Here are some ideas from a reader on how you can save money without being cheap.

Frugality is something that’s often given a bad reputation. In fact, some people automatically associate being frugal with someone who doesn’t want to spend a cent. While some people do take things a little too far, being thrifty doesn’t need to equate with being cheap. Saving money and still being able to live well is a must, especially if you have children. Living a more frugal life is more along the lines of being extra resourceful, which is important when your family is growing. Even if you already are cutting corners, raising children can be expensive. For this reason, knowing how to save money can go a long way. Below are four ways to save money and still live well.

Learn the Ways of the Minimalist

With children included into your budget, you might think it’s impossible to achieve any frugal accomplishments and live as a minimalist. You might even think you need to spend more simply because you have children, However, it’s still possible to live with less as a parent. If you’re on a tight budget and have limited space, having too many things causes nothing but clutter. Being a minimalist means only having the bare necessities, not everything you see in the store. You can downsize by getting rid of anything you haven’t used within the last six months. You can sell them on Facebook or eBay and put that money in a savings account.

Take Out a Parent Loan

No matter how much you want your children to stay little, eventually they’ll grow and head off the college. As a parent, it’s natural to want to continue looking after your children. Even when they’re on their way to college, you want to help any way you can. Even if you’ve been saving since they were born, it might not cover their tuition. To ensure your children succeed in college, you can take out a low-rate private parent loan to help them out.

With parent loans, they are a special type of student loan that allows a parent to pay for their child’s education. In other words, you’re responsible for paying off the cost of the loan as it’s in your name. This is done to relieve students of the financial stress that comes with debt payments, so they can focus on their studies. And when compared to traditional bank loans, you’ll probably be able to save money as well. Lower interest rates mean you can pay off the loan sooner without being penalized.

Upcycle Your Children’s Clothes

It’s not uncommon for multiple-child families to reuse old baby clothes for new arrivals. If you decide you want to have another child, you’d be amazed at how much money you can save by not having to buy new baby clothes. You can even ask friends and family to put away any baby clothes they may have as well. That way, even if they’re gently used, you’ll be able to save money by not purchasing the same thing twice.

Ignore Store Bought Items

You may love shopping but probably do not love the markup of products. While some things need to be purchased, there are a lot of items you can make on your own. For example, instead of buying loaves of bread or pastries, you can buy the ingredients instead and make it yourself. The same holds true with clothing. If you know how to sew, you can buy patterns and fabric and make your own clothes.

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