Looking for ways to become better at living stingy and reap the benefits later on in life? As I sit here watching the news I began thinking about my money-saving journey. It seems it’s always on my mind. Why doesn't everyone start living stingy and save all the money that we can? It’s not that hard and greatly improves your future.
Growing your net worth and becoming wealthy (or comfortable) is one of those things many of us dream about, waking up with no financial worries, no mortgage, the money to send our kids to college, and so on.
Unfortunately, few of us will ever become millionaires but we can greatly increase our comfort levels. There are some ways you can start living stingy today so you can afford an early retirement or live comfortably working part-time. But first, let's quickly recap what living stingy actually means.
Living Stingy Is Worth It
Being stingy with money can be simple. This simply means that you're living frugally, not wasting money on things you don't need.
A penny saved, is indeed, a penny earned. Living stingy is working towards something bigger and better than material possessions and you’ll reap the rewards in your future.
But how can you get there and start living stingy right now?
Living Stingy to Achieve Your Financial Goals
Now that we covered what stingy means, let's figure out how you can get there. Here is a list of ways to live stingily.
1. Be stingy with your bills
The first step to live stingy so you can achieve your financial goals is being stingy with your monthly expenses and bills. Just because a company quotes you a price doesn’t mean it’s the best one they can offer you. For example, did you know that you can even get free cable tv or free internet?
Start by contacting the companies with which you have a regular bill such as your phone, insurance, cable and credit cards. If you contact them and explain that you have been offered a better deal elsewhere, they may be able to negotiate a better price for you, especially if you are a long-term, loyal customer. If they can’t offer you a better deal, it may be worth switching providers.
Don't be afraid to switch.
I recently went through this with my internet service. I called and requested the deal they were giving new customers and of course, they said no. My loyalty meant absolutely nothing to them. But being my stubborn self, I literally told them to come get their equipment. I was done. So after transferring me to several different people I finally got the new promotion price. While you may not have the same attitude as me, you get the picture. Don't overpay — live stingy for a better future tomorrow.
2. Be stingy and cancel unnecessary subscriptions
We often get lured into paying monthly subscriptions because we feel it would encourage us to use them. Unfortunately, most of the time that’s not true and it’s just another way to eat away at our bank balance. Think about whether or not you really need the subscriptions to Netflix, magazine subscriptions, Spotify, Amazon Prime, or a gym membership that's never used.
Ever pay for a gym membership for years and only use it maybe twice a year? If this sounds like you then why are you throwing away your hard-earned money? Seriously? That’s like paying for 250 channels and watching only 3. Become more stingy and get ride of the gym membership or unused subscriptions. You can get a full list of subscriptions that you're paying for by using free services like Trim.
3. Be stingy at retailers that don't offer cash back
Because retailers want you coming back for more they often offer a variety of rewards such as coupons, discounted offers, and even freebies. If you aren't coupon savvy you can use rebate apps that basically do all the hard work for you.
My personal favorite cash back app to find coupons and earn cash back at over 2,000 stores has got to be Rakuten. When I use them for cash back shopping I get paid for shopping I would have done anyway.
Additionally, create an email address specifically for these programs and shop according to the deals each retailer offers every week. You can also shop secondhand by using selling apps or with online retailers who offer better prices, like eBay, Amazon, and Craigslist.
4. Ignore scams that promise fast money (opposite of stingy)
There is little more embarrassing than falling for the online scams that claim you can earn thousands of dollars a month by clicking a link and investing a couple of hundred dollars. Similar to fad diet pills and online gambling, very few ever make a cent, let alone a living. What a joke.
Don't fall for this crap.
Becoming rich/comfortable takes time, patience, and discipline, so instead of investing your hard-earned cash into what adverts call “online deals”, put it in a Vanguard Investment Account! You can learn more about investing in this beginner's guide to investing. Every dollar you can manage to save is a dollar you can invest. Get badass about living stingy.
5. Be stingy with name brand products
Fancy marketing is something we all fall for. Fancy packaging and catchy taglines are probably what lure you in, but here is a secret: the product is no different to your supermarket’s own brand! Aside from the product not being different, the own-brand version will cost a fraction of the price.
Try it, no difference.
Who cares what name is on the package? If you like certain brand products, look into coupon sites that offer coupons, discounted offers, and even freebies.
6. Don’t try to keep up with the Joneses
Your personal goals are what should matter to you the most, not what other people are doing! Who cares how they are wasting their money? It can be disheartening to see your neighbor roll in driving a new car every year but remember that as nice as it would be to have one yourself, you don’t need it or can't afford it.
You can get quality used vehicles much cheaper and literally save thousands over the years (I learned this the hard way). But have since wised up.
7. Be stingy with your money and use money-saving apps
Saving money can be easy especially with a powerful personal computer in your pocket disguised as a telephone.
Here are some money-saving apps to help you live stingy — for today or tomorrow.
Ready to Live Stingy?
Work towards something bigger and better than material possessions and you’ll reap the rewards in your future. There isn't anything wrong with living stingy and being smart with your money. Don't keep up with the Joneses, they aren't paying your bills… you are.
Get smarter with your finances today and your tomorrow will be much more comfortable.
Best Apps to Help You Save