A Bit of My Life » 7 Ways to Be Frugal

7 Ways to Be Frugal

Due to the rapid slowing of the economy, many consumers are choosing to pay down debts instead of incurring new ones. Here are a few ways to be frugal.

1. Facebook

There are so many free games and applications on Facebook that you would be hard pressed to not waste oodles of free time on it. Just watch that it doesn’t become a time suck from which there is no escape; I’ve fallen into this trap myself.

2. House Parties

Instead of going out to bars and restaurants, arrange in your circle of friends to have house parties at each other’s apartments or houses. No one person should be stuck hosting all of the time, so be sure to rotate regularly. Hosts should provide non-gourmet snacks like popcorn or hot dogs rather than cheese and crackers.

3. Make Your Own Stuff

Make a list of items that you regularly spend money on (shampoo, laundry detergent, etc.) that you could make yourself. Hand soap can be made simply with glycerin and a few essential oils. Check around online and see what recipes you can come up with. Trim your grocery bill by about 20.00 a month and maybe even sell some to your friends and local stores when you find recipes you like.

4. Go Local For Your Food

Make one of your outings a trip to some local farms to find a regular source for milk, eggs, veggies, and other necessities. It may cost the same as the grocery store, but the taste is far superior, no fossil fuels are used in the transportation of the food, and the farmer gets to keep more margin if you buy from them at retail prices. Everyone wins.

5. Start a small business

Need some extra cash to pay off those bills? Look around for a small business idea that you can do. Do you like knitting? Consider selling scarves and gloves with a Christmas theme at Christmas craft shows in your area. You may find that your bills get paid off faster while you work on your developing hobby!

6. Thrift Stores – Get Over It

If you are a regular size (i.e. not plus or petite) don’t hesitate to shop at thrift stores. You will regularly find fashions from name brand designers like Tommy Hilfiger, DKNY, and other popular brands. Try to avoid the places that mark up the designer stuff – there are plenty out there that don’t.

If you don’t want to go quite as low brow as a thrift shop, try a consignment store; these are shops that take name brand used fashions and sell them for a significant discount, and they tend to be more tastefully arranged and presented than a thrift shop. If you have a few higher end fashions kicking around that you don’t wear anymore, consider consigning them to your local store for some extra cash.

7. Gold – Sell It

If you have any gold jewelry that you aren’t wearing anymore, or can’t wear for sentimental reasons (i.e. old wedding ring, gift from an ex) consider selling it now. Prices for gold aren’t going down, but they seem to be rather high right now and you should cash in on that fact while the getting is good. Hold on to investments like gold bars though – it isn’t wise to get rid of your nest egg in these economic times, no matter how tempting it may be to do so.

Many jewelry stores offer low cost appraisals. For the best price, get an appraisal and either sell your jewelry online in a local classified for a fixed price, or put it up for sale on Ebay with a fixed lowest price that it will sell for. Selling to jewelry stores and pawn shops will generally not net you the highest profits.

Posted: July 9th, 2008 under Anarchy.
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7 Ways to Be Frugal

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