Learning to Be Frugal
Americans can be very grateful for their freedoms. However, ours is a consumerist society, as much as many of us have had to cut back in the current economic climate. As such, we also tend to take much for granted, given the abundance and availability of material goods and services and the methods for buying them. Take cell phones. How many people do you know don’t have one? Many have personal computers and audio electronics. Some enjoy the freedom of movement that their cars provide. When times are tight, the cost of stuff can really snap your wallet shut.
Learning to be frugal takes practice and awareness. How you cut down on your expenses?
- Barter – An ancient exchange system, bartering predates currency. Trading stuff is not only thrifty; it can be lots of fun. Look into barter clubs at school or start one in your residence hall. If you overbought spiral notebooks at the beginning of the term, you could trade one or two for someone else’s spare hand lotion. Swap computer games and book. Or trade services and skills. Your roommate may give great manicures but needs your help with mastering a new software program.
- Find the free stuff – Or the cheaper options for entertainment. Instead of movie tickets, rent DVDs. On campus, you’ll find entertainment (including movies) and sporting events that are free or for very low prices with a student ID.
- Impulse control– Restrain your urge to make impulse purchases, and cut down on lattes, high-priced energy drinks, and dining out. Don’t be influenced by the big spenders in your group.
- Mind your minutes – Keep tabs on your phone minutes and don’t go over them. Those added minutes can hit you with sticker shock.
- Plan in advance – High-priced items and services, such as airfares, usually cost substantially less if purchased in advance. If you know you’re going to travel in a few months, check air fares and book in advance to take advantage of the lowest fares.
- Recycle, reuse, and conserve – We’re often criticized as a “disposable society.” While that’s becoming less so, many of us are still learning to develop new habits and see the wastefulness of some our current ones. Use scrap paper to print drafts, cloth towels instead of paper towels to dry your hands,
- Sales, sales, sales – With some persistence, you never have to buy anything at full price if you plan ahead. Yes, emergency purchases always happen, but make it a rule to buy stuff when it’s on sale and take advantage of coupons and rebates. Shop online for bargains and freebies.
- Share expenses & materials – With your roommate or others on your floor, you can reduce your expenses for food and other necessities if you can buy larger quantities. If two of you need a printer, share the cost. If you’re eating out where they serve big portions, share a meal.
- Travel thrifty – So maybe a trip to Cancun isn’t affordable for spring break. How about a camping trip? It wouldn’t hurt to visit your grandparents in Florida, or do a “staycation” and enjoy local cultural destinations.
- Turn it off– If you pay your own utility bills, you’ll appreciate the lower bills. But even if you don’t, your school’s energy costs do trickle down to tuition costs.
- Use sound practices – Who doesn’t love music? Sometimes people get addicted to accumulating sounds on their iPods © or MP3 players. Clamp down on your number of music downloads; find ways to legally share sound files with friends and take advantage of free downloads.
- Use used books – Opt for used textbooks and order online for discounted prices.
- Watch your stuff – If you’re fond of your laptop and paid big bucks for your textbooks, you will need to be more vigilant. Leaving your stuff unattended in the library or dining halls can become a financial nightmare. And if you use public computers, don’t forget to remove your portable USB drive. You’ll not only have to pay for a replacement, you’ll lose important data, like that lab report you’ve worked hard on.
- What’s in a name? – Buy store varieties or generic brands of everyday necessities, like toiletries, paper goods, and school supplies. Their quality is often just as good, or even better, than name-brand merchandise. Why pay for advertising and pricy packaging?