10 Things Frugal People Never Do and Neither Should You

People might have different opinions and strategies when it comes to frugality. However, the meaning should more or less stay the same: do your best to save money, particularly on food and clothes. Being frugal doesn’t necessarily mean being stingy but more prudent when it comes to one’s expenses.

You can call yourself frugal even if you don’t wear your socks to the point that they need stitching and well beyond that.  You also don’t need to eat what you grow in order to make more savings in the food department.

Frugal people do go out to eat at restaurants too, go on holidays, purchase major items and even splurge on certain desired items from time to time. The difference is that they do it wisely.

If you also want to learn how to get smarter in the saving and spending department, here are some of the most important things that frugal people never do and you shouldn’t either.

Things frugal people never do:

1. Pay retail

As money experts would tell you, it’s never the recommended option to pay the first price you’re being offered. Not if you want to pay the best price for your wallet. Frugal people don’t accept any terms and conditions unless they’ve made sure that they found the best deal. How? By checking all sorts of apps and browser extensions such as Honey or Capital One Shopping.

More than that, they take advantage of every clearance sale or post-holiday deal to find the items they need while sticking to their budget. Thrift stores and garage sales are not to be avoided in such cases. If you’re lucky, you can find what you want for free, on your local Buy Nothing Facebook groups. Who doesn’t like free stuff?

2. Disregard cash-back and reward apps

If they can save some money with just one simple click, you can bet your monthly paycheck that frugal people are gonna do it. And who can blame them, really, when there are tons of things that can be saved with the help of rewards credit cards, cash-back programs such as Rakuten and shopping apps like Fetch Rewards.

Whether we’re talking about rebates or points that can be used on a later occasion to purchase gift cards or even trade for money, frugalists know the game. It’s time you learn it too, don’t you think?

3. Have a credit card balance

Contrary to what many people might think, carrying a credit card balance does not do any good to your credit score. On the contrary. As explained by the Experian credit bureau, “outstanding balances on credit cards can even hurt your credit score, and this effect is most drastic once balances exceed about 30% of a card’s borrowing limit”.

A high credit score can be reached only if credit utilization is maintained below ten percent. The ideal option would be to aim for a zero balance by making all your due monthly payments for purchases.

Frugal people know that a balance equals interest. If you can get rid of it, why not do it? Or at least give it a try!

4. Disregard their health

If your car starts making a strange sound, wouldn’t you want to know why and how to fix it? The same goes for your body. Don’t ignore it thinking it can run in optimum “parameters” forever. As you age, your body will need more attention and care, therefore annual exams might identify or prevent unwanted problems before they become too serious.

Frugalists know that small issues can become huge problems aka huge amounts of money to spend for treatment, hospitalization and the like. That’s why prevention is better than cure.

5. Spend their entire paycheck

It might be tempting, on paycheck day, to go on a splurge and buy whatever you want without thinking about money. After all, you only live once, right? Wrong. YOLO is indeed a nice concept and all, but this doesn’t mean you have to go from riches to rags in a matter of days (or hours). Frugal people never spend their entire paycheck because that would mean they don’t have any money put aside for important situations.

If you have no savings, how will you be able to pay for an emergency car repair or medical treatment? Not to mention save for a worry-free retirement. If you can’t think of a financial plan by yourself, ask support from a qualified financial adviser, to help you manage your money better.

6. Use buy now, pay later

Also known as BNPL, the buy now pay later services allow you to make several smaller payments for the total cost of a purchase. As detailed by the Consumer Financial Protection Bureau, the most common version of BNPL is four interest-free biweekly payments.

This might seem like a good deal, especially when you don’t have the entire amount to buy something you really need. But in most cases, BNPL users focus on retailers that provide this service and might not really see that there are better deals out there. More than that, it might not be that simple to return certain purchases.

Frugalists skip the BNPL services altogether and make purchases within their budget. No budget, no purchase!

7. Waste food

According to the Bureau of Labor Statistics, food costs have increased by 6.7% from May 2022 to May 2023. Two bags of groceries last year have turned into one bag of groceries, for the same amount of money.

Food waste was never really something to be done but even more so nowadays with the prices and inflation soaring as we speak. Frugal people are aware that wasting food can detract one’s family budget by several hundreds of dollars that’s why they pay extra attention to what they buy and eat.

8. Shop without a list

Speaking of groceries and food waste, there’s nothing more detrimental to one’s wallet than grocery shopping without a list. It’s the perfect scenario to give in to impulse purchases, something that’s never a good idea, frugal or not.

Frugal people usually make a weekly menu to be able to determine what they need to purchase. What’s more, they don’t stray from the list. Not ever, no matter how appealing those freshly baked cookies seem or the extra jar of Nutella. Your wallet, and your waist, for that matter, will thank you!

Check out these 6 Tips to Save at Least $50 This Week!

9. Throw away something that can be repaired, reused or sold

Being frugal doesn’t mean creating your own clothes or shoes. However, frugal people don’t toss something just because they have a small “glitch”. They find ways to make use of that item, either by repairing it, repurposing it or selling it.

You might have an old phone that doesn’t meet your actual needs. It could be perfect for someone else. If you have all sorts of jars and you don’t know what to do with them, use them for storing dry foods instead of spending money on expensive storage containers. And the list could go on, but I think you got the idea! Before throwing something away, make sure you’ve exhausted all the options of using it.

10. Keep up with the Joneses

The grass always seems greener on the other side. It’s human nature. But not everything you see is also true. Don’t turn “keeping up with the Joneses” into a life goal. They might seem happy and rich and whatnot, but they might also have way more bills to pay, way more credit card balances and less hours of sleep due to that.

Still think it’s a good idea? It’s not wrong to aspire to be better, earn more etc. You just need to realize the things that you truly want and need and create your own plan to make them happen.

Read also: 11 Things Seniors Can Get for Free