Being thrifty may seem dull, but it can actually make you rich.

In today's market, which is largely consumer-driven, being frugal is difficult. But there is a growing tendency towards frugal living that has been sparked by a number of variables, including the pandemic, inflation, and recession fears. Being thrifty is not the same as being cheap, and controlling your expenditure does not indicate that you are having financial difficulties.

 

Living within (or below) your means is the preferred strategy. You can accomplish this without it having a detrimental effect on your quality of life. Additionally, it may benefit the ecology.

The growing frugal trend

 

The tendency towards being thrifty is growing. Nearly three-quarters of respondents, according to Jungle Scout’s Q3 2022 Consumer Trends Report, have either decreased or kept their overall spending levels. These statistics imply that people are more conscious of their spending, and for good cause. In addition to assisting people in coping with difficult economic times, limiting excessive spending frees up funds that can be used for other purposes, such as achieving financial objectives or covering basic living costs.

In the meantime, the negative implications that frugality once had are fading. More than half of respondents in a recent survey by discount retailer Ollie's said they were pleased to be classified as bargain hunters.

 

Influencers who live frugally share money-saving tips on social media platforms, where they can gain hundreds of thousands of followers. Being thrifty is a tendency that is not just American. For instance, young people in China are embracing it as a means to take advantage of the current economic climate.

Tips for being more frugal (and how it can help you save)

1.   Ditch single-use plastics

Eliminating single-use plastic products like sandwich baggies, disposable water bottles, and other offenders can help you control your expenditure. Consider purchasing silicone storage containers and reusable water bottles. There is a one-time expense, but it will be rapidly recovered since you won't need to buy disposable plastics. A six-pack of reusable sandwich containers costs approximately $13 at the time of writing.

2.   Switch to reusable paper towels

According to a study by One Poll and the bidet manufacturer Tushy, the average American spends more than $10,500 on paper towels over the course of their lifetime. Reusable products are frequently washable and manufactured of cotton, bamboo, or wood pulp. End all garbage. Again, there is an initial expense, but in the long run, it is typically more cost-effective. Spending around $65 will get you started with a reliable name.

 

3. Consider other reusable kitchen products

Sponge, cupcake wrappers, coffee pods, coffee filters, and a lot more fall under this category. Take a look around your kitchen and consider the disposable things you frequently use.

 

4. Meal plan and buy food in bulk

Takeout orders and meals at restaurants can mount up. According to the Bureau of Labor Statistics, $3,030 was spent by the typical family on food away from home in 2021. Over $250 a month is that. Spend some time planning your meals around the ingredients you already own and whatever is on offer at your neighborhood markets. Additionally, buying in bulk can help you save money, particularly if you share the bill (and your haul) with loved ones.

 

5. Reduce your drive time

While the average price of gas per gallon is currently still around $3.45, it is eventually starting to decline a little. Your wallet will thank you if you choose to walk, cycle, ride public transportation, or join a carpool. The cost of the latter will change based on where you live. Determine how much petroleum you typically spend each month, then compare prices to decide if it's worthwhile.

 

How being frugal can help the environment

Cutting back on your spending can benefit the earth as well. One excellent illustration is textile waste, which is a major issue in the United States. 11 million metric tonnes of textile refuse are dumped in landfills each year. By directing clothing items to your closet, thrift stores and purchasing used clothing reduce this type of waste.

 

 

Saving money also contributes to a reduction in plastic waste. Eliminating single-use plastics is an easy method to reduce spending while preserving the environment. There is clear evidence that plastic pollution has hurt more than 800 wildlife species. Many people swallow polymers or get caught in them. Whales are thought to consume up to 10 million bits of microplastic per day, according to Stanford University researchers. By choosing to bike or ride in a carpool, you can cut down on the number of cars on the road and the emissions of greenhouse gases they produce.

 

Of course, this does not imply that ordinary consumers are mainly to blame for pollution, the loss of biodiversity, or climate change. The environment will be harmed far more by a chemical business that illegally dumps dangerous PFAS (often called "forever chemicals") into a river than by an individual who uses plastic straws rather than paper ones.

 

However, altering your spending patterns may eventually have a positive ripple effect that helps the world in a small but significant manner. And doing it will probably make you feel good. That is what most customers would consider a win-win situation.