It’s often not thought of as a good thing when you’re called a cheapskate. People envision that you reuse dental floss or that you skimp on giving a server a good tip when you actually go out. However, being super frugal is a good thing on many occasions. It helps stretch your budget and you don’t get viewed as a miser. These are ten times when it’s wise to be a cheapskate.
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Over-the-Counter Drugs
Many families keep a variety of over-the-counter medications in their homes for common ailments. If you compare name brand options vs store brand, you’ll typically notice quite the price difference.
There’s little sense in paying more for the brand name of Tylenol when you can get the same thing for one-third of the cost.
Prescription Medication
Similar to OTC medication, there’s little need to overpay for your prescriptions. The generic option includes the same active ingredients for far less.
The FDA reports generic prescriptions can cost upwards of 90 percent less than the brand option. If your doctor doesn’t care, you shouldn’t either.
Greeting Cards
An average greeting card can easily cost $5, and it’s not unheard of to see them hit nearly $10. Visit your local dollar store and find cards that cost $1 or $2.
They say the same thing for considerably less.
Watching TV
In an age where some people pay upwards of $200 or $300 for cable, there’s no need to do it. You can cut the cord on cable and save loads of cash every month.
You can use an over-the-air antenna and free streaming services to get much of what you want. If you need live sports, there are some affordable options too.
Cutting Your Own Hair
Going to the hair stylist can be an expensive endeavor. Recent reports reveal the average cost can range up to $75 per visit, depending on where you live and salon type.
If you have a large family, or simply want to save, that can be too high for your tastes. Purchasing a simple pair of clippers at Walmart or Amazon can be a wise investment. We do this in our home and the clippers typically last several years, well recouping their expense.
Auto Insurance
Car insurance is necessary to have, but there’s often little sense in overpaying. You should compare rates annually as costs do go up and you may find a cheaper alternative.
Reports show you can save up to 50 percent by comparing rates. That adds up to real money.
Hotel Stays
Staying at a clean, quality hotel is something we all want when traveling. However, if you’re only staying overnight, there’s little sense in paying up for the Ritz.
Find an affordable option with good reviews, and you’ll typically be satisfied. Better yet, use a rewards credit card so you can stay on points instead of paying cash for it.
Office Supplies
Similar to greeting cards, it usually makes little sense to pay for office supplies. Paper, notebooks, pens, and more are often of similar quality at a dollar store vs. a big box chain.
Spend less on those items so you can purchase better, more necessary office supplies.
Books
Our children love to read, which is fantastic. We could buy them books on Amazon, but that gets pricey.
Instead, we opt for the library as much as possible. We also shop in used bookstores to save money.
Cleaning Products
As anyone who purchases cleaning products knows, they can get expensive over time. You can recreate alternatives to many of them that are more affordable.
You likely won’t notice the difference and you get to keep the savings.
35 Proven Ways to Save Money Every Month
Many people believe it’s impossible to save money. Or, they think saving $20 or $50 a month won’t amount to much. Both are incorrect.
There are many simple money-saving tips that can add up to big savings. You just have to start one, then another, to increase your savings.
Ways to Save Money Every Month
15 Best Alternatives to Cable
You don’t necessarily need live TV to replace cable. Many streaming services offer quality content and good features to slash your bill.
How to Save Money on a Tight Budget
Saving money feels impossible when you’re struggling to make ends meet, but you can do it. Use these tips to save money each month, even on a tight budget.
How to Save Money on a Tight Budget
11 Grocery Store Ripoffs
Going to the grocery store can be painful, but there are ways to lessen the pain. Here are 11 ripoffs to avoid when shopping to stretch your budget further.
Costco vs Sam’s Club: Which is Better?
Both warehouse clubs offer money-saving deals, but they vary a lot in what they offer. Choosing the right one can increase your savings.
Costco vs. Sam’s Club: Which is Better?
I’m John Schmoll, a former stockbroker, MBA-grad, published finance writer, and founder of Frugal Rules.
As a veteran of the financial services industry, I’ve worked as a mutual fund administrator, banker, and stockbroker and was Series 7 and 63-licensed, but I left all that behind in 2012 to help people learn how to manage their money.
My goal is to help you gain the knowledge you need to become financially independent with personally-tested financial tools and money-saving solutions.
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