These 3 Frugal Habits Do More Than Just Save Money

Cutting monetary costs are not the only benefit of these thrifty habits

Some folks need more incentive than simply a lower price tag to practice frugality. Thrifty habits often come with additional benefits, aside from lower cost.

Below you will find some of the dual benefits of common cost cutting techniques. Use this as a means to continue to motivate yourself on why you chose the financial independence lifestyle.

1. Cutting Cable... or just reducing the monthly services

The cost implications of this are obvious. Paying $160 per month just to watch a few games or occasionally flip on the hunting channel? Why not see if you can reduce how much TV you watch by eliminating the channels you barely watch, or even cutting cable altogether.

Some will make an argument that they get great benefit from watching a certain sports team or having access to a certain movie channel. That is entirely your business, not mine. 

What I am suggesting is seeing if truly assessing this habit from more than just a monetary cost perspective really yields a positive return on your happiness.

Remember, time is life's most precious commodity. As far as we can tell, it is a fixed commodity for all of us. Consider that, according to the BLS,  the average full-time employed American still finds enough time to watch approximately 2 hours of TV per day! Unemployed Americans watch nearly twice that at 3.8 hours per day. This is alarming! Think of all you could be doing if you reduced, or even eliminated, the TV watching habit.

Consider the following additional benefits of cutting/reducing cable, aside from cost savings:

• Additional time to finally read 
  • This one should be obvious but think about how much you can learn from all the additional time spent. Pick up a book on money. On health. Happiness. Taxes. Building a business. Pottery. Gardening. The list is seemingly endless. In my opinion, spend a majority of your time reading nonfiction to learn from the most influential individuals who have come before you!
• Find a chance to bond with family and friends
  • Look for activities to engage the family and friends that involve paying attention to one another, not the TV!
• More happiness
  • In modern times, television sells best when it is negative or causing emotional turmoil. Stressful TV series. Action packed TV dramas. Daily negative reports in the news. Think about how much your daily exposure to negative information would reduce.
• Time for exercise
  • Another obvious one. Cut TV even by 15 minutes or even just use part of your TV time to put on yoga, circuit training, bodyweight circuits, etc.
• Adherence to a healthier sleep schedule
  • The proposed benefits of better sleep are endless. My favorite nonfiction book highlighting the benefits of sleep, and how to get better quality sleep, are outlined in "Why We Sleep" by Matthew Walker

2. Joining a public library

Save money on books and movies. This one actually lends back to our first idea, cutting cable. Stacking these habits would be an excellent idea for maximum benefits of the frugal lifestyle. 

There are many free events at the library. Some events at our local library include, but are not limited to:

• Learning another language
• How to travel abroad
• Learning about personal finance and income taxes
• Understanding health care coverage
• Learning how to network
• Resume building workshops
• Health and Wellness workshops
• DIY and craft courses/workshops

For those with a family, most public libraries have dedicated areas for children. This can be a great alternative for children to learn and socialize instead of watching TV or playing games on a device.

3. Learn how to DIY

You control the costs because control the inputs.

Aside from controlling costs, think about how DIY might further impact you in the following ways:

• Learn how to become a handyman... or handywoman
  • Less dependence on others for tasks. 
  • Learning how to fix something small teaches you how it works and gives you ideas on how to maintain it for longevity.
  • Teaches you how to spend you time more efficiently and effectively (you will also have less time to watch TV if you have to change the doorknob on your front door... a win-win).
• Cutting your own hair or your spouses hair - obvious huge, recurring cost savings compounded over time. Additionally:
  • Allows you to customize your hairstyle and perfect it over time. You will be terrible at first, most likely. However, over time you will learn to perfect it and you will have reliable and consistent results, rather than relying on a stylist to "get it right" every single time you visit them.
• DIY homemade products - huge potential cost savings as you often buy in bulk. Additionally:
  • Potential to improve health as you control the ingredients
  • Customize your recipes for particular aromas
    • You can use whatever you want here. I personally use essential oils to customize the aromas and contents of everyday items such as
      
      • hand soap
        
      • deodorant
        
      • household cleaners 
        
      • air fresheners 
      • skin care

Frugality is often about Dual Benefits

Again, as we highlight in "what is frugality", being thrifty is often of great value to those of us leading a life aimed at financial independence.

These dual benefits are an excellent way to continue to properly value our cost saving efforts beyond dollars and cents. 

The more you understand about why you have chosen frugality, the easier it will be to stay on track over the long term.

If you have anything further to add to this article, please place it in the comments below.

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