8 Frugal Habits To Replace Your Side Hustle
Multiple income streams are the best defense against financial insecurity, but if a penny saved truly is a penny earned, then shouldn’t a frugal lifestyle serve the same ends as a modest side hustle?
The experts think it can.
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GOBankingRates spoke with money pros who outlined how you can save at least as much as you might earn from a side gig by adopting a few habits common to thrifty people — especially if you put a few to work at once.
“With the median side hustle bringing in around $200 a month, it is difficult to find just one frugal habit that could replace it,” said Marly Garman, creator of the lifestyle and financial site Simply Living Happy. “However, a combination of two or more frugal habits should do the trick.”
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Clear the Dead Wood From Your Monthly Subscriptions
The slow, steady drip of recurring charges — insignificant as they might be individually — could add up to a side hustle’s worth of waste.
“Take a hard look at all recurring monthly charges, from gym memberships to streaming services, payment plans and more,” Garman said. “Reducing the number of subscriptions could save you over $200 per month.”
Host Your Own Happy Hour
If you like to indulge at the end of a hard work week, consider bringing the party to your living room — even at happy hour, cocktails always cost more at a bar or restaurant.
“Americans spend just shy of $200 a month on drinks,” Garman said. “Though enjoying at home will not completely eliminate this expense, it will easily reduce spending by a minimum of 20% to 30%.”
Of course, there’s nothing happy about an hour of drinking alone. Garman suggested, “Consider inviting a few friends or neighbors over to make it more social.”
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Use Apps That Pay You Back
One of the keys to frugal living is to spend less on the things you buy anyway.
“When you shop online, make sure to use a cash-back website,” said Samantha Landau, consumer expert at shopping rewards site TopCashback. “These sites give you a percentage of your money back, which allows you to save extra while you shop for everyday purchases. Additionally, by using a cash-back website, you don’t have to worry about falling for scams, as these websites use secure affiliate tracking links to take you to trusted retailers.”
Become a Credit Card Deadbeat
When a credit card issuer labels you a deadbeat, you should take it as a badge of honor. In the finance industry, the term refers to people who pay their balances in full every month to avoid interest payments and finance charges while collecting valuable rewards like miles, points and cash back.
Instead of paying the bank, the bank pays them.
“In addition to using any applicable coupons and cash-back offers, stack your savings with the right payment method,” Landau said. “Look to see which of your credit cards offers extra cash back and/or rewards for different spending categories, and be sure to use that card on your shopping trip for those items.”
Buy Spending Money at a Discount
Landau also recommends buying discounted gift cards. Sites like CardCash and Raise Marketplace buy unwanted gift cards cheaply and sell them at a discount, saving frugal buyers up to 35%. Gift cards spend like cash, so every discounted dollar you get for free is the same as one you might have earned from a side hustle.
Share Your Ride to Work
By doubling or even tripling up with fellow commuters, you can reduce repair bills and save money on fuel, which is currently $3.25 per gallon.
“Depending on how much you’re driving, you could save a hustle’s worth of gas,” said attorney Scott L. Smith Jr., formerly an assistant attorney general and debt collection prosecutor and founder of Debt Reduction 101. “Think about driving to work half or even one-third the number of days you normally drive. That could easily be $50 to $150 of savings a month. Plus, it’s green!”
Leverage Your Local Library
Your neighborhood public library offers much more than just books. According to financial advisor Skyler Fernandes, founder and general partner at Venture University, you can find a “treasure trove” of media and much more — all for the low price of free.
“Instead of buying books, movies or even tools for a DIY project, leverage your library card,” he said. “Many libraries have more than just books. You can even attend workshops, saving you money and potentially sparking new hobbies.”
Negotiate Your Utility Bills
Everyone has to pay for gas, water and electricity, but you might be able to squeeze hidden cash out of your monthly bills just by asking for better terms.
“People often overlook this, but negotiating your utility bills can be a hidden goldmine,” Fernandes said. “Call your service providers and inquire about discounts, loyalty rewards or even seasonal promotions. It’s a quick call that can lead to substantial monthly savings without the need for a side hustle.”
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This article originally appeared on GOBankingRates.com: 8 Frugal Habits To Replace Your Side Hustle
