There is a fine line between financially savvy and total cheapskate. These simple tips will help you still be a cheapskate...without making you seem cheap!

How to Be a Cheapskate Without Acting Like One

One of the main things that lead people to my blog is by typing in the word “cheapskate” into Google’s search engine. Awesome. In one sense, I love this because I truly put my heart and soul into writing helpful posts that I think will be beneficial to help people save money. However, there is a big difference between being financially savvy and being a total cheapskate. So what’s the difference? How can you be a cheapskate without acting like one? Here are 8 strategies to help you succeed.

*This post contains affiliate links. I may earn a commission on my recommendation at no cost to you.

Have a budget

Chances are, if you are a practicing cheapskate, you already have a steady budget. If not, I have an easy to use budget bundle that you can grab.

One of people’s biggest worries that can start to border on cheapskate habits is not knowing where your money is going. When it seems like money is just disappearing out of your bank account, it’s hard not to feel like you need to hold onto your money a little tighter.

Creating a budget lets you know exactly where your money is going so you don’t feel like it’s always disappearing.

Plan your savings and investments

When you feel like pinching pennies to avoid going broke, then it is super important for you to make sure you are getting paid first.

That means as soon as (or before) your paycheck hits your bank account, make sure you have a percentage of your money going into savings and/or investing.

The number one savings account that I recommend to all people (especially those that aren’t natural savers) is the Savings Builder account from CITBank.

Getting paid to save money

The best thing about the Savings Builder account is that it pays you one of the highest interest percentages at 2.45% — but it doesn’t require a large sum to open.

Most savings accounts that pay you to save require a first-time deposit of around $5,000. The Savings Builder only requires $100 to open your account and then a $100 per month deposit.

Start a Savings Builder account today.

Invest as much as you can

Another way to make sure you are paying yourself first (so you don’t panic about spending) is to start investing as soon as possible.

  • Invest with stocks – Investing in the stock market is a scary thing, thankfully, the financial gurus over at The Motley Fool have come up with a highly beneficial system for locating the best stocks. They have nailed the system so much so that their investors are seeing an average return of 360%! Get in on their investment tips right now for 50% off!
  • Improve your retirement – Do you have a retirement fund started? If so, Rule Your Retirement teaches people all the best ways to get the most out of your social security, receive reduced benefits early, slash your tax bill and more.
  • Invest whatever is left over – Although it is not the top way to begin investing your money, the Acorns spare change investment app is a great way to make money on your spare change (literally). It’s just like saving your pennies for a rainy day except for the fund just keeps getting bigger! Get $5 to start investing today.

See my investment plan to turn $50 into $150,000

There is a fine line between financially savvy and total cheapskate. These simple tips will help you still be a cheapskate...without making you seem cheap!
Investing your spare change can actually end up helping you save tens of thousands of dollars!

Choose the more expensive option

One major thing that is a sure-sign you are a cheapskate is when you don’t want to spend large sums of money to buy yourself a quality item.

A good example is the pots in my kitchen. For years we continuously chose the cheapest option because then we live with a “we don’t have enough money” mentality.

Time and time again we would be back at the store buying the cheapest pots and pans set that we could because the first set had started falling apart.

When it comes to purchasing items that you will use frequently and plan to have be a part of your home for years, make sure you operate with the quality over quantity mindset.

In the long run, buying a more expensive, better lasting product is going to save you a ton of money. This is true whether it is a simple pot and pan set or a new furnace. As silly as it may sound, the best way to be a cheapskate is to pay more. That doesn’t mean you can’t wait for sales or discounts! Which brings me to my next topic.

Stop using coupons

Okay, before I dive too far in, let me start by saying, saving money is great. If you can get a discount or deal on something, then you absolutely should. What I mean when I say you should stop using coupons is that a lot of times people use coupons just to use coupons.

Maybe you can get double coupons if you buy 3 bottles of fabric softener and you’re so crafty you’ll end up paying only .50 cents for all three. Hooray. Before you do this, first ask yourself, did you need fabric softener in the first place?

Spending hours on end scouring for the best coupons and cheapest deals is almost like a form of cheapskate gambling. It gives people a rush to believe that they are saving but really you could be wasting a lot of time and not actually bringing anything into your home that is useful to you.

How to be cheap without coupons

  • Create a budget for what you need
  • Make a list and stick to it
  • If there is a coupon or discount you can use for an item(s) on your list, use it!

Could you get paid for couponing?

Did you know if you are one of those people who are really savvy about couponing, using discounts and getting things at the lowest possible price, you could actually be making a pretty great income?

AmazonFBA is a program that lets regular people sell their products through Amazon — the biggest online platform.

So say you were able to find 20 Elsa Barbie dolls discounted at $5 a piece…and on Amazon they are selling for $20. You can ship these dolls to Amazon and sell them at a $15 profit!

Of course, there are a lot of ins and outs to be familiar with before you dive in. Get a FREE 7 day email course to learn how it all works.

Other cheapskate shopping posts you’ll love:

Budget for the fun stuf

The biggest way to be a cheapskate is to be the type of person that is too afraid to actually have fun. Take it from me, you only live once and if you are being smart, living on a budget, saving and investing then believe me when I say there is no reason that you can’t have a little fun!

Save for trips, buy that hat that looks great on you, go to the movies…and get popcorn too!

Cheapskate status can really hold a person back. What happens if you get to the end of your life, you are a bajillionaire, but you never left your house? Your bucket list didn’t get checked off as much as you had hoped and all you can think about is the things you didn’t do with your time.

I also don’t want you to be 65 and unable to retire because you didn’t start saving sooner! Do the saving. Yes. But don’t forget to do the living too.

Don’t be cheap when it comes to people

If you have a family, a significant other or a few close friends, make sure you don’t let them believe that money holds higher value than they do.

Everyone is different, everyone will be presented with different financial challenges when it comes to people we care about.

Maybe you don’t want to give your brother cash after he already owes you $3,000 and still doesn’t have a job after 5 years. That makes sense. But if you have $10,000 in the bank and your best friend is in a tough spot financially, be willing and open to giving her some money to help her through.

Being a cheapskate when it comes to money is one thing, being a cheap friend or family member is surely another.

Find fun free things to do

If you are trying to stick to a budget or pay off debt, being a cheapskate might be necessary. I get it. I’ve been there.

That’s why this world is filled with free things to do. Sometimes you just have to sniff ’em out.

When you are in a tight spot financially, one of the hardest parts can be watching everyone else have fun while you feel like you are stuck at home. Check out local nature trails or hiking paths. Play a game of football in your back yard. If you need to be a cheapskate right now, make sure you still give yourself permission to have fun.

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