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.
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Creating a budget lets you know exactly where your money is going so you don’t feel like it’s always disappearing.
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
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.
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.
One major thing that is a
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
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.
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.
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
Amazonthey 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:
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
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.
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.
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.