Ever heard of the Financial Independence Retire Early (FIRE) movement? It’s a movement that prioritizes saving money so that you can invest 50% or more of the income. The goal? To attain financial freedom, retire before your 60s and control how you spend your time.
The movement has led to articles, social groups and forums on the topic. One Reddit group called “Financial Independence” has a weekly thread where frugal people share tips and hacks for saving money. And some of the tips really do make sense.
So whether you are looking to join the FIRE movement or just want some money saving tips to offset high costs, here are some highlights from the group:
1. Cut your sponges in half. The savings may be slow to accumulate but these days every cent counts. And, according to the poster, once you’re used to it, a full sponge just feels like overkill.
2. Don’t buy the newest tech. Their rule is to replace your tech but always stay three years behind. A three-year-old iPhone is almost as good as a new one, is still better than you current model (assuming you stick to the rule) and is only a portion of the price.
3. Split one meal when you eat out as a couple. Most restaurants have big servings. Try splitting the plate with your partner or a friend to save money. If you need more food, split an appetizer too. It’s usually cheaper than buying a second meal but they can be pretty filling.
4. Use bar soap. Bar soap is much cheaper than body wash and lasts longer. Not too mention a lot of people think it’s better anyway.
5. Pick up online grocery orders. Buying groceries online can help you spend less on impulse buys than when you shop at the store. But delivery fees can add up quickly. The solution: order online but pick up your order instead of having it delivered.
BONUS TIP: No matter how you shop, have a snack before you go. People tend to buy less when they aren’t hungry.
6. Don’t gun it at stop lights and coast. Slowing down your acceleration and timing your coasting can have a huge affect on gas mileage. One person tested it and gained about 3 MPG. It’s a small amount but it can add up.
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