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Frugal Living and Making More Money

Updated on December 23, 2015

Will Frugal Living make me Rich?

Frugal living is about determining what you want out of life and finding a way to make it happen.

Frugality, is beneficial as it also focuses on reducing wastage and over-consumerism. However, frugal living will not make you rich. It will make you more comfortable living with the money you earn and ease your stress levels brought on by over consumerism.

If you are limiting your spending to reach your financial goals, then your income is limiting your progress.

If you want to pay off your debts, fund your children's education, fund your retirement and travel, then you'll have to do more than clip coupons or drop a brand.

We need to be conscious of our spending on things we love, but cut costs drastically on things that are unnecessary.

Better money management, bargain shopping and creativity is essential, but is this frugal living plan significantly reducing your financial strain?

Most things in life come down to one thing - balance, and a combination of living below your means and generating extra income will let you reach your goals faster.

People do save money living frugally, that is not difficult, but what interests me is how to make money work and how to earn more money, creating a strong foundation for your family and still be able to take care of yourselves when retired.

"If you find yourself in a hole - stop digging" and start climbing. There are many ways to invest in yourself and move your life forward.

  • Have your own business
  • Invest in someone else's business
  • Take a second job, or
  • Start a side business - Look at yourself and see what you can offer others.
  • Make sound investment decisions and take a long term view
  • Invest in growing yourself by furthering education

25 Ways to Make Money without a Job

Work out How Much More Money you need to Earn
Work out How Much More Money you need to Earn

Ideas for Making More Money

  • Focus on becoming stronger in your field.
  • Learn new tricks, get coaching, take a course, fresh knowledge will offer more opportunities.
  • Your attention to constant education and growth will keep you moving forward.

We already pay service providers for their services some of which you could do yourself, say change you car oil, cook your own meal, cutting hair may be awkward.

Turn this around and offer your services:

  • as a music teacher if you play an instrument.
  • Is organising a strength - hire out your services as a personal organiser.
  • Good at personal shopping, or perhaps you could run a grocery shopping business for a small fee of say $25 per hour.
  • A freelance writer could add to their residual income and take a photography course, sign up with Dreamstime or Stockphoto, and sell your photographs.
  • Are you good at a specific exercise or sport. If you love your Yoga class, why not learn how to teach it and become an instructor.
  • If you have an in-depth knowledge of a subject such as Excel, Creative Writing, Math, Chemistry, English or another language, offer your services as a tutor.
  • Take a class in resume writing - presentation of a good resume is a skill. Offering to check and correct prospective job seekers resumes so that employers will look at it, instead of tossing it could be an interesting second earner.

What Could Earning an Extra $500 pm Achieve?

The dreaded credit card, I read an article in one of the business magazines that says most Americans say their average credit card debt is around $5000, however the credit card companies say differently. It is this avoidance in knowing exactly where we are with debt that causes our problems.

The credit card companies say the average credit card debt is $7500.

Taking the extra money earned, say $500 per month, lets look at $10 000 debt, which is relatively close to the average carried by people in the 30 - 40 year age group.

Pay the Minimum
Interest Paid
Period to Paying off Debt
Pay the Minimum
$11 978
35 years & 4 months
Pay the Minimum + $500
$1 085
16 Months
Interest Saved: $10 893

Frugality is important to a point,

but after a cut back to a reasonable level,

your biggest win will come from

earning more money.


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    • Victoria Lynn profile image

      Victoria Lynn 

      5 years ago from Arkansas, USA

      Great hub--my favorite topic! Saving money, living frugally . . . . Besides some part-time teaching and freelance writing, I'm trying to find ways to use my skills more, and tutoring is one of them. Thanks for all the great ideas in this hub!

    • CyberShelley profile imageAUTHOR

      Shelley Watson 

      5 years ago

      rumintasari, Increasing income is marvellous if one can do it, sometimes however trying to achieve a higher level costs too much, or is left too late. Thank you for the visit, great to hear from you again.

    • rumintasari profile image

      Ruminta Sari 

      5 years ago from Sleman

      Great hub. I don't spend much in my current life, though I'm not really living a 'frugal living'. I'm more into 'increasing my income' than 'reducing my expenses', didn't mean to say that cutting expenses is not good.

    • CyberShelley profile imageAUTHOR

      Shelley Watson 

      5 years ago

      lanablackmoor, Thank you for stopping by. How right you are and the peace of mind through being debt free is priceless.

    • lanablackmoor profile image


      5 years ago from New England

      Love this, frugal living really does give you a freedom that no amount of stuff can buy. Knowing you're not beholden through debt and excessive credit because you live within your means makes for a peaceful night's sleep, indeed. Voted up!

    • CyberShelley profile imageAUTHOR

      Shelley Watson 

      5 years ago

      Elle64, ha ha, love your visits - you are so full of energy. Thank you.

    • elle64 profile image


      5 years ago from Scandinavia

      Love love it- I want to have more savings, It will make me feel more free.Excellnent tips. Thanks

    • rebeccamealey profile image

      Rebecca Mealey 

      5 years ago from Northeastern Georgia, USA

      These are good ideas to encourage creativity in making extra money as well as saving.Thanks!

    • CyberShelley profile imageAUTHOR

      Shelley Watson 

      5 years ago

      phdast7, Thank you for visiting. That is a fantastic position to be in, which you share with a small percentage of the population! Thank you for your great comments, which lend credence to my article.

    • phdast7 profile image

      Theresa Ast 

      5 years ago from Atlanta, Georgia

      An excellent hub providing a balanced look at the two things we can all influence : Income and Expenses. I really like how you addressed both ends of the spectrum. I am very careful about how I spend my money(completely out of dept - including the car and house - as of four years ago!!! Of course I am 58 and it is a modest house) and I reach extra classes every summer to bring in more income. Great Hub. Sharing.

    • CyberShelley profile imageAUTHOR

      Shelley Watson 

      6 years ago

      DDE, as you say, some people are naturally good with balancing budgets, others have to be taught. A personality thing I guess. Thanks for stopping by.

    • DDE profile image

      Devika Primić 

      6 years ago from Dubrovnik, Croatia

      A well advised Hub sometimes people don't know how to budget their finances and have to seek better options

    • CyberShelley profile imageAUTHOR

      Shelley Watson 

      6 years ago

      starstream, thank you for your comments, and the vote. I appreciate your visits

    • starstream profile image

      Dreamer at heart 

      6 years ago from Northern California

      I appreciate your viewpoint about saving money to pay off debts. I agree that is the best way to increase your ability to save on interest payments which are a total loss. I voted it up!

    • Mama Kim 8 profile image

      Sasha Kim 

      6 years ago

      OOh that's a yummy one ^_^ Thank you.

    • CyberShelley profile imageAUTHOR

      Shelley Watson 

      6 years ago

      Mama Kim 8, Thank you for dropping by and for the welcome votes. I am off to make your Berry Cheesecake now!

    • Mama Kim 8 profile image

      Sasha Kim 

      6 years ago

      I've heard that rich people can be some of the biggest penny pincers... and it's how they got rich in the first place. You've given some great advise here! voted up!!!

    • CyberShelley profile imageAUTHOR

      Shelley Watson 

      6 years ago

      billybuc, Thank you dear Billy once again for the support and visiting. Your comments are always so warm.

      PattyKenyon, Patty thank you for the votes and the comments which give me confidence to keep going!

    • Patty Kenyon profile image

      Patty Kenyon 

      6 years ago from Ledyard, Connecticut

      Voted Up, Interesting, and Useful!! There are some great ideas here!!! Well Done and Thanks for sharing!!!

    • billybuc profile image

      Bill Holland 

      6 years ago from Olympia, WA

      You are speaking my language; now if we can only get people to realize the wisdom in this philosophy! Great hub!


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