Though saving money is smart, not every money hack is worth the time or mental load. Some could definitely help you build wealth, but some just makes life harder for a few dollars saved. Here are a few frugal tactics that we think actually work and a few that don’t deserve the hype.
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What Works
Buying Secondhand
Buying secondhand furniture, appliances or even electronics can save you hundreds and sometimes thousands of dollars compared to buying new. Facebook Marketplace, Craigslist or OfferUp are some of the best places find high-quality pieces at steep discounts, especially if you’re willing to pick them up yourself.
That said, don’t buy everything secondhand just to save money. For example, avoid buying used things that can harbor bacteria or have safety issues, like mattresses, helmets or car seats.
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Meal Planning
Food is one of the easiest categories to overspend on, but also one of the easiest to fix. CNET’s newest survey found that U.S. adults spend nearly $3,000 per year on restaurants and takeout. By cooking at home even half the time, you can easily save $150 to $300 a month.
If you don’t have the time or energy to cook every day, consider meal prepping. Meal prepping is great because it reduces both waste and temptation, since you’re less likely to grab takeout when you already have dinner prepped.
Automating Savings
Setting up automatic transfers to a high-yield savings account or investment account removes willpower from the equation.
Most people overestimate how much effort saving takes when, in reality, the hardest part is consistency. Automation builds that consistency. And with many online banks offering 4%+ APY right now, your money can still earn interest while you focus on other areas of your life.
What Doesn’t Work
Driving Across Town for Cheaper Gas or Groceries
Yes, saving 10 cents per gallon sounds nice, but if you drive 15 miles to get it, you probably won’t be saving money. With gas around $3.50 a gallon, a 30-mile round trip costs roughly $4 to $5 in fuel and that’s before factoring in time or car wear.
The same goes for grocery-hopping across multiple stores just to chase weekly deals. Unless you live near those stores already, the small discounts rarely outweigh the effort.
DIYing Everything
Sure, painting your own walls or cooking from scratch saves money. But making your own laundry detergent, cutting your own hair or attempting complicated home repairs without experience can sometimes lead to mistakes that cost you even more time and energy to fix.
Unless you’re confident in your skills or genuinely enjoy the process, it’s usually better to leave certain jobs to the pros. Sometimes, paying for expertise can actually save you more money in the long run.
Extreme Couponing
There’s a difference between using a promo code and spending hours clipping coupons. Many extreme couponers buy things they don’t need just to “save.” Plus, brands have gotten smarter and most major stores now limit stacking discounts or require store apps that track spending habits. If you enjoy hunting for deals, get cash-back apps like Rakuten or Honey that run automatically in the background.
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This article originally appeared on GOBankingRates.com: 3 Extremely Frugal Tactics That Actually Work (and 3 That Don’t)
