How To Keep Your Friends If You’re Frugal | Mad Money Monster (2024)

If you’re anything like us, you have embraced (or are on the verge of embracing) frugality. We absolutely love our selectively frugal lifestyle because it forces us to make smart money moves while allowing us the freedom to spend money on things and experiences that we value…like road trips across the country. Unfortunately, though, frugality can be a roadblock when it comes to keeping friends.

5 Tips To Keep Your Friends If You’re Frugal

So just how does someone keep their friends while embracing frugality? We tested the waters on this one and came out on the other side with the same friends we had before jumping the frugal fence. If you’re looking for some pointers to ensure you keep your friends after frugality, read on for 5 quick tips.

1. Don’t Turn Down All Invitations

The first thing you need to do to make sure your friends don’t scatter to the wind after you announce your commitment to frugality is to NOT turn down all invitations. Your friends are going to be supportive and want to hear all about your new lifestyle and they’ll likely be genuinely fascinated and want you to succeed.

They’ll also turn right around and ask if you want to go check out the new Vietnamese restaurant that opened up downtown. Trust me when I tell you this, they’re not doing this on purpose to sabotage your success. They just don’t expect their life or their relationship with you to change just because you decided you’re going to adopt frugality.

It’s important, though, to not turn down all invitations when offered. Do that and you’ll get to stand by and watch your friends drop off your radar one by one. Before you know it, you won’t have any idea what’s going on in the inner circle anymore.

Fortunately, you have options. Frugality doesn’t mean you have to sit at home without heat or A/C reading library books by candlelight – even though that sounds pretty awesome.

How To Keep Your Friends If You’re Frugal | Mad Money Monster (1)

2. Suggest Frugal Alternatives To Spending Money

One of the easiest ways to maintain your friendships and not spend as much money as you used to is to suggest frugal alternatives when an invitation to attend a concert or football game rolls in.

You’ll probably be surprised at how quickly your friends agree to something a little less pricey. You might not realize it, but they probably aren’t happy with the amount of money they spend on fluff either. They might not be ready for full-blown frugality, but they’re probably going to be just fine with a less expensive entertainment option.

Never underestimate the power of a backyard BBQ or game night at your place.

I’ve had great success with suggesting cheaper options to my friends. For instance, my one girlfriend and I used to always meet out for dinner and drinks. Two hours later we both had a good time and we were both $50 lighter. Ugh. After adopting frugality, I often suggest we just hang out at her place or mine and maybe grab some fast food.

Yes, we still go for dinner and drinks – occasionally. Going out every few months instead of every few weeks makes a huge difference in our bottom line and we’re both happy to save the money. It’s been a win-win. Woot!

3. Brunch And Coffee Never Go Out Of Style

Remember, going out doesn’t have to mean you’re dropping a ton of money. Brunch and/or coffee are trendy and probably always will be. Why not suggest hitting up a new coffee shop or meeting for brunch instead of trying the new sushi restaurant?

Again, unless your friends are secretly wealthy, they’re likely going to be happy with a less expensive alternative.

4. Remain Active And Involved

Forget frugal, go for the gold! Go for FREE. What do I mean? I mean, when your friends text and want to go shopping, tell them you’d rather go check out the rail trail on your bike but need a buddy. If you can successfully substitute shopping with exercise and fun, you should probably start a frugality blog of your own. 🙂

But let’s just say your friends aren’t having it and they’re still hitting the outlets, no problem, you can either go along and spend minimal money, or you can skip it and get together next time when they’re doing something a little less spendy.

As long as you remain active and involved in the lives of your friends, they’ll remain active and involved in your life, too. Remember, texting and calls will keep your friendships fresh and they don’t cost a thing.

Other articles you might like:

  • Frugal Hacks For A Fabulously Fun Weekend
  • How We’re Achieving FIRE/FIOR Through Selective Frugality
  • What To Do When You Realize Frugality Won’t Make You Rich
  • Shifting To A Frugal Mindset Has Given Us Options. Tons Of Options.
  • Frugal Eats For Our Workweek
  • Proof You Can Royally Mess Up With Money And Still Retire Early
  • 9 Money Hacks That Took Us From The Poorhouse To The Penthouse
  • How To Dig Your Way Out Of Debt When You Feel Hopeless
How To Keep Your Friends If You’re Frugal | Mad Money Monster (2)

5. Spend Money If It’s Warranted

Now, if you’re just starting to embrace frugal living you might want to go full force and not spend a dime on anything that isn’t going to ensure your immediate survival. And while that can be commendable and really propel you in the direction of saving tons of money and reaching your financial goals at lightning speed, it might not be the smartest thing to do for your happiness.

I know, I know, you’re likely sitting there shaking your head wondering how that couldn’t be smart if you’re reaching your goals and leaving everyone else in the financial dust – well, that’s kind of the point. You’re leaving everyone else in the dust, including your friends.

Although I love frugality and you love frugality, not everyone is going to jump on the frugal bandwagon. I’m certainly not suggesting you give up your more spendy friends unless they subscribe to your school of financial thought. Instead, try to find a happy medium. You might not be able to say YES to every invite out to dinner or the movies, but saying yes here and there means you’ll keep your relationships and most of your money.

Well, there you have it. Hopefully, this quick and dirty list will ease your mind. If you do it right, your friends won’t scatter when you embrace frugality. And if they see you benefitting, they might even embrace it with you!

How To Keep Your Friends If You’re Frugal | Mad Money Monster (3)

How To Keep Your Friends If You’re Frugal | Mad Money Monster (2024)

FAQs

How do frugal people save money? ›

Ten Frugal Habits to Save Money
  • Track Spending.
  • Automate Your Savings.
  • Save Loose Change.
  • Compare Prices & Comparison Shop.
  • Avoid Spending Triggers.
  • Shop Second Hand.
  • Save Windfall Income & Use a Spending Rule of Thumb.
  • Institute a Waiting Period.

How to help someone who spends too much money? ›

Help them put together a budget and mentor them along the way,” said Hays. “A lot of times people think of the word 'budget' as a restrictive thing, but it's actually just about making mindful choices of how we want to spend our money on housing, food, and entertainment.” Be positive. Be encouraging.

Is being frugal good or bad? ›

But being frugal can ease financial stress significantly. Because when you spend less money, you can naturally avoid debt, create a bigger savings pile, and otherwise build more financial security in your life.

How can you tell if someone is frugal? ›

10 Signs You've Mastered the Art of Frugal Living
  1. You Budget Consistently. ...
  2. You Prioritize Needs Over Wants. ...
  3. You Actively Save Money. ...
  4. You Have Little Consumer Debt. ...
  5. You Opt for Sustainable Options. ...
  6. You Make Intentional Spending Choices. ...
  7. You Prioritize Functionality. ...
  8. You Do It Yourself.
Jan 5, 2024

How to live a cheaper life? ›

15 Tips for Living Frugally Without Looking Cheap
  1. Eliminate monthly subscriptions.
  2. Shop for new insurance.
  3. Reduce prescription costs.
  4. Buy used items.
  5. Rent, don't own.
  6. Purchase at the right time.
  7. Buy high-quality products.
  8. Enlist your friends.

How to stop being so cheap? ›

How to be frugal without being stingy
  1. Set a budget and save for an item, even if it is something that seems extravagant, like designer jeans or a new fancy blender. ...
  2. Comparison shop for higher-priced items. ...
  3. Know when to spend. ...
  4. Ask yourself three questions before buying something: Do I need it? ...
  5. Compromise.

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

What do you call someone who keeps spending money? ›

Spendthrift is a noun that means "a person who spends money in a careless or wasteful way."

What is toxic frugality? ›

Frugality is the practice of being wise with money and avoiding wastefulness. It's a virtue that many people admire. It fosters responsible financial habits and can lead to a more sustainable life. But there's a darker side to frugality that can be detrimental to our quality of life. This is known as “toxic frugality.”

How to be insanely frugal? ›

12 Tips for Frugal Living
  1. Choose quality over quantity. ...
  2. Prioritize value over price. ...
  3. Use credit wisely. ...
  4. Declutter regularly. ...
  5. Use a budget to guide your spending. ...
  6. Know the difference between wants and needs. ...
  7. Be a savvy consumer. ...
  8. Prioritize your values.
Oct 17, 2023

What do you call a person who doesn't spend money easily? ›

A cheapskate can also be called a miser or a tightwad. Definitions of cheapskate. noun. a miserly person. synonyms: tightwad.

What personality type is frugal? ›

Defenders (ISFJ) (69%) were the most likely personality type to identify as frugal, followed closely by their Thinking-type counterparts, the Logisticians (ISTJ) (67%). This is particularly interesting, since Thinking types were generally more likely to agree than Feeling types (57% vs. 55%, respectively).

How to spot cheap people? ›

15 Signs You Are Being a Cheap Person
  1. Letting DIY Turn into BIY (Break It Yourself) ...
  2. Sneaking Refreshments Into Movies. ...
  3. Hoarding at Home. ...
  4. Stockpiling Condiments. ...
  5. Reusing Paper Goods. ...
  6. Doing Only Free Activities. ...
  7. Being Nosy about Other People's Money. ...
  8. Always Snagging Leftovers.
Dec 7, 2022

What kind of behavior makes you frugal? ›

For the most part, that means finding ways to pay less for everything from groceries to clothing, utilities and everyday bills. Being thrifty or frugal also means simply going without some things, mostly because it helps you reduce financial waste while freeing up more cash to save.

How can I be frugal instead of cheap? ›

How can I be frugal without being cheap?
  1. Focus on the big picture. Don't worry about the little things. ...
  2. Don't be afraid to splurge on things you love. It's okay to spend money on something you really want if it's something you really want. ...
  3. Find ways to save money that are fun.
Aug 22, 2023

How to be frugal like a millionaire? ›

8 Frugal Habits That Will Make You a Millionaire
  1. Live Below Your Means.
  2. Never Pay Full Price.
  3. Cut Out Unnecessary Expenses.
  4. Rent or Sell Your Current Possessions.
  5. Leave the Cash and Plastic at Home.
  6. Don't Waste Money on "Get Rich Quick" Schemes.
  7. Go Green.
  8. Get a Side Gig.
Feb 28, 2016

What frugal people don t do? ›

30+ Things Frugal People Don't Do
  • Fail to Implement a Budget. ...
  • Spend Money Every Single Day. ...
  • Choose Wants over Needs. ...
  • Have Enormous Cable Bills. ...
  • Waste Food. ...
  • Make Impulse Purchases Based on Emotion. ...
  • Buy Brand Name Items and Clothes to Make an Impression. ...
  • Shop as a Form of Entertainment.

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