Dave Ramsey, a personal finance expert and bestselling author, is known for his practical approach to saving money, paying off debt, and building wealth. While some of his advice may seem tough, such as his famous “rice and beans” strategy for debt reduction, his frugal habits are proven to help you get control of your finances. Below are nine Ramsey-approved frugal habits that can help you save money and achieve your financial goals.
Cancel Unused Subscriptions and Memberships
With the rise of subscription-based services, it’s easy to end up paying for things you no longer use. Dave Ramsey recommends doing a thorough review of all your subscriptions—streaming services, gym memberships, or meal delivery plans. Ask yourself, “Is this adding real value to my life?” If the answer is no, cancel it. You’ll be surprised at how much you can save each month by cutting unnecessary expenses.
Pack Your Lunch for Work
One of the simplest yet most effective ways to save money is to stop buying lunch every day. According to Ramsey, bringing your lunch from home can save you hundreds, if not thousands, over the course of a year. Prepare leftovers or meal prep on weekends to make this habit easy to stick to. Not only will this save you money, but it also allows you to make healthier food choices.
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Switch to a Cheaper Cell Phone Plan
Ramsey advises shopping around for better deals on your cell phone plan. Many people are locked into expensive contracts, but you may be able to switch to a cheaper provider with comparable service. Even if you’re not ready to switch, calling your current provider and asking for a discount can sometimes result in lower monthly bills. This small change could free up extra money to put toward debt or savings.
Stop Eating Out on Weekends
Eating out is one of the biggest drains on a budget. Ramsey suggests cutting down on restaurant meals, especially on weekends when it’s tempting to go out with friends or family. Instead, try making restaurant-style meals at home to get that “dining out” feeling without the cost. This small lifestyle adjustment can save you a significant amount of money over time.
Try a No-Spend Month
If you’re serious about saving or paying off debt, a no-spend month can be a game-changer. Ramsey recommends setting aside a month where you don’t spend on anything other than essentials like groceries and bills. This exercise forces you to reevaluate your spending habits and can result in a surprising amount of savings. Plan your purchases ahead of time, and stick to the necessities to make the most out of your no-spend challenge.
Buy Generic Products
Name-brand products are often no different from their generic counterparts, aside from fancy packaging and a higher price tag. Ramsey suggests opting for generic versions of staple items like food, medicine, and cleaning supplies. In many cases, these products are made in the same factories as the name brands, but without the premium pricing. Making this switch can lead to big savings without sacrificing quality.
Reduce Energy Expenses at Home
Cutting down on energy costs is a simple way to save money every month. Dave Ramsey advises being mindful of your energy consumption—turn off lights when you leave a room, use energy-efficient appliances, and take shorter showers. Even small actions like washing clothes in cold water or fixing leaky faucets can have a cumulative effect on your utility bills. These changes are easy to implement and can result in noticeable savings.
Do-It-Yourself When Possible
Before hiring someone for a repair or project, consider whether it’s something you could do yourself. With countless DIY tutorials available online, tasks like installing a backsplash or assembling furniture might be easier than you think. Ramsey encourages people to take on small home improvement projects themselves to save labor costs. Not only will this save you money, but it can also give you a sense of accomplishment.
Avoid Temptation by Steering Clear of Certain Stores
Certain stores can be major budget busters, whether it’s a home improvement store, a boutique, or an online shopping site. Ramsey’s advice is simple: if you know a particular store tempts you to overspend, avoid it altogether. Instead, focus on low-cost activities like playing board games with family, reading, or cooking at home. By steering clear of temptations, you’ll reduce impulse purchases and stick to your budget.
By adopting these frugal habits, you can take control of your finances and work toward a debt-free, prosperous future. Whether you’re cutting unnecessary expenses or rethinking everyday spending, these strategies from Dave Ramsey can help you reach your financial goals.
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