Looking for effective frugal habits to learn from the Chinese? Wondering how Chinese people are able to save and manage their money so well?
In my current blog, I’m going to elaborate on significant frugal habits that everyone should learn from Chinese to be better at money management.
23 Frugal Habits to Learn from The Chinese that Actually Work
Let’s dig deeper into frugal habits that will help you in transforming your life-
1.
Look for Alternative Products Before Spending on the Costly Things
You can easily save 30-50% of the money if you look for alternative products. If you pay attention you can always find better alternatives for expensive things.
Make sure you look for other different options before making costly purchases.
2.
Avail Amazing Free Courses Online and Earn New Skill Sets Without Paying Money
There are many free courses online like digital marketing, English speaking, art and craft etc. So use all such opportunities freely.
Also, if you learn a new set of skills then you can earn money from those skills. There are many websites like Udemy, Coursera that offer free courses.
3.
Buy the Best Second-Hand Products at a Low Price
Instead of spending money on new products. Look for second-hand products. Nowadays you can also get online websites where you will get good second-hand products.
You can also visit thrift stores in your city to get second-hand stuff.
4.
Declutter Your Room and Make Money by Selling Out Things that You Don’t Use
You don’t need to clutter your cupboard with the things that you don’t use anymore. Sell out such things and make some money out of those things.
You can also rent out things which you rarely use. In this way, you can be more frugal and save money.
5.
Embrace a Frugal lifestyle in Your Day-To-Day Life
Frugality is a journey rather than a destination. It’s a lifelong process that helps you to manage your money throughout your life.
Chinese people have adapted to frugal living in their life. You should also embrace frugality.
6.
Use Reusable Products Instead of Investing Money on One-Time Usage Items
Reusable products may seem to be costlier than ‘use & throw’ products. But this is a one-time investment. You will be saving more money in the long run through reusable products.
For example, Instead of using one-time water bottles use reusable ones. So, always choose durable and reusable things to avoid expenses.
7.
Make Your Pockets Happy by Having More Income Sources
It’s not safe to depend on a single source of income. There are always uncertainties like job loss and all. So you should have more income sources to take care of your expenses.
Nowadays there are many online passive income opportunities that you explore to build wealth. Even side hustles are the best option to earn more. If you earn more, you can save more.
8.
Stop Aping Frivolously Spending Habits of Your Peers
Peer pressure is also one of the important factors that push to spend more money. Every time when you go out shopping with your friends, think twice before spending on unnecessary things.
Just because your friends are buying something does not mean that you too have to spend money on it.
9.
Choose Handmade Gift Ideas During Festivals to Save Money
Handmade gifts have their own charm. And this creates a special and strong bonding between friends and relatives. So prepare handmade gifts at home which costs you less than buying gifts.
There are many handmade gift ideas that save a lot of expenses like- greeting cards, photo frames, painting etc.
10.
Keep a Tab on Discounts, Sales and Offers to Save Big
During sales, you can get more discounts on gadgets, outfits and kitchen appliances. So, you can look for Instagram pages that provide offers and coupon codes.
Along with this make sure you keep a tab on clearance sales. During clearance sales, you will get branded products at a discounted price.
11.
Learn the Art of Haggling to Save Extra
Well, bargaining is a skill and it’s an art. The one who learns it will save extra bucks. One should not hesitate to bargain but one should know when to bargain.
You should consider some important things while bargaining. Remember, every penny counts.
12.
Save Money on Food by Cooking at Home
Chinese people do not overindulge in any unnecessary spending habits like eating outside food. They create a balance between saving and spending.
If you pay attention then you can save up to $1000 per year on food. It is found that teenagers start to spend more on eating outside food. If this habit continues then one spends a lot of money only on outside food.
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13.
Avoid Having Multiples of Everything
Some people have a habit of collecting multiples of everything. Two TV sets at home, two smartphones etc. But you don’t actually need multiples.
Just minimize the number. Stop collecting extra things. Just save that money and you can think about using that money for any other better things.
14.
Follow Frugal Grocery Shopping Hacks to Save Extra Every Month
If you give a little bit of attention while grocery shopping then you can save a lot of money.
For instance, you can look for discounts and sales, earn loyalty points at a grocery shop to get more discounts. All such small steps will lead you to adapt to frugality and save money.
15.
Reuse the Things as Much as Possible
Reuse the things that are in good condition. You don’t need to buy new school bags every year for your kids. Let them reuse the same bag.
If you have an old pair of outfits, use them to wear at home. Also, you don’t need to switch to new phones when they launch new versions. Just keep happily using your old phones.
16.
Repurpose Old and Out-dated Things Without Wasting Anything
You don’t need to throw away your old jeans. You can learn DIY on YouTube and make jeans bags. This is a very simple DIY idea to be more resourceful.
In this way, you don’t need to buy new storage bags. This is all about being frugal without being cheap.
17.
Read Money-Related Books that Support You to be More Frugal
There are many popular books that help you to understand the importance of saving money. If you follow such books that will help you to adapt to thrifty living.
The more you read, your financial literacy will improve. By this, you will be managing your money wisely and be more frugal.
18.
Know-How to be Healthy and Fit at Home without Spending Too Much on Fitness Routine
Cancel your gym membership if you are not going there regularly. And use simple tools like skipping rope, acupuncture kit, and doing cardio or yoga. You don’t need to spend more money on costly equipment to be healthy.
There are some specific TV channels for fitness tips. You can watch such TV channels to learn exercise.
19.
Teach Your Kids about Money
It’s so important to inculcate money-saving habits in kids. I’ve even started saving money in my piggy bank during my childhood. This helped me to adapt to frugal living easily.
You can encourage your kids to save money by giving them a piggy bank. Help your kids to know the value of money. After all, parents should stay budget-friendly even when it comes to expenses related to kids.
20.
Try to Have a Minimum Number of Pets at Home and Save on Maintenance Expenses
Pets need total care and attention as a family member. But if you bring more pets to your home then your expenses will also increase.
It is good to love and care for pets. But you should also think about the expenses. If you have more than one pet then your expenses will be more.
21.
Use Public Transport and End Up being a Budget Commuter
Instead of spending money on fuel and a vehicle you can use public transportation. Also, you can opt for carpooling to save money on transportation.
If you have your own vehicle then you will bear extra expenses as repair, servicing, insurance. So you can save all these extra expenses by using public transportation.
22.
Have Awareness about an Economy to Manage Your Money Well
Chinese people have a vision and understand the economy. They know that today they may be having a good income but everything changes soon. They know that the economy of the country will not remain the same forever.
In fact, the economy of any country will not remain the same. There will be fluctuation. This will also cause inflation. So one should save more money to help themselves in such situations.
23.
Enjoy FREE Entertainment without Paying for Any Premium
Do not spend too much on entertainment. It is good to have fun and entertainment but you should not overindulge in it.
You can use YouTube and free music online for entertainment. Also, there are many offline options like visiting art galleries, exhibitions where they don’t have entry fees. So find such free entertainment.
So, these are the significant frugal habits to learn from the Chinese to embrace frugality in your life. Implement these habits and see the change in your life.