Looking to retire early? You might want to hop on the FIRE movement. FIRE, which stands for Financial Independence, Retire Early , is a lifestyle that prioritizes saving as much as you can in order to retire by or before age 60.
Saving money usually comes with cutting back costs , and cutting costs usually means being frugal where you can. Reddit’s FIRE community gives some pretty helpful tips to get you started. Here are some of the tips users shared with the world.
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“Before I buy anything brand-new, I shop for it used–but in perfect condition–at not more than 10%-30% of the brand new price.”
“Facebook Marketplace or Craigslist, resale shops. Same stuff, but at 70-90% discount. You would not believe how often you can find exactly what you want. People sell every kind of stuff.”
“Did the classic (maybe?) thing of using day-old takeout rice to make fried rice with egg and whatever bits of sauces and leftovers lying around in the fridge and pantry.”
“— greens, canned fish, veggies, sausage. I just appreciate how quick, no-waste and tasty it is.”
“For all seniors, AARP has great discounts and tips on saving money! Things like Consumer Cellular and movie and dining!”
Fun fact, you can actually sign up for AARP at any age (though you miss out on full benefits if you’re under 50). Like the website says, it’s never too early to join (and save).
“I cut my sponges in half. So used to it that now a full size sponge feels like overkill.”
It might sound like a pretty small thing to do, but cutting costs on things like sponges really add up. Don’t knock it ’til you try it.
“We have several cats, and we make their food.”
“Cheaper than buying the expensive cans, and gives them better nutrition, so less visits to the vet.”
(PS. you can do this for any pet, not just cats!)
“I bought kefir grains earlier this week, spent the last couple of days re-activating them, and am now culturing my first batch (should be ready to drink tomorrow morning).”
“I got them not just to be frugal but because I love DIY food stuff: besides the usual cooking and baking, I have made various types of cheese (ricotta, mozzarella, feta, chevre), cultured tempeh, fermented kombucha and wine vinegars, pickled many veggies, and brewed my own wine, beer, and cider.”
“I make my own soap and hand wash. It’s quite therapeutic, fun, saves me money and reduces plastic waste.”
If you like arts, crafts, or any kind of DIY stuff, making your own soap is a really fun way to cut costs.
“My local produce market often sells discounted bags of fruits and veggies that are past their prime. Last week I got a huge bag of bananas for $3.”
“I mooshed up the squishiest ones and put them in freezer bags to use in banana bread, and the rest I sliced up and froze for use in smoothies.”
“I’m not a huge music person. I like it, but I don’t listen every day, and my interest comes and goes. I listen to more podcasts these days.”
“That said, I’ve found that I can unsubscribe from Spotify Premium when I get ‘bored’ of music and within a few months I’ll get an offer to rejoin on a 3 months for the price of one offer. Happens routinely now.”
“We just got a free trial of a meal kit delivery service for next week.”
“They give them to current users to give to their friends to entice new customers to join. We noted down there us 4 in our household so we are getting 20 meals (5 days x 4 people) delivered for free. This is the 3rd free trial we’ve had.”
“Just came back from a trip that was entirely paid for using points.”
” Said points were earned pre-covid on business travel. Flight, hotel, rental car.
“Better still, because some premium cards give you better point conversions on redemptions, the effective cost was 30%-40% lower than if I paid cash.”
“Last night I bought some expired Nespresso pods from eBay.”
“They expired earlier this year so hopefully they are still decent. They were more than 1/2 off regular price.”
I mean, they’re espresso so they probably won’t make you sick or anything.
“I’m big on yard sales and thrifting and flipping the things I already have and using that money specifically to buy clothes and shoes.”
“I hunt for high quality gently used brands priced for a steal and I only seek things I actually am in need of.
“For my birthday next month I have a big bag of clothes and purses and things and plan to turn it all into my favorite thrift store for in store credit and use that for a shopping spree in the store as a gift to myself!”
“Ordering groceries for pickup vs. shopping in store saves me a few hundred a month.”
” No impulse purchases . Also? I leave my husband at home when I go to Costco. He has no self-discipline at Costco!”
“I wear the same outfit to work everyday – I have 5 x the tops and 5 x the trousers.”
“I only have to do laundry once a week and I never ever worry about buying new clothes or what to wear… It’s been six months now. When they wear out I’m just going to buy more.”
“I drive an almost 20 year old Honda with only 110k miles that I got for 6k two years ago. Love that car.”
“It’s a little beat up, a little dated, the interior is just ok, but I’m proud of it because I know what that money I save on car payments and expensive insurance is doing anyway.”
“Online shopping tip- install a chrome extension for reverse image searching and use it before you buy anything.”
“Sometimes things are sold on multiple online retailers at different prices. I just switched from buying a sofa on Wayfair to Target.”
“I started using the cash back deals offered by my bank and CC. So far I’ve saved ~$25 this month on things I was buying anyway.”
“Have got savings on gas, pizza, and airfare. They are broken down by merchant.”
“After a series of night shifts at the hospital, I like to stay after work for a breakfast of eggs and potatoes. $3.50.”
If your job offers discounted food, or savings on literally anything you might need, it’s probably a good idea to take them up on it.
“I’ve been trying to actively practice gratitude for several years now as a mental health thing, and one unexpected effect is that it has made me more frugal.”
“When I take the time to truly appreciate what I already have, my wants are less.”
