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Why Frugality Is So Important

By U.S. News & World Report

Sometimes I think, why would anyone even want to be a frugal shopper? It’s definitely a pain to master the art of frugality.

Then I remember all the benefits it’s brought me and I snap back into line. Frugality has allowed me to:

1. Chase my dream career, even though it’s low-paying and inconsistent work.

2. Lessen my impact on the environment. It’s an excellent way to go green.

3. Save up an emergency fund that’s given me the freedom to move when I want and leave terrible jobs.

4. Find money I thought I didn’t have so I could save up for retirement.

5. Free up money to buy more expensive quality items that last longer, rather than cheaper versions that break quickly.

6. Completely change the way I view objects and money, for the better.

And it’s definitely not an overnight thing, which no one ever really wants to hear anymore. I get it. I’m a millennial, too. If I can master it through a few minutes of using an app on my phone, I probably don’t really want to learn how to do it, anyway.

Good things take time, though, and if you want to master frugality, you need to channel your inner grandparents. Some of my best money saving tips take some prep work or skill building, but they’ve not only saved me money, but they also make me feel accomplished. Being the best guitar hero around has never given me the same amount of pride as growing my own cucumbers or mending my own clothes. You can guess which one was initially more fun to learn, though.

Here are five basic skills you can work on to get started saving money and living the frugal life, just like your grandparents did:

Gardening

Believe it or not, gardening can work in most situations. Even if you don’t have a backyard, you can look into community gardens or get started with a basic herb garden on your windowsill. Seeds are pretty cheap to obtain (as a matter of fact, you can just use the seeds of whatever you’ve got sitting around in your fridge).

Carpentry

A few carpentry skills can go a long way. You can repair broken items like furniture legs or tables. Knowledge of how to use tools like a hammer, level and saw will go a long way toward making your home more livable for less money. Once you’re confident with these tools, some Googling can provide instructions for basic home repairs like fixing your own molding or how to lay a floor yourself. Once you’ve started DIYing around the home, your initial confidence from smaller projects can snowball into a lot of successful little repairs. Spackle and paint that hole yourself!

Sewing

Americans spend a lot on clothes each year that are barely worn. Learn how to maintain your clothing and your budget line for that can drop considerably. Or you can join the legions of fashion bloggers like ReFashionista, who picks up clothes at $1 a pop in thrift stores and turns them into gorgeous new outfits after a quick trip through her sewing machine.

Car Repair

Learning how to just change your oil can save you around $75 or more a year. The price of oil is actually really low. Most of that cost is in labor when you take your car to a mechanic or oil change station. Learning basic maintenance also makes you more difficult to take advantage of when you are in the shop for a repair beyond your scope of knowledge. Take it from me. The first time I needed a new tire, I was sold four, because the guy told me they all needed to match like a pair of shoes, and I thought that made sense.

Canning

Have you mastered the above basics? If your gardening game is now on point, canning will take your food savings to the next level and help reduce waste. As a matter of fact, for the most frugal bloggers I know, this is a staple skill. Canning keeps food fresh for a long time and let’s you enjoy off season treats regularly.

What skills would you add to this list, for anyone who wants to save money by DIYing more? Do some brainstorming and roll up your sleeves!

More from U.S. News

50 Ways to Improve Your Finances in 2016

10 Creative Ways to Cut Costs This Winter

How to Live on $13,000 a Year

Why Frugality Is So Important originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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