50 Folks Who Have Mastered The Art Of Frugal Living Share Their Top Tips (New Pics)

The personal finance expert told us that he then moved this surplus to his third “and most important account” meant for his savings and investments. “Growing this account was the key to becoming financially independent,” he opened up to us.

According to Orford, the ‘every little bit counts’ philosophy applies not only to reducing one’s expenses but also their savings and investments. 

“I believe the money is best spent buying a home, even with higher than normal mortgages. But, the home should be affordable: so that means perhaps living with parents, or in an economical rental as long as needed until one can buy the home,” he gave some advice on what to invest in first.

“Once the home is purchased, the next step is to evaluate whether the goal is to pay it off fast or invest it in other things. Some say mortgage debt is bad, but I'm not one of them,” Orford told Bored Panda.

“That said, paying off a mortgage faster results in immediate savings as the funds will go toward the principal, thereby reducing years of interest payments,” he said.

“On the other hand, investing the money into a low-cost S&P 500 index fund, for example, historically returns 10% on average. In the end, I wouldn't fault anyone for making either choice as the money is put to work regardless.”

The r/frugal online community covers a lot of different aspects of frugal living. As the moderator team behind the project points out, everyone has their own definition of frugality, as well as their own reasons for being frugal.

It’s something to keep in mind so that all those friendly discussions about saving cash, time, and energy don’t turn into fiery arguments. “Discuss and debate, but don't fight over it, or be condescending to those who do not share your particular view on frugality,” the team shares.

Meanwhile, it helps to remember that the online community includes internet users from all over the globe. That means that general advice and personal finance philosophies might appeal to (nearly) everyone. However, tips about specific stores, products, or deals might only be helpful to folks living in certain countries.

The more specific someone is about their particular situation, without revealing sensitive overly personal information, the more accurate the advice they receive can be. 

For some more frugal living hacks, take a peek at Bored Panda’s previous features. But before you do that, why not share your own tips on saving money and living frugally in the comments? We always love hearing from you, dear Pandas!