4 Frugal Secrets I Learned From My Grandparents

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Many often equate being frugal with being cheap, but they’re not the same. Being frugal means prioritizing your spending and changing your habits to save money. On the other hand, being cheap means cutting corners to your own detriment and being unwilling to spend money even when necessary.

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Here are four frugal secrets Christopher M. Naghibi, executive vice president and COO at First Foundation Bank, and Terrell Stauffer, CFP® and financial advisor at Wealth Enhancement Group, learned from their grandparents.

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1. Growing Your Own Food and Eating at Home

“I know it sounds outdated, but my wife and I follow my grandparents’ frugal habit of growing food at home, and we enjoy growing our own rosemary, Thai basil and a variety of vegetables. They taste so much better and also save us some money,” said Naghibi.

He explained that though his mother’s parents couldn’t afford to travel as much as they wanted to, they bonded as a family over so many things — including planting their own food garden, cooking together and eating their meals at the dinner table every night. “We still honor that tradition and try to spend time cooking with our 4-year-old son. Dining out has been hit really hard by inflation, and I can’t tell you how much money we save by consistently growing and cooking our own food,” he emphasized.

According to a recent US Foods survey of 1,000 Americans, the average person spends approximately $166 a month on dining out. If you’re a family of four, dining out could easily cost you over $500 monthly. Consider adopting Naghibi’s grandparents’ frugal habit of cooking and growing food at home to cut down your monthly food expenses.

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2. Being Frugal With Your Time, Not Just Money

Naghibi’s father’s parents were born and raised in the Middle East and are ambitious dreamers who believe the creation of wealth is intentional and by design. Instead of only being frugal with their money, they were also frugal with their time and treated it with as much intentionality as they did with their money.

“My father’s parents spent a tremendous amount of time openly talking about investing. They believed in buying stock and starting businesses. And instead of going out most evenings, they would talk about their finances openly, almost like it was a brainstorming session. It wasn’t so much a frugal habit as much of a mindset,” Naghibi said.

Unlike money, once time is spent, it’s gone for good. If you’re spending hours each day mindlessly scrolling on social media, it’s time to reevaluate your priorities. Take a second to be mindful about how you’re spending your time and ask yourself if it’s getting you closer to your life goals. If you aspire to become a certified yoga instructor, invest your time in taking courses. And if your goal is to save $100,000 by your 30th birthday, invest time and energy into soaking up the knowledge you need to make that happen. Time is money, so spend it wisely and frugally.

3. Living Within Your Means

“My grandparents only spent what they earned and worked hard to make more. They were both from impoverished families and were determined to beat poverty and give their children and grandchildren a head start they never experienced,” said Stauffer. “Because they learned the habits of delayed gratification and living within their means, they succeeded and gave my dad and my family a better life. Most importantly, they showed me the value of saying ‘not yet,’” he added.

However, Stauffer emphasized that this frugal secret he learned from his grandparents was more caught than taught. “They didn’t sit me down and tell me what to do. I watched their lives and witnessed the habits that led to their financial peace and prosperity,” he said.

Living within your means is spending less than or at least equal to the amount of money you make each month. To internalize this frugal habit and incorporate it into your life, use a budgeting app to track your expenses and ensure you’re not overextending yourself financially.

4. Finding Creative Ways To Be Thrifty

“I still remember my grandma telling me stories of how they cut out their cardboard cereal boxes for sole replacements in their shoes or used burlap and animal feed sacks from the farm as undergarments,” Stauffer said. His grandparents knew what it meant to live frugally and not waste. Thankfully, in part because of their hard work, Stauffer is blessed to live a more comfortable life than theirs.

While Stauffer can purchase new shoes or undergarments today without experiencing financial strain, he still very much adopted his grandparents’ mindset. “I strive to channel their thrifty spirit and stay true to their mindset by looking for ways to save here and there. For example, only shopping at Walmart and Costco or taking on do-it-yourself home repairs whenever feasible,” he explained.

Here are some creative ways to apply this frugal habit to your daily life and stretch your dollars further:

• Make your own cleaning supplies using simple and affordable ingredients like vinegar and baking soda.
• Plan your meals for the week and cook in batches.
• Explore thrift stores for clothing, furniture and household items.
• Borrow books from a local library instead of buying them. 
• Download apps like Rakuten or Ibotta that offer rebates on everyday purchases.

Embrace Frugal Living To Achieve Financial Freedom

While most of the older generations mastered frugal living out of necessity, you can still embrace and incorporate their wisdom into your daily life to gain control over your finances. By living frugally, you free up resources that can be directed toward meaningful goals and financial freedom — whether it’s building an emergency fund, investing in education or working toward early retirement.

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