Top Ten Frugal Tips for High-Income Earning Women

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This is a guest post from my fellow woman physician blogger, Dr. B.C. Krygowski. She’s a palliative medicine physician who discovered FI & Frugality as a way of life. She blogs at bckrygowski.com, and she has ten tips that any high-income earner should try out to add more frugality to their lives.

# 1. Look into Home Exchange.

Home exchange saves me serious money because I can swap homes and cars with other families for overseas vacations.

# 2. Schedule a half-day to sit down and figure out your priorities.

Do you say you want to be mortgage-free more than anything, yet you continue to take four (or more) exotic trips a year? Your life actions say something different than your words. Maybe consider cutting the exotic trips down to one or two a year and put the money you’ve saved towards paying off your mortgage instead.

# 3. Track your expenses.

Doing this helped me to find acceptable, but less expensive ways to achieve the same quality of life.

# 4. Commit to one month of decluttering your house.

Seriously, this is guaranteed to make you spend less money. You’ll be horrified at all the stuff you toss, give away or donate during a one-month declutter binge. In the future you will stop buying so much stuff.

# 5. If you have an Aldi near you, learn to embrace Aldi.

Shopping at Aldi helped us slash our food bill The trick is to stock the car with bags and quarters so you can get a shopping cart and bag your own groceries. Aldi saves us time too: it’s the quickest grocery store to get in and out of. They also now deliver with Instacart.

# 6. Learn to cut hair—don’t be afraid, you can do this!

When my husband started to read Mr. Money Mustache, he went to Walmart and bought a color-coded, foolproof hair trimmer. It came in a plastic container with instructions. I discovered that after a few tries I could cut men’s hair. I estimate this $22 investment saved us about $6,000 over the years of cutting not only his but our two boys hair. Plus it’s saved us time because I don’t have to wrestle the kids into the car.

# 7. Stop shopping.

Send your significant other into the store instead. My husband goes in with a list and only exits the store with what’s on the list. It’s like he has blinders on when it comes to impulse purchases.

# 8.  Embrace the Instant Pot.

Not only will this fantastic device save you time, but oodles of money too!

# 9. Learn how to store food properly, so you waste less.

I have to admit though, I’m a visual person, so the mushrooms kept going bad when we’d put them into brown paper bags. Out of sight, out of my epicurean mind. I’ve taken to propping them on their side on the shelves at eye level, so they’re the first things I see when I open the fridge door.

# 10. Periodically examine your expenditures sheet with your significant other.

This falls under “What are your goals/priorities?” We sit down a few times a year to examine our spreadsheet and analyze where we should spend not only less but also more money.

Girlfriends, I have faith in you taking control of your finances—you got this!

Yours,

B.C. Krygowski

Final Thoughts on Frugal Tips for High-Income Earners

It’s easy to fall into the trap of allowing a high income to dictate high spending. You certainly don’t have to use all these tricks all of the time. However, by making frugality a priority in your life as B.C Krygowski does, you’ll be surprised how much money you can save and invest without feeling like you’re making huge sacrifices.

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Did any of these frugal tips surprise you? What do you do as a high-income earner to keep more money in your bank accounts each month?

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