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Inside: These festive money saving ideas you need to have a magical frugal Christmas! Rediscovering a Christmas with no money is still possible with a little bit of planning, fun, and creativity.

Just like throughout the year, the word frugal can have a bad connotation. When you put the two words together – Frugal Christmas, most people think of a sad holiday with no joy or excitement.

However, just like with a frugal lifestyle, being frugal means you are looking to stretch your dollar to the fullest.

A frugal Christmas means to be economical with the spending of your Christmas funds. You prudently set money aside for Christmas ahead of time, but remember your overall money goals. When it is time to buy Christmas gifts and decor, you are not wasteful with your money and make your money go further.

Everyone’s level of frugality is different.

The same holds true at Christmas. Your frugal Christmas will look different than your neighbor’s or a friend’s. There is no reason to trap yourself in a comparison mode.

Why a Frugal Christmas Traditions Matter?

If you are looking at Christmas with no money, don’t despair! There are plenty of money saving tips in this post to make sure you still enjoy a festive season.

If you want to stay on course to pay off debt or reach FI, then a frugal Christmas would be part of your innate nature to do. You just need some frugal living tips related to Christmas.

You can create a magical frugal Christmas.

More importantly, these frugal money saving ideas for Christmas will help you stick with your budgeting goals and lower your stress level.

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

How to Survive Christmas with No Money

Before we just into the Christmas frugal living tips, let’s discuss the big elephant in the room… what if you can’t afford Christmas gifts?

First of all, that is an unfortunate circumstance that you are in right now. I say “right now” because you have the power to dictate your future.

And it all starts with your mindset… you are focused on surviving Christmas with no money.

Not the fact that you are surrounded by your loved ones. With the chance, to enjoy time together, laugh together, create traditions, and make memories.

That is what Christmas is about.

So, before you move forward, you need to change your mindset. Your current money mindset is focused on having no money, being poor, and being broke.

If you want to change your financial future, then it all starts with your thoughts consuming your mind.

Start with writing down three positive things that happen in each of your days. Make sure one of them is related to money.

Frugal Christmas Tips & Money Saving Ideas

Okay, now, we are going to dig into specify ways to make a frugal Christmas a reality.

These are frugal traits that will improve your money management throughout the holiday season, but you can also start to carry these over to all aspects of your life.

To keep in the spirit of Christmas, let’s dig in and learn how to create a frugal Christmas that won’t leave you broke!

1. Focus on the Important Things

When you make the conscious decision to become more frugal, your center of attention is on the bigger picture.

For a frugal person, they view Christmas as part of a bigger puzzle. Their spending at Christmas needs to align with their money goals and desires.

This is the point when you must ask yourself the hard questions… Would you rather stay on track to pay off debt faster? Keep on saving money so you can take some time off next summer.

These are where you decide what is important in your life.

Just to be clear, I am not saying Christmas isn’t important because it definitely is. I am saying the Christmas that has been defined in our culture that focuses on gifts may not be the overarching focus of Christmas.

2. Plan to Spend Half of “Normal”

Did you know most people plan to spend an AVERAGE of $800-900 on Christmas?

For most folks, that will break any budget with a lot of debt hangover coming in January.

Challenge yourself to a Frugal Christmas of $400 or less.

When you create your frugal Christmas budget, plan to spend half of what you did the previous year. Don’t know how much you spent previously, then stick to the $400 or less.

If you are tempted to overspend, then set your budget at $200.

Now, you need to use Christmas budget template to plan your gifts into your budget.

3. Make Your Frugal Christmas Plan

Now, that you know how much you can spend on Christmas, you must make your budget line up with your gifts, Christmas decors, parties, etc.

This step is often overlooked and we typically fly by the seat of our pants.

However, one of the best money management tips is to plan how you will spend your money before you start spending anything!

In our free printables areas, we have worksheets and spreadsheets to help you.

Also, this is the chance, to be honest with friends and family about your desires for a frugal or no money Christmas. You have the time to plan a no gift holiday, gift exchange of unwanted items, etc.

4. Ask Around for Gifts

Oh my goodness! This is seriously my favorite money saving idea all year round.

Ask around and see what others don’t want anymore.

Another man’s trash is the next man’s treasure.

A recent example in my life… Someone posted in our NextDoor group that they were looking for fly fishing equipment. I politely responded that once the original poster got what they needed I would be interested in anything leftover since my hubby took up this hobby. A neighbor messaged me and we got a bunch of fly fishing equipment for a fraction of the price.

You can always find Christmas decorations and maybe even gifts for no money.

Don’t be afraid to post in Facebook groups or NextDoor. Search Craigslist or thrift stores. You will be AMAZED by what people are happily willing to get rid of.

5. Shop Based on Price

This is where you go into the store and look for gifts that can suit those on your list – more importantly, at your price level.

This is a great chance to pick up items on clearance or deeply discounted sale.

For instance, my son loved LEGOS (okay, what boy doesn’t go through that phase) and they can get quite expensive. Throughout the year, I would always look for LEGOS when they were on sale or being discontinued. This is one example of enjoying a frugal Christmas

6. Creative with Gift Exchanges

With gift exchanges, you don’t need to go out and buy a brand new present. This is a chance to find something in your house that will make a great gift for someone else.

Here are various types of gift exchanges that cost little or no money:

  • White elephant gift exchange
  • $5 gift exchanges
  • Unused item gift exchange
  • Cookie Exchange
  • Used toy, puzzle, or book exchange
  • Coffee mug exchange
  • Charity donation exchange
  • Craft supply gift exchange
  • Dollar Store Finds Gift Exchange
  • Fabulously fashionable clothing exchange
  • Dropped that hobby gift exchange

There are just a few ideas on how you can get creative with holding gift exchanges. Not everything must be expensive to be an awesome winner!

7. Buy in Bulk and Divide Up for Gifts

A frugal trait is buying things in bulk to save money. When the holidays roll around, this is where you use your DIY skills to come up with frugal Christmas gifts.

If you find a lot of people on your list to buy small gifts for, you can create nice packages of presents to give. Typically, these holiday gifts are ideal for teachers, neighbors, co-workers or other special people that you want to wish a Merry Christmas.

For example, you can buy scented candles in bulk and wrap a beautiful bow on the glass jar. That is an easy way to divide them up for multiple gifts.

Another idea is to buy Christmas treat bags and divide up assorted miniature candies to quickly put together many small presents.

These are ideal gifts because they are thoughtful, but also budget-friendly.

8. Plan At-Home Parties

One of the most expensive areas for any budget is entertainment and eating out. The same holds true at Christmas.

To combat extra costs, plan at-home parties where you can control the prices of food, drinks, and decor. And as a bonus, your friends and family may be relieved to spend less as well!

You can hold a potluck or cookie exchange for a fraction of the price of a night out or booked Christmas party.

There are plenty of ways to make it fun. You can still have cocktail hour with the festive dresses that are already in your closet. Don’t have something to wear – pretend you’re a teenager and shop your friend’s closets!

9. Stop Christmas Shopping

When you are done, you are done Christmas shopping. Block your eyes and ears from all of the last minute shopping and stocking stuffers.

One of the frugality traits is to make a plan for your money and stick to it.

Remember, marketers are good at their job of getting you to open up your wallet and spend money. Be stronger and stop shopping for the holidays.

Don’t go over your Christmas budget and your plan.

10. Track How Much You Save

Every frugal person likes to know how much they save.

Not everyone likes numbers, but it is pretty motivating to see how much you save.

With a financial freedom mindset, you know that every penny saved is a penny earned.

This is where you realize your out-of-the-box thinking to create a frugal Christmas is worth the time and effort. You can see your savings on the gifts, decor, and thinking adds up.

Bonus Tip: Eliminate the Stress

One of the traits of becoming frugal comes with learning to live with less. It doesn’t have to be full minimalism. A better term is living simply.

The more you do around Christmas (buying gifts, putting up decor, hosting parties, attending parties, participating in cookie exchanges, cleaning for guests, traveling for events, the list can go on and on) will cause stress.

Look for ways to take a step back and focus on what is most important to you.

That was the first tip mentioned in this post because it is the one that is overlooked the most often. You don’t decide what you want Christmas to look like. You let others and life decide how your month of December rolls out.

Eliminate the undue stress surrounding the Christmas season.

Frugal Christmas Ideas for Kids When You Have No Money for Gifts

Okay, we are going to spend a little more time around one area that causes us the most stress around the holidays – giving gifts.

There is extreme pressure to provide the Pinterest-perfect, movie-ready, Insta story each and every year.

Regardless of what you spend on Christmas, you will never be able to live up to the self-created expectations you put on yourself.

Just remember that statement when you have no money for gifts.

This is where you get super creative and honest with your loved ones.

Be Honest with Your Finances

The first step is to be completely honest with your financial situation at the moment. You aren’t looking for handouts. You just want a dose of empathy and maybe a hug.

Just like everyone else, you want to give your family the world and shower them with gifts.

However, the center of Christmas is coming together as a family and spending time together. You don’t need money for that.

Time for Creativity and Maybe a Little DIY Christmas

This is where you get creative and start digging to find gifts.

Unfortunately for society, we are flooded with materialistic items. (Just look at any donation center or walk around on trash day.) There are plenty of gifts floating around that would cost you no money.

Post in a No Buy Facebook group or Nextdoor and see if anyone is getting rid of what you want.

More than likely, you will find Christmas gifts for no money. Sometimes, you may have to a fraction of the retail price.

Another option is to use your DIY skills – learn to sew, knit, bake, etc. Give away some of your treasured handmade gifts.

No-Spend Christmas Activities

For frugal individuals, like me, the key enjoyment of the festive season does not rely on these costly aspects, but rather on the spirit of unity, shared experiences, and thoughtful gestures. This is where the concept of ‘No Gift Christmas‘ comes in, emphasizing value-driven festivities that foster warmth and happiness without the need to break the bank.

The good news is you can enjoy the holidays with plenty of things that don’t cost money.

Fun and Frugal Christmas Activities at Home

Enjoying a festive holiday season doesn’t have to break the bank. In fact, there are several fun and frugal Christmas activities you can do at home!

  1. Roast marshmallows: Whether you have a fireplace or a stove, roasting marshmallows at home can be a delightful way to savor the season.
  2. Christmas movie night: Why not curl up on the couch with some popcorn and a Christmas movie? Consider a crowd-pleaser like The Christmas Chronicles on Netflix.
  3. Bake cookies: Get the whole family involved in baking and decorating Christmas cookies.
  4. Make a popcorn garland: This is a festive and fun craft you can enjoy together and later use to decorate your Christmas tree.
  5. Play Christmas Charades: Searching Google for free printable charade cards can give you a night of fun that is sure to create hilarious memories.
  6. Hot Chocolate Night: Warm up and gather around with the sweet treat of homemade hot cocoa.
  7. DIY Christmas Cards: Create and send handmade Christmas cards to local nursing homes or soldiers abroad. A personal touch to your season’s greetings will mean a lot to the recipients.
  8. Christmas Light Scavenger Hunt: Turn your Christmas light viewing into an adventure! Print out a free scavenger hunt, bundle up, and enjoy a hands-on game during your neighborhood stroll. Remember, the true spirit of the holidays can be found in the joy of being together—not the amount of money spent.

Taking Advantage of Free Christmas Events in Your Town

There are usually plenty of free Christmas events in your town or city if you know where to look. Here are some festive events you can attend without spending a penny:

  1. Visit the Christmas tree in your town square: Most towns have a community tree lighting ceremony that often includes free musical performances too.
  2. Check out community holiday parades: Many towns host Christmas parades that are open and free to the public.
  3. Look for free events at local libraries and community centers: Many libraries and community centers host free Christmas-themed activities for children, from story readings to crafts or even visits from Santa!
  4. Go Caroling in your neighborhood: Gather your friends and family for a simple and heartwarming tradition of spreading Christmas cheer through carols.
  5. Visit Church ceremonies: Attend church services or watch local choirs perform their favorite Christmas hymns.
  6. Volunteering: Use the season of giving to volunteer at a local food bank, soup kitchen, or charity. It’s free and can be a rewarding experience.
  7. Christmas Lights Tour: Drive around or take a leisurely evening stroll to enjoy the holiday light displays in your local neighborhoods. Remember to check your city or town’s events website for a complete schedule and details. The holiday spirit is abundant and can be found without breaking the bank.

For more ideas, check out the Christmas bucket list that has plenty of fun holiday-filled events.

Shopping Strategies for a Frugal Christmas

While we have plenty of tips for shopping smart on our website, we are going to focus on two areas when preparing Christmas for the frugal.

Tip #1 – Start Buying Christmas Stuff in January

Starting your Christmas shopping in January means you get to spread the cost over the whole year, taking advantage of these deep discounts.

It’s very budget-friendly and helps control the infamous last-minute Christmas shopping spree.

Now, it’s important to note that you should only buy items you are reasonably sure you will use the following Christmas, to avoid clutter or unneeded spending.

Expert Tip: make a list during the holidays of the items you need, so you know precisely what to look for in the January sales.

tip #2 – Using Money-Saving Apps for a Frugal Christmas

To save money while shopping for Christmas presents, consider using money-saving apps. These apps give you cash back, coupon codes, and discounts while you shop, reducing the overall cost of your purchases, and essentially making you “earn” while you spend.

Here are some trusty tools to help you achieve a frugal Christmas:

  1. Rakuten (formerly Ebates): This cash back app provides discounts on purchases from thousands of retailers when you shop through its site or the app.
  2. BeFrugal: This app offers coupons, promo codes, and cash back offers to save on everything you buy. Sign up here for your $10 bonus.
  3. Ibotta: Ibotta allows you to earn cash back on everyday purchases online and in-store with a snap of your receipt.
  4. Honey: Honey automatically searches and applies the best coupons when you shop online.
  5. Hip2Save: This deal website and app posts about a wide range of heavily-discounted products, from toys to housewares. One of my favorites!
  6. Bonus: Paribus: Although not exactly a cash back app, Paribus is worth mentioning as it scans your digital purchases, seeking price drops and getting you a refund if an item you’ve bought goes on sale or if it finds the same product cheaper elsewhere.

By keeping these apps at your fingertips and using them proactively, you can stretch your Christmas budget further and end the year on a high note, financially.

Ready to a Magical Frugal Christmas?

The best part of being frugal is focusing on what is most important and saving money along the way.

That is why frugal living tips are so very helpful!

As a frugal person, there are some years that we can have Christmas on very little money, and in other years, we choose to spend a little bit more. Never ever have we spent close to the average Christmas spending.

That right there my friend defines a frugal Christmas.

If you are still on the fence about a frugal Christmas and spending $400 or less, then let’s think about it like this…

For 20 years, you spend half of the average spending at Christmas time, you will save over $8000. That amount doesn’t include inflation.

So, you need to ask yourself, how much are you willing to spend on the Pinterest perfect Christmas? That spending must be able to be paid in cash in full – not charged to a credit card.

We have shared many frugal living tricks to make your Christmas magical. What else would you add to the list?

Happy frugal Christmas!

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Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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In the pursuit of financial stability and prosperity, setting clear goals is paramount. In this guide, we’ll explore ten essential financial objectives that can pave the way to a secure and fulfilling future. Whether you’re aiming to build wealth, eliminate debt, or achieve financial independence, these goals will serve as your roadmap to success. Let’s embark on this journey towards financial empowerment together.

Be A Constant Learner

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Make continuous learning a priority in your financial journey. With so much to discover about money management and personal finance, adopting a mindset of constant learning equips you with essential knowledge for making informed financial decisions.

Pay Yourself First

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Prioritize your financial well-being by committing to paying yourself first. By saving a portion of your income before anything else, you safeguard your financial future and ensure you have resources available for future needs and opportunities. Start small and keep saving more.

Multiple streams of income

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Diversify your income sources to safeguard your financial stability. Whether through side hustles, investments, or additional employment, creating multiple streams of income provides financial resilience and opens up avenues for wealth accumulation beyond traditional income streams.

To Learn More: Explore the Many Ways to Make Money

Get Out of Debt

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Break free from the shackles of debt to regain control of your financial future. Eliminating debt not only relieves financial stress but also paves the way for future financial growth and stability. By prioritizing debt repayment, you clear the path for building wealth and achieving your financial goals.

To learn more: How to Get Out of Debt in 5 Easy Steps

Spend less Than You Earn

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Achieve financial stability by ensuring your expenses remain below your income. Embrace the practice of spending less than you earn to avoid debt accumulation and cultivate healthy financial habits. Consider participating in a no-spend challenge to reinforce mindful spending and bolster your savings.

To learn more: No Spend Challenge: The #1 Fastest Way To Save Money

Increase your Saving Percentage

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Boost your financial well-being by incrementally increasing your savings rate. Saving a significant portion of your income, ideally 20% or more, contributes to long-term wealth accumulation and financial security. Adopting this habit allows you to gradually grow your net worth while maintaining financial flexibility and resilience.

To learn more: How Much to Save Monthly – Your Savings Percentage

Give Money Away

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Cultivate generosity by incorporating charitable giving into your financial plan. Whether through donations to worthy causes or acts of kindness, sharing your resources with others not only benefits those in need but also fosters a sense of fulfillment and abundance in your own life. Prioritize giving as a cornerstone of your financial journey.

Keep a Financial Journal

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Track your financial progress and milestones by maintaining a financial journal. Recording your financial goals, achievements, and challenges provides valuable insights into your financial journey and serves as a source of motivation to stay focused on your objectives. Regularly reviewing your journal empowers you to make informed decisions and stay on track toward financial success.

Teach others About Money

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Share your financial knowledge and empower others to achieve financial success. By imparting solid money management skills to those around you, you not only contribute to their financial well-being but also reinforce your own understanding and commitment to sound financial principles. Serve as a mentor and advocate for financial literacy within your community.

Retire on Your Terms

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Take control of your retirement planning to ensure you retire on your own terms. By diligently saving and investing for retirement, you create the financial foundation necessary to maintain your desired lifestyle without relying on earned income. Start planning and saving early to secure a comfortable retirement that aligns with your goals and aspirations.

To learn more: What Happens If you Don’t Save for Retirement

Smart Financial Goals that You Need

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Discover the importance of setting smart financial goals to transform your financial future. Utilize our setting financial goals worksheet to define clear objectives and develop a roadmap for achieving them. Setting smart financial goals empowers you to take control of your finances and pursue a path towards long-term financial success.

To learn more: 10 Smart Financial Goals That You Need

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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Socially responsible investing (SRI) strategies help investors put their capital into a range of securities — e.g., stocks, bonds, mutual funds — that focus on socially positive aims: e.g., clean energy, air and water; equitable employment practices, and more.

Despite market volatility driven by interest rate changes and geopolitical conflicts in recent years, SRI investing strategies have garnered steady interest from investors.

Various analyses of SRI funds suggest that the philosophy of doing well by doing some good in the world may have an upside worth exploring.

What Is Socially Responsible Investing?

While SRI investing goes by many names — including ESG investing (for environmental, social, and government factors), sustainable, or impact investing — the fundamental idea is to channel capital into entities that are working toward specific environmental and/or social policies in the U.S. and worldwide. The aim of SRI is to generate both positive changes across various industries, while also delivering returns.

Generally, investors that embrace SRI strategies find ways to assess an organization’s environmental and social impact when deciding whether to invest in them. However, there are important distinctions between the various labels in this sector of investing.

Socially responsible investing can be seen as more of an umbrella term (similar to impact investing). Within SRI, some strategies focus specifically on companies that meet certain criteria — either by supporting specific practices (e.g., green manufacturing, ethical shopping) or avoiding others (e.g., reducing reliance on fossil fuels).

For that reason it’s incumbent on each investor to assess different SRI options, to make sure they match their own aims. This is no different from the due diligence required for anyone starting to invest.

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Interest in SRI Investing Strategies

The tangible merits of socially responsible investing have always been subject to debate. But in the last couple of years there has been criticism of some of the underlying principles of SRI, as well as questions about the overall financial value of this investing approach.

Nonetheless, the value of global assets allocated to ETFs with an ESG focus have shown steady growth in the last two decades. As of November 2023, according to data from Statista, the value of these assets was $480 billion — a substantial increase since 2006, when the value of those assets was about $5 billion.

And according to a report published in 2023 by Morningstar, a fund rating and research firm, investors in conventional funds as well as SRI funds are likely to see returns over time.

Recommended: Beginner’s Guide to Sustainable Investing

SRI vs ESG vs Other Investing Strategies

While the various terms for SRI investing are often used interchangeably, it’s important for investors to understand some of the differences.

Impact Investing

Impact investing is perhaps the broadest term of all, in that it can refer to a range of priorities, goals, or values that investors may want to pursue. To some degree, impact investing implies that the investor has specific outcomes in mind: i.e. the growth of a certain sector, type of technology, or societal issue.

Impact investing may also refer to strategies that avoid certain companies, products, or practices. This could include so-called sin stocks (e.g. alcohol, tobacco), companies that adhere to principles that are in opposition to an investor’s or institution’s belief system, and more.

Socially Responsible Investing

SRI or socially conscious investing are two other broad labels, and they’re typically used to reflect progressive values of protecting the planet and natural resources, treating people equitably, and emphasizing corporate responsibility.

While SRI can be considered a type of impact investing, there may be impact investing strategies that are diametrically opposed to SRI, simply because they have different aims.

ESG Investing

Securities that embrace ESG principles, though, may be required to adhere to specific standards for protecting aspects of the environment (e.g. clean energy, water, and air); supporting social good (e.g. human rights, safe working conditions, equal opportunities); and corporate accountability (e.g. fighting corruption, balancing executive pay, and so on).

For example, some third-party organizations have helped create ESG metrics for companies and funds based on how well they adhere to various environmental, social, or governance factors.

Investors who believe in socially responsible investing may want to invest in stocks, bonds, or exchange-traded funds (ETFs) that meet ESG standards, and track ESG indexes.

Sustainable Investing

Sustainable investing is often used as a shorthand for securities that have a specific focus on protecting the environment. This term is sometimes used interchangeably with green investing, eco-friendly investing, or even ESG.

Unlike ESG — which is anchored in specific criteria having to do with a company’s actions regarding environmental, social, or governance issues — the phrase “sustainable investing” is considered an umbrella term. It’s not tied to specific criteria.

Corporate Social Responsibility (CSR)

Last, corporate social responsibility (CSR) refers to a general set of business practices that may positively impact society. Often, companies establish certain programs to support local or national issues, e.g. educational needs, ethical labor practices, workplace diversity, social justice initiatives, and more.

Ideally, CSR strategies work in tandem with traditional business objectives of hitting revenue and profit goals. But since CSR goals are specific to each company, they aren’t formally considered part of socially responsible, sustainable, or ESG investing.

A Focus on Results

Investors may want to bear in mind that, with the steady growth of this sector in the last 20 or 30 years, there are a number of ways SRI strategies can come together. For example, it’s possible to invest in sustainable pharmaceuticals and even green banks.

Either way, the underlying principle of these strategies is to make a profit by making a difference. By putting money into companies that embrace certain practices, investors can support organizations that embody principles they believe in, thereby potentially making a difference in the world, and perhaps seeing a financial upside as well.

Socially Responsible Investment Examples

These days, thousands of companies aim — or claim — to embrace ethical, social, environmental, or other standards, such as those put forth in the United Nations’ Principles of Responsible Investing, or the U.N.’s 17 Sustainable Development Goals. As a result, investors today can choose from a wide range of stocks, bonds, ETFs, and more that adhere to these criteria.

Understanding SRI Standards

In addition, there are also standards set out by financial institutions or other organizations which are used to evaluate different companies. It may be useful when selecting stocks that match your values to know the standards or metrics that have been used to verify a company’s ESG status.

Depending on your priorities, you could consider companies in the following sectors, or that embrace certain practices:

•   Clean energy technology and production

•   Supply chain upgrades

•   Clean air and water technology, products, systems, manufacturing

•   Sustainable agriculture

•   Racial and gender equality

•   Fair labor standards

•   Community outreach and support

Exploring Different Asset Classes

Investors can also trade stocks of companies that are certified B Corporations (B Corps), which meet a higher standard for environmental sustainability in their businesses, or hit other metrics around public transparency and social justice, for example. B Corps can be any company, from bakeries to funeral homes, and may or may not be publicly traded.

Companies issue green bonds to finance projects and business operations that specifically address environmental and climate concerns, such as energy-efficient power plants, upgrades to municipal water systems, and so on.

These bonds may come with tax incentives, making them a more attractive investment than traditional bonds.

Another option for investors who don’t want to pick individual SRI or ESG stocks is to consider mutual funds and exchange-traded funds (ETFs) that provide exposure to socially responsible companies and other investments.

There are a growing number of index funds that invest in a basket of sustainable stocks and bonds. These funds allow investors to diversify their holdings by investing in one security.

There are numerous indexes that investors use as benchmarks for the performance of socially responsible funds. Three of the most prominent socially responsible indexes include: the MSCI USA Extended ESG Focus Index; Nasdaq 100 ESG Index; S&P 500 ESG Index. (Remember, you cannot invest directly in an index, only in funds that track the index.)

Recommended: Portfolio Diversification: What It Is and Why It’s Important

The Growing Appeal of Socially Responsible Investments

While many investors find the idea of doing good or making an impact appealing, the question of profit has long been a point of debate within the industry. Do you sacrifice performance if you invest according to certain values?

Unfortunately, the lack of consistency in terms of what constitutes a sustainable or socially/environmentally responsible investment has made it difficult to compare SRI strategies to conventional ones. One financial company may use one set of criteria when developing its sustainable offerings; another company may use its own proprietary set of standards.

That said, as the universe of sustainable offerings continues to grow, it’s possible to create more apples-to-apples comparison sets. According to Morningstar data, sustainable equity funds saw median returns of 16.7% for 2023 versus 14.4% for traditional equity funds. The relative outperformance of SRI strategies was consistent across equity fund styles and most market caps, but particularly large-cap equities. Over 75% of SRI and conventional funds include large-cap equities.

In addition, sustainable fund assets under management (AUM) globally were up 15% over 2022, growing to $3.4 trillion.

The Evolution of Responsible Investing

Socially conscious investing is not a new concept: People have been tailoring their investment strategies for generations, for a number of reasons, not all of them related to sustainability. In fact, it’s possible to view the emergence of socially conscious investing in three phases.

Phase 1: Exclusionary Strategies

Exclusionary strategies tend to focus on what not to invest in. For example, those who embrace Muslim, Mormon, Quaker, and other religions, were (and sometimes still are) directed to avoid investing in companies that run counter to the values of that faith. This is sometimes called faith-based investing.

Similarly, throughout history there have been groups as well as individuals who have taken a stand against certain industries or establishments by refusing to invest in related companies. Non-violent groups have traditionally avoided investing in companies that produce weapons. Others have skirted so-called “sin stocks”: companies that are involved in alcohol, tobacco, sex, and other businesses.

On a more global scale, widespread divestment of investor funds from companies in South Africa helped to dismantle the system of racial apartheid in South Africa in the 1980s.

Phase 2: Proactive Investing

Just like exclusionary strategies, proactive strategies are values-led. But rather than taking an avoidant approach, here investors put their money into companies and causes that match their beliefs.

For example, one of the earliest sustainable mutual funds was launched in 1971 by Pax World; the founders wanted to take a stand against chemical weapons in the Vietnam war and encourage investors to support more environmentally friendly businesses.

This approach gained steady interest from investors, as financial companies launched a range of funds that focused on supporting certain sectors. So-called green investing helped to establish numerous companies that have built sustainable energy platforms, for example.

Phase 3: Investing With Impact

With the rise of digital technology in the last 30 years, two things became possible.

First, financial institutions were able to create screening tools and filters to help investors gauge which companies actually adhered to certain standards — whether ethical, environmental, or something else. Second, the ability to track real-time company behavior and outcomes helped establish greater transparency — and accountability — for financial institutions evaluating these companies for their SRI fund offerings.

By 2006, the United Nations launched the Principles for Responsible Investment (PRI), a set of global standards that helped create a worldwide understanding of Environmental, Social, and Governance strategies.

ESG became the shorthand for companies that focus on protecting various aspects of the environment (including clean energy, water, and air); supporting social good (including human rights, safe working conditions, equal opportunities); and fair corporate governance (e.g. fighting corruption, balancing executive pay, and so on).

Why Choose Socially Responsible Investing?

While the three phases of socially responsible investing did emerge more or less chronologically, all three types of strategies still exist in various forms today. But the growing emphasis on corporate accountability in terms of outcomes — requiring companies to do more than just green-washing their policies, products, and marketing materials — has shifted investors’ focus to the measurable impacts of these strategies.

Now the reasons to choose SRI strategies are growing.

Investors Can Have an Impact

The notion of values-led investing is that by putting your money into organizations that align with your beliefs, you can make a tangible difference in the world. The performance of many sustainable funds, as noted above, indicates that it’s possible to support the growth of specific companies or sectors (although growth always entails risk, and past performance is no guarantee of future results).

Socially Responsible Strategies May Be Profitable, Too

As discussed earlier, the question of whether SRI and ESG funds are as profitable as they are ethical has long been a point of debate. But that skepticism is ebbing now, with new performance metrics suggesting that sustainable funds are on par with conventional funds.

Socially Responsible Investing May Help Mitigate Risk

The criteria built into ESG investment standards may also help identify companies with poor governance practices, or those with exposure to environmental and social risks that could lead to financial losses.

Do Retirement Accounts Offer Socially Responsible Investments?

Generally speaking, individual retirement accounts may include socially responsible or ESG investment options. For example, when investing in different types of IRAs, e.g., a traditional, Roth, or SEP IRA, investors typically have access to all the securities offered by that financial institution, including stocks, bonds, and ETFs that may reflect ESG standards. The choice is up to individual investors.

That hasn’t always been the case with employer-sponsored 401k or 403b plans. But in 2023, the Department of Labor issued a rule allowing plan fiduciaries to consider ESG investment options for plan participants.

While some plans may now offer socially responsible or ESG investments, there is a push from some lawmakers to restrict or eliminate the availability of these funds. ERISA standards for retirement plans dictate that the investment options offered by employer-sponsored plans “must be based on risk return factors that the fiduciary prudently determines are material to investment value.” Some lawmakers argue that ESG funds are higher risk and not suitable for employees in company plans.

The Takeaway

Socially responsible investing is a broad term that can mean different things to different groups, but no matter which term you use — socially conscious investing, impact investing, ESG investing — it comes down to the compelling idea that by investing your money in organizations that match your values, you can make a difference in the world.

Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Invest with as little as $5 with a SoFi Active Investing account.

FAQ

Is socially responsible investing profitable?

Socially responsible investing can be profitable, as multiple reviews of fund performance have shown over the last several years. That said, some believe that the financial strength of ESG or SRI strategies is debatable. While any investment strategy has its own risks, it’s best to assess them according to your own aims.

What is the difference between ESG investing and socially responsible investing?

Socially responsible investing is considered a broad term that can encompass a range of practices and standards. ESG investing stands for environmental, social, and governance factors, is a set of principles that is often used to assess how well companies meet specific, measurable criteria. While there is no single industry-wide metric for ESG standards, investors can consider various proprietary tools.

How many socially responsible investment opportunities are there?

It’s impossible to say how many SRI opportunities there are, as the stocks, bonds, and other securities that embrace ESG standards continue to grow. More than 120 new sustainable funds entered the SRI landscape in 2021, in addition to 26 existing funds that took on a sustainable mandate.

What is the socially responsible investment theory?

The theory behind socially responsible investing can be summed up by the old saying about “Doing well by doing good.” In other words, by investing in companies that support positive social and environmental products and policies, it’s possible to help investors realize a profit.

How do you start socially responsible investing?

Investors who are interested in SRI or ESG investing can begin by getting to know companies that adhere to certain eco-friendly or socially responsible standards. In addition, many financial institutions offer clients a way to screen for stocks or mutual funds that have an ESG focus.

Photo credit: iStock/luigi giordano

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Discovering financial independence doesn’t have to be complicated. In this guide, we’ll explore 10 incredibly simple methods to help you achieve financial freedom effortlessly. Whether it’s through saving, budgeting, or increasing your income, these easy strategies will set you on the path to financial independence in no time. Then, you can enjoy time freedom and not stress about the 9-5 grind.

How to Become Financially Independent to Create the Life you Want

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Learn the essential steps to achieve financial independence and build the life you desire. Take action today to build wealth and secure your financial future. With the right strategies and tools, financial independence is within reach, and you can take control of your financial destiny.

Find more ideas: How to Become Financially Independent: Create the Life You Want

Become Financially Sound

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Achieving financial soundness is the first step towards effective money management. Learn how to improve your financial health and become financially sound within the next 30 days. Take proactive steps to enhance your financial stability and secure a brighter financial future starting now.

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Are you Financially Stable?

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Discover the exact habits needed to achieve financial stability and take control of your finances. Financial stability means being in charge of your money, and this guide provides easy ways to attain it. Explore these simple yet effective tips to achieve financial stability and transform your financial future.

To learn more: 32+ Simple Hints Someone is Financially Stable + How You can be too!

Money Mantras to Repeat to Boast Your Mindset

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Harness the power of these top money mantras to cultivate a mindset of wealth and achieve financial freedom. Affirm your success and transform your financial situation with these powerful mantras. Pick your money mantra and unlock the keys to ultimate financial freedom with these empowering affirmations.

To Pick Your Money Mantra: Top 50 Money Mantras to Boost Your Financial Freedom

What is Your FI Number?

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Discover your FI Number Calculator and unlock the path to financial independence. You may be surprised you are closer than you thought! This tool is crucial for anyone seeking to change their financial future. Learn how to calculate your FI number and take control of your financial destiny today.

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Become Debt Free to Grow Wealth

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Discover the keys to financial independence by uncovering why living debt-free might lead to true wealth. Gain practical insights and strategies for achieving lasting financial security without the burden of debt. Perfect for individuals seeking to take control of their finances and build a solid foundation for future wealth.

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What Are Your Smart Financial Goals?

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Gain valuable insights into setting smart financial goals and transforming your financial future. Learn how to create a roadmap for success with our downloadable financial goals worksheet. Start taking control of your finances today and pave the way towards achieving your financial aspirations.

To learn more: 10 Smart Financial Goals That You Need

Do You Use the Key Components of Successful Budgeting?

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Unlock the secrets to successful budgeting with our comprehensive guide. Learn about essential budget tools, strategies for adjusting your budget, and setting financial goals for transformative money management. Discover the freedom that comes with creating budgets tailored to your expenses and financial aspirations.

To learn more: What are Key Components of Successful Budgeting?

Time to Budget Your Money With Percentages

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Master the art of budgeting your money with percentages using the simple and flexible Cents Plan Formula. Take charge of your finances and manage your money in a way that works for you. Learn practical tips for budgeting with percentages and start on the path toward financial stability today.

To learn more: How to Budget Your Money With Percentages with the Cents Plan Formula

Learn How to Make Money Online

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Explore 65 easy ideas on how to make money online for beginners and kickstart your online income journey. This guide offers a variety of options, from starting a blog to selling products, to help you make money from the comfort of your home. Discover simple yet effective ways to increase your income and achieve financial independence.

To learn more: 50+ Ways How to Make Money Online for Beginners

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You want to learn how to be frugal but not cheap… then, you are in the right place.

Simply put… frugal living is saving money at it finest.

To be honest, though, learning how to be frugal can come with spending more money than you planned in the name of frugality. The truth can hurt. But, in order to be frugal, you must save what you would normally spend.

That means you are economical with money.

The list of 175+ frugal living tips seems like a great place to start when you are learning how to be frugal, right?

Wrong!

You need to focus on a few basic habits first. Set yourself up for success. And then, slowly incorporate more frugal ways to save money.

In this post, that is exactly what you will learn.

The frugal habits you need to be successful along with the best frugal life hacks to guarantee success.

Let’s dig in…

Can being Frugal make you Rich?

Absolutely yes!

The key is to save money from your frugal hacks.

Remember the age-old saying, “A penny saved is a penny earned.”

Every penny will slowly add up to the next money milestone.

If you don’t believe me, then check out this millionaire’s story of being frugal.

How Being Frugal can Cost You?

It can IF you are not careful.

Being frugal is about saving money. However, it is possible to spend more money in the name of frugality.

The first example would be being more than you need just because it is a good sale, deal, or clearance price that you don’t want to miss out on.

Next, in your search to find the cheapest option, you actually spend more over time replacing it because the quality isn’t quite the same.

There is a fine line between frugality, being cheap, and simply overspending on deals.

Just be weary of overspending money in the hunt of saving money.

How to be Frugal with Money

These are the habits you want to embrace to become a frugal person.

Personally, I like to think being frugal is being picky with my money.

I loathe my investment accounts going down, so why would I want to buy things that we don’t need or don’t matter in the long wrong. That is why I choose to be frugal with money.

Specifically, I choose to be economical with how we spend money.

Now, let’s dig in to understand how to be frugal with money.

1. Know Your Goals

First, you must know your goals. If you don’t have a goal, then you aren’t going to make any progress. Period.

In today’s society, it is SO easy to spend money without even realizing it. That is the point of business – they are out to market for your money (and they are good at it, too).

You must prioritize you first.

This is something we hear over and over. Prioritize your self-care before taking care of others. The same holds true for your money.

Action Step #1 – Sit down and write out your financial goals.

If this is something you haven’t done before, then check out our helpful guide to rocking your financial goals.

2. Understand your Spending Habits & Triggers

This one is HUGE!!

If you don’t know how and where you spend money without thinking, then you will never be able to stop the spending. You can’t slow the bleed.

First of all, I will admit that uncovering your spending habits is hard. It is introspective. It can be painful. Maybe even demoralizing.

But, until you let go of your previous financial failures, you won’t be able to move on.

This is an important step to make serious progress in your life. You may be amazed how this seemingly simple things will hold you back.

Action Step #2 – Review bank statements or credit card transactions. Look for things you bought without planning for them.

This will highlight your spending habits.

As for your triggers, watch your emotions and think what you automatically do when you are happy, sad, mad, and celebrating.

3. Save First

Oh my, pay yourself first.

This is something I focus on a lot at Money Bliss and for good reason. Saving money is the backbone to financial success.

If you don’t save money, then you are left scrambling when you need cash or stuck going into debt. This is a vicious hamster wheel that debt will overtake you.

Start by saving $10 a day. Many times you can find that money by uncovering your spending habits.

From there, look at increasing your saving percentage each month.

Action Step #3 – Figure out how much you save each week, each month, and your saving percentage. Brainstorm ways to increase how much you save.

To help our readers, you will find many spreadsheets and printables to help you figure out how much you save and track your savings progress. Once signed up on our email list, you will receive the password.

4. Spend Less Than You Make

Your expenses must be lower than your income. Period.

If you are currently spending more than you make, then you must look at ways to drastically cut expenses. Stop hoping that your situation will change and actually do something about it.

This seems like a very easy math concept. Yet, most people struggle with basic money management.

If you don’t believe that saving an extra $5 day, then think about having $1825 in your pocket.

Now, let’s flip it the other way, if you are overspending by $75 a week, then by the end of the year, you are in the hole $3900 plus interest if you took out debt.

Action Step #4 – Figure out your bare bones budget. Then, decide what fun spending items to keep to make sure you spend less than you make.

Here is a guide to help you figure out your bare bones budget. Also, you will find bare bones budget printable in our free library area.

5. Patience

Lastly, you must have patience.

Changing your money management won’t happen overnight. While you can have quick wins and successes, this is the race won by the turtle.

Patience comes with planning and that is one thrifty habit you should pick up.

When you become frugal with money, you plan how you spend your money and save your money. Many times, that means waiting for a sale to buy an item you need or accumulating money for another date.

Action Step #5 – Show self-restraint and try a no spend week or month.

By holding a no spend challenge, it will help you reshape your finances as well as help you prioritize what is important. As a reader, you have access to our no spend printables, too!

Frugal Life Hacks

These are the specific frugal hacks to save money.

These are the key areas you need to focus your energy on. Over time, they will become habits.

1. Pay Yourself First

Yep, this one again.

If you are frugal, then you pay yourself first.

You are focused on two things – how to save more money and how to make more money.

This pay yourself first concept will have you winning at money management – guaranteed!

2. Budget

A frugal person always has a plan on how they plan to spend their hard-earned money.

This makes sure that spending is always below income.

While many people hate the term “budget,” it doesn’t have to be constricting. We like to call it a “Cents Plan.” You make a plan for your money.

Just like you make a plan for your time on the weekend. Same concept.

The more you save now, the greater freedom you will have later.

3. Cook Meals at Home

Cooking food at home costs at least 25% of eating out. While the convenience of eating out is nice, it comes at a monetary and wellness cost.

You can make healthy meals under $10 for six servings. And not be a slave in the kitchen.

Shop the outer area of the grocery store. The expensive stuff is in the middle.

Hint: Try to incorporate a meatless meal 1-2 times per week. Plant based meals are cheaper to make.

4. Shop Less Often

This goes for general shopping, buying groceries, and adding items to your Amazon cart. The more often you go, the more likely you are to spend more money.

Decide ahead of time when you plan to shop (remember that patience concept from earlier).

For example, to get groceries for our house. I plan two pickups per month at the local grocery store and then have organic produce delivered on odd weeks with Misfits Market. Then, Costco run every month to 6 weeks. (Mind you… I have two children that are hitting the pre-teen phase.)

For me, I have shaved 30% off my grocery budget by implementing the strategy to shop less often.

5. Use Cash for Key Categories

If you are tempted to spend more than you should in certain areas, then you need to look at using cash.

When cash has been spent, you must wait until you full up that envelope again.

This helps so much with overspending.

You can do this with the cashless envelope system as well.

6. Own Less Stuff

The more items you have, the more it cost to buy and maintain.

So, by owning less stuff, you are accomplishing one of the most frugal life hacks to save money.

You don’t even need to become a minimalist. You just need to own what you need and that is it.

If you don’t believe me, look around and pack up anything you haven’t touched in the past 30 days.

7. Don’t Buy New

Buying new can be expensive. The best example of buying new is cars, trucks, and SUVs. The price instantly goes down the second you leave the dealership.

If at all possible, always look for used items that you can get at a discount or even for free.

With online forums and groups, it is much easier to find used items.

Of course, there is a caveat to this life hack; there are some things that are worth the investment and should be bought new. Just watch for sales or discounts.

8. Check your Receipts

It absolutely amazes me how many times I can be charged inccorectly. You would think with technology that this wouldn’t happen, but it does.

It takes a quick thirty seconds to scan your receipts and check for errors.

Sometimes, it may be the warranty you declined or double charged for apples. Other times, the sales price not have been rung up correctly.

Don’t hesitate to ask for the correct price!

9. Review Insurance and Ongoing Subscriptions

This may seem like a mundane task to do, but you could save yourself money.

This past summer, our homeowner’s and auto insurance went up again. We shopped around and ended up saving $1800. The same is true for cell phone and cable service.

You have to call and ask for discounts.

More often than not, these companies want you to continue as a customer and will lower your rate.

Insurance Options:

Automated Options to Save Money:

10. Switch to Reusable Products

When you throw something out, you have to buy new again.

This can fall into many categories. However, here are the main things you can reuse and ditch the waste.

This is what you want to look for:

11. Drink Water

Nothing is more frugal than drinking water.

The costs of various drinks can be a drain to any budget.

If you don’t like your tap water, then you can invest in a cheap filtration pitcher or even an under-mount filtration system. This is the one we installed and have been very happy with!

12. Watch Out for Fees

There are so many little pesky fees that can add up. Some examples include shipping, account maintenance, service fees, banking fees, etc.

While $2-8 may not seem like much, they will balloon over time. Look for promo codes or alternative ways to skip the fees.

13. Cut Cable or Unused Subscriptions

If you don’t use, then don’t spend money on it.

You can’t save money if you spend on things that don’t matter to you.

This is hard for many of us to do because we like conveniences and we don’t want to be seen as different.

Ways to Cut Cable:

The key when cutting cable is not to replace it with more subscriptions that end up costing more.

14. Collect Your Pennies

A true life hack to get you ahead financially is to know your money.

You know where you money goes. You know when you spend it. When you save it.

Also, you will never leave money on the table. If you see a penny, you pick it up and save spare change. If you lose a dollar, you want to get it back.

This means you are actively looking for ways to make more money. You want more pennies to collect that will add to your net worth over time.

15. Free Things to Do

The last frugal life hack is to always look for free things to do.

Here is a little secret… having fun doesn’t need to cost money!! We have been trained that having fun costs money. But, it is so not true!

Some of the best things in life are free.

For all of you, here is a guide of over 101 things to do without money.

Which Frugal Life Hack Will Save Money for You?

Being frugal is a lifelong habit. Yes, there are quick wins you can have here and there. But, in the long run, these frugal life hacks will have the biggest bank for your time.

Learning how to live frugally and be happy is about understanding your priorities and how you want to spend your money.

If you are serious about learning how to be frugal with money, then plan a time to examine your finances. In less than 30 minutes, you will uncover things to change the trajectory of your spending and saving habits.

Just remember… pennies do add up. So, watch your pennies and watch your net worth grow.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org