*This post may contain affiliate links. As an Amazon Associate we earn from qualifying purchases.
Are you a penny hoarder or know someone who is? Think about people who like to save money. What words come to mind when pausing to think about that group of individuals? Frugal? Thrifty? Sparing? Those are simple enough…how about economical, or conservative?
Both of those mean saving or reserved in some aspect….but let’s dig deeper. Have you ever heard of the term, or even been called, a penny hoarder? “One who saves pennies in abundance” would be an awesome definition and pretty spot on as well.
If liking to save money that you’ve earned is your focus, I would say that you’ve entered into the realm of penny hoarding.
In my opinion, being called names associated with spending wisely is a good thing! It can be hard work saving money, but it showcases responsible spending and the ability to not impulse buy certain items.
Self-restraint can be hard!
So, my friend, do you consider yourself to be a penny hoarder? If so, welcome to the club. It’s full of many people who are proud of their saving ability. If you’re undecided about your status as a penny hoarder, here are a few questions to ask yourself to help you decide if you are one, or could possibly become one.
How to tell if you are a penny hoarder
#1. Do you set a strict budget each month and follow that budget?
While budgets are good for structure, they can also help one to become frugal and smart with all those pennies being saved.
#2. Do you always look to save money?
When the time comes to spend money at a restaurant, do you find yourself wanting to eat there for lunch because of lunch prices versus eating there at dinner when prices are higher? No judgment here. Trust me.
Look at the price difference between lunch and dinner the next time you are at a restaurant! It can be a savings of $5 or more just by choosing lunch! For the exact same food.
If you love to eat out and save that money, choosing the lunch menu is a good option for that! We still eat off the kids menu at some places, true.
#3. Find yourself price checking everything?
It’s important to get the best bang for your buck. Why would one spend more money when there isn’t a reason too? Being educated about the cost of items is key when one is attempting to save money.
You always want to be sure you’re getting any rebates due you as well or cash back offers. My favorites are Ebates, Ibotta and TopCash.
#4. Before throwing something away, do you think of numerous possibilities of how to reuse it?
Just because an item has reached the end of its need in one capacity doesn’t mean that it should be retired for forever! There are ways to reuse items that you have bought to extend the value that they bring to your life or home.
Think about your old dishtowels. While they may no longer look nice and pretty to be used in your kitchen, they still have a purpose. Instead of going out and spending money on new cleaning or dusting towels, reuse the kitchen towels that you just replaced.
If they are old and dingy anyway, use them as cleaning towels! Make them work for you, and your budget. We have some great repurposing and upcycling ideas right here in barefoot budgeting.
$5. Do you prefer to shop at second-hand stores and garage sales versus buying new at the mall?
I get it. Buying new doesn’t always mean better. Garage sales and other second-hand stores have some great items at a fraction of the cost of other stores. Sometimes, items are still even brand new! Nothing wrong with knowing your options to be able to pinch and save even more of those hard earned pennies.
#6. How often do you find yourself attending free classes, events or concerts in your town or surrounding areas?
Good for you! Those classes are free and open to the public for a reason….so people will attend! Utilizing the free resources and options in abundance around you is a creative way to save that money.
I love free events including online courses!
#7. When entering stores, do you immediately head to the clearance aisle to see what deals they have?
Keep walking that path to that aisle, it’s a great place to start. Not only does it help you gauge the price point you want to be in for certain items, the clearance aisle is full of awesome deals that shouldn’t be overlooked.
If you find yourself answering yes to the many of the above questions, welcome to the penny hoarder frame of mind! It’s full of fun and unique ways to save money, stretch your dollar and find some of the most fun and unique ways to live frugally.
Life can be hard on its own, saving money shouldn’t have to be!
Fun to know: The Penny value is actually worth about 1.5 cents! Yup! However, it’s illegal to melt money and trade it in, so you’re penny is, for today, still worth a penny. There has been talk for several years of discontinuing the production of the penny due to the large loss producing this little gem.
So, my friend, do you consider yourself to be a penny hoarder? If so, welcome to the club. It’s full of many people who are proud of their saving ability. If you’re undecided about your status as a penny hoarder, here are a few questions to ask yourself to help you decide if you are one, or could possibly become one.
