The word “frugality” has left a more negative connotation for most people than simply being a saver, a cheapskate, or a tightwad. There is a thin line between saving and too much frugality to the point of being awkward and ridiculous. This is where the negative connotation comes from.
But you will never go wrong if guided by the right principles and reasons to live a frugal life.
If you have decided to live frugally, there is no need to be worried about insults. Keep your head up high. And keep your focus through these tips.
- Eating Out – Having gimmicks with friends on a Friday night is fine if you do it occasionally. But this can be expensive if you add them up at the end of the month.
- Clothing – Naturally, if you are the kind of person who adores signature and designer clothes, do not expect that there will be something left of your take-home pay. Instead of being trendy, wear clothes that can easily match your other clothes.
- Own Home – If you plan to move out and find a place to settle, do not be overwhelmed by the excitement. Instead, be practical. As a start, buy a smaller house or try other ways like rent-to-own, do-it-yourself arrangements, and owner financing.
- Buying Your Car – Shy away from sports cars or SUVs. Just stick to your purpose of buying a car to transport you anywhere you need to go. Check out also program cars like a new car warranty. Maybe this is not the best time to replace your car with a new one.
- Shopping for Groceries – Do not go with branded items as much as possible. Choose non-brands and try looking for items on the highest or lowest shelves for the best prices. Grab the opportunity and shop during sales or use coupons.
- Family Out – Inexpensive ways to bond with your family and be entertained include visiting libraries, local parks, Malling, picnics, visiting friends, and local church.
- Buying School Supplies – Stock school supplies at home and do not buy anything fancy.
- Be content with what you have and try to live within what you earn.
- Plan your Child’s College Education – Teach them how to be independent and self-supporting by encouraging them to apply for scholarships and “on-campus jobs.”
- Be Aware of your Financial Limitations.
- Anticipate your Failures by Planning – Always have a budget plan to avoid impulsive buying.
Being frugal is not the key to financial success, but it can be vital if you need help or live paycheck to paycheck. In addition to looking for the best deal, you must know where your money is coming from and where it all goes. As I have said countless times, the key to financial success is having a BUDGET that allows you to do this and get on top of your financial situation.
For assistance with your finances and if you live in the metro Nashville area, don’t hesitate to contact me directly. Contact a qualified fee-only Registered Financial Consultant (RFC) near you for those outside middle Tennessee or uncomfortable working remotely.
