If by the end of the month you find that you’re struggling to sustain your bills, that is an indicator you need a frugal lifestyle. However, most people construe the true meaning of frugal life. It doesn’t mean denying yourself your favorites. Frugality is living below your means and adjusting your expenditure within your income. Of course, you’ll give up some things and habits along the way, but at the end of the day, you will not strain to pay your bills.
Additionally, you get to attain financial freedom. You are able to achieve your financial goals within your specified timeframe. If you are looking for tips on how to live frugally, you’ve found them. Below are the top 10 best tips for frugal living.
1. Start budgeting
The essence of drawing a budget is to try and cut out unnecessary expenses. When coming up with the budget, make sure you leave out everything you can do without. But this doesn’t mean eliminating everything you like. You can include a few items that make you happy once in a while. It is a good way of appreciating yourself.
Another thing worth noting for a budget is that you should make sure that you stick to the budget. Also, do not make your budget too rigid that it makes your life hard. Frugality isn’t a form of punishment. So be pragmatic and draw a reasonable budget according to the size of your family and their needs.
2. Cut off things you don’t need
If you notice too much clutter in your house, it might be time to downsize. You can do this by either selling or returning them for a refund. For example, you may have handbags, jewelry, electronics, or clothes that you don’t need anymore. Don’t stress about customers. You can start with your small social circle or even social media platforms. These include Facebook, Instagram or even eCommerce websites like eBay.
3. AutoMate your savings and investments
Automating savings helps to avoid the pitfalls of overspending. Without interacting with solid cash on your hands, it’ll be easy to stick to your budget. Also, you can automate direct payments for all your bills. For instance, you can instruct your employer to make a direct deposit for your insurance or savings plan.
4. Start a part-time job
Starting a part-time job is a sure way of earning an extra coin. If you are too busy with a tight schedule, you can consider a weekend job. You can also do freelancing jobs that won’t ask for much of your time. This will always give you that extra coin you need to complement your budget.
5. Avoid debts
Consumer debts are monsters that will always devour your resources. You should always keep off them. If you live within your means, you’re protected from these financial burdens. Credit cards are also a cancer. Even though presented and marketed as saviors, credit cards aren’t worth it. If you can do without them, go ahead. Credit cards attract interests that would have otherwise been your money.
6. Avoid online impulse buying
Do not buy anything you did not include in your plans. With today’s eCommerce technology, things have never been this easy. You can get things with a mere touch of a button. You should always train yourself on how and when to stop spending. This is one of the most important frugal living tips.
7. Buy household items in bulk
For the frequently used household items, it’s advisable to buy them in bulk. In most cases, buying in bulk saves you a couple of bucks. These include things like soaps, toiletries among others. Besides the lower prices, you also save the money you would spend on everyday shopping on gas and time wasted.
8. Choose alternatives
If you have alternatives that would cost you cheaper, grab them. For example, choose walking or biking instead of a car. The car needs fuel which is money. Choosing other modes of transport gives you an opportunity to save.
9. Buy on Coupons
Buying your items on coupons can help you save a few dollars. Whatever it is you are buying, check out whether the sellers have any form of promotions. The more you buy at lower prices, the more savings you accumulate.
10. Ditch out cable
Cutting out your cable subscription has two major advantages. One, it helps you to save cash that otherwise you would have spent. You also get to redirect the watching time and energy to other important things. You can read books, do part jobs among other things.
Conclusion
Frugal living isn’t a punishment, neither is it a sacrifice. Albeit you may have to make difficult choices, frugality helps you live a fulfilling life. Above are some of the best tips to help you achieve a frugal lifestyle. If you follow them keenly, you’ll definitely see your finances stabilizing. In case you find it hard to adopt these tips in your life, you can read financial literacy books or subscribe to our online courses and memberships. Most of them contain very crucial tips on how to develop money discipline.
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