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You’ve recently become convinced that living a frugal lifestyle is the best way to build wealth.
You’re eager to get started excited to start but aren’t sure how frugal you should be. Will you need to shop for only generic brands or always choose the option that saves you a few nickels and dimes? Fortunately, this isn’t the case.
Some of today’s wealthiest people treat themselves to nice things. But it took hard work and discipline to get to that level, to get to this level, it took hard work and discipline. If you’re ready to adopt a frugal living lifestyle to live a happier life, keep reading.
Why Bother Living Frugally?
Living a frugal lifestyle isn’t easy.
So why go through the effort?
Living frugally allows you to pay off debt and retire sooner and faster. To do this, you’d sometimes have to make short-term sacrifices. And it’s much This is easier said than done.
It may mean canceling services you don’t need but want, like a DVR or Netflix. Then, you’d use the extra $50-$100 to pay off debt faster.
People typically want better cars, houses, better houses, and better lifestyles without much effort. This is a recipe for disaster. Having this mentality will cause you to go into debt and constantly stress about money.
Living frugally, on the other hand, Instead, living frugally will help you be more grateful.
Will you stop wanting better things? No, but being frugal frugality will help you spend your money intentionally. You’ll view each sacrifice as a the chance for possibility of for something better.
Frugal Living Isn’t About Being Cheap
“You can afford anything but not everything” –Paula Pant
It’s all about clearly understanding how much money is coming the money coming in and going out of your account.
Once you do, you’ll be able to make more informed decisions with your money. Instead of randomly swiping your credit card, you’ll know if you can afford something with your current budget.
The harsh truth is you’ll have to resist the temptation to buy or buy a lot of things. To invest more money, you’ll have to say no to financing your dream car. To pay off debt faster, you’ll have to say no to buying the latest iPhone.You’ll have to say no to financing your dream car to invest more money. You’ll have to say no to buying the latest iPhone to pay off debt faster.
Living frugally will be challenging but also the best thing that’ll happen to your life. You’ll build financial security and live a happier life without not worrying about money.
Benefits Of Frugal Living
Research shows average Americans carry about $8,000 in credit card debt. Owing a lot of debt will cause you a lot of stress. And this stress can trickle down to other parts of your life.
Infographic by OneMainFinancial.com
Because frugal living requires discipline, you’ll make fewer unnecessary purchases and carry less debt. Since you’ll have less debt, you’ll be in a happier mood, not stressing about money.
What would happen if you lost your job tomorrow? How long could you live off your income?
If you’d hesitate to answer this question, you’re not alone. According to a survey from GoBankingRates, more than half of Americans have less than $1,000 saved up for emergencies. Living frugally will help you save money faster.
More importantly, living frugally allows you to have more control over your time. Even if you report to someone in your job, you’ll have confidence in knowing it’s your choice to be there. You’ll also be able to afford more vacations and pursue any creative business ideas you may have.
Frugal Living Tips For Seniors
Being frugal will benefit you at any age, You’ll benefit from being frugal at any age, but as a senior, you’ll have more perks.
Most seniors are now at the point in their lives when they’re no longer working and have more time on their hands. This time can be used to travel more cheaply for cheap, by leveraging off-peak deals.
For example, hotels offer discounts for showing up before evening rush hours. Airlines offer discounted tickets for choosing alternative dates.
Additionally, senior citizens can save money by cutting unnecessary insurance. For example, if you’re no longer employed, when you’re no longer working you can cancel your disability insurance.
At some places, you’ll get discounts automatically because you’re a senior. Restaurants, clothing stores, and hotels offer these types of discounts. Most states also allow seniors 65+ to freeze their property taxes. Whether you’re a high-income earner or not, there are plenty of senior perks to choose from.
How Do You Live On A Frugal Budget?
Being frugal means you’ll have to pay off debt and save aggressively, right?
Yes, but not in the way you might it’s not what you may think.
Being frugal entails involves you being creative and smart about spending money. It doesn’t mean living a cheap and miserable life. Having a frugal budget allows you to save and invest as much as possible while still being happy.
But, how can you be happy while saving as much money as possible?
By having a clear purpose. You’re not living a frugal life by chance. You chose to live frugally to retire faster and travel more.
Think of your frugal budget as one that adds provides value to your life. You’d still save for your financial goals but also while also rewarding but also reward yourself along the way. For example, after hitting a savings goal, treat reward yourself with takeout from your favorite restaurant.
This way, you’ll make progress toward your goals and not feel miserable along the way.
Can Being Frugal Make You Rich?
Frugal living is the only way to build true wealth.
Isn’t being rich and wealthy the same thing?
No.
A rich person can earn more than someone who’s wealthy and still be financially worse off. When rich person loses their main source of income, they’ll quickly gain a lot of debt. The wealthy have many streams of income and are better prepared if they’d lose a part of them. part of their income.
The reality is that most wealthy people are frugal. The author, Thomas Stanley, interviewed hundreds of wealthy people and discovered most lived frugally. This is shocking to most who believe the wealthy buy expensive cars, mansions, and much more.
While it’s true that, many wealthy people still buy expensive things. But, they’re still frugal in other areas of their lives.
Frugal Living Blogs To Help You Stay Motivated
“You are the average of the five people you spend the most time with.”–Jim Rohn
Frugal living isn’t easy.
This is why the reason most people choose to indulge in fancy toys and delay reaching their financial goals. Because frugal living is a tough journey, you’ll need motivation along the way. The people you surround yourself with will hugely have a huge influence on your success.
Sometimes, the people around you aren’t always helpful in building better financial habits. An alternative is to fill your mind with the right thoughts. Here are some blogs that’ll help you do that:
1. MrMoneyMustache
Mr.MM covers interesting topics such as DIY solar panels and cutting your grocery bill in half. If you’re someone who loves thorough articles, you’ll be a fan of Mr.MM.
2. ThePennyHoarder
The main goal at Penny Hoarder is for you to transform your finances and feel less stressed. There’s no shortage of topics to explore here. Topics include making money, debt, saving, retirement, and much more.
Frugal Living Tips
By now, you probably know many of the benefits frugality brings.
You also know some of the challenges.
And, with so many tactics, how do you know which ones to choose?
You apply the ones that will have the greatest impact. As Pareto’s law states, with the greatest impact. Pareto’s law states that about 80% of the outcomes should come from 20% of the causes. Like Pareto’s law, you’ll focus on the frugal living tactics bringing you the most impact.
Below is a list of some of the most effective frugal living tips you can try to reach your financial goals faster. Master one frugal tip at a time and watch your financial future soar.
Frugal Living Tip #1: Focus On Your Health
Without your health, you have nothing.
When you’re healthy, it’s easy to neglect your health—for example, by eating poorly and not exercising.
The sad reality is that your health will decline at some point in your life. When it does, you’ll end up spending more money to take care of yourself. But by taking care of yourself now, you’ll feel better and spend less money on future medical expenses in the future.
Data shows health spending is increasing, but you can avoid some of these costs.
Here are some key ways to stay healthy:
- Go to the gym 2–4 times per week
- Eat healthy foods 3. Get 8 hours of sleep daily
- Visit your doctor for routine check-ups
Extra frugal living resources: Cut medical expenses
Frugal Living Tip #2: Buy High-Quality Food
Not being frugal with your food is being frugal.
Confused?
When it comes to buying food, still seek out the best deals, but don’t always go for the cheapest option buy the cheaper alternatives. The higher better the quality of food you eat, the healthier you’ll be. The problem is that organic food can be costly get expensive.
So what can you do?
Find the best deals on food that lasts a long time. With the money, you save here, stock up on healthier alternatives.
Here are some rules to follow when you’re shopping:
- Only buy what’s on your grocery list
- Set a budget and stick to it
Frugal Living Tip #3: Seek Free Stuff
What better way to be frugal than to get free things?
Many companies offer free samples. Samples such as food, products, and services.
Why would anyone be crazy enough to offer anything for free?
Charities do free giveaways to the needy. Other companies do so to attract new customers.
While some things aren’t entirely free, it often beats paying the full retail price for them.
Extra frugal living resources:
Frugal Living Tip #4: Make A Budget Around Your Lifestyle
One of the best ways to live frugally is to set and stick to your budget.
A budget can help you reach your financial goals, and give every dollar a job. This is when the magic happens. You’ll cut unnecessary expenses and gain confidence after you reach your financial goals.
To create your budget, analyze your spending with tools like Personal Capital. Then, list all your monthly expenses and budget for them. Use your leftover money to fund your different financial goals.
Extra frugal living resources:
Frugal Living Tip #5: Eat Out Less Often
It’s tempting to go during your lunch break and eat delicious food.
The problem is that spending $15 daily can quickly add up to over $300 in monthly expenses. An alternative is to pack your lunch. Doing so can help you save over $1500+ annually.
Not only will this save you money in the long run, but it also allows you to make healthier choices for your meals as you prepare them.
Aside from saving money, you’ll eat healthier since you’ll prepare your food.
Frugal Living Tip #6: Maintain Your Vehicle Properly
Keeping up with your car’s maintenance will save you money in the long run.
Take, for example, a simple oil change that costs, costing about $120 annually. You may believe that skipping an oil change will save is saving you money, but engine repairs can cost you anywhere an engine repair can cost you anywhere from $1,000 – $5,000.
Car washes can also make an impact. Prices range from $200-$1,000. If you don’t wash your car often, your paint is more likely to rust and has a greater chance of getting rusted. Since you’ll be using a budget, budget for your car’s maintenance to save money in the long run.
Frugal Living Tip #7: Befriend Your Local Library
Reading is one of the best investments you can make while saving money.
How?
It shaves off your entertainment costs. The more you read, the less time you’ll spend on entertainment. Most libraries offer free library cards for a minimal cost.
You’ll save money on books since you’ll be able to rent most of them from your library. Nowadays, you also have the option to rent digital books from the comfort of your home.
The average American spends about $3,000 annually on entertainment. You’ll shave this cost if you spend more time in the library or at home reading.
Extra frugal living resources: Access online books from your library
Frugal Living Tip #8: Use Coupons
Don’t pay for anything at full price.
Today, you have more ways to save than ever, but you’ll need the right coupons. A quick search online for “top online coupons” will do the trick in helping you get started.
But, online coupons aren’t the only way you can save. You can also get cashback for your groceries, dining restaurants, and miscellaneous purchases.
Here are some of the best cashback apps:
- Dosh (best cashback for all types of purchases)
- Ibotta (best cashback for groceries)
- Ebates (best cashback for online purchases)
Frugal Living Tip #9: DIY
Time is money.
Yet, sometimes you can enjoy doing things you’re good at while saving money. For example, if you’re a car fanatic, you’d probably enjoy changing your car’s oil the oil of your car. On average, companies charge $30-$70 for an oil change.
Depending on the type of oil you’re using, you’ll change your car’s oil anywhere from 2–4 times. This means you’ll save anywhere from $60 – $280 per year. If you ever run out of something, make it a habit to find a cheaper alternative.
This won’t always work, but you’ll train yourself to be handy. Eventually, this habit alone will save you hundreds of dollars per year.
Extra frugal living resources: Advanced DIY projects
Frugal Living Tip #10: Buy Only Things You Need
In a perfect world, everyone would only buy the things they’d need.
The reality is that most people buy out of impulse and without a budget. This causes them to go further into debt or accumulate a lot of extra items. Your solution to this problem is to use using the 30-day rule.
The next time you’re about to buy a high-ticket item, wait for 30 days first. If after 30 days you still want to buy this item, do so. Doing this will give you enough time to stop buying out of impulse and budget for expensive items.
Extra frugal living resources:
Frugal Living Tip #11: Keep Only What You Need
Too often, we tend to Many times we keep things we don’t need.
But, being a hoarder is costing you time and money. Declutter expert, Tracy McCubbin says emotional problems are the root cause. The best way to start decluttering your home is to view it as a tool.
Your home should help you cook, work, and sleep efficiently among other things. Having this perspective will help you notice areas, where your home falls, and is falling short. Don’t plan to declutter your entire home in one weekend.
Instead, spend a few minutes cleaning one part of your room and slowly transition to bigger parts. To avoid building up clutter, pick one day a week to clean your house.
Extra frugal living resources: Minimalist Lifestyle Hacks
Frugal Living Tip #12: Trim Your Expenses
If you aren’t negotiating your monthly expenses, you’re overpaying.
You can negotiate your bill solo or hire someone else to do it for you. The only catch with letting a company negotiate your bills is that they’d take a part of your savings. Not taking all your savings isn’t ideal, but it’s better than taking nothing.
Review your bank account statement for the last 60 days and jot down your monthly expenses. Categorize them from most expensive to least expensive. Starting with your most expensive bills, call to negotiate or let someone else do it for you.
Extra frugal living resources: Cable alternatives
Frugal Living Tip #13: Start A Side Hustle
Frugal living is great.
You save money and feel happier.
The problem that is frugality alone won’t help you achieve reach financial success–at least not any time soon. Instead of slowly saving money to build wealth, grow your income with a side hustle.
Why?
A side hustle allows you gives you an opportunity to create your ideal job if you’re unhappy with your current one. Even if you’re happy, having an extra income will improve your bring better financial security.
Be prepared to put in a lot of hard work because building a side hustle is the same as building a business. First, decide what type of side hustle you would like to start. Then, follow people who are already where you want you’d like to be.
Most importantly, be patient because building a successful side hustle may sometimes take years.
Extra frugal living resources:
How To Start A Blog And Make Money
How to Get Paid For Writing (7 Legit Ways)
Live Frugally And Be Financially Well Off
Imagine living life on your terms.
You’re confident about your retirement and rarely feel stressed about money. The best part is you didn’t deprive yourself of living your ideal lifestyle.
Wouldn’t this be great?
This can be your reality if you adopt a frugal living lifestyle. Master one frugal habit, then work on mastering another.
Success doesn’t come easy. But, if this means living your dream life, isn’t this worth the sacrifice?
