How To Be Frugal

How To Be Frugal

How To Be Frugal: Some of you read this and wonder what does the word frugal mean. Well in short a person who lives simply and economically can be called frugal. Being frugal doesn’t mean slashing your spending or depriving yourself of things that you enjoy. It means knowing the value of a rand and making every effort to spend it wisely. A word of caution it’s important to keep frugality in perspective. We can spend so much time scrutinizing our habits and worrying about money that it becomes all-consuming. While saving is a virtue, moderation is the balance of life. Remember, your money’s not worth anything if you don’t spend it — but spend and invest it wisely! Below i have got a few tips if you would like to go on that path.

Pay up for that familiar name Some folks think that name-brand merchandise is superior to private label because the name sounds familiar. Remember, when you buy a name brand you’re also paying for its advertising.

Think no-brainer There are many ways to be frugal without sacrificing anything. For example, walk instead of taking a taxi; watch movies on streaming TV instead of always at the theater; brown-bag your lunch instead of going out.

Waste not, want not There are many simple ways to stop wasting money. For example, some folks open credit card accounts to get store discounts, but they pay off the balance slowly, adding interest and possibly late fees. Other people run into a store without feeding the parking meter, only to find a parking ticket on the windshield when they return. Remember to plug the holes before filling the bucket.

Don’t be so impulsive Some folks go into a store looking to buy one thing and walk out with a whole lot more. Stores understand this phenomenon. That’s why they showcase items close to the register. Rather do up a list and stick to it.

Pass up this opportunity Some folks are actually more interested in buying something because it’s on sale, remember, if you don’t need something, any sales price is too high.

New doesn’t make it better Some folks buy things simply because they’re new. The question is, “Does the new product offer significantly greater benefits than the existing one?”

Know what you have By whatever means necessary, become ridiculously well-acquainted with how much you earn, how much you spend, and where every dollar goes. It’s the foundation of frugal living.

Celebrate your success! Enjoy the things you own knowing you worked hard for them. Notice your peace of mind knowing there is money in the bank.

These were just a few tips just to get you started on the road of being frugal and always remember Frugality is a lifestyle of living well within your means. It means spending less than you make so that when a crisis arises, you can weather it calmly knowing you have both the savings to survive and practice using your money wisely. We will give more tips in a later article.

How To Be Frugal

 

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