There’s a thin line difference to saving and too much frugality to the point of being awkward and absurd. This is where the negative connotation comes from.
But if you’re guided with the correct principles and reasons in deciding to live a frugal life, you will never go wrong.
If you’ve decided to live frugally, no need to be worried about insults. Keep your head up high. And keep your focus on these tips.
1. Dining out – Having meet ups with friends on a Friday night is all right if you do it once in a while. However, this can be expensive if you add them up at the end of the month.
2. Clothing – of course, if you’re the kind of individual who loves signature and designer clothes, don’t expect that there will be something left from your take home pay. Rather than being trendy, wear clothes that may easily be matched with your other clothes.
3. Owning a Home – If you’re planning to move out and find a place to settle, don’t get overwhelmed by the excitement, rather be practical. As a start, purchase a smaller house or try other ways like rent-to-own, do-it-yourself arrangements, and owner financing.
4. Purchasing Your Own automobile – Shy away from sports cars or SUVs. Simply stick to your purpose of purchasing an automobile which is to transport you where you need to go. Check into also things like a new automobile warranty. Perhaps this isn’t the best time to replace your automobile with a new one.
5. Shopping for Groceries – As much as possible don’t go with items that are brand names. Search for off-brands and try looking for items on the highest or lowest shelves for best prices. Grab the opportunity and shop during sales or use coupons.
6. Family Out – There are cheap ways to bond with your loved ones and be entertained like going to libraries, local parks, picnics, visit friends and local church.
7. Be content with what you have and try to live within what you earn.
8. Plan your Child’s College Education – Teach them the ways to be independent and self-supporting by encouraging them to apply for scholarships and “on campus jobs”.
9. Be Aware of your financial limits
10. Anticipate your failures by Planning – Have always a budget plan so you will avoid impulsive purchasing.