Let’s face it, we all want to save money. I’ve been interested in living a frugal lifestyle since college and I have read a ton of articles on the subject. Since then, I’ve gotten married, bought a house and have four little boys! We definitely practice a lot of these frugal living tips in our own lives and I want to share my favorite frugal living tips to help you save, too!
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Being frugal is not necessarily just pinching pennies and stretching your dollars. It’s being financially responsible and making the most of things you have.
Living frugally doesn’t mean that you will never have fun or splurge on anything. It’s living within or below your means to make the most of your money.
What are the benefits of frugal living?
Living a frugal life will keep you from being a slave to your money. It will give you the freedom to do what you want with your life, which is one of the big reasons the tiny house movement is so popular – imagine what you could do with low or no rent/mortgage payments!!
Retire early! This is another benefit of frugal living. You can choose when to retire instead of working until you are old enough for social security (if it’s even there for us at that time, anyways!). It can help you live comfortably well before typical “retirement age”.
Another benefit is having more money to save or invest. Having a fully funded emergency fund is a goal of ours, and pinching pennies now is helping us move toward that dream (right now it’s going toward debt!). You also will have less stress about money, because you won’t be living paycheck to paycheck, except in certain circ*mstances.
Downsizing can significantly cut your monthly costs, freeing up cash for doing the things you enjoy or paying down debt. You may even decide to ditch the yard work and housekeeping and move into an independent living community.
The rule is to split your after-tax income into three categories of spending: 50% on needs, 30% on wants, and 20% on savings. 1. This intuitive and straightforward rule can help you draw up a reasonable budget that you can stick to over time in order to meet your financial goals.
Lower Your Housing Costs. Housing might be your biggest expense, and, if you want to make a $1,000 a month budget work, getting that cost down can help. ...
Frugality is the practice of being wise with money and avoiding wastefulness. It's a virtue that many people admire. It fosters responsible financial habits and can lead to a more sustainable life. But there's a darker side to frugality that can be detrimental to our quality of life. This is known as “toxic frugality.”
A cheap person is someone who is extremely price-sensitive. They would go for the cheapest possible option regardless of the quality or value. They would prioritize saving money over getting some nice clothes or going out for experiences. Whereas a frugal person would try and maximize the value they get.
One of the misconceptions of frugal living is that you should always buy the cheapest item, no matter what. But similar to focusing on quality, living a frugal lifestyle also means prioritizing value over price.
The easiest way to reduce your frugal habits is by making more money and achieving certain stretch goals. It's when you buy things with money you don't deserve (trust fund, inheritance, lottery, using a credit card, your spouse's income, etc) that your conscience may start making you feel terrible about your spending.
Introduction: My name is Nicola Considine CPA, I am a determined, witty, powerful, brainy, open, smiling, proud person who loves writing and wants to share my knowledge and understanding with you.
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