The word “frugality” has left a more negative feeling for many people than just being a saver, a cheapskate or tightwad. The difference between saving and excessive frugality to the observer is that the former comes across as being unpleasant while the latter seems to be extreme to the point of outrageousness. This is where the negative connotations come from.
However if you are guided by the right ideals and reasons in deciding to live a penny-wise life, you should never go wrong.
If you have come to the decision to live frugally, you shouldn’t be upset about insults. Keep your head up high, and keep focusing on the following tips.
1. Dining Out – Having a night out with good friends on a Friday night is wonderful if you do it from time to time. But this can be expensive if you total them up at the end of the month.
2. Clothes – Naturally, if you are the sort of individual who adores signature and designer clothing, you shouldn’t expect that there’ll be anything left of your take home pay. Instead of being stylish, wear clothing that can quickly be matched with your other clothing.
3. Own Home – If you are preparing to leave and find a place in which to settle, do not be overwhelmed by the excitement, instead be practical. As a start, buy a smaller house or search for other ways like rent-to-own, diy arrangements, and vendor financing.
4. Purchasing Your Own Car – Shy away from status-symbol vehicles or SUVs. Just stick to your plan of purchasing a car that can transport you anywhere you need to go. Have a look at buying a pre-owned automobile. Just be certain that it has been inspected and that it has a minimum one-year service warranty. Perhaps this is not the best time to replace your automobile.
5. Buying Groceries – In order to save money, avoid buying brand name items. Select off-brands or house brands. You could also try searching for items that provide the best value — the so-called jumbo sized boxes. Take advantage of any chance to shop for special sales, and make use of discount coupons.
6. Family Fun Times – There are inexpensive methods to have fun with your family and be amused for free by going to libraries and regional parks, or by “malling”, and going on picnics.
7. Purchasing School Supplies – Buy school supplies during the summer vacation months when stores are running their back-to-school specials. You shouldn’t buy anything unnecessary.
8. Be satisfied with exactly what you already have and make the effort to live within your salary.
9. Plan your Child’s College Education – Teach them the methods to be independent and self-supporting by motivating them to obtain scholarships and “on campus employment”.
10. Understand your Financial Limitations
11. Anticipate your Failures by Planning – Always have a budget strategy so you will prevent spontaneous purchases.