The word ‘frugal’ has something of a bad reputation. Far too many people equate frugality with cheapness, but the two words have very different meanings. When it comes to living with a frugal mindset, it’s less about ‘being cheap’ than it is about simply spending less money. Frugal living is about putting limits on waste and ensuring that you make better use of the resources that you have available to you. Finding the right balance is essential to making more of your money, and will allow you to save up for those wants and needs that you crave. Being able to spend money on the things that are important rather than on day to day living is the reason why so many are adopting the frugal lifestyle, and here’s how you can too.
Smarter Money Management
Your first step should always be to know just where you stand financially. Make a note of how much money you have, what you’re expecting to come in and, most importantly, what your expenditures are. Once you have a firm idea of just what your weekly and monthly budget actually is, you’re one step closer to achieving your frugal living dreams. You should take the time to sign up for a personal finance blog (our favorite is Money Nest) because not only will it provide you with advice and tips for better money management, but it will also act as inspiration for those days when you’re tempted to splash out on that unnecessary shopping trip. Remember to make financial goals, and write them down. Having a hard copy of your hopes will go a long way toward encouraging you to stick to your plan.
Be creative
There’s a lot of fun and creativity that comes with living frugally. The lifestyle is all about finding ways to make use of what you already have and taking steps to make more of your surroundings. Simple elements like paying someone else to clean your home rather than taking the 40 minutes to do it yourself, or repairing a pair of trousers rather than buying new. We have become so accustomed to waste that sometimes it can be surprising to realize that those expenditures like extra shopping bags at the supermarket are not necessary if you have a little preparation time. Every day brings a new opportunity for saving money, so keep your eyes open and give your wallet some freedom.
Spending control
If you’re buying something and it’s not on a list of things that make you happy, then simply don’t spend that money. Consider your relationship with material possessions by looking around the room that you’re in and making a note of the ornaments, furniture, and electronics that serve no purpose, are underused, or simply don’t bring you any joy. Try to bear in mind that the dopamine burst we get when treating ourselves is fleeting, and the money that you spent on that treat is gone forever.
Frugal living is simply about managing your finances better and controlling your spending. Once you have your spending under control, it becomes far easier to manage your bills and your debts and reduce the stresses that all too often become overwhelming.
