And tips on how to not stray away – As submitted by one of our contributors
Making frugality a habit isn’t easy, but there are definitely some things that can help or hinder our efforts. We have some tips on how to stick to your goals. Let’s start by first talking about why we should reduce our spending in the first place.
Why should you be frugal?
Frugality is a very important thing. The money that we save, can help us later on in life, or just to have some security blanket if anything goes wrong. You’ll be surprised how much money you can save if you start cutting unnecessary expenses.
Let’s hop into the top 3 tips in order to live a frugal lifestyle.
Tip #1:
Be honest with yourself and make an inventory
The first step is to really analyze our current situation. Make a list of all the expenses that you currently have, and include everything in there, even your rent or mortgage payment if it’s something that you pay per month.
Once we have that list made, you should figure out what expenses are absolutely required for you to cover. The rest of the expenses can be reduced, this would mean either not spending on them at all, or finding a way to reduce them even further. Frugality is about reducing your needs. You should make an honest effort in finding out if it’s really necessary to have these things at all times. Can you cut on them?
For example, if you always buy a coffee at the local cafe every day. Why not try to make your own and bring it with you in a travel mug? This way you save some money, and also help the environment by cutting back on plastic use.
Tip #2: Don’t Eat Out Often
This is one of the biggest killers in your wallet.
Eating out is much more expensive than cooking at home. Try and limit yourself to doing it no more than once a week, if you can reduce it even further that would be great.
There are lots of recipes for very healthy meals that are very cheap, that you can prepare in just a few minutes.
Tip #3: Rent Instead Of Own
Renting is good because you don’t have the expenses to fix something that’s broken. If you own a home and the roof starts to leak, you have to spend a lot of money on fixing this.
This could be the difference of saving you hundreds or even thousands of dollars per year.
How To Stick To a Frugal Lifestyle
Now that you’ve made some changes and you’re living a frugal lifestyle, it might be difficult to maintain those changes. Here are some tips on how to do it:
Tip #1: Be Accountable To Someone Else
Have someone that’s going to hold you accountable and ask them about your expenses and what they think can be reduced. It also helps if you have someone that will be able to help you cut back on your expenses if you’re struggling.
Tip #2: Set Goals For Yourself
Setting goals is a great way to stay motivated. Also, it’s best if the goals are challenging enough so you keep yourself interested in trying to reach them.
Tip #3: Keep Track Of Your Expenses
It’s best if you keep some sort of record of your expenses, so every time you spend on something, write it down. This will help you see where most of your money goes, and you can tell if you are straying from the frugal lifestyle you want to live.