As many of us have to find creative ways to live well on a
tight budget frugal is a word that suddenly means a lot.
The good news is that it’s not all bad news.
There are some real upsides to living a more frugal
lifestyle. If you spend less, there is
less pressure to earn large sums of money, and you may have money left over at
the end of the month to pay off debt, save or invest. Also, not having money for the more expensive
things in life gives you the chance to reconnect with the good free stuff that
life has to offer : time with family; being outdoors; reading…the list goes on.
Tip 1: Become a 1 car family or invest in a smaller
car
The benefits are clear: less $ on gas; cheaper monthly
payments; and the environment will say thank you too.
Tip 2: Downsize your home
A smaller house means less $ on utilities, cheaper mortgage
or rent, and with less space there are fewer temptations to fill your home with
‘stuff you don’t need’.
Tip 3: Consider buying used first
The popularity of thrift stores is on the rise – there are
real treasures to be found in amongst all the bargains. And consider asking family and friends if
they have the item you are looking for to borrow or maybe they no longer need
it – much cheaper than rushing out to buy a new one!
Tip 4: Eat out less
This can be a hard one, especially when it is wired into our
habitual behavior. It is estimated the
average American spends more than $2000 a year on eating out – so there is a
lot of money to be saved through eating at home more, taking a packed lunch to
work, and saving eating out for special occasions.
Tip 5: Only shop for
what you need
It happens to us all, we are feeling down and think a
shopping trip will cheer us up.
Unfortunately it is these times that we come home from the store with
impulse buys that we will never wear. So
only visit the mall and your local stores when you have a reason to be there,
to buy something you need. Make your
purchase and get out!
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