The word “frugality” has left a more negative connotation for most people than simply being a saver, a cheapskate or a tightwad combined. There is only a small difference between frugal saving and being too much of a tightwad to the point of being awkward and ridiculous. This is where the negative connotation comes in.
But if you are guided with the right principles and reasons in deciding to live a frugal life, you will never go wrong. If you have decided to live frugally, no need to be worried about insults. Keep your head up high. And keep your focus with these tips:
1. Eating Out - Showing off with friends on a Friday night is fine if you do it once in a while. But this can be expensive when you add them up at the end of the month. Many people do not realize how many hundres, and in some cases, thousands of dollars per month they spend eating out.
Think of an amount of money that you think you spend eating out in a month... Got it? Write it down.
Now, go add up your actual spending on eating out from your credit cards and check book and receipts.
I'll bet the actual number is 3 times the original amount you wrote down.
2. Clothing - Naturally, if you are the kind of person who adores signature and designer clothes, you may not expect that there will be something left of your take home pay. Instead of being trendy, wear clothes that can easily be matched with your other clothes.
3. Own Home - If you are planning to move out and find a place to settle, do not be overwhelmed by the excitement... instead be practical. As a start, buy a smaller house or try a condo or townhome to start... sometimes you have to crawl before you can walk, and condos and townhomes still offer the ALl-American Tax Deduction!
4. Buying Your Own Car - Shy away from sports cars or SUVs. Just stick to your purpose of buying a car which is to transport you anywhere you need to go. Also, check out program cars like a new car Demo. Brand new cars lose a lot of value driving off the lot, so consider a previously owned model with a good dealer warranty.
5. Shopping for Groceries - As much as possible do not go with items that are branded. Choose non-brands and try looking for items on the highest or lowest shelves for best prices. Grab the opportunity and shop during sales or use coupons. Often, the lower priced items are made by teh same company and taste exactly the same as their name brand counterparts.
6. Family Out - There are inexpensive ways to bond with your family and be entertained at the same time like going to libraries, local parks, the mall, picnics, visiting friends or going to your local church.
7. Buying School Supplies - Stock school supplies at home and do not buy anything fancy. Join a price club for the best pricing on these and many other house hold items.
8. Be contented with what you have and try to live within what you earn. Be Aware of your Financial Limitations and do not use credit cards to go beyond them.
9. Plan your Child’s College Education - Teach them the ways to be independent and self-supporting by encouraging them to apply for scholarships and “on campus jobs”.
10. Anticipate your Failures by Planning - Have always a budget plan so you would avoid impulsive buying.
