When it comes to financial freedom and saving money for the future, the most important thing to remember is that it’s all about your spending habits. No matter how much money you generate every month, it will just easily slip through your fingers if you are not frugal and wise when it comes to how you spend your income.
Remember: “frugal” is not the same with “cheap.” Being cheap is spending less and cheap people are willing to sacrifice quality, value, security, comfort and the list goes on and on. Being frugal means that you are prioritizing your spending and still living a fulfilling life.
If you are ready to give the frugal life a shot, here’s what you should do:
Live below your means.
You may be living within your means now but if you want to reduce your expenses and grow your income, you have to live below your means. Know the difference between a want and a need and practice self-control.
Find the best value.
Frugal living, like I said, is far from being cheap. You don’t buy an item with the lowest price tag; you go for the one that has the best value for your buck, even if it means that you have to pay a higher amount. Spending $50 on a high quality pair of working shoes that will last you for a long time is a way better deal than paying for $20 on an okay quality shoes that will not even last longer than three months. Always go for quality over price.
It’s time to clip coupons for grocery items that you buy regularly. By becoming a coupon expert, you can save hundreds of dollars on groceries!
Take public transportation.
The prices of gas, parking passes and car maintenance are getting higher and higher every day. Find out how much you have to pay for the bus or subway and you’ll be surprised how much money you can save. If the weather permits and your destination isn’t that far, you can even ride your bike or take a walk. Not only will you save money, you’ll also sneak in some exercise and do something for Mother Earth.
Cut the cable cord.
If you have internet at home, you can watch all your favorite shows and movies on your computer. You don’t need to spend a huge chunk of your budget for cable.
Have a money-free entertainment.
Having fun doesn’t mean spending tons of money. Check out your community website or local newspaper to find a list of free events and activities that you can go and participate in.
Unplug unused electronic devices.
Make it a habit to unplug everything that you are not using at the moment or before you leave the house. This may be a small thing but it will save you a lot in the long run.
Remember that frugal living is a state of mind. It’s not that hard if you are serious about your financial goals and you put your heart and mind to it.