The Key Steps In Developing & living A Frugal Lifestyle

11/01/2020

Frugal living may sound like a no-fun and no-frills lifestyle; however, that is not necessarily what living a frugal lifestyle means. The essence of frugal living is to focus on your overall goals and make conscious decisions regarding all financial moves from how much you clip coupons to the type of car or house you own. In reality it is you deciding what is important and what isn’t important in your life.

  • Develop a Budget: This is where you review your expenses and decide what expenses you want to keep and what expenses can be trimmed because they are not important to you.

  • Be a Coupon Professional: For many of the products we purchase, there are coupons and discount offers available. Making coupon hunting part of your buying process is key to frugal living.

  • Downsizing Anything: Whether it is your car or your living space, decide if you can find a less expensive car, apartment to rent or house to own which should downsize your payments and insurance.

  • Eat at Home More: This doesn’t mean to eat every meal at home; instead it means finding ways to reduce eating out if it is for convenience rather than for enjoyment.

  • Look for Value Over Price: Don’t fall into the trap of always buying the least expensive. Look for the right combination of price and quality so that your purchases last longer and you spend less over time.

  • Travel at Non-Peak Times: This strategy can allow you to spend less on a great vacation and also ask for free upgrades and further discounts. Frugal living doesn’t require you to not have fun, it just requires you to find ways to lower the cost of your fun.

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