Living a simple life and enjoying less is one of the best things that you can do in your life.
Some people may not agree with me on this idea, but feeling content with less is an amazing quality of life that one needs to have considering this materialistic world we live in.
How often do we see millionaires or billionaires even, say they aren’t content yet with life? While there are millions who we consider broke and borderline poverty-stricken people who are content and happy with their lives.
In this article, I’ve compiled some key frugal tips that you can do.
I hope you enjoy the read
What Does “Frugal” Actually Mean?
Frugal means being wise with spending money, time, or resources.
If someone says to you “Live more frugally” they mean spendless & be efficient with your cash.
1. Know Your Wants And Needs
It is easy for anyone just to get what they want, when they want it, every month.
What I mean by this is some of us are used to buying things that we see other people have, even if we don’t need them (Impulse Buying).
It is very important to be conscious and to differentiate what you want from what you need.
For example, Buying comfortable sports sneakers is a need while getting the latest Air Jordan sneakers is considered a want.
This doesn’t mean you can never splurge. Instead, it is about recognizing your needs and wants and being conscious about your spending.
2. Use a Budget Plan To Control Spending
Ever had the feeling of just not having enough to buy the things you want at the end of the month? Yes, Well me too.
I’ve always had this lingering thought that arrives at the end of every month. I wonder why I don’t have enough money to get the few things I want, despite receiving a good salary early in the month.
I now know that it is not because my income isn’t enough, but because I didn’t track my spending.
Think about it, at the start of the month, you may pay your expenses (rent, utilities, food, and internet), and then get that new phone everyone has been talking about, or go eat out with your friends and do a little shopping.
By now you’ve probably spent ⅔ of your income and the remaining ⅓ may go towards your day-to-day expenses, and now you can’t buy anything else for the rest of the month.
Now imagine if every dollar had a plan. A budget for the whole month.
I’ve made a post on this exact issue and how to solve it by making your first simple budget plan.
3. Wait at least 24 hours Before Any Purchase
This one is to avoid impulse buying.
You should wait a full day before buying anything, especially a larger or more expensive thing.
Spend the 24 hours thinking about why you need this. how would this item benefit you, or what value would this item add to your life? Etc.
This pause allows the initial excitement to pass and makes you rationally evaluate whether the item is worth your hard-earned money.
No one likes to have buyer’s remorse after they make a purchase on something life-changing.
4. Travel Regularly
If you value travel, then being frugal in other areas to save money on travel is worth it.
Traveling is on the rise, more people want to travel and see the world each year.
Try to plan your stay with hotels that have a mini kitchen or a fridge so you can buy groceries from the store instead of eating out every meal.
Eating out every meal isn’t so good for your stomach anyway especially while traveling and discovering new recipes.
5. Declutter Regularly
Purchasing and keeping only what you need is the hallmark of the frugal lifestyle.
So, one method to ensure this is to declutter your belongings consistently. Keep your possessions organized and declutter often, this will help you know exactly what you have.
By doing this you avoid buying duplicates and accumulating too much of one thing.
To put this habit into practice, try to purge at a quarterly interval—any regular interval you can maintain.
There is also the One-In One-Out—If you add a new shirt to your wardrobe, remove another piece of clothing that you will likely not use again—This helps maintain a functional wardrobe.
6.$1/use Rule
The $1 per use rule is simply holding off and thinking of all the ways you can use what you are buying.
For Example, Personally, If I see a shirt that’s $20, I have to think of 20 times I will wear said shirt.
For a $100 kitchen appliance I have to think of 100 times I will use it. It really puts things in perspective for me.
This trick may not seem all that frugal but for me it actually helps me see through my impulse buying habits and by the end of the day decide that I may not really need such an item in my life.
7. Buy Used Instead of New
Developing a keen sense of saving more will have you prefer used stuff over brand new.
I myself, prefer buying a fairly used car than buying a brand new car, simply because of the significant price difference. Why not buy it? It still runs like the new one and I get to save a ton.
And remember, maintenance is always cheaper than repair.
And that is it for building a frugal lifestyle.
I hope you enjoyed reading my humble ideas on frugal life.
I would like to ask you though, what is the best frugal tip you habitually do?
Comment down below.