Many people would love to live a debt-free, worry-free life, but they often don’t know how or where to begin.
Sometimes, when we look at frugal lifestyle tips online, it seems like you need to know what you are doing or adopt a whole frugal aesthetic to start living frugally.
But nothing can be further from the truth. Most of the time, living frugally is messy, dirty, and particularly not aesthetically pleasing, especially when you are drowning and clawing for air.
Here are some ways to get started with frugal living when you haven’t even taken the first step.
Make It a Game
Start by thinking of the whole thing as a game. Decrease your expenses in intervals. For instance, spend 50% less this month than what you spent last month. Spend even less the next month… and so on. Track your progress and cheer yourself on.
Rotate What You Are Cutting Back on Each Month
It may be tough to cut back on everything at once. Rotate these expenses before eventually dropping them off altogether. For instance, stop eating out for one month, give up alcohol for the next month, etc.
You won’t feel as if you are missing out, and soon enough, you will find a way to get rid of these expenses altogether.
Change Your Mindset
Your mindset may be hindering you from saving money. Ask yourself several critical questions: What emotional need are you fulfilling by spending? Are you spending because you don’t want to be at home? Are you spending because you do not want to feel poor?
Make a List of Items You Order at Restaurants
Eating out can deplete your savings fast. If you want the same quality of food from restaurants, make a list of the items you order often. Some foods may require great skills to prepare, while others are pretty straightforward. Buy these ingredients and cook these foods at home. You will save a lot doing so.
Learn the Value of Money
Think about how much money looks like in the future. It is all about the opportunity cost. For instance, let’s say you spend about $570 eating out per month. This translates to $6840 per year and $68,400 in a decade.
Let’s say you won the lottery today and were given two options: Eat at your favorite restaurant ($570 per month) for 10 years or get $68,400 today. What option would you take?
Give Yourself an Allowance
Allocate some money to yourself to use as you please after tracking all your expenses.
Once the other expenses are paid, allocate the excess money to a separate savings account. You can draw from this account at the end of a certain period to buy something you want or spend on yourself.
Budget With a Goal in Mind
Have a target when budgeting. Make goals part of this budget. Measure and track your progress over time. It is important to develop a healthy money mindset.
Find Cheaper Ways To Eat Out
If you must eat out, find ways to enjoy your food without indulging too much. Find good local restaurants and cut down on the number of times you go out to eat. Find friends you can cost-share and enjoy these experiences together.
