How do you get started into the frugal lifestyle, especially if you are in debt? Many people would love to live a debt-free, worry-free life, but they do not know how or where to start. After scouring the internet for tips on how to get started with being frugal from zero, here’s what I came up with.
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 one month, give up alcohol 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 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 on the number of times you go out to eat. Find friends you can cost-share and enjoy these experiences together.
10 So-Called “Frugal” Habits That Are Actually A Waste Of Time And Money
Do you know any things that people do that they think are frugal but actually aren’t saving them money but sometimes are just wasting their time and money?
I am sure you have read articles and tips that promote frugal living and give some ideas that are just not frugal! These frugal myths float around and sometimes even cost people a lot of money!
10 So-Called “Frugal” Habits That Are Actually a Waste of Time and Money
12 Extreme Frugal Living Tips You Can Try
via DepositPhotos.com.
A Reddit user was curious to know the extremely frugal things people did that they didn’t tell people about. He gave an illustration that he used to collect promotional coffee sachets on top of car windows and that saved a ton of money. He wanted to know whether other Reddit users did extremely frugal things that they did not want other people to know.
12 Extreme Frugal Living Tips You Can Try
15 Tips For Frugal Living On A Tight Budget
If you are looking for tips for frugal living on a tight budget, this post is for you.
Being on a tight budget means looking for even the slightest opportunity to save money. It could be saving to clear your loans, for a bigger purchase, or even for early retirement.
15 Tips for Frugal Living on a Tight Budget
12 Extreme Frugal Living Tips You Can Try
via DepositPhotos.com.
A Reddit user was curious to know the extremely frugal things people did that they didn’t tell people about. He gave an illustration that he used to collect promotional coffee sachets on top of car windows, and that saved a ton of money. He wanted to know whether other Reddit users did extremely frugal things that they did not want other people to know.
12 Extreme Frugal Living Tips You Can Try
12 Not Very Obvious Sign That Someone Is Rich
It is easy to know when someone is rich. However, sometimes it is not obvious. One Reddit user wanted to know what non-obvious signs pointed out that someone was rich. We have sampled some of the best responses from other Reddit users in that conversation.
12 Not Very Obvious Sign That Someone Is Rich
This article was produced and syndicated by A Dime Saved.
