Ever wondered what financially secure people do differently?
We’re cracking the vault on ten of the most useful frugal living tips you can adopt starting today that will help you become financially secure. Isn’t that what everyone wants? Isn’t that the point of what we do?
Stay in Control of Your Money
If you want to take control of your finances, the easiest and cheapest way to start is by keeping a budget. Don’t just think about your weekly or monthly spending—create budgets for vacations, big purchases, and anything else that helps you stay on track with your goals.
Practice Self-Discipline
You don’t have to be naturally good with money to succeed. Like anyone else, you might feel the urge to splurge. But practicing self-discipline, aka pausing before impulse purchases or resisting the temptation to spend extra for convenience, can help you build long-term financial stability.
Eliminate Debt
Debt is one of the biggest things holding people back from true financial freedom. Focus on paying off what you owe so you’re not stuck giving hundreds away to credit card companies to keep your head above water.
Build Safeguards and Backup Plans
You should always have at least one of the following:
- A well-stocked emergency fund
- A retirement plan
- Savings accounts
- Investments
Ideally, you’ll have all of them. Start with one and build from there. Each is a financial parachute that can protect your future.
Strengthen Your Financial Literacy
You don’t have to know everything, but you should be curious. Take time to seek out answers. Use free resources like blogs (like this one!) to grow your knowledge and make smarter money decisions.
Spend Less Than You Earn
Frugal living means tracking your income and expenses, and never spending more than you make. Once that becomes second nature, you’ll feel more in control of your money and less stressed about it.
Avoid Gambling
Gambling can be an addictive trap that drains your bank account. Calculated risks through investing are one thing, but tossing your savings away on a whim at the casino is a fast track to financial regret. Be wise with where you place your bets.
When we talk about gambling, I’m not only referring to going to casinos or playing slots. Being reckless with investments or handing out money will-nilly is also gambling and will come back to bite you. Don’t dump all your money (or a large amount of money) in crypto or meme stocks just because it seems fun.
Set Goals
Money management is easier when you know what you’re working toward.
Ask yourself: What are you saving for? What do you want your finances to look like in six months? A year? Five years? Clear goals give your budget purpose.
Don’t Fall for Lifestyle Inflation
It’s tempting to upgrade your lifestyle when you get a raise or a new job. But that habit can create a never-ending cycle of spending. Instead, continue living below your means and invest the difference in your future.
Value Your Time
Time is money. Know your worth and use your time wisely. Whether that means leaving a job that underpays you or using your free time to earn extra income, don’t settle for less than what your time is worth.
