The word frugality has left a more negative connotation for most people than simply being a saver, a cheapskate or tightwad. There is a thin line between saving and too much frugality to the point of being awkward and ridiculous. Being too tight with your finances is where the negative connotation comes from. Living frugally doesn’t always have to mean that you can’t splurge a little or that you never stray away from your set budget. Being guided with the right principles and reasons in deciding to live a frugal life will insure that you almost always will never go wrong.
1. Eating Out - Having dates with friends on a Friday night is fine if you do it once in a while but keep in mind this can be expensive if you add them up at the end of the month.
2. Clothing - Naturally, if you are the kind of person who adores signature and designer clothes, do not expect that there will be something left of your take home pay. Instead of being trendy, wear clothes that can easily be matched with your other clothes.
3. Own Home - If you are planning to move out and find a place to settle, do not be overwhelmed by the excitement, instead, be practical. As a start, buy a smaller house or try other ways like rent-to-own, do-it-yourself arrangements, and owner financing.
4. Buying Your Own Car - Shy away from sports cars or SUVs. Just stick to your purpose of buying a car that is to transport you anywhere you need to go. Also, look for used cars with good warranties.
5. Shopping for Groceries – Stick to purchasing “off brand” items as much as you can. Grab the opportunity and shop during sales or use coupons.
6. Family Outings - There are inexpensive ways to bond with your family and be entertained like going to libraries, local parks, going to the mall, picnics, visiting friends or a local church.
7. Buying School Supplies - Stock up on school supplies when they’re on sale and try not to buy anything fancy or unneeded.
8. Be contented with what you have and try to live within what you earn.
9. Plan your child’s College Education - Teach them the ways to be independent and self-supporting by encouraging them to apply for scholarships and on campus jobs.
10. Be Aware of your Financial Limitations
11. Anticipate your needs by planning ahead- Always have a budget in place so you can avoid impulsive buying.