In today’s article you’ll learn everything you need to know about the best frugal living tips.
Pinning pennies and paying off debts and bills can be overwhelming. It feels like dragging a ball & chain stuck in your ankle. Here are 15 ways to fight frugal fatigue:
15 Best Frugal Living Tips
1. Make saving fun
Handling financial obligations needn’t be tiring, with the right mindset. If you can cut your utility bill in half or save lots of money by cutting food stamps, do a little splurge, such as treating yourself to a drink at a popular coffee shop, which might be within your budget.
2. Create a budget
Make sure you have a practical budget. Make a list of debts and see how far your total net income is. Set aside enough money for basic needs, including food, transportation, utilities & rent payments, and so on.
3. Reject the offer
You will at all times find retail stores and firms offering special offers. Even if offers for deep discounts or even coupons come your way, be selective and choose only what you truly need. Don’t be fooled into thinking you need a certain “stuff.”
4. Don’t sweat the fact of not having a fat savings account
If most of your paycheck goes to paying off bills, debts, and rent, and you only have a small amount left in your savings account, do not worry too much. Instead, find ways to reduce certain things like your electricity and water consumption.
5. Don’t lose sight of your goal
Is your goal simply to save up for a rainy day or to save a little each payday until you pay off your credit card bill (1) and moving into a bigger house that you consider your own, having goals can motivate you to save.
6. Have multiple streams of income
Monetize your love or passion for certain things. Whether it is writing articles, or a hobby like photography or cooking, you can take up your favourite hobby and make money while doing it.
Creating multiple streams of income can help you manage your expenses, particularly during tough economic times. Engage in money-making activities while keeping your regular job.
7. Beware of shopping traps
Determine if you can save more by buying one item, or by stocking up on multiple jars or boxes. Supermarkets have a lot to offer for the unwary shopper. Be wary of offers for items you do not truly need. Know the places where you can get cheaper merchandise.
8. Focus on money-saving techniques that lead to big savings
Frugal living boredom may arise if you try to use every money-saving technique in the article. Focus on techniques that lead to big savings, rather than small amounts.
9. Connect with other frugal people
See online discussions about frugal spending, and learn to vent. That way, you will not only learn money-saving tips and money-making opportunities, but you will also reduce stress or stop frugal burnout.
10. Limit splurge with friends who spend lots of money
If you have a family member or friend who takes you out often, costing you lots of money, whether for entertainment, shopping, or dining, once in a while please ask.
11. Give yourself a pat on the back
Every time you meet your savings goal or cut a few monthly expenses, or manage to avoid a tempting extravagance, give yourself a pat on the back. Be happy that you’re on your way to your long term goal.
12. Use cash, not plastic
Make purchases using cash rather than your credit card. That way, you limit how much you spend, and you do not end up racking up credit card debt.
13. Consider a career change
If you have been saving for years and you can not seem to put enough away from your regular paycheck, consider another job option. Assess whether this is the right time and if you have all the right reasons to move, check the job market for more appropriate, higher paying jobs (2).
14. Appreciate the opportunities that come your way
To stop frugal fatigue, rejoice in the blessings you have and the great opportunities that come your way. Family, friends, good health and food on the table are reason enough to celebrate life.
15. Do a reality check
Before booking a vacation and buying designer pieces, remind yourself of the bills you’ll have to pay ultimately.
Overspending will also cause delays in achieving your long term goals, whether that be gaining financial independence and being adequate to live a snug life.
Thanks for reading this article on the best frugal living tips and I actually hope you take my advice to heart. I wish you good luck and that I hope that its content has been a good help to you.