Frugality is quite challenging for some people, especially when budgeting up to the very last penny. But a frugal lifestyle has its benefits such as financial contentment, having more savings and investment, less financial stress, and many others.
If you are planning to dive into a save-first lifestyle, here are some tips on how to be frugal when it comes to money matters. Just a disclaimer, turning yourself to frugal life, doesn't mean that you will live to deprive to save a few cents. Frugality is all about living and making smart decisions in life, especially where you spend your money.
Smarter Money Management
You can begin by knowing how much you have in the bank or in your savings once you have deducted your bills to pay and your necessities, more importantly, allotted money for food and transportation.
It is essential to understand what you can and cannot afford to avoid unnecessary purchases that won't fit your monthly budget. You should learn where to stand in terms of your debts, savings, investments, and even goals to take care of your money and work at the same time.
Learn to be Crafty
Channel the inner Bob-the-builder in you and welcome yourself to Do-it-Yourself projects. Although buying online or calling your local handyman is convenient, DIY activities are often a lot cheaper and have less need to invest time and effort. Being crafty can save you so much money, and you can customize the item based on your preference.
Set a Goal
If you dedicate yourself to your goals, it will be easier to eliminate your budget's non-essential expenses. Setting your plan can also help you move closer and achieve your desired goals faster.
Learn to Negotiate
Having a credit card or any transaction with interest rates, you can always ask your reliable and trusted credit company for a lower interest rate. If you are loyal to that company, it will be more than willing to give you a lower rate. Being devoted to the banks and brands you use will benefit you in the long-run.
Collect Deals and Coupons
Most people that live frugal lifestyles love to collect and use discount deals and coupons. You can have cheaper movie viewings, snacks, and even during intimate moments.
You can also enjoy all of those recreational activities at a much lower price. It saves you a lot, and you don't have to deprive yourself of the things you enjoy the most.
Avoid payment delays and monthly membership fees.
It is important to pay on-time or before your due date when it comes to your bills and credit cards to avoid the additional late payment fee on your accounts. And good-paying records to your credit card company can get reward points that you can use as coupons or discount deals,
If you have it, it is advised to cancel any monthly membership fees you may have, mainly if you only use them once or twice a week. For example, your gym membership fees. It is essential to stay active indeed, but there are many alternatives in doing so rather than paying monthly dues to your local club. There is biking, jogging in your neighbourhood, and just doing the home workout videos from the internet in the comforts of your own living room.
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