The word ‘frugal’ often comes with negative connotations. It makes people think of cheapness, of meanness, of doing things ‘on the cheap’. Yet the reality is that is frugality is a positive thing. When you are more frugal, you can save more money, and you can use the money you do have in the best way, ensuring that your finances are on track and you are less stressed about them. If that sounds good to you, read on; here are some of the ways you can adopt a more frugal lifestyle and benefit hugely from it.
Before you can live more frugally, you’ll need to know what it is you’re spending money on right now. An expert in wealth management such as Monty Cerf will be able to give you some advice in this regard and can show you where you can cut costs. However, you can do a lot of the work yourself before you get into a meeting with an expert, and the first thing to do is to check your bank account.
Take a look at everything you spend out on during the month. Some of those bills will be fixed, and other expenses will vary, but no matter what they are or how much they are or even how frequently they come about, if there are any that you are paying out for and not getting anything in return, or anything that you are spending money on that you don’t need or want, you can immediately reduce that outgoing. This will make you feel good and help you to save money. If you have overspent, you might even be able to claim some money back.
Once you have cut down on the money you’re spending, you’ll have a much better idea of what is left over. With this amount in mind, create a budget for the month. Not having a budget means that you can easily overspend, leaving you short at the end of the month and potentially putting you in financial difficulties.
When you have a budget you will be in control of your finances, and this will put you in a better place financially and mentally. You might even be able to start saving, which is an excellent position to be in.
For many people, going out means they spend money, and sometimes they spend more money than they should. If you genuinely want to be more frugal, you should limit your trips out to special occasions or lower the number of excursions so that you don’t go out more than once a month. Not only will you save money, but these day trips or meals out in restaurants or shopping sprees will feel much more special and exciting.
So that you can still have some fun, try to find alternatives to going out that don’t cost as much. Cooking a meal from scratch with your whole family can be a lot of fun, and it won’t cost anything near as much as going to a restaurant would.