Frugality: a How To

Shifting towards a more frugal lifestyle can be a rough transition for anyone. Frugality is even harder to achieve if you don’t have the proper tools in place. If living frugally is something you strive for, come up with a plan of action and start incorporating a frugal mentality as soon as you’re able. In order to get the ball rolling, here’s a list of things you can start doing to achieve a frugal lifestyle.

Make a Purchase Wait List

The easiest thing you to start doing immediately is creating a running purchase wait list. For all non-essential purchases of over $100, place it on the list. Wait for at least 2 days (a week might be better) and if you still find yourself thinking about it, go ahead and get it! We are all guilty of impulse buying, so your wait list acts as a buffer for your wallet. Plus, it will be interesting to see how little importance some items will have after some time passes.

Remove Extras

Another way to cut down your expenses is to remove extra charges. At a closer look, most of us have memberships, service fees, and expenses that we are not utilizing. Removing them will free up some extra cash. Additionally, audit other monthly expenses that weren’t cut to see if you can trim down the cost through discounts or negotiating a lower price.

Quarterly Self Checks

At the end of each quarter, audit yourself. Look at your finances objectively and make changes accordingly. You should be on the lookout for a few thing. The first thing are the expenses that don’t give you the value you want. Why pay for something if you aren’t happy with it? For one time purchases, use it as a lesson to do more research before opening your wallet. Secondly, objectively look at your entertainment spending. This is an area almost all people can cut down on. If you want a frugal lifestyle, you might have to stop hitting happy hour at the end of the week.

Eat at Home

A large expense every one of us has is food. It’s a necessity but doesn’t have to take such a toll on your budget. The first thing to do is make a commitment to eating at home more. Cooking your own meals has a ton of financial benefits. You control how much each dish costs you. You have to buy the ingredients, so you set the price. Also, your leftovers become a gold mine! Each meal you eat leftovers is one less meal you’re paying for.

Buddy System

The biggest worry of being frugal is actually sticking with it. Employ the buddy system with a like-minded friend. There’s nothing quite like accountability and camaraderie to help you follow through. Two heads are also better than one. Use the added brain power to come up with better practices and ultimately save more money!