You can live a frugal lifestyle as all it takes is a certain mindset wanting to save and put money in the bank for the future. In order to do this though, you have to have a financial plan and a reachable goal. You should always include your family in your financial plan and reachable goal. They will be able to help out and chip in to reach these. Let’s look at some tips on how to live this frugal lifestyle.
1.Adjust your mindset
The first step in living the frugal lifestyle is to adjust your mindset. It’s important to think if the money would be better spent on something else rather than asking yourself whether you can afford that item. It’s a simple shift in thinking, but it has a profound impact. It’s more than saving money; it’s a matter of spending less and living frugally.
2.Document your priorities
After adjusting your mindset, document your priorities. Write them down in a place where you can see them on a regular basis and your family can read them. This is a way to show them what the family’s priorities are. But before you document them, talk to them and get their feedback. What are their priorities and how can that be reflected in the family’s priorities? Priorities can be all sorts of things, including a vacation, home repairs, paying off credit cards, saving a certain amount, etc. As you can see, it can differ from person to person and family to family.
3.Set your budget
After you document your priorities, it’s important to set your budget, so you can save and meet those priorities. Write your budget down and also put that in view, so it can be reminders of how much you are suppose to be spending on what. Also, write out your needs, wants and your desires, so you can figure out what money should be budgeted where.
4.Teach your children
Lead by example and teach your children to live the frugal lifestyle. They might not understand at first, but you can teach them. Give them a small allowance, so they can learn how to manage their money. Teach them the difference between needs and wants and how everything you want you can’t always have.
5.Shop the sales
Once you have a budget, plan and goals you need to start saving that money. One way to do that is to shop the sales. Shop the sales at the grocery store, convenience store and clothing stores. Many of these places you can use coupons to save even more money. Look through the Sunday newspaper, as they have all the sales flyers and coupons.
6.Keep your mind open
When shopping sales, keep your mind open and try different brands and stores. While you may be faithful to just one brand, it’s time to step out and try something new. You never know you may like it better. Don’t forget to shop around at your local Salvation Army and Goodwill as they have a wide selection of clothes, sometimes even new with the tags. Also, don’t forget the 99 cents store, as you can find grocery items, frozen foods, vegetables, and fruits.
7.Decrease eating out
Eating out constantly is expensive. Fast food makes it so easy for us to ‘grab and go’ with our meals when we don’t have the time or energy to cook our own. But if you are trying to live a frugal lifestyle, one of the ways to achieve that is to cut back on eating out. Make your meals at home, instead. Sometimes this takes a little extra planning, but it is worth it. Cook ahead and put it in the fridge or freezer for the week. It’s much cheaper and healthier to do this.
8.Use what you have
Instead of shopping for new clothes, maybe shop your own closet. Look to see what you have in there that you haven’t worn in awhile or mix up your outfits, so you feel like it’s a new outfit. Try to use what you have at home before you run out and buy something new that you don’t necessarily need.