How to live the life of frugality
when on a tight budget
Living the life of frugality is always something that was instilled
in me at a very young age. That meant looking for the best deals
in everything that I purchased from clothing, food, gas, cable
TV, internet service etc ..... Please understand one thing, living
the frugal lifestyle isn't always shopping for the lowest price
item that's for sale. Being frugal is also shopping for value.
In this article I'm going to offer you a few of my tips that I've
been practicing since I was a young boy.
1. Live below your means. This is the most important rule when
it comes to living a frugal lifestyle. Let me give you an example,
if you make $150,000 dollars then you spend $50,000 on your mortgage,
groceries, family etc ... then your living below your means. A
direct opposite of this would be someone making $500,000 and spending
$700,000 every year on there luxurious lifestyle. Who do you is
better well off? The person that makes $150,000 or the person
that makes $500,000? The answer is clear.
2. Always comparison shop. When I say comparison shop I mean
everything! From hand mittens to pet fish!
3. Always ask questions about the products you want to purchase.
The reason why I say this is because you might be able to buy
a hand mitten for 5 bucks but you might be able to buy a higher
quality hand mitten for 6 dollars. Which would you purchase? Personally
I would purchase the higher quality for one buck more.
4. If you have outstanding debt try and consolidate your debt
into one low monthly payment. This goes for home mortgages, car
loans, business loans etc ....
5. Never buy something you can't afford. I've witnessed this
time and time again with some of my closest friends. If you know
your going to struggle with the $500 car loan payment but it's
a "new BMW" then "I need to have it is your mentality.
It's this type of attitude that can not only get you in trouble
financially in the short term but this thinking long term can
damage financial health as well.
I hope you've gotten the jest of my article on how to life a
better life financially and have a great time doing it!
|
