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Living frugally means making intentional choices with your everyday spending. It means mapping out your financial and life goals and then aligning your spending to help you reach them. However, being Intentional is a key component of frugality. And a good way to start on the path to frugal living is by prioritizing your goals, if you begin living a more frugal lifestyle, you can reach your goals more faster.
Waiting Periods
Most people recommend a 48-hour or 72-hour waiting period, but you can decide on a beneficial length of waiting for you. Give yourself a mandatory waiting period on all non-essential purchases. This waiting period helps you to “cool off” from the desire to buy something you may not really need.
Set Guidelines With Your Partner or Spouse
If you’re married or have a partner you share finances with, get on the same page with them. Practice talking about your budget and your spending expectations of each other.
Direct Deposit
Another great way to automate your frugal ways is to set up an automatic deposit to limit the amount of money you have in checking at any given time.
Always Look For Discounts
Anytime you’re purchasing something, look for frugal alternatives. Whatever you spend money on, don’t just buy the first option you see. Look out for discounts, develop and use your negotiating skills.
Learn to Do-It-Yourself
Generally, do-it-yourself (DIY), this can save you a lot of money. Whenever faced with an expense, take a moment to think about whether you could save money by doing it yourself.
Reduce and Reuse
Frugal living is also environmentally friendly because it teaches you to reduce your use or consumption of items, as well as to use up everything you already have.
Learn to always choose what truly adds value to your life and cut out waste on things that don’t add value.
