I wasn’t naturally inclined towards frugality. In fact, upon first encountering the term ‘frugal’, I dismissed it as nonsensical. No kidding! But upon discovering its relevance and how saving money could shape my financial future, I was motivated to adopt a more frugal lifestyle.
The online discourse about personal budgeting, net worth, and living debt-free are what nudged me to reconsider my financial approach. Despite the difficulty of transitioning from being a spendthrift to adopting frugality, I realized it was necessary.
If you have a similar story, fear not. There are several ways to delve into frugality without it feeling like an alien concept.
Here are five simple tips to start your journey towards frugality, without any considerable input:
1. Quit Paying Full Price
The first practical step towards frugality is to stop paying the full price for items when shopping. Limiting one’s shopping impulse is advisable, but not always easily doable. Thus, you can start by seeking discounts, shopping during sales, or buying used items.
When shopping for specific items, start early and explore alternative options like thrift stores. Resort to paying full price only if other methods fail. While this might seem an exhaustive effort, the potential savings are worth it.
2. Seek Out Free Entertainment
In retrospect, I recollect squandering considerable amounts of money on entertainment while suffering monetary constraints. A wiser and budget-friendly approach could be finding free sources of entertainment, like reading, potlucks, game nights, or inexpensive video streaming subscriptions. Frugality doesn’t mean sacrificing your social life. Indeed, it’s all about finding cost-effective alternatives.
3. Cancel Your TV Subscription
One significant cost-cutting exercise I adopted was canceling my TV subscription. Rather, I shifted to cheaper alternatives like Netflix and Hulu that offer ample content at a fraction of the cost. Especially, if you are not a TV enthusiast, this change would not disrupt your life significantly.
4. Learn to Cook
It’s astounding how many people don’t know how to cook basic meals, leading them to spend extra on eating out or pre-packaged meals. Learning how to cook not only saves you money but is also healthier. All it takes is a bit of commitment and focus.
5. Alter Small Habits
Small changes can accumulate into substantial savings over time. This could be as simple as washing your clothes with cold water, adjusting your thermostat a degree or two, or consciously saving energy. These changes are painless and barely impact your lifestyle yet lead to considerable savings.
