Living a frugal lifestyle

Live within your means

The word “frugality” seems to have more negative connotations for most people than simply being a saver, a cheapskate or tightwad. There is a thin line between being thrifty and careful with your money, and being too much of a tightwad, to the point of being awkward and ridiculous. This is where the negative connotation comes from.

But if you are guided with the right principles and reasons in deciding to live a frugal life, you will never go wrong. A frugal life is often in line when environmentally sound principles, so you win on two fronts.

If you have decided to live frugally, do not be concerned of what other people may think. Keep your focus on the end goal....financial freedom. Besides, most people won't know you live a 'frugal' lifestyle, there's no need to actually advertise the fact.

Get started with these basic tips:

1. Create a budget so you know where every cent of your money is going

2. Save for an emergency fund. Try to save up three months worth of expenses and keep it in a high interest bearing account.

3. Your own home - If you are planning on buying soon, do not be overwhelmed by the excitement and possibilities, instead be practical. Buy a smaller, cheaper house than you can afford, leaving you a surplus of funds to plough back into your mortgage or renovate your pride and joy with.Try other ways like rent-to-own, do-it-yourself arrangements, and owner financing. A mortgagee sale or foreclosure can be a good place to buy a reasonably priced home.

4. Buying a car - Stay away from sports cars and even SUVs if you can. Vehicles that are 'special' or modified will cost you more to run and more in insurance costs. Think what you need a car for, and buy accordingly. If buying from a dealer, ask about warranties. Buy a new-to-you car, rather than a new car.
Avoid financing a car if at all possible.

5. Shopping for groceries - Try store brand items. Check out fresh items that are marked down for quick sale and freeze them. Shop during sales or use coupons. Eat fruit and veggies that are in season and check out farmer's markets and farm gate sales in your area.

6. Family outings - There are inexpensive ways to entertain your family: libraries, local parks and play grounds, skate parks, picnics, visit with a parents group and local church. Your local pool or beach. Look out for discounts to things like the zoo or aquarium. Museums are often free.

7. Buying School Supplies - Stock school supplies at home by buying them at the end of the school year when they are being discounted.

8.  Eating Out - Having take-out on a Friday night is fine if you do it once in a while. But this can be expensive if you're doing it once a week or more.

9. Clothing - Naturally, if you are the kind of person who adores signature and designer clothes, don't expect that there to be much left of your take home pay. Instead, wear clothes that can easily be matched with your other clothes. Shop for signature pieces in thrift stores, where you may find good brands for mere pennies.

10.  Turn off lights and appliances that are not in current use. Shut your computer all the way off overnight.

These are just a few things to think about and implement at the start of your frugal journey. Keep the end goal of paying down debt and financial freedom in the front of your mind.