Frugality can be the key to financial freedom you always wanted

Frugal living mainly means living on less to make your life better and easier. There is difference in being frugal and in being cheap. Frugal does not essentially mean miser. Saving money is best when you are actually doing it for a good purpose, for your family and for your future. However this does not mean that you'll have to be selfish in the process. You can practice frugal living to save more than you usually do and avoid financial stress in your life comfortably.

How to practice frugal living

You can be frugal in regards to all aspects of your life starting from usage of electricity to gasoline, phone bills and even food and clothing. For that you will have to first change your lifestyle.

Lower expenditures

It is essential for you to change your lifestyle, your style of spending, usage of credit cards and so on. You will have to give up on your impulse buys so that you don’t spend money unnecessarily. All of these together will help you lower your expenditures and save money at the same time. You will also be able to avoid falling into debt.

Formulate a budget

The most important step in frugal living is budgeting. You need to budget in order to save more and stay within your means. Budgeting helps you get an idea on your affordability and your needs. So, you may be able to cut down on your unnecessary expenses. You can either formulate a budget on your own or else, you can also get the help of an online budget tool. However, be true to yourself about your affordability. You will also have to analyze the budget from time to time and modify it accordingly.

Practice do it yourself actions

You can also go frugal by practicing some do it yourself actions like making your own wrapping papers, making gifts on your own, making a diary on your own and so on. These help you to save a lot in the long run. You can also make lotions and bath gels, bubble baths liquids on your own rather than buying them from the cosmetic stores.

Maintain health

Maintain good health so that you don’t need to go to a physician or get admitted in a hospital. If you end up in a hospital, you will ultimately run up huge medical bills. Thus, it is always essential to maintain your health so that you need to shell out extra money.

Use coupons and discounts

Another very important frugal living tip is that you should take advantage of coupons and discounts. These help you save lots of dollars. Hoard the items that you need the most when the grocery store is offering discounts and store the items according to their expiry dates.

Pay bills on time

You should also make on-time payments on your credit card accounts and other loans that you have. This helps you pay off your bills fast enough and in the long run you save money on the interest. If you make only small payments on your debts, you will be able to pay off the debt after a long time and thus, you ultimately pay more on the interest.

You can also save money on gasoline, electricity and phone bills. Buy gasoline in the morning or in the evening when the weather is cold as gasoline remains dense in cold temperature. Don’t use the phone without real necessity and put off lights and ACs while moving out of your room. In this way, you will be able to save considerable amount of money. In addition, make sure you put the money you save through frugal living in a savings account.

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