Frugal Living

November 11, 2009 by admin  
Filed under Saving Money

Living a frugal lifestyle is much easier than you might think. It takes a mindset that is interested in saving for the future. There has to be a plan in place and an obtainable goal. Most importantly, it has to involve everyone in your family. Here are some tips in how to go about living a frugal lifestyle.

When you first start out in the frugal lifestyle you will have to adjust your thinking. Instead of asking yourself if you can afford to buy something, ask yourself if the money could be better spent elsewhere. It’s not necessarily just about saving. Being frugal is about spending in the best way possible.

It is a good idea to set up priorities that will help to develop your basic plan for your frugal lifestyle. This could include the type of home you require, the activities you must have in your life, and the sacrifices that you are willing to make now for a more secure future tomorrow. There should also be a budget involved in there somewhere.

Once you have your finances under control it is time to set your goals. Write out all of your needs (that aren’t currently being met), your wants and your desires. Develop a plan to help you achieve each and every one of them and then get to work to make it happen.

Teach your children to be frugal as well. Make sure they understand that even though there are things that they can’t have it is not because you can’t afford them. You are choosing to put your money into something else that they will enjoy for much longer and much better (like a trip to ski country). If you can work together as a family then it will add support and comfort to your frugal choices.

Let everyone have a stack in the new life. Talk over you plans with the whole family during a weekly or monthly meeting. Let the children help decide how the savings from the frugal decisions should be spent. Use the time to brainstorm together about what is the best way to go about living a frugal life in your family.

Your choices will be personal. No one can tell you the exact formula for becoming frugal. It all comes back to making the best choices for your spending and developing a mindset that wants to save. You will probably find that as you grow and experiment with your frugal lifestyle, some of your choices will change, some of your needs will vanish (or fall to desires) and you life will become a much greater experience.

Recommended Reading:
Ultimate Debt Guide

Thanks to this guide complete with worksheet and personal coaching, my family and I will be complete debt free in 42 months (including paying our house mortgage in full). The principles taught in this program are simple, yet incredibly powerful. See for yourself. Click here to get Scott Steven's Ulitmate Debt Guide.

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