When it comes to saving money and solid finance, the best thing you can do is start picking up good habits. That’s why we’ve compiled a list of the top habits shared by many frugal people. And while all of these don’t work for everyone, the more you can embrace, the better of you’ll likely be. Attaining financial freedom may seem much less difficult once you’ve trained yourself to follow these strategies.
Whether you’re religious or not, “thou shalt not covet” is also one of the most important commandments of frugality. If you’re constantly comparing yourself to others, wanting things you don’t have, you’ll likely always be playing catch-up. One of the key traits of frugal people is that they’ve almost all learned to live within their means. It’s important to appreciate the things you have and stick to investing only in what you can afford.
Budgeting is tantamount to living frugally. In order to save money, it’s important to know where your money’s going and also where it needs to go. Finance your life clearly and honestly.
Remember your priorities every time you make a financial decision. This means you should think of your financial security, your family, and your future whenever you spend money.
A single $0.50 coupon may not seem like much in the way of major savings, but every little bit counts. Each individual coupon may seem small, but – trust us – they add up to a lot. Even spending a few minutes a week compiling coupons can save you a lot over the course of a year.
If you really want to save money, you’re going to need to eat out as little as possible. Always opt to eat at home, and if you have no other choice, choose a budget-friendly restaurant or use coupons. (Signing up for rewards programs will often get you free food if you want to eat out on your birthday!)
Every so often, we all feel like we deserve to splurge on something special. And you shouldn’t have to deny yourself that pleasure either. However, you should limit your indulgences to just two or three things that really matter to you.
Instead of investing in the largest house you can afford or the fanciest car, consider settling for less. Prioritize your budget and your lifestyle over new car payments or a bigger home than necessary. Settling for less leaves you with more money for the things that really matter.
Defining clear, long-term goals often makes it much easier to live frugally. Of course, we highly recommend trying to focus on just one at a time. Whether it’s paying off debt or saving for a major investment, it’s important to know your end game. Even if it’s simply saving for retirement, you really should set a goal you can strive to reach.
Always make sure you and your partner are on the same page when it comes to finances. Few things pose as great a threat to the stability of a relationship as misunderstandings regarding money. Make sure you talk often about your goals as well as where you stand.
Enjoying life doesn’t have to cost money. Many cities offer all sorts of free resources and activities that you can take advantage of without spending a dime. This includes outdoor concerts and events, community movie nights, parks with free recreational amenities, and, of course, your local library.