What does Living Frugally mean & Why should I try it?

Being FrugalWhat is meant by “Living Frugally” ?

It is determining what you want out of your life, and finding a way to make it happen;  better money management, bargain shopping and creativity   [ not just DIY, but also thinking outside the square. ]

Frugal living unlocks a world of possibilities.  It can help you to pay off all of your debts, fund your child’s education and eventually enjoy the security of having serious money in your bank account. You could have more money for travel or even purchase your own home.

Only you can make this happen.

Living frugally means taking the money that you have or earn and  s-t-r-e-t-c-h-i-n-g  it as far as it will go.

It is learning how to get the best deal on everything that you buy, whether that be through comparison websites or eBay, from charity stores, clearance shelves and websites, Farmers markets or even a Swap Meet depending on the items you want to buy.

Check my previous posts for more ideas on how to save money:  

Are you getting all your entitlements from your Service Providers & Memberships?  and

How to Generate Extra Income plus More Money Saving ideas

Have you considered buying in bulk for yourself or within a buying group?  This could be with family, friends or neighbours.

If it is not an urgent purchase, why not patiently wait for your desired item to come on Sale?  Not only is this cheaper than following the “Must-have-now!” trend, I often find that in the meantime, the “Must-have-now!” product becomes obsolete,  i.e., something better comes along, usually not long after you’ve just shelled out your “Must-have-now!” cash.  Television Shopping shows / infomercials rely on this tactic.  You might even find that, after several months of cooling your heels, and repurposing things you already have, that you don’t really need or want the item in the first place.

Tip:   to assist you in the “do I really want this?” evaluation… Examine how much unused cupboard / storage space you have, and visualize how well the “Must-have-now!” item will fit in. Will you have to displace some other valued possession to accommodate it? 

When you adopt the habits of a frugal shopper, you are in full control of your spending. 

Frugal living means harnessing your creativity

It’s about finding ways to not only make do with what you have, but to do more.  If you are a regular reader of my posts, you will remember that I have shown you how to repurpose things you already have.

Every day presents new opportunities for you to reuse, repurpose, upcycle and create. A frugal person will recognise opportunities and will use their imagination to turn them into savings.

Saving money does not necessarily mean living a life of deprivation; but it definitely does mean creating more possibilities.

Even the very wealthy are frugal.  That’s how they get to be very wealthy!  Read how Ronald Read amassed $8million:

http://www.dailymail.co.uk/news/article-3003704/The-astute-investments-helped-ex-janitor-92-used-safety-pins-hold-clothes-build-secret-share-portfolio-worth-8-million-died.html

Do you have some frugal ideas to share?  Share below so we can all benefit

Live Smarter  –  Not Harder

Regards,

Glenda

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3 comments on “What does Living Frugally mean & Why should I try it?
  1. Jay says:

    I definitely enjoyed this article! Well discussed! “Frugal living means harnessing your creativity”! I’m going to use that one whenever I explain my life style to others! Haha Awesome article!

    Like

  2. […] I said in my post  What does Living Frugally mean & Why should I try it?  you have to harness your creativity.  Challenge yourself each week.  Your Pantry will have […]

    Like

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