Most times you hear people talk about being frugal you would not be the first to compare it to being cheap. Though this terms are often interchange they do not mean the same thing. It is understandable to think they do because frugal people still do buy cheap items at times. A frugal person may spend less money than the ordinary person but they are not necessarily miserly. Cheap people often go overboard with extreme saving and will deny themselves even the basics in an aim of not using that money.

People who live a frugal lifestyle just waste less money and are more careful about where every coin goes. These people are just living happily with less money. The only way to do this is by striking a balance between spending and saving. Below are some key points on what frugal lifestyle is all about.

  • Prioritize spending.  Frugal people prioritize their spending. You will not find a frugal person buying the latest IPhone before paying the gas bill. They also only spend on things that make them happy. If something is not necessarily urgent then do not waste your time purchasing it.
  • Cut back on expenses.  The main idea with frugal living is cutting back on expenses. This means you will need to have a budget and a well thought out plan when it comes to your purchases. Cutting back n some things does not mean leaving them completely. You can cut back on the number of times you eat out in a month to at least two. That cable TV is not a must have. There are now plenty of options such as Netflix and Hulu which have some nice shows. If you pay for an expensive gym membership but hardly ever go there then cancel it. Work out at home and get similar results. Cutting back will add more joy to you when you see just how much you’re saving after cutting out the unnecessary items.
  • More value items.  Now that you have cut back on some things you will have some extra money to purchase other things. This is where being frugal is tested. You can choose to either blow your savings on something of no value or buy a few items which can be termed as necessary. If you feel that you can live without cable but you need to dine out then cut back on the cable. Going out after that will still be less expensive as you will have saved the money from cancelling your cable. Make a list of the items you spend on in a month. Then reorganize them from top to bottom. Try living without the items at the bottom of the list for a while. Chances are you will still be equally happy without them.

Being frugal is all about prioritizing and optimizing your earnings. This will give way to a less expensive lifestyle since you will be debt free. It also gives you more choices.

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