By John
People are increasingly looking for ways to save money these days. Amongst many useful suggestions, ‘frugal living’ is often put forward as if it were an option for saving similar to moving to a smaller house, or buying solar panels. But it is more than that. The word ‘frugality’ originates from the Latin word for fruit and is now defined as the quality of being variously restrained or moderate in spending habits, or simply economical. For us the best adjective is ‘prudent’ and as such, frugal living should be the way of life for all of us, especially those looking to save money.
Here is our list of the top three pillars of frugal living:
Make frugal living your way of life
Frugal living does not mean economizing to the extent of removing all life’s pleasures. It means thinking about your lifestyle and spending habits and finding ways to balance the two against your disposable income. It means identifying the areas where you are unnecessarily extravagant and adjusting them to free up money for other purposes. It means constantly wondering if there isn’t a cheaper or more economical way of doing whatever it is you’re doing.
Make better use of what you have
A good place to start is with managing your money. You need to check that you really are getting the best value out of your insurance policies, for instance. There are so many variations and as your circumstances change, so may your requirements. You certainly need to consider the ways you use and pay off your credit cards. Paying interest on plastic is a complete waste of money and paying off these and other debts should be your top priority and aim in saving money.
Energy consumption is another are where you can save money. Frugal living means only using water, electricity and gas as and when you need to – hence turning off running water when you don’t need it, and switching off appliances when you’re not using them, and lights when you don’t need them.
You can economize by throwing away less good food and using leftovers in different dishes. The web is awash with recipes for cheap and healthy meals made with leftovers.
Clothing can be re-cycled, re-worn and repaired.
You should do an honest appraisal of your transport requirements. Do you really need two, or three, cars? Could you manage with a smaller one than you have? And it’s certain you could make less local trips with better planning. While on cars, there are many minor maintenance jobs you can do yourself to save money on trips to the garage.
Your internet, cable and phone expenditure need to be examined. Bundling services with one provider will save you money, as will dropping TV channels you don’t watch. Does your mobile data plan fit your pattern of usage? Can you drop the landline altogether?
As for those gym and other club memberships, if you really need them, can you possibly get a reduction in fees on different terms? Many things are negotiable.
Prudent expenditure
Frugal living means not buying stuff that you don’t need, and trying to avoid paying the full price for pretty well anything, since there is almost always a legitimate way to get a discount. When buying groceries and household requirements this means thorough research, comparison-shopping, and using coupons and taking advantage of freebies whenever possible. You should cut down on prepared meals and snacks and prepare them yourself. The same thing goes for that coffee you stop by to pick up on the way to work – can’t you make it and take it? You probably don’t really need bottled water, do you?
When buying clothes frugal living means examining your attachment to brands and going for value rather than simply low price. It may mean being prepared to buy used items, such as cars and maybe kitchen appliances, at a big reduction in price but only a minor reduction in value.
You can live frugally without sacrificing all the things you like. It basically takes prudence and self-restraint.
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