Knowing live frugally can be very beneficial in times of crisis as well as in daily living. Frugal living can begin one step at a time, and can be taken to any level that is comfortable and convenient. The key to frugal living is to getting the most or best for the least amount of investment whether it is money, time or resources. Mix and match the steps here in order to create the frugal living plan that will work best for you and your lifestyle. It's OK to take one step at a time and add new steps as you can.
Instructions
1. The first step to frugal living is to make an assessment of your current lifestyle and to look for places where you can make changes. The best way to do this is to get a notebook and a pen or pencil and begin writing down all of your expenses. It may take several days or even several weeks to get a thorough list. It is helpful to save all of your receipts and record all of your non-receipt spending (such as tips, and vending machines) for at least a week. A month or more is ideal. Look over your list and try to spot things that can be eliminated. Use your receipts and spending record to help pinpoint items. It can be surprising to see where money really goes.
2. Look at the remaining list. Now you want to identify things that can be reduced in cost. Can you bundle your phone, Internet and television services for savings? If you pay your bills on time you may be eligible for an interest rate reduction that will save money each month. Ask your creditors for a reduction or apply for refinancing.
3. Get organized. When you are unorganized it can end up costing you in various ways. If you plan your errands to be run all in the same trip, and write out your grocery lists, you can reduce the amount of gas you use and the amount of overspending you do at the store.
4. Clean out your cupboards, drawers, closets, and storage spaces. Getting rid of the excess saves money in storage costs and saves time in cleaning and maintenance. Sell or donate what can be used, and try to upcycle or recyle what cannot. Last option is to trash what cannot be used. It is amazing how much stress can be alleviated by getting rid of all the extra stuff.
5. Shop the ads, comparison shop, and use coupons and rebates. Some stores will match or beat competitors ads, or will double or even triple coupons. Find out the policy of each of your favorite stores, and consider shopping only at stores with such policies.
6. While you are comparison shopping, learn read calculate the cost per ounce/lb. Most of the time the figures on the labels put by products at stores are accurate, but sometimes they are not. An item that is on sale may not be as great a bargain as the competing brand at regular price. Also, be sure to read labels. It’s a better bargain to get more product and less packaging, as well as more nutrition versus more chemicals and additives. On food labels, look for how much is in one serving as well as how many servings the product should give you, then read the ingredient list. If you don’t know what anything is in the list, or if the list is more chemical names than food names, look for a brand that will give you more real food.
7. Eat out less and eat in more. Increase your cooking repertoire with new recipes. Buy and eat what is on sale. An increased cooking repertoire will not only help you to accomplish that, but will excite your family as they get to try new foods that may well become fast family favorites.
8. Think about your goals and use frugal living to help you achieve them. For example, if you want to spend more time together as a family or if you would like to travel, perhaps turning off the cable television will help you. Doing things as a family instead of sitting in front of the TV is a great way to bond. Eliminating the cost of cable and putting it towards traveling is not only practical because if you are traveling you will not be watching television, but a step in the right direction toward accomplishing your goal with the financial savings and motivation it will give you.
9. Look for clubs, groups, and organizations in your area that exchange pre-cooked meals, clothes, coupons, and household items. Craigslist advertises free items as does Freecycle. Many communities have groups that work together to exchange pre-cooked meals and clothing.
10. Learn sew, garden, use tools, and repair things. Any skills you develop along those lines can be applied to making more with what you already have, and to creating more. All of those skills can be put to use with upcycling, as well.
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