Are you looking for ways to live frugally so you can save more money?
Today, I have a great article from Neiko Johnson on how to save more money by living frugally. Neiko and his wife paid off $240,000 of debt in 27 months. They share their finance knowledge and debt-free journey on their blog Secret to Finance. The primary focus of their blog talks about budgeting, paying off debt, money tips, building generational wealth, and increasing income with side hustles.
Living frugally is commonly misunderstood and taken as something negative.
In fact, a frugal lifestyle can seem like you are sacrificing quality, but that does not have to be the case. Rather, you can find ways to be frugal that add value to your life.
Check out my money-saving tips to help you get started with living frugally.
What does it mean to live frugally?
Living frugally simply means you are intentional with your spending. The most important aspect, if done correctly, is prioritizing what is important to you. Once you determine what is important, you will spend money on things that matter and cut back on areas that are not necessary.
The best thing I like about living frugally is you get to define what frugal means to you. If you love your Simply Orange Juice and do not want to drink store brand, you can find other areas where you can save money.
You get to decide where you want to cut back and where you want to continue spending money.
Is living frugally worth it?
The short answer is yes. If you are tired of living paycheck to paycheck, then living frugally is worth it. However, it is all about keeping the right perspective. If you only look at the negatives of living frugally, then you will have a hard time staying motivated to save money.
Certainly, you will have to sacrifice things on your journey. But these sacrifices will pay off in the long run.
Important to realize that you are choosing a frugal life so you can enjoy the things that matter most in your life.
Frugal living tips that you can start today
Here are a few ways to start living frugally:
1. Less eating out
Of course, we all love to eat out. However, the amount of money you spend eating out can add up rather quickly. Start cooking more at home and consider meal prepping to save you some money. You can save $10-20 a day depending on how much money you spend on eating out.
2. Sell things you do not need
Selling items you do not need or use anymore is a quick way to add some money to your budget. Make it a priority to clean out your closets and find something to sell if you have that option.
3. Buy a used car that you can afford
Purchasing a car is one of the largest expenses people make other than a home purchase. That is to say, it is extremely important to choose a car you can afford. Above all, do not let the pressure of society cause you to purchase too much car. Take your time and determine what you can afford before making the purchase.
4. Bargain shop insurance
We all need insurance but sometimes it can be a large expense. It is important to choose the right type of insurance that fits your life and budget. Choosing the wrong insurance can negatively impact your financial goals. Shop around and compare the prices of insurance so you can potentially save money.
5. Get rid of unused subscription services
Most people have a service that they are not getting enough value out of. This is the time to look through what you could be wasting money on and decide which ones are not worth keeping. You may find more time to enjoy some of your subscriptions if you cut down the amount you have.
6. Pay off your debt
Having a large amount of debt eats up your income. Your income is your most powerful wealth-building tool. Create a plan and execute paying off your debt as quickly as possible. You will realize you never want to have debt ever again once you pay it off.