Many people in the United States don’t have much in their savings, which can be scary, especially if you face a financial crisis. This could be one reason frugal living is rising, and the following will help you understand this way of living a little better.
What is Frugal Living?
Frugal living is a trending lifestyle choice. People are finding creative ways to save money. Now, a lot of people think frugal living is no different from being cheap, but that is not the case.
A cheap person might not go to the barber while a frugal person may use online videos to learn to self-groom. A cheap person may buy cheaply made clothes that will not last long while a frugal person may buy high-end clothes at a consignment shop.
Frugal living doesn’t just involve making smarter choices regarding grooming and clothes. You must also make wise choices with food. A cheap person might eat at a cheap fast food joint while a frugal person will learn how to expand food at home. One way to make a vegetable like a rutabaga last longer is to cook it, shred it, season it, add an egg, and mix it with flour to make patties. These sorts of tricks help a person live a frugal life.
Why are People Practicing Frugality?
People choose to live a frugal lifestyle for many reasons. Some people might be saving for retirement or a large purchase, while others might be saving simply to pay down debt owed to credit cards, banks, or direct online lenders.
It may not seem like a big deal, but paying these entities back frees up a person’s cash by allowing them not to worry about those monthly bills anymore. Other people are using this lifestyle to reach personal goals faster, like being able to take more vacations.
You’ll be saving money for a few weeks or even a few months before you can take a vacation, but you’ll feel good about taking a deserved break once you reach your goal. Other people are using their savings strategy to finish off loans like mortgages, auto loans, and student loans, which can feel like financial chains.
Tips to Get Started with This
Okay, so you have an idea of what you need to do if you’re going to get started with this lifestyle. A lot of it comes down to reducing costs one way or another. The most important thing to do is to figure out what is necessary and what is something you just wanted.
There is a difference between the two, and the best way to figure this out is to ask yourself if what you’re going to buy is something you need to live or not. You know you don’t need those extra shoes to live so don’t buy them. Try to consider canceling subscription services if you don’t need them, and make sure you stick to only shopping with cash rather than credit cards.
Check out DIY videos that show you how to fix things on your own rather than having someone come and deal with it. This doesn’t mean you should try to fix things that might be dangerous, but you know you can do some things on your own, like minor plumbing and other similar things.
Hopefully, this guide will help you with your frugal journey. It may be hard at the beginning, but you’ll get used to it given enough time.