When you are budgeting it is important that your expenses do not exceed your income as this is a sure way to find yourself getting into debt. To counteract this situation there are ways to cut down your expenses, and it is OK to be frugal.
“It is thrifty to prepare today for the wants of tomorrow.” –Aesop
Being frugal does not equal mean or cheap. It is looking after your hard-earned money and not being wasteful. In today’s world of high prices and uncertain job situations it has become more important than ever to take care of our earnings and the answer is to cut down on expenses where we can and to be a frugal person.
Being a frugal budgeter will help you to keep your head above water as others sink into debt.
These days frugality is not seen in the same light it perhaps once was and has become more acceptable to many. There are millionaires and you would never guess that they are because they are living a frugal life.
Reasons that it is OK to be frugal:
Living a thrifty life means you will have the ability to save.
By reducing expenses you will have more income available to pay off any debt.
Your financial life will be stress free.
The satisfaction you gain by finding and purchasing a bargain.
More money to put towards your goals.
You learn to use what you have and appreciate them more.
As you are being less wasteful you will be helping the environment.
Areas to be thrifty in your budget:
Food and groceries
Make a shopping list and plan your weekly menu.
Buy home brands which are often the same product in plain packaging.
Never shop when you are hungry, you only buy more.
Look at the top and bottom shelves as the brands the supermarket wants you to look at are at eye level.
Look for mark down items and check the expiry date — there’s nothing wrong with the product it just has to be used sooner.
Think of different ways to use leftovers.
Have friends around at home rather than dining out.
Hire videos and plan time with family.
Do cost free activities like walks in the park, on the beach.
Check out the competition and see if you can negotiate a better deal for phone, power etc.
Pay the bills on time and gain any discount for prompt payment.
Switch off lights when you are not in a room.
Switch off power to items not being used.
Use public transport.
Cycle if appropriate.
These are only some of the things you can do in your thrifty life and yes, it is OK to be frugal.