The Frugal Formula: A Beginner’s Guide to Budget Living

ad-coinsLiving on a budget doesn’t mean you have to scrape by from paycheck to paycheck. It doesn’t mean you have to eat basic food every day and never treat yourself. Far from that. The masters of budget living know where to save money and when to spend it. They’ll always look for a fantastic deal wherever they are, whether it’s black friday or not.

Here are some tips from the masters of frugal living.

Learn to Do-It-Yourself

Some of the most popular friends on the planet are ones that have DIY skills. It doesn’t take long to study a book or read online guides, and it’s not expensive to buy a cheap set of tools. It might be a small time and money investment, but your skills will pay off when you realize that you have to pay a plumber an entire day’s wage just to fix a pipe. Plus, your skills will transfer over into more creative avenues such as gift making.

Downscale Your Home

Not everyone starts in a small space-saving apartment. In fact, many of us start our frugal adventures from large homes with more space than we know what to do with. Do you need three spare bedrooms and all those bathrooms? Most likely not. You’ll be able to move into a smaller and productive home in a short amount of time.

Embrace the Basics

Supermarkets sell their own store-brand items for prices that could be up to 90% cheaper than branded names. Do you need a special cheese that costs twice as much as everything else? A pack of cheddar from the supermarket will do just fine. Do you need that expensive phone plan? Doubt it, you don’t even make that many calls. Budget living starts at cutting unnecessary expenses, so take a good look at where you can afford to cut some luxuries.

Learn to Cook and Eat Healthy

Everyone thinks that healthy eating is expensive. Here’s the secret: it’s not. Cheap junk food is readily available, but that’s the sort of food you don’t want to be touching at all. Healthy eating starts at cutting junk food completely. You should learn to pick out fresh food and cook it for yourself. Fast food isn’t a cheap alternative to cooking. Understand that it’s barely food when it has almost no nutritional value.

Don’t be Swayed by People Around You

We all have that one friend that loves to flaunt his amazing luxuries and the latest technology. Ignore them. No one needs those things to get by. If someone is showing off their latest toys, they probably bought it just to gloat. You don’t have to concern yourself with other people’s luxuries. While they throw money away on ludicrous things, you’ll save it. Instead, you can put money towards things that matter and won’t be outdated or replaced in a few months time.

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1 Comment

  1. Millennial Money

    Thank you for pointing out that other people’s spending habits and social desires can influence our own decisions. We need to be aware that trying to out-compete the Joneses can result in massive financial instability and lack of funding for retirement. Thank you for this very good list.

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