How To Live Frugally When It’s All New To You
How to live frugally when you’ve never done so before?
Frugal living is not a destination to arrive at as quickly as possible and then you are done. It’s much more a continual journey, an experience that you are constantly discovering new things, new ways to be thrifty.
While you are newly frugal be reassured that you do not need to try and play catch up with other frugal folk.
The frugal lifestyle is one that many of us end up living without ever particularly planning it.
You might have had frugal parents who showed you how to stretch your money.
But many of us start out being frugal because we have to.
Because we don’t have enough money to live on, because we can’t pay our bills and we’ve got to do something to make ends meet.
That something, frugal living, can be difficult to embrace if you are doing so because you have to not because you want to
The How To Live Frugally Journey
I’ve been frugal for a long time as it came naturally to me because of my upbringing, I fought against it as perhaps you might do.
When you HAVE to do something I think it’s natural to fight against it.
More so when you look around and you see other people seemingly having so much more money than you.
I say seemingly because often it’s just a mirage, it’s not real, those people have got debt coming out of their ears.
The difference between you and them is that you are ready to do something about it.
And you’ve come to the right place because I am going to help you start your frugal journey and learn to absolutely love living within your means.
As a frugal newbie I know you want some easy, clear steps you can take that will help you start saving money straight away without having your mind blown by things like 25 different ways to use duct tape I'll be teaching you something better. Starting with;
1. Always Consider Buying Used
2. Pack A Lunch
3. Have Fun Money
Everyone needs a little fun money in their lives. Even if it’s only $20.
Fun money is your money to do with what you will, no guilt tripping.
Without fun money you are much more likely to resent your new lifestyle and blow it.
One of the biggest mistakes people make when trying to be frugal is to cut all spending to the bone.
And then give up because it’s too hard.
That’s why you need fun.
4. Cut Unnecessary Expenses
When you’ve created your budget you will find that there are things you have been paying out for that in reality you don’t need or even want.
It’s scary how often people I know find regular subscriptions being taken out they thought they had cancelled long ago.
Check through everything that has gone out of your account for the past 30 days and see what could be cut.
Things like:
• gym memberships
• magazine subscriptions
• duplicate life insurance policies (a friend found she had been paying 2 life policies she didn’t need for a whole year, just when she had no money!)
When you’ve got debt or a need to save a lot of money there are other things you might need to consider cutting from your budget in order to make those savings:
• Cable
• Expensive cell phone plans
• Shopping at upmarket grocery stores
• Branded medications
• Brand name clothing
And then of course you need to look at how you are going to stop spending money on unnecessary things.
Because these little, unnecessary things can really add up and blow your budget.
5. Pay Your Future Self First
Right now I bet you work hard and are trying to make ends meet.
Hence the reason to embrace living frugally.
What about when you are 60, 70 or 80, do you still want to be working hard and trying to pay off debt?
We both know the answer is no.
But in order to make that a reality, where you can afford to finish work and be debt free, you need to be saving for that time.
Your future self is you at age 60,70 and 80. You need you to be thinking about the future you.
If you continue to spend all of your money now, and some, then how are you going to survive in your later years?
After debt, the first line of your budget should be saving for your future.
When money is really tight it might only be $20 or $50, but save you must.
Get that money habit deeply ingrained and when you have more money, save more money.
You will thank yourself later.
Related post: https://goodnewsfinance.blogspot.com/2024/02/how-to-properly-invest-in-your-future.html
6. Use The 30 Day Rule
The 30 day rule is a simple way to reduce your impulse spending.
It isn’t about deprivation or stopping you from spending any money.
It’s about giving some thought to what you intend to spend money on.
By applying the 30 day rule you identify something you want to buy but press pause for 30 days.
When you are new to frugal it’s a great way to give yourself breathing space to consider whether you can afford it.
And if spending that money fits within your budget and your financial goals.
If after 30 days you truly still want that then go for it.
7. Learn To Say No To Yourself
Only you spends your money.
So if you are overspending then it sits firmly at your door.
When you are used to spending (too much) it can be very hard to stop spending money and start saving.
The best way to achieve savings and reduced spending is to learn to say no to yourself and to others.
Never feel bad about saying no, if it’s what needs to happen to help you balance your budget and save for your future then say no and be proud to do so.
Other ways to help you say no is to set money challenge for yourself.
Be a Smart Saver!
I’ve been frugal for a long time as it came naturally to me because of my upbringing, I fought against it as perhaps you might do.
When you HAVE to do something I think it’s natural to fight against it.
More so when you look around and you see other people seemingly having so much more money than you.
I say seemingly because often it’s just a mirage, it’s not real, those people have got debt coming out of their ears.
The difference between you and them is that you are ready to do something about it.
And you’ve come to the right place because I am going to help you start your frugal journey and learn to absolutely love living within your means.
As a frugal newbie I know you want some easy, clear steps you can take that will help you start saving money straight away without having your mind blown by things like 25 different ways to use duct tape I'll be teaching you something better. Starting with;
1. Always Consider Buying Used
We all know how much a brand new car costs over and above one that is a year or two old.
But did you know the same applies to everything else you might buy?
Once you’ve bought something brand new and used it a few times, it’s no longer new.
So why not buy used in the first place?
Living frugally and not buying new each time, you can save thousands of pounds when you buy second hand cars, tools and other items.
When I created my work uniform I sourced everything ‘new’ from charity shops and still do to this day.
But did you know the same applies to everything else you might buy?
Once you’ve bought something brand new and used it a few times, it’s no longer new.
So why not buy used in the first place?
Living frugally and not buying new each time, you can save thousands of pounds when you buy second hand cars, tools and other items.
When I created my work uniform I sourced everything ‘new’ from charity shops and still do to this day.
2. Pack A Lunch
Taking a packed lunch to work is one of the best frugal living ideas as it can save you a significant amount of money over a year.
More so if you buy hot food/eat out at lunch time rather than buying a more basic sandwich lunch.
I take a home made salad every day, which along with some fruit, will keep me going until the evening.
I use these meal prep containers as they are so versatile.
I also use an insulated lunchbox like this one so I can keep my lunch by my side (no chance of co-workers stealing my yummy lunch!)
You might want to make sandwiches or even take leftovers from last nights dinner and reheat in the office microwave.
More so if you buy hot food/eat out at lunch time rather than buying a more basic sandwich lunch.
I take a home made salad every day, which along with some fruit, will keep me going until the evening.
I use these meal prep containers as they are so versatile.
I also use an insulated lunchbox like this one so I can keep my lunch by my side (no chance of co-workers stealing my yummy lunch!)
You might want to make sandwiches or even take leftovers from last nights dinner and reheat in the office microwave.
3. Have Fun Money
Everyone needs a little fun money in their lives. Even if it’s only $20.
Fun money is your money to do with what you will, no guilt tripping.
Without fun money you are much more likely to resent your new lifestyle and blow it.
One of the biggest mistakes people make when trying to be frugal is to cut all spending to the bone.
And then give up because it’s too hard.
That’s why you need fun.
4. Cut Unnecessary Expenses
When you’ve created your budget you will find that there are things you have been paying out for that in reality you don’t need or even want.
It’s scary how often people I know find regular subscriptions being taken out they thought they had cancelled long ago.
Check through everything that has gone out of your account for the past 30 days and see what could be cut.
Things like:
• gym memberships
• magazine subscriptions
• duplicate life insurance policies (a friend found she had been paying 2 life policies she didn’t need for a whole year, just when she had no money!)
When you’ve got debt or a need to save a lot of money there are other things you might need to consider cutting from your budget in order to make those savings:
• Cable
• Expensive cell phone plans
• Shopping at upmarket grocery stores
• Branded medications
• Brand name clothing
And then of course you need to look at how you are going to stop spending money on unnecessary things.
Because these little, unnecessary things can really add up and blow your budget.
5. Pay Your Future Self First
Right now I bet you work hard and are trying to make ends meet.
Hence the reason to embrace living frugally.
What about when you are 60, 70 or 80, do you still want to be working hard and trying to pay off debt?
We both know the answer is no.
But in order to make that a reality, where you can afford to finish work and be debt free, you need to be saving for that time.
Your future self is you at age 60,70 and 80. You need you to be thinking about the future you.
If you continue to spend all of your money now, and some, then how are you going to survive in your later years?
After debt, the first line of your budget should be saving for your future.
When money is really tight it might only be $20 or $50, but save you must.
Get that money habit deeply ingrained and when you have more money, save more money.
You will thank yourself later.
Related post: https://goodnewsfinance.blogspot.com/2024/02/how-to-properly-invest-in-your-future.html
6. Use The 30 Day Rule
The 30 day rule is a simple way to reduce your impulse spending.
It isn’t about deprivation or stopping you from spending any money.
It’s about giving some thought to what you intend to spend money on.
By applying the 30 day rule you identify something you want to buy but press pause for 30 days.
When you are new to frugal it’s a great way to give yourself breathing space to consider whether you can afford it.
And if spending that money fits within your budget and your financial goals.
If after 30 days you truly still want that then go for it.
7. Learn To Say No To Yourself
Only you spends your money.
So if you are overspending then it sits firmly at your door.
When you are used to spending (too much) it can be very hard to stop spending money and start saving.
The best way to achieve savings and reduced spending is to learn to say no to yourself and to others.
Never feel bad about saying no, if it’s what needs to happen to help you balance your budget and save for your future then say no and be proud to do so.
Other ways to help you say no is to set money challenge for yourself.
CONCLUSION:
When it comes to being frugal, remember to prioritize your needs, save, and make smart choices. Embrace frugality, make conscious choices and watch your savings grow.
Be a Smart Saver!
0 Comments