When you decide to start living a frugal lifestyle then you are willing to do anything to ensure you save the last coin. You do not have to wait until you have a lot of money in order to save some cash. The kids will soon be grown and in need of a college tuition, your lease might be up at the end of the year and you need money to renew it. These are just a few examples of situations where being frugal can pay off in the long-term. Well, we felt the need to come up with a guide on how you can save money for a frugal lifestyle.

  • Know your money. The reason most people fail at saving is because they do not know how much they actually earn or bring in at the end of the month. If you do not know how much is coming in and going out then you cannot save. Create a simple chart every month of all the bills and expenses you have then compare that with the amount of money you have coming in and decide where to cut back.
  • Automate your money. If you have a stable job then you can automate some of the major bills. Things such as mortgage can be cut directly from your paycheck. This way you do not have to worry about using up the money and forgetting about making a payment since the money is gone before you touch it.
  • Use coupons. Whenever you go shopping and you have the chance to use a coupon do it! This saves on a lot of money used to buy unnecessary things. If you are working with coupons you can only buy what they offer.
  • Know the difference between spending and investing. One thing most people do not know how to separate is spending from investing. If you are a sales person and you buy a new car with your money to broaden the places where you can sell your products then that is an investment. If you buy the same car just because you no longer want to ride the bus then that is spending.
  • Go for quality. Sometimes being frugal does not mean that you will have to buy the cheapest item in the store. Sometimes it just means you should go for quality over quantity. Buying yourself a pair of good high quality jeans at a higher price is better than 5 pairs on sale that will tear as soon as the go in the washer.
  • Get rid of TV. Instead of paying for cable why not get a cheaper alternative such as Hulu or Netflix which also have great shows you can watch. These can cost you about $50-60 dollars which is way cheaper than paying for cable.
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