6 Tips To Being Frugal
When some people hear the word “frugal,” they mistakenly think it is the same thing as being cheap. This is completely untrue and there are major differences between the two terms. Find out what being frugal means, how to save money the ethical way, and how you can help others by shopping smart.
Find Out What Frugal Means To You
Frugality means different things to people. Some view it as a complete lifestyle, while others believe that saving money is best limited to clothing or their food budget. Neither way is wrong, it just depends on how much time you have and what areas of your life you think could benefit the most. This is a decision only you can make for your family.
Realize That Everyone Should Be Frugal
Regardless of your income, you should be frugal when you shop. Getting the best deals is an art and requires some creativity. You never know what will happen in life and you should always be prepared to know how to spend less in case of a lost job or other financial issue. Many grandparents or great-grandparents who lived through the Great Depression, have a very wise saying: “Just because you have money doesn’t mean you need to spend it all.”
Understand That You Are Allowed To Make Mistakes
Being frugal can be a challenge if you are just starting out and you might make a mistake or two. It is okay, the important thing is that you learn from what you did wrong and help others from making the same mistake you did.
Get The Best Deals
It is not always easy to determine if you are getting a good deal or not. While most people know to shop around, not everyone makes the best decisions on their purchases. One example of this is when you are shopping for shoes, which vary in quality. While $10 for a pair of shoes seems like a great deal, it isn’t that great if the shoes are made of poor materials and will only last 6 months. However, if you find a high-quality pair of shoes for $40 that will last you 3 years or longer because of their superior materials and craftsmanship, then you are being frugal and wise. Keep in mind that not all low-cost shoes are cheap and not all expensive shoes are long-lasting. You need to know the difference, do your research, and make decisions based on what you find out.
A Good Deal Doesn’t Mean Much If You Are Unethical
There are plenty of ways to save money legally. However, there are a few people out there that will break a law in order to save a few bucks, such as coupon fraud. It is important to familiarize yourself with the laws and remain ethical by adhering to the coupon policies of each store.
Learn To Give Back
Most people put the money they save by being frugal in a savings account or invest it. They may put it towards a new car or a family vacation. While there is nothing wrong with treating yourself or ensuring your family a solid financial future, don’t forget about you community. Donate items to a food bank or homeless shelters. If you know of a low-income family, talk to the parents about how to stretch their dollar by using coupons and match ups. You could even hold a class teaching others to save money the way you do.
Do you know the meaning between being cheap and being frugal? What things have you learned along the way?