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Getting the most out of your money and resources - who doesn’t want that?

Living beyond your means! are you overcommitted, caught up in a lifestyle that is financially beyond your means?   

Do you want to cut expenses, curb costly habits and have more money, and get more out of it?

Yes! Keep reading, frugal living may be the solution you are looking for!

What is Frugal living?

Frugality, frugal living, it’s an old-fashioned concept, a thing from the past but now back in ‘fashion’ in these times of spiralling costs of living. Many households stretching their budgets are looking for ways to find savings, refine their spending patterns, and rethink the use of resources. Others, a new generation see this lifestyle as a means to save to retire earlier. For some, it’s a philosophical approach to life. Whatever your reason following frugal living habits can offer benefits.

Frugal living is about being resourceful and economical with your money and spending habits, knowing what you are spending on, maximising the money you spend and avoiding spending on things that aren’t important to you. Its about being smarter, intentional, with greater control.

To reiterate, it's mastering the art of resource maximization!

What are the benefits of frugal living:

• By spending less you are on the path to becoming more financially independent
• Wasting little and recycling
• Avoids unnecessary consumption
• Find fulfillment that doesn’t come from consumption!
• Escape extravagance, excess and lavishness

Being frugal doesn’t mean being tight-fisted, mean with money, or a  ‘cheapskate'. Frugalists are more considered in their approach to money and its use. Cheapskates on the other hand usually hate and avoid spending money, and when they do buy they always buy the cheapest product. The frugal however will consider the options and may purchase more expensive items if it offers better quality and value for money. They adopt values-based spending patterns, spending on what is important to them rather than just spending and buying for the sake of it, and accumulating material goods.

Frugal is about being discerning with your spending. You don’t have to sacrifice everywhere or everything!

For example, if you are running a marathon buying the cheapest pair of runners may not be smart or have any savings, for either your feet or budget. The frugal shopper considers what is better, ‘smart’ value. Purchasing a better-quality shoe, the more expensive style will come with features to help support and protect your feet and you in undertaking an epic event.

A frugal approach is worthy but being cheap isn’t, particularly at the expense of others! Dining out with friends on a regular basis, when the bill comes, make sure you have a turn at paying! Don’t be the cheapskate always looking for a free meal. Cheapskates will soon find they don’t get invited back!

Same with the shout of drinks! When it’s your turn to ‘shout’ the round and pay the tab, don’t disappear or head for the exit! 

8 Top Tips to Living Frugally

1.       Get back to the basics. Ask yourself, what do I need to have a safe, comfortable lifestyle?  

2.       Create a realistic Budget, and track all your money, income, and spending.

3.       Review your use and consumption of resources, i.e. money, food, energy utilities, and vehicles. 

4.       Focus on making savings, in dollars and use e.g. food wastage, clothing and energy.

5.       Buy from Op shops, secondhand markets like Gumtree, sales, and cash-in coupons.

6.       Negotiate the best deals on any purchases.

7.       Shop at your community market for fresh produce and locally-made goods

8.       Engage the whole family in the steps to living frugally.

Be intentional, more economical with your money and use of resources and you too can enjoy the benefits of frugal living!