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Have you ever wondered how someone saves money?
Or how they live on one income? The answer is a simple one, they are smart with their money.
People or families that live on one income or save a large portion of their money generally live more frugally than most.
So how does one live frugally?
You make smart choices with your money. Choosing to go without so you can have other things.
For example you may choose not to go out for dinner this week so you can save for a much needed vacation. Or you may choose to purchase generic cereal in exchange for an extra item on your grocery list.
Being frugal is about choices. Making the choice to make your money work for you. Getting the best deal, requesting a decrease on your mortgage or banking rate.
Frugality is about living well on less, but still enjoying all that life has to offer.
Successful frugal people.
Some might think that frugal people are poor or cheap. They can be but they can also be your next door neighbor or the person down the street in the house you really like.
Successful frugal people are just like you and me, no different. They are just better at saying no and sticking to a budget and a plan.
Did you know that many millionaires are frugal? It isn’t about flashing the money around and trying to keep up or set the pace.
It’s about being comfortable with what you have, who you are and where you are going. Success is in the eye of the beholder.
7 Habits of Successful Frugal People:
1. They make smart decisions with their money.
Frugal people understand how hard they work to make a dollar and they are interested in making their money work just as hard. Most frugal people will budget and generally pay cash for goods and services.
2. They meal plan and skip on eating out all the time.
Have you ever been at a coffee shop or lunch place and over hear “I’m so broke”? If you really are you should skip the eating out and start cooking at home.
Frugal people invest in great appliances, meal plans and good healthy wholesome meals. A home cooked meal is way better than eating out every night. Take the time, invest in you and cook a great family meal.
3. They have a side hustle or extra forms of income.
Don’t put all your eggs in the same basket. Frugal people know various ways to save, various ways to make money and numerous ways to invest their money to make it work harder.
A great side hustle you can work around your family is starting a mom blog. Did you know you can make an income working online less than 20 hours per week?
4. They don’t live house poor.
Have you ever noticed that the size of houses is getting bigger? Do you really need all that space? Choose a home that suits your needs and remember you have to pay to heat it and take care of it.
Which is better, being able to say you own your home (not the bank) or look at this great pool and five car garage?
5. They understand smart work.
Successful frugal people know that you have to work for your money and sometimes you have to work hard. Other times it is about working smart and doing the right thing.
6. They don’t pay more than they need to.
There is a reason you get three quotes on a home renovation. Successful people never pay more than they need to.
This doesn’t mean they pay the lowest price, it means they shop around and find the best price for what they are looking for.
7. They don’t melt to the marketing.
The must haves, the brands, the you need it now, our economy is so full of all of it. No wonder so many people are broke. Successful frugal people don’t pay into all the hype.
Purchase what you need and what you can afford. Yes, you will need a home, clothes, food and some entertainment but you don’t need to go broke in the process.
Don’t melt to the marketing, know the difference between what you need and what you want.
You have the power to be successfully frugal.
Make smart choices with your money. Choose to go without. Plan a no spend weekend. Invest in yourself and your skills. Learn more about frugal living and frugal choices.
Other frugal living posts you may benefit from:
- 75 Super Frugal Money Saving Tips
- 21 Things We Stopped Buying To Save Money
- 7 Ways To Go Green And Save Money
Have an amazing day,
Saving & Simplicity