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Top Five: Tips To Successfully Living A Frugal Life

Guest Post by  reader Phil

 Saving money is more important than ever in the current economic climate. Living frugally can mean the difference between having to work day-in and day-out just to make ends meet and being able to live comfortably and relax once in a while. The following tips can help anyone stay within their budget.

Brown bag it

Packing a lunch to bring to work can significantly cut down weekly expenses. It can also help you eat more healthily as you determine what to eat each day rather than running out to fast food restaurants or relying on the workplace cafeteria. You can also brew your own coffee at home rather than stopping at expensive coffee shops.

Buy used

Buying big ticket items used can save a large amount of money. Shopping on sale websites like Craigslist or Freecycle can also save a bundle of money. Even better, ask family and friends for hand-me-downs. If you have a friend who was about to throw out an item that you can use, see if they’ll donate it to you. Also consider shopping at tag sales and consignment shops. Keep an eye out for any other freebies that you can get your hands on too.

Curb indulgences

Quitting smoking and limiting drinking will save a significant amount of money. Assuming an average price per pack of $6 and a habit of 10 cigarettes a day, quitting smoking will save you about $1,000 a year. Alcohol is also an expensive habit. Quitting or limiting drinking will save your money and your liver.

Think small

A small house and car will save money on utilities and gas. These are expenses that add up over the course of a year, and keeping these costs down will save you a lot of money. Keeping up regular maintenance on your home and car will also save you money on expensive repair bills over the years.

Pay off your bills

Paying off your house or car will save you tons in interest payments. Likewise, keeping a car that’s paid off for as long as possible can save thousands of dollars over the course of your life. You’ll be saving money on interest costs and banking the money you would have been spending on monthly payments. Paying off credits card bills in full as soon as they come due will build your credit while keeping your budget in check.

Staying within budget can mean the difference between working all the days of your life and a comfortable, even an early, retirement. Maintaining a strict budget and saving money on everyday costs will make a big difference in your life and your bank account.