5 tips for frugal living you can try out this year

2018 is up and running, and we are already finished with the first month of the year. It’s a perfect time to come up with an excellent personal finance plan to save and spend.

Frugality is all about living within our means, spending money on things we need and ignoring things we practically do not need. It is also a habit which can be built over a period of time with consistent practice and intent focus on some key areas of the money-saving process.

So if you want to live a more frugal life, here are some simple and important tips for you.

Practice living with less

It is a common habit to spend more as your income increases. The lack of achieving mental gratification is something that pushes us hard to spend whatever we earn.

Living with less is a mindset. You need to cultivate that habit to become aware of how to live frugally. Deliberate practice is necessary to understand the areas where frugality can be easily applied.

Practice living with less on a daily basis. It allows building the habit of living within our means and often, even below our means to achieve a higher purpose—having financial freedom.

Always buy store brands

You can easily save up to 30 percent on groceries if you switch to store brands. Instead of buying the more prominent names, choose the relatively fresh products that local stores often provide at a lesser price.

So if you are planning to live a frugal life moving forward, you can simply make this shift and start relying on store brands.

Use your coupons wisely

According to a report published in Couponbuffer, out of 321 billion coupons issued in 2015, only 2.5 billion vouchers were redeemed, showing a general lack of buying and selling stuff on discounts and coupons.

Living frugally requires to optimally utilizing coupons; otherwise, many saving opportunities can be missed easily by consumers. You can use coupon apps to keep track of the local sales.

Whatever method you apply, make sure you use your coupons wisely and with care as coupons can force you to spend more.

Always record the prices

It is a good habit to keep a diary of the prices of items you purchase. You can either keep a register or scan your receipts with your smartphone to keep track of what you are spending on.

The price diary could be a time-consuming and tedious activity. However, it will pay off by providing you with great insights as to how prices move in the market and in turn, how you can buy at the right time.

Never buy boxed meals

It is tempting to buy prepared meals since they help you save time, but they are more expensive compared to buying ingredients and cooking your own meals.

You can easily save a lot if you purchase raw ingredients and make your meals. It can even help you improve your cooking skills. 

Remember, frugality is a mindset. You can only be successful if you build the habit of living a frugal life. Be more focused on what you are buying and at what price. You can save a ton if you choose to live such a life.

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DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.