Frugal living
The word “frugal” frequently has a negative connotation. Being frugal, however, is distinct from being stingy. A frugal way of living doesn’t have to mean sacrificing quality, despite the perception that it does. Instead, you can decide to practice frugal living in ways that will enhance your quality of life.
Understanding how to live within one’s means is the foundation of being frugal.
In simple terms, it refers to not going over your budget to get what you want. People attempt to fulfill the “Lagos life fantasy” far too frequently. They make some very catastrophic errors in the process. A high dependency on credit is one of the most frequent errors.
Ways to a convenient frugal living
- Avoid Impulsive Buying – Spending money on an impulsive basis is called impulse buying. When this habit develops, the habit of making impulsive purchases, very few people can quit using credit cards or buying things on credit. It’s good to remember that “you probably don’t need it if you didn’t plan to get It”.
- Don’t Compete with Others – Families on a very tight budget and lacking contentment would suffer because of their wish to keep up with “the Joneses”. It’s important to be content with what you have, thereby living within your means since that’s what you have anyway!
- Do It Yourself – Paying others to complete simple jobs and tasks is a huge waste of money. Learning how to use a hammer, sew your outfits, post content on your social media handles and sites yourself, will help you save a lot of money. I know you like soft life; I love it too but soft life can be unnecessarily expensive sometimes.
- Identify financial objectives – How will you know when you have arrived if you don’t know where you are going? Setting both short-term and long-term financial goals can give you a better chance of staying on track.
- Spend On What You Need Not What You Want – Wants are typically centered on a trend or transient item, which is the only thing wrong with wanting something. You waste money on items that will just sit on a shelf if you give in to your impulses.
Read More –
