“I don’t have enough money” is one of the most widespread limiting beliefs. Nevertheless, it often turns out that our problems with money lie in our inability to manage money wisely. If you want to harness your discipline with money, you are in the right place. Here are our top 5 money-saving tips for becoming a frugal money saver.
#1. Live Within Your Means
To live within your means is one of the best frugal living tips from the great depression. During the depression, people did not buy anything they did not have money for. So, if you have any debts, make sure you pay them off as fast as possible. This will allow you to become financially free, feel abundant and make progress towards your saving goals.
#2. Record Your Expenses
Let us be honest. It is very easy to lose track of your finances if you do not record your expenses. So, if you want to become frugal with money and stay away from debt, identify how much you spend. Without having specific data, you cannot optimize your expenses and regain control of your finances.
#3. Cut Your Spending
When you start tracking your expenses, you will notice that you waste money on things you do not actually need. Groceries, as well as automatic membership and subscriptions, might seem like insignificant expenses. However, when you take a closer look, you may identify that you spend a lot of money on them. So, frugal living ideas include cutting your grocery and cell phone bills, eating at home and repairing broken things.
#4. Budget For Savings & Make Saving Automatic
Here is one of our favourite frugal tips: make sure you save 10-15% of your income.
It would be best if you can make the saving process automatic. In this way you will have taken care of your financial future before you have spent a cent on anything insignificant. Besides, we recommend that you set additional short- and long-term financial goals that you work purposefully on.
#5. Pay In Cash & Ask For Discounts
“Is this the best you can do?” is a kind way of asking for a discount wherever you go. Naturally enough, it will not always work. However, it will certainly teach you to negotiate before you agree to pay any price.
On top of that, we recommend that you always pay in cash. Tracking your expenses is much harder when you pay via a debit card. Also, it will be easier for you to remain aware of the money you have at each point in time.
Last, but not least, paying in cash will help you remain on budget. So, even if you have more money in your bank account, you will know that you are not supposed to spend it this month.
These were our top 5 money-saving tips for your household. Hopefully, they will help you better manage your money and accomplish the financial goals that truly matter to you.
