This is a guest post by Christina Jones, a financial content writer. She has also been contributing to many personal finance blogs as a guest columnist.
Are you under the notion that frugal living is all about leading a colorless and wretched life? Then the answer is surely no, as you are harboring wrong notion. Frugal lifestyle helps you save considerable amount of money by trimming your budget smartly. You can enjoy your life by inculcating a good spending habit and staying within your means. Avoid getting into debt by exercising financial discipline with a frugal budget. However, if you have already incurred overwhelming debt then enroll in a debt reduction program to regain control over the situation. Once you get out from the trap of debt then you can have a frugal lifestyle to avoid debt in future. Remember that frugality can help you manage your finances.
What are the frugal strategies to avoid getting into the trap of debt?
1. You can avoid splurging your hard earned money by trying out frugal fashion. Make sure that you avoid branded clothes if you are planning a frugal lifestyle. You can look for fashionable clothes on discounted price. You are not required to comprise on your style statement by avoiding branded clothes. You need to change your way of expenditure to manage your finances when you are practicing frugal living. Look for offers on stores and buy clothes when the stores offer sale.
2. Whenever you are visiting the departmental store make sure that you take your coupons. Coupons can help you lead a frugal life so it is considered to be important item when you are planning to save money. You can save considerable amount of money when you use coupons while shopping for grocery. Therefore, you are not required to compromise on things that you essential require.
3. When you are visiting the department store where you get items on whole sell price, try to get things in bulk to avail the discount. You can prepare a list of the items that you require every month and get those in bulk on whole sell rate. If you purchase things in bulk then you can manage to save considerable amount of cash. It’ll also help you save money on gasoline as you are not required to visit the market often.
4. When you use your credit card then you can spend more than you’ll be able to afford. Make sure that you use cash more than card otherwise you might spend more than your means. When you frequently use your card then you might incur insurmountable amount of debt if your expenses exceed your income.
5. You can save considerable amount on entertainment. Avoid going out for dinners in posh restaurants rather prepare your dinner at home. Instead of going out for a movie order come pop corn at home and watch films with your friends on DVD.
6. Try to save money on electric when you are planning for a frugal living. You can install a power strip in your house and connect it with the electrical appliances that you use presently. When you are not using the appliances then it will be automatically switched off. So it will help to lower the electric consumption.
You might take time to practice frugal living and learn the process of spending wisely. But if you sincere follow the tips mentioned above then you can easily inculcate a good spending habit.