Ten Strategies for Frugality (Pleading the Case for Being Frugal)

Confucius once said, “He who does not economize will have to agonize.” Fast-forward 2500 years later, (amidst a recovering Recession), and certainly the same notion still applies. Take a few seconds to get some great money saving tips by viewing our infographic below.

Frugal Living Inforgraphic

 

Economizing.  Penny-pinching. Conservation. Money-management. No matter what you call it, all of these words are fashioned from the same concept:  “frugality.” Contrary to popular associations, being “frugal” does not equate to being “stingy”– rather, it’s the financial art of being smart.  Frugality is for those who value ‘value,’ so to speak, and if recent statistics are anything to go by, the 25% of Americans who practice efficient, money-management skills already have the upper-hand.

 

Interested in applying more frugality to your finances? Consider incorporating some of the following, money-saving strategies!

 

1. Reduce Waste

Wait an extra day to buy bread by using the end-slices. Always look for something you can turn off to save electricity. Consolidate trips out to save time and money. Recycle your cans and bottles!

 

2. Curb Costly Habits

Skip the trendy gourmet coffee shop, or at the very least, reduce the frequency of your visits. If you make your coffee at home, try the store brand instead! Cut back on various other “routine” splurges,  such as cigarette purchases, Happy Hour cocktails and casual, weekday dining.

 

3. Suppress Instant Gratification

Save your money to pair down student loans, outstanding credit card debt, and other financial responsibilities you may have. Cook something for yourself, rather than picking up something prepared, or live in a studio apartment while you save for a down payment on a house.

 

4. Seek Efficiency

Rinse dishes before putting them in the dishwasher so you can use a lighter wash cycle, or inflate your car’s tires properly to maximize fuel efficiency!

 

5. Avoid Traps

Avoid signing up for some free” gimmick with your credit card, as you may fall prey to money scams, without even realizing it! Also avoid payday loans if you can, because the interest that’s disguised in these financial exchanges can further exacerbate your financial woes.

 

6. Defy Expensive Social Norms

The most important questions should be, “do the clothes you wear keep you warm?” and “do you really need another purse?” Who cares if it’s in fashion this season! There are plenty of great, frugal alternatives that can suit your needs, rather than your wants.  Put down that Fendi bag, and pick up its Target knock-off!

 

7. Barter

If you grow a garden, trade some of what you grow for some of what someone else grows. If you’re good at something, offer to pay with your services rather than with cash.

 

8. Stay Informed

Stay informed about economic factors that could have an impact on your money. For example, knowing that a drought can cause the price of meat to rise months later could help you know when to stock up on pork.

 

9. Stay Debt Free

Pay off any credit card charges you’ve accumulated, and try to pay off your mortgage as fast as you can!

 

10. Embrace Cost-Free Options

There are countless freebies out there: free samples, trial offers and various other voucher opportunities to ensure more bang for your buck!

**Being frugal enables you to re-assess your financial priorities. Start by embracing your money-saving

options by visiting http://freesamples-uk.co.uk/ and get your hands on some local bargains, today!**

sources:

http://en.wikipedia.org/wiki/Frugality

http://money.cnn.com/2012/06/25/pf/emergency-savings/index.htm