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What is Frugal Living?

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So . . . you’ve decided to give the frugal life a shot, and now you’re wondering what you’ve committed to. Does frugal living mean dooming yourself to a life of deprivation, just so you can save a few cents here and there?

Not at all. Frugal living isn’t about sacrifice and deprivation; it’s about living smarter, so that you can afford to live the life that you want to live – the life that you dream of living.

Ready to find out what the frugal life really entails? Read on, and find out.

Frugal living means smarter money management.

When you know how much money you have in the bank and how much money you need to cover your monthly bills, you can begin to make better decisions about how your money is spent. Can you afford to splurge on a new pair of shoes? Is this the right time to buy a new car? Put a frugal budget in place, and you’ll know just what you can afford, and more importantly, what you can’t afford.

You’ll also know where you stand with your debt repayment, savings goals, and investments—a key step to taking charge of your money and making it work for you.

Frugal living means smarter spending.

It's taking the money that you have and s-t-r-e-t-c-h-i-n-g it as far as it will go.

It's learning how to get the best deal on everything that you buy—shopping thrift stores, yard sales, clearance racks and barter boards until you find what you want at a price that you can afford; using coupons and rebates in combination with sales to get the very best price on your groceries; and perhaps even stockpiling items when you find them at an unbeatable price.

It's also knowing when not to shop – holding off on a purchase that doesn’t fit into your budget, and patiently waiting for a sale to bring an item down to your price. When you adopt the habits of a frugal shopper, you are in full control of your spending.

Frugal living means harnessing your creativity.

It’s about finding ways to make due with what you have, and learning how to do more for yourself. Do you pay someone to change your oil, or do it yourself? Sew a patch on a pair of holey jeans, or buy a new pair? Purchase trash bags, or reuse your plastic grocery bags?

Every day presents new opportunities to reuse, repurpose and create, and it’s the frugal person who recognizes those opportunities, seizes them and turns them into savings.

Why Live Frugally?

Okay, so frugal living is about better money management, bargain shopping and creativity, but what does all of that add up to? Can these three things really result in a better life?

Absolutely.

Frugal living unlocks a world of possibilities. Want to pay off all of your debts? Fund your child’s education? Enjoy the security of a fat bank account? Travel the world?

You can make it happen.

Frugal living is about determining what you want out of your life, and finding a way to make it happen. A couple dollars saved here, and a few dollars invested there doesn’t translate into a life of deprivation; it translates into possibilities.

Decide what you want to get out of life, and then use frugality to make it happen.

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