Last updated in November 2020
In today’s blogosphere, the word “frugal” gets bandied about a lot. Practically everyone seems to fall under the rubric, from the guy who lives in a caravan to the woman who forgoes her morning Starbucks.
Being frugal is a state of mind, but you also have to back it up with actions. You can’t be frugal throughout the week and then a splurger on the weekend. It doesn’t work that way. You have to be consistent. And you have to make tough decisions.
This is a collaborative post.
Table of Contents
You check your bank balance every day
Frugal people like to stay on top of their bank balance, not because they’re worried about their funds running dry, but because they want to check their spending.
Handing over cash for the things you want is surprisingly easy, especially when travelling. Frugal people keep tabs on all the pennies and don’t just round them down.
You part-exchange your vehicle
Even frugal people accept that life has necessary expenses, like buying cars. But that doesn’t mean that they automatically pay full price. If there are opportunities for saving, they take them.
As Liverpool Car Centre points out, part-exchange is a great way to save money on a new vehicle. Essentially, you get money off your new car proportional to the second-hand sale price of your old car. It’s a great way to save a lot of money on motoring – and something frugal people do religiously.
You buy quality clothes, but not designer labels
When it comes to clothing, you really can go to town. People will spend thousands of pounds on their wardrobes every year but come out of the other side of it with little to show for their efforts.
Frugal people, however, don’t fork out for massively inflated branded clothing. There’s just no point. With so many direct-to-consumer brands cutting out the middleman and rejecting price markups, you can get quality cheap clothes like never before. Why miss out on the opportunity?
You always wait for the sales
Frugal people have an uncanny ability to forgo their immediate desires and push them off into the future. Thus, they’re naturally able to wait for the sales when they eventually come around.
You budget for your big expenses
Being frugal is about more than just putting money away. It is also about getting your finances sorted so that you can afford the important things in life. You want to hop off the consumption carousel so that you can have a better and spiritually richer life in the future.
Frugal people understand this intuitively, which is why they always budget for their big expenses. When it comes to important life decisions, they want to make the most of them.