Tips on Living Frugal

By living frugal, one can save a lot of money. It may take an initial sacrifice to live frugally, but in the end it is more than worth it. Living cheap will enable one to stay debt free and set aside money for the future. Most everyone wants to stay out of debt and maintain financial stability. The good news is that it is not overly difficult to save money in small ways, every single day. Following are some practical tips for frugal living.


Starting with Daily Living Expenses

The average American household spends a little over $230 every month on dining out. This comes to nearly $3,000 every single year. Living cheap would mean cutting back on this expense and eating at home more often.

One should also pay attention to how much is spent on transport. Gas costs come to nearly $200 a month on average. One can save a lot of this money by carpooling or taking the metro more often. In some cases, a person could even walk to his or her destination. Walking or biking to a place that is close by will not only save a lot of money but also provide good exercise.

Entertainment costs come to about $50 a month for the average American family. While this may not sound like much on its own, it add up to $600 a year. A lot of this money can be saved. A person who enjoys watching movies can sign up to an internet movie channel instead of paying for movie rentals. One can visit amusement parks and other entertainment centers during the week when the prices are often cheaper.


Living Frugal by Staying Debt Free

A person who is in debt will find living cheap difficult. A person who is serious about living frugal should do all in his or her power to stay out of debt. The first step to staying debt free is to put away the credit cards. It has been proven that people will spend more when using a credit card than they would when using cash.

A person who wants to live frugally should make a budget and then stick to it. Calculate how much is spent on a monthly basis and then do not spend over this amount, unless an emergency comes up. Instead of taking out a bank loan or payday loan when short on money, pawn something off or ask a friend or relative to lend money. A person who has to pay off a loan with interest will find frugal living difficult.

Living frugally is well worth it. A person that is not under financial strain will be happier, healthier and wealthier. With a few lifestyle adjustments, anyone can live frugally and save money.


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