There is a thin line between being frugal and cheapskate. Usually, one comes in together with another. Anyone who decides to take a frugal approach to life will go on and become a cheapskate in no time in most cases. One can argue for days about the positives and negatives of a frugal lifestyle, but we see many more benefits and will discuss these in this short piece.
Why would someone live frugally?
Spending less than you earn brings the money you can save, invest, or use to pay off debts. As a matter of fact, you can do all three together with the difference between earnings and spending. This sole argument can hardly be beaten by the critics of such a lifestyle. After all, who does not want to save as much money as possible?
Moving forward, when you do not need the fortune to live an ordinary and happy life, you do not need to earn huge amounts of money. It means you can afford to work less and spend most of your day-time doing fun things and enjoying your hobbies. You can use the time to travel (in your own frugal way), you can retire early, and you can spend much more time with your loved ones. In short, you can live your best life.
Bettingtips4you.com have done a research on this subject and we have put together a short list of the main ways to save money while having your basic needs satisfied at the same time.
Car
Possessing a car is considered a need rather than a luxury in present times. Many people are obliged to travel loads from home to work. Time is precious in the modern world and a car can save plenty of it nowadays. Nevertheless, owning an expensive and big/strong car is a luxury, regardless of what people say. The truth is that any car can lead you from one place to another. You do not need to hunt the beasts that cost a fortune to run. Having a smaller car can save thousands on the purchase price, fuel, and insurance (among many other aspects). Additionally, many modern families tend to own multiple cars. A family of parents and two adult children who both work usually possess two or more vehicles. People have their needs, but if there is the slightest chance of living a normal life with just one car, you should take advantage and go for it.
Home
House is the most expensive item (we’ll call it that way) you possess. Searching for a smaller house may be even more beneficial to your frugal lifestyle than having a modest car. Even if you can afford a bigger house, there is just no reason to chase it by all means. Life in a small (but comfortable) home can save you thousands a year, and the perks are not limited to money. Just imagine how much time you can free during your lifetime just on cleaning the house. Let’s say it takes half the time to clean a smaller apartment. If you clean it once a week, it is easy to calculate the amount of time you can save on a large scale. We don’t even have to mention the monthly expenses, unexpected (but necessary) repairs, etc. Once again, if you do not have the need to, do not go for a massive house. After all, even if you live in a large apartment, you will usually spend most of your time in one or two favorite rooms.
Clothes
Everything else is less important than a house and a car, but you can still save so much money on so many different aspects. Your shopping habits can make a massive difference. Frugal lifestyle admirers usually follow two simple and highly important rules:
1 – They won’t buy anything unless their clothes fall apart
2 – They exclusively buy on sales
When buying on sales, you should always wait for the last moment because the prices will always go down at the end of season sales.
Besides shopping, washing your clothes less often can also save more than you might think. In general, we wash our clothes more frequently than we need. The more the clothes are washed, the shorter they can last, especially if the process is not done properly.
You want to stick to a minimalist wardrobe. Tend to buy plain, solid colors to be able to create as many combinations as possible. As long as a certain piece of clothing can be paired with almost everything, you should go for it.
Cheapskates move it all to another level by giving up shopping completely. They trade clothes with family, friends, or neighbors. This way, they can even build up connections and bond with other people through the clothes exchange and avoid spending $10 to $50 on a piece of store clothes.
There are many more ways to live better while spending less, but everything mentioned above represents a terrific starting point for those who are new to the pastime.
