Friday, February 27, 2009

You Must Lead a Frugal Life

Being frugal does not mean being deprived of a better life. It is also not being stingy or cheap as is perceived by most people. It is about being wiser with your money so that you have more money to buy the things that you want without making too much sacrifices. Frugal living means you can afford to live the life you want to and which you dream of without ending up in debt.

Frugality is about being wise with your money and learning how to stretch the dollar so that your spending power can be increased. It is important to know how much money you have in the bank, how much bills you need to pay each month,how much are your daily expenses and if you have any spare cash left to buy something you like and the quantity you can afford. Then only you will be able to know what you can and cannot afford to have and refrain from buying anything on credit as this will increase your credit standing and therefore causing your debts to increase.

Do not allow yourself to be engulfed by the vicious cycle. It is bad enough that you have to pay off your debt, do not commit slow suicide by allowing temptation to overrule your sense of logic and resulting you in a situation of never ending debts that you have to pay off. To live frugally is to take the dollar and stretching it as far and as much as possible. It is learning to get value for money and how to get the best deal for everything you buy. You learn to buy things from wholesale shops instead of retail, where they practically mark up the cost price of goods so that they can earn a bigger profit.

Coupons and discount vouchers are your friends and they help you to save at least a few dollars as compared to buying off the shelf without using these to get discounts. You learn to wait until there is seasonal sales before buying. It is usually cheaper when the clothes are not in trend but yet with knowledge of mixing and matching you can still look trendy and pull an outfit together.

To be frugal is to take charge of your life. To determine that you no longer become a slave to your debts, your bad and uncontrolled spending habits and stressing about how little money you have left bank every month and wondering if you will ever be able to be happy and not get bogged down by money issues or rather the lack of it. This kind of worry is and can be eliminated if you do not allow money to run your life.

Money is a tool to help us achieve a better life, such as getting a nice place to live in, going on holidays, enjoying good food once in a while. We need to learn to make money work for us. It should be helping us achieve the things that we want out of life without us becoming its slave.
To be in full control of your spending is extremely necessary to lead a life of frugality and yet be able to be happy, stress and debt free.

Author is one of my best friends from Benakm

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