06 Feb 4 Ways to be more frugal and still feel like you are living your #bestlife
4 Ways to be more frugal and still feel like you are living your #bestlife
- Automate your savings and investment
The rich invest their money and spend what’s left. Think like the rich–invest your money first, then spend what’s left.”- Jim Rohn
This speaks to the philosophy of paying yourself first. It’s easier to say you will pay your bills first then, save/invest what is left. This hardly ever works because ‘something always comes up’ and truly speaking, not a lot of people have the financial discipline to transfer money they can spend now into an investment/saving that they will only derive a benefit in the future. Think instant gratification!
Automate it. Ask your financial service provider to have a debit order against your account on the day you get paid.
AUTOMATE, AUTOMATE, AUTOMATE. I cannot say it enough.
- Create a goal that excites you
It’s easier to stick to your budget if you have a goal that excites you. A goal so exciting that you want to achieve it. Imagine the wanting to buy your first home or buy your first investment property. You browse pages of houses in the area you want, you think of how much of a deposit you want to put down, you dream of the day you move in or your tenant moves in. You visualize everything and start saving for it.
Quite frankly, if your financial goal does not excite you, it gets harder to achieve it. That’s why automating your finances is so important especially for those financial milestones that are not equally exciting, i.e. retirement.
- Vacation more affordably/cheaper
If you can vacation luxuriously: fly business class, stay in 5-star hotels and still save and invest, then by all means do it. (Talk about #gettingyourmoneyright) For those still working towards their best financial life, just vacation cheaper. Instead of a 5-star hotel, look for affordable accommodation i.e. via Airbnb, Trivago, hotels.com etc. after-all, you are in a foreign land, you want to explore as much as you can. You want to soak in the culture and immerse yourself in the experiences; not stay in your hotel room!
- Quality over Quantity
When it comes to clothing, quality over quantity is the way to go. Owning a few really good quality clothing items beats having a full wardrobe with items that don’t fit well and wear easily. It is far better to own well-tailored, good quality items that will last longer. You don’t have to repeatedly replace them.
This can apply to furniture, appliances, electronics etc.
How do you plan on being frugal this year?