Being frugal has often times been associated with negative connotations. Someone who is frugal can sometimes be labeled as a cheapskate. But there is nothing wrong with being frugal. In fact, those who have adopted the frugal lifestyle have managed to keep their homes and keep their savings in tact during this rough economy, while those more popular big spenders are the ones in trouble now. Yes, those big spenders are now the ones going to Google looking for advice on adopting the frugal lifestyle. So without further ado, let me now show them, and you, several tips on what the frugal lifestyle is all about.
Instead of wearing the latest fashions, wear last years stuff. How many people even know that something is the 2012 fall line, instead of the 2009 fall line? The clothing is still new, you can just buy it for 50% off. Better yet, don’t bother buying designer clothing. It’s not like you walk around with your clothes inside out and the tags visible.
You already know that the frugal go to the grocery store with coupons, but there’s more to it than that. When you go shopping for food, make sure you have already eaten so you don’t crave everything you see. Make sure you go with a shopping list and only get those items you truly need. Finally, buy generic products instead of the name brand ones.
Those who are frugal do not lease their vehicles. They also don’t buy new. Instead, the frugal buy good quality used cars. These are cars that have already had a massive price drop. The value of a new car drops the moment you walk out of the lot and continues to drop drastically the first two years.
When you are frugal you have a strict monthly budget and you stick to it. The budget also sets money aside for debt repayment, if any, and adds any left over money to savings accounts. Retirement accounts are fully funded, college education accounts are established for kids and they have an emergency savings account.