6 Realistic Reasons To Adopt A Frugal Lifestyle Right Now

Have you ever thought about living a frugal lifestyle? Do you really understand what a frugal lifestyle is? I am going to give you some tips on how to adopt a frugal lifestyle and how it can bring more peace and happiness to your life.

You see even though the economy is doing well compared to a few years ago now more than ever it is the best time to start adapting to a frugal lifestyle.

Let's begin!

What is a frugal lifestyle?

Depending on who you ask, a frugal lifestyle can vary from being more mindful of your spending to living as cheaply as possible.

A good middle-of-the-road answer is a frugal lifestyle is being financially smart and making the most of your money.

A person who practices frugal living shops with intent and purpose and puts her money to work. Each dollar she earns has a job. Fifty of those dollars may go into savings while $450 is used to pay her rent.

How do you live a frugal lifestyle?

Switching to a frugal lifestyle isn’t something that you’ll be able to do overnight. If you’re used to spending without thinking about the consequences, you’ll need to learn to be mindful of your financial habits.

Start with tracking your spending and see where your money goes each day. Once you’re aware of your spending habits, you can work to be more frugal.

As with any lifestyle change, it works best to change one thing at a time rather than trying to change overnight.

Can being frugal make you rich?

We’ve all heard the motivational stories of how someone started clipping coupons and suddenly became a millionaire.

Look, the truth is that most people who become rich have goals that they keep reaching for. If you’re interested in becoming financially successful, living a frugal lifestyle is certainly a great first step.

However, it takes much more than that to make it happen.

How do I start a frugal lifestyle?

Start by learning where your money goes. Track your expenses for one to two months, write down EVERYTHING. You’ll quickly begin to see patterns.

It might be that morning coffee you just “can’t live without” or monthly shopping sprees with the girls.

You might also find that you’re spending money on stuff you don’t even use, like gym memberships or streaming services. You must become aware of your spending habits so that you can start making changes.

How can I be frugal in 2020?

Become mindful of your spending. Track your expenses and continue to track them as you make changes. When you shop, shop with intent and purpose.

When your family needs something, ask yourself how you can save money. Could you purchase that piece of furniture used and save money?

Do you need to buy new books to read or could you pick up $0.50 books at a thrift store or download free books from Amazon?

What about your groceries? Could you make a list based on what you have on hand so that you need to purchase less? There are so many ways to save money and live a frugal lifestyle.

How do you stay frugal?

One of the biggest keys to staying frugal is to remember to have money set aside that can be used however you want. Being frugal doesn’t mean never having fun. You want to have “play money” that can be used for manicures or that pint of expensive ice cream you enjoy.

You’ll find that living a frugal lifestyle is so much easier when you’re also allowed to splurge once in a while.

6 Reasons to Adopt a Frugal Lifestyle

I have been living a frugal lifestyle for many years. This isn't something I have to announce to people who know me, it is just a way of life for me.

Having a frugal lifestyle has allowed my family to be free from the burdens of debt. It has truly given us freedom!

It's more about being able to stress less about finances and focus more on important things in my life. Adapting a frugal lifestyle I focus on the value of life than anything else.

Read – Why Would A Person Choose To Live A Frugal Life?

Forget About the Myths

I will tell you that there are some BIG myths about living a frugal lifestyle. The main myth is that if you live frugally you are just plain CHEAP.

That couldn't be further from the truth. My family still spends money, goes on vacation and lives in a nice home. What we don't do is spend money heedlessly without thought.

It's about smart spending!

Frugality is not about being cheap. Do not be sucked into this myth and turn away from the opportunity to live a frugal lifestyle.

Let me give you an example when we shop we look around for a good value deal, not a cheap one. Spending our money wisely to get pay for a good value that will last is important.

Frugality also doesn't mean you are poor. My husband works and I work from home as a blogger. We are not poor, but we do choose to live a frugal life.

Making the Most of Every Dollar

People who are frugal know the value of a dollar. They realize the hard work that goes into making a dollar and they don't want to squander it.

One of the biggest ways that people waste money is by not having a budget. Creating a family budget is easy to do. It will truly be the best way to make the most of the money you make.

Being a good steward of your money is an important part of living a frugal life. It is easy to take simple steps to make a dollar last longer. I have a list of 40 easy ways to save money that can get you started.

What Is Important to You

Living a frugal life means figuring out what is important to you. I like to make a list of things that are important to me or things I want or need. Then I will prioritize the items on my list in order of most important to least.

This gives me a way to steer money towards the things that are at the top of the list. An example would be that it is important for me to buy a newer van in the coming months or years.

I am working hard to save our extra money for this big purchase. We want to pay cash for the van so we don't incur any interest charges or having an additional debt.

This works perfectly if travel is important to you or having plenty of money for holidays. The list can be anything you want it to be and the best way to make these things a reality is by living a frugal life.

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Spend Less Money

A lot of people spend more money than they actually make. Americans in general spend, spend, spend with no thought to whether the purchase is actually needed.

If a person starts thinking about each purchase with a frugal mindset it will make a big difference. Learning the difference between wants and needs is the starting point.

Keeping this thought in mind when you are shopping will enable you to spend less money. There are some easy, but unusual ways to spend less money that you may not have thought of trying.

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Freedom From Worry

My happiest days are when I know we have our debts paid off and money in our savings account. This gives me peace of mind that allows me true freedom from worry.

There is something so satisfying with not having to worry about money. This is something I want for all of my readers!

Less worry leads to more happiness, less grumpiness and probably a longer life! We all know how much stress hurts our bodies.

I also don't have to worry about keeping up with my friends or neighbors. My family has a plan in place and I put on the blinders to what other people may be spending money on.

Finding the Right Balance

One important part of frugal living is finding the right balance between spending and saving. No one is telling you that you can't spend any money if you want to be frugal.

I am saying that you should spend money on items you really need or that are on your priority list. Figuring out areas we are wasting money will free up funds for fun adventures.

Part of any good budget will be a column for saving money. It is always good to be prepared financially for the unexpected. Things HAPPEN and sometimes these things can be very COSTLY.

Unexpected tragedies, health issues, home problems, etc can devastate families who don't have good savings.

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Start Today

What are you waiting for? You can start living a frugal life TODAY. Start small and keep working at it.

You won't even miss the things you wasted money on. You will be so excited about the peace you feel and the progress you are making on your financial goals!

Your turn: You read about ways to adopt a frugal lifestyle and we want to know your thoughts.

Let me know what tops your priority list? Do you have any frugal living tips to share? Feel free to comment below.