How to Take Your First Step in a Frugal Life

Once you have made the decision to begin living the frugal life you may be lost on how to go about it. Many people think that living frugally means living cheaply. However frugal living is about saving your hard earned money by looking for ways to save money in all aspects of your life. Whether you choose to use that saved money on a vacation or new car is truly up to you.

Couponing

This is one of the easiest first steps to frugal living that you can take. Each week your local newspaper contains hundreds of dollars in coupons ready and waiting to be used. You can use coupons to stock up on items you use frequently while they are on sale or use them to purchase items to donate to charities at extremely discounted prices. However you choose to use coupons you will be saving money.

Brand Versus Generic

Many generic products are actually manufactured by the same people who make the brand name. The true different between name brand and generic items is not quality but packaging. A step towards frugal living involves change at least some of your everyday items to generic items. Start small by trying a few store brand items mixed in with your brand name ones and see how much you save on your shopping trip. Obviously not all items have a generic alternative so those items will have to remain brand name

Avoid Borrowing

Many people who live frugally strive to live below their financial means. This means that they will be more likely to purchase a car or home outright without a bank loan. Those who live frugally prefer to save up for the things that they want in order to not build debt that must be repaid. Payday loans are becoming prevalentĀ in our society lately but those who spend wisely and cautiously are rarely in the position to need payday loans.

Reuse Items

If you have old furniture that you are not using currently, look for ways to repurpose it before throwing it out. An example of this would be if you have an old armoire that you are not using but are in need of an entertainment center, you can repurpose the armoire to be an entertainment center. This saves you from purchasing another expensive piece of furniture while one you already own is being unused. If you are unable to find new uses for items you are not using, sell them and use the money to purchase things you do need.

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