Living Frugally

Living frugally can give you a new perspective on life. You will realize what you need and dont need. You can then get rid of the wasteful spending and excess in your life to live simpler. Living frugally may make you realize that things that truly matter to you and the people in your life.

Its not material things that will make you happy, as most millionaires will tell you. Youll get tired of it soon enough but having money saved and invested will let you do things and grow when lack of money hinders you. For example: You can start your own business or buy an existing business or go back to school. Or stay home and raise your kids.

Having money gives you options. Saving and investing excess money will provide you with a better life.

It will give you peace of mind and a worry free life despite the condition of the economy, job opportunities, corporate downsizing, transfer, etc. Those things wont bother you anymore when you know theres money in the bank.

How do you start living frugally? Especially those that are raised in metros like New York City, San Francisco, LA, and Chicago its hard to change when youre surrounded by people that are very materialistic and will judge you harshly if you dont have the latest fashions and designer items.

Start by cutting out small stuff in your life that you dont need. Write down what you spend the most money on when you go shopping. Do you really need that many items of that one thing? Can you only buy half as much?

Think about whether you spend money to feel good about yourself, or to try to keep up with your friends and neighbors. Those are wrong reasons to buy things and spend money. You dont need to impress anyone, and that comes with time and confidence. People should accept you for who you are and not by how many exotic cars you have or the clothes youre wearing.

Trim your spending by 5-10% in the next few months. In the first 30 days, buy a small notepad and keep track of all your miscellaneous spending. Then at the end of 30 days go over it and find out what areas and items you waste money on the most. Then decide if you want to completely eliminate that or just to cut down on it. For example: smoking 2 packs of cigarettes a day. Can you smoke only 1 pack or half a pack? Or better yet, can you quit? Calculate the money you will save in a year if you didnt have to spend money on cigarettes.

Learn how you can save money at Farmer's Market.
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