Do you want to live in a more frugal way? There is no need to wait for the New Year or any other major event to start. Just start today! There are simple ways for you to be more frugal every day and your growing savings will be a positive proof. Here are some tips to help you out.
- Manage your personal finances.
There are many things that you can do to build your wealth. The first is to get out of debt. All the money that you pay in interest could be going on your savings account. After, set up a six-month emergency fund, max out an employer-matched 401K plan, then start investing in indexed mutual funds. It is time to make your money work for you!
- DIY your furniture.
Instead of buying furniture, restore or build your own. It is a fun DIY project that you can also do with your friends and family. With a few tools and some time, you will be able to save hundreds in furniture costs, plus have custom pieces that express who you are.
- Get a rewards credit card.
If you are able to pay your credit card balance in full at the end of every month, consider using a rewards card instead of a debit card. The sign-up bonus is nice, plus you get cash-back and perks for every dollar that you spend.
- Do not rent a modem.
Renting a modem costs $5 a month. It is not a big deal, right? But buying your own only costs around $40. In this instance, it is far cheaper to buy than rent.
- Drink more water.
Do you dine out often? You have probably realized that drinks are the most overpriced items in any restaurant menu. Skip this part of the bill and just drink water. It is free and good for you!
- Treat yourself occasionally.
Of course, being frugal does not mean depriving yourself. It is a lot like losing weight. Treat yourself occasionally to stay motivated.
- Never buy luxury items on impulse.
Sit on it for at least two weeks. Do your research, compare prices, and ask yourself if you really need this item and why. If you let your emotions guide you in shopping, your bank account will be empty real fast.