Frugal Living is About Mindset Not Necessity

Friday, October 25, 2019

Photo by Lovefreund

Frugal living is increasingly popular but not for the reasons you might imagine. People aren’t just concerned with getting a good deal; they are also looking for ways to live with less impact on the environment and to achieve a lifestyle that truly matches their personal goals. 

Living frugally allows many people to retire early, to take more time out of work to travel and to put more time into their family and friends. For many people, saving money isn’t about having more in the back but about exchanging earnings for time. 

So how can you turn your mindset around to live more frugally without feeling like your missing out?

Get into the Habit of Searching for Deals

Saving is a habit and it’s something that comes naturally to some but harder to others. The thing is that finding a great deal can often take more time than picking the first price you’re offered. However, spending a little more time finding an amazing deal will almost definitely balance out later on. 

Learning to look for deals everywhere is definitely a mindset. Finding coupons for shops and wandering around flea markets or yard sales is an easy way to get started but did you know you can also get coupons like the turbotax coupon that can help you save on your tax return too? Every time you get out your purse, there could be a better deal so take a little bit of time to do your research before you spend.

Learn to Make-do and Mend

Capitalism is based on people buying new things instead of fixing what they have. In fact, planned obsolescence is a huge problem in the industry that the EU took action last year to limit its impact. 

But it’s not just companies at fault here. You can choose to buy things of higher quality and keep them for longer and the fashion industry is starting to catch up here. You can also learn how to upcycle items that have reached the end of their lifespan, either to use them for a different purpose or to extend their life just a little longer. 

Reorganize Your Priorities

As you get into the habit of saving and you learn to make do with what you have, you will gradually adopt a different attitude towards spending. In fact, you’ll probably have a little more in your account at the end of the month. 

This means that you can now take some time to reassess your priorities. Building an emergency fund is a good start but you might also like to save up for the holiday of the century or perhaps you want to put a deposit down on a property. Maybe you have your heart set on early retirement so investing could be a better choice. 

When you have the money to spare and you’re not desperately trying to make it to the next payday, it’s a lot easier to think about what your priorities are and how you are going to achieve your financial goals. Start small and build up - you’ll be amazed by the changes you can make.

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