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Fortunate Son

Frugal living tips

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Hi, anyone here have a few tips for frugal living in town for person of average income?

I live in middle/east Europe, so it's not high standard of living like in the U.S.

Are you satisfied with your spending or do you struggle to save up money?

 

Thanks

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Do you know exactly how high your income is? Do you know exactly how high your monthly fixed spending (rent, insurance, memberships, mobile plans) is? Do you know where the rest of your money goes?

Do you know exactly how much money you earn netto in one hour of work?

 

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I don't consider myself frugal, but I try to align everything to whatever I'm working on at the moment. For example: I need to work on a certain project. For the project to progress in the best possible manner, what should I be eating, drinking, wearing, reading, watching?

When I started doing this, I realized how much of time I was wasting in maintaining my long hair of 20 years. It had to go. So it's gone now. Everything you own or consume is either fuel or a waste of time. So the next time you are exchanging money for anything, ask yourself is this fuel for my project or a waste. 

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Frugal living is pretty self-explanatory, just try to minimize spending as much as possible. A lot of frugal living tips can be found online on Youtube or Google.

Although in my opinion, frugal living seems to be more of a mentality thing, rather than just doing cool tips or tricks that you do found on the internet. It takes some time and experience in order to develop a frugal type of lifestyle. Once you've developed a frugal mindset, then you shouldn't have to worry about tips on being frugal, minimizing your spending would just be something you do on autopilot.

Few tips if you need them:

- Try to DIY as much as possible

- Buy groceries and cook your own food rather than eat out. Restaurants are businesses, they're there to make money.

- Downgrade your cellphone, your car, bike, etc. into a good condition older model

- If you play video games, buy the game, then re-sell it when you're done with it. Same goes with any other gadgets, books, or movies.

- Rent rather than own

- Stay home


"Intellectual growth should commence at birth and cease only at death." - Albert Einstein

 

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Thanks for the tips, as more I detach from things, the more I feel calm i appreciate things I already have and that are still functional.

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For me it works well to cut costs on habits and small stuff rather than big buys. No coffees on the way to work, lunches out, or chocolate on the way home, the cheapest paper towels etc, and for stuff that stays I choose more expensively. Make sure you're so happy with them that you only buy once : )

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Posted (edited)

My business eats up like 80% of my income. Try to aim for 5% in luxuries. Don't skip on personal development stuff, good food, hobbies that are not extremely expensive. Cut out eating out mostly and other bad habits. Removing things like soda, smoking, etc will be excellent for money and health.  Cook most of your meals it will be healthier too. 

 

I buy a pack of the same colored blank shirts. Makes it really easy to get dressed with one color and cheap. No one seems to notice either. 

 

Also, don't just be frugal because you need more money. Sometimes more money is really what is required, however most can benefit from a simple budget. Investing your money and having it work for you will be excellent. If you can afford to 20% of income invested would be great. Not just sitting on a stack of money. Investing it. 

Edited by Average Investor

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