1.economical in use or expenditure; prudently saving or sparing;not wasteful: Synonyms: thrifty,chary, provident, careful, prudent, penny-wise, scrimping;miserly, Scotch, penny-pinching.
I like to say we are frugal people. Now if you knew us a few years ago, everyone would beg to differ. After, wasting many looong hours in bars, on vacations, and on frivolous things we (as single people) blew through hundreds of thousands of dollars, and no not together, single handedly. In other words, it was all about the benjamins, baby!! I won’t go into full detail, but once Adam and I met, got married, and have been starting an amazing life together we have learned, through our hardships, that being frugal is GENIUS.
For instance I have a few little life hacks that I would like to share for those that are trying to pinch pennies and save for their future (all of which are based on the bible & Dave Ramsey’s methods)
1. Pay off your lowest credit card debt.
“why not the largest debt first,” you ask?
-Think in terms of planning a party, it’s for 20 people and 50 people show up, you’re overwhelmed, stressed and you certainly don’t have enough food prepared. You totally feel defeated, because you’ve worked so hard. That’s no different than trying to pay off that huge debt and never ever feeling satisfied. Start small and work big, just like the title says “work smarter NOT harder!”
2. Groceries- Look at the unit price per item of all the different brands, DON’T PAY MORE because it’s a brand you recognize, especially for certain items. Now if you’re going with a specialty item I understand, but if you’re on a major budget, what you doing buying Madagascar Vanilla Beans anyway crazy pants?… DEBT DOES NOT DISAPPEAR DOROTHY, red shoes will not save you.
Stores we shop:
- Trader Joe’s
We LOVE to cook, and we make most everything from scratch, as in Pesto’s, simple syrups, hummus, cheese, and occasionally beer, etc. (no we aren’t hipsters).
3. Laundry Detergent- To get the most bang for your daddy warbucks…
- Grab a knife and pop the pourer out, usually there’s about another load left chilling in the bottle.
- Also, if you’re to the point where you’re sitting on coal praying it turns into diamonds, dilute the detergent with some water when it’s half full.
- You won’t notice one bit. Remember there is nothing wrong, cheap, or sad about being broke, in debt, or trying to save, I think it’s exhilarating because you’re moving closer to your goal!! Go YOU!
4. Emergency Fund-
- Add up your living expenses, things you absolutely need in order to survive. I’m not talking about the football channel, things such as rent, water, electricity, etc.
- Then times that number by 3 or 6 (this is in terms of months)
- This is the amount you should save for in case you get canned or injured (depending on your line of work).
5. Envelope System-Since you’ve already added up your living expenses now add up what you typically spend on groceries, gas, and other items. Dining out… Needs to get cut, learn to cook, it’s not as hard as you think.
- Label your envelopes or file folder
- Put the amount (in cash) that you are alloting for each of these categories
- This way when you go to spend your hard earned CASH it will be a lot harder, because swiping a piece of plastic doesn’t fire off anything in your brain, you put a $5 dollar bill in your hard and I dare you to measure the difference.
6. DO NOT LIVE BEYOND YOUR MEANS- Just to let you know it’s not cool. People are not impressed, and if they are it’s fleeting. Be smart, save your money, and stop handing it away for free to debt collectors. Think of it this way you are only as selfish as you realize and if you’re not already thinking into the future you probably won’t even get this far into the blog.
7. Like it is written…