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6 Pain Free Steps To Secure A Frugal Living

by Neil R. Williams

If you’ve decided to gain more control on your finances, start living frugally. It can seem to be a daunting task but a little bit of prior planning and dedication may help you realize your dream. You must have gone through months of money-saving and yet not achieved any desirable result. Here is a bunch of steps that can help you live a frugal life and secure a financial future.


1. Make a strict budget: The first step would be to create a strict budget so that you can record your income and expenditure. If you’re able to stick to your budget, you can soon witness positive changes in your personal finances where you can keep aside a lump sum amount of money at the end of a month to utilize for further use. If you keep a track of where your income is going, you can monitor your savings and look for ways to boost it.

2. Record every purchase: This might sound as a silly option but it can create wonders. Make a diary where you maintain a record of every purchase to see how much money you’re spending behind what commodity. Try to minimize your expenses on luxuries and only stick to the basic necessities. Stop paying for magazines that you do not read.

3. Stay careful about your ATM usage: This is something that most people forget but this small expense adds to become a bigger one. Always make sure that you go to withdraw money from your own bank’s ATM to save those extra dollars that are deducted on every withdrawal from a different bank ATM. If that is not much possible for you, try to withdraw a larger amount whenever you go so that you don’t have to go to a different ATM.

4. Try to pay extra on your home loan: If you have taken out a mortgage on your house, try to make extra payments on your loan. As the interest rates accumulate and increase the principal amount, it is important to get rid of secured loan debts as fast as you can. Check whether or not there are any penalty fees on pre-payment. IF the lender does not charge any kind of penalty fees, try to make extra payments, may be by changing your repayment option to a bi-weekly one.

5. Stop using your credit cards: You believe it or not, but restricting the usage of credit cards is the only way out of credit card debts and this way you can secure a frugal living. Leave your credit cards at home every time you go for shopping. Take cash and as you exhaust your cash, stop purchasing things. Continuous usage of credit cards will push you towards serious financial disaster.

4 6. Eat out less: One of the biggest expenses among people in the US is of eating out daily. It has been seen that an average person spends over $2000 eating out every day. As restaurants are expensive, including the huge rates of fast food, it is always advisable to cook your own food and also stay healthier. However, if you still feel eating out sometimes, you must consider the money-saving techniques.

Therefore, if you want to curtail your surplus expenses and boost your savings, adopt a frugal lifestyle where you spend less and earn more. Consider the steps mentioned above so that you can soon get a grip on your finances and lead a debt free life.

Neil R. Williams has a penchant for finance and for financial issues such as debt consolidation, credit repair, mortgage refinancing and so. He consults people on their personal financial matters.

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Dec 04, 2010
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Love these suggestions
by: Karen

I love some of these suggestions. I don't know if I would go so far as to write down all of my purchases (that one would go by the wayside quickly for me), but I really like the suggestion about bank and ATM fees. It really is the little things that can add up.

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