FRUGAL LIVING

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Frugal living means the spending very consciously and intentionally.  If the individuals are able to prioritize their expenditure, then, they will be able save their money from extravagant expenditures.  The term Frugality may be different for every individual.  Along with, prioritizing the expenditures, one must also try to spend smartly on the products in which he/she is spending. 

Many people misinterpret frugal spending as spending on cheap products.  But it is not the same way.  When an individual is spending fugally, then the individual should try to find out the best possible product at low prices without sacrificing the quality of the product.

While now-a-days, online shopping plays a very important role in one’s life.  And the various researches have proven that spending money digitally is less painful to the individuals as compare to spending money physically as they have to be parted with cash at the time of physical purchase.  But the individual must try to understand that even though they are not getting parted with cash physically during online purchase but still it has an impact on their bank balance or it may lead to their debt burden on them.  These little savings through the change in their expenditure pattern can lead to big savings.

Tips for frugal living:

1.       Plan your monthly expenditure

2.       Always check for coupons/ offers/ discounts while your purchases.

3.       Sell the scraps

4.       Sell the things which you don’t need in future.

5.       Redesign/ repair your already purchased dresses/ outfits.

6.       Keep your wishes in to your cart while purchasing online for few days and then rethink about those wishes.

7.       Go to nearby place on your foot rather than using your car it will give you three benefits simultaneously. The one is it will save your fuel, secondly it will help you to maintain your health and thirdly, it will help you to contribute to save the environment.

8.       Find creative ways to enjoy the company of your family members rather than to plan for a expensive outing only.

9.       Try to reduce your debt burden as it will fetch handsome amount of interest especially for those luxurious assets which are not giving you any return.

10.   Rather than daily buying your groceries, try to buy them in bulk for a month or two so that you can avail the benefit of bulk buying or the discounts for large purchases.  It will also help you to save your time which you will spend on daily buying groceries.  The time which you save, can be utilized in some other purposeful work.


By: Dr. Shishma Kushwaha



 

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