Financial Independence Blog

Frugal

Frugal is such an ugly word – an ever popular, line on greeting cards and fridge magnets.

What does frugal mean? The thesaurus defines it as: thrifty, prudent, sparing, penny-wise… all words our parents and grandparents might be more familiar with than current generations. Now days frugal is viewed as miserly or mean however once upon a time being frugal was to be respected – that was how people made ends meet in times of hardship or better still got ahead. In these difficult times there are many of us who would do well to practice a bit of frugality rather than continue to spend beyond our means. Here are a few penny-wise tips to help weather the financial storm.

  1. If its broke get it fixed – these days when household appliances break its so easy just to go and buy a new one rather than attempting to fix it first. Or if it can’t be fixed buy a second hand one rather than going to the expense of brand new.
  2. Don’t use credit – if you want that new purchase so bad then save the money to buy it rather than use your credit card.
  3. Buy Second hand – most of us buy second hand cars so why not do the same when buying other things – there’s some really good second hand stores around these days – especially when shopping for clothes.
  4. Opt for function over fashion – ask yourself is the extra money for the designer label really worth it when you can buy something that does the same job for half the price.
  5. Homemade is best and cheaper – going out for meals or buying takeaways and pre packaged food at the supermarket is more expensive and less satisfying than eating home cooked meals. Stock your fridge and pantry and eat the old fashioned way – home style.

Posted by Kelly on: 30 June, 2009

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