3 weeks ago
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TEMPO.CO, Jakarta - Frugal living is an increasingly popular lifestyle among today’s generation. This concept of lifestyle encourages people to spend their money wisely and focus on the things that truly matter.
Contrary to popular belief, frugal living doesn't mean living a life of deprivation or cutting out all the fun things. In fact, it’s about finding smart, sustainable ways to manage your finances and reduce unnecessary expenses.
In this article, we’ll explore what frugal living is, its benefits, and practical tips to help you get started on your journey to financial wellness.
What is Frugal Living?
Prudential defines frugal living as a lifestyle choice that focuses on prudent and cost-conscious financial management. The main purpose of frugal living is to minimize expenditure by only purchasing essential items and preventing overspending at the same time.
Alongside only buying things you need and avoiding overspending, living frugally also requires you to find cheaper alternatives, improve financial habits, and maintain a balance between income and expenditure.
This lifestyle fits the best, especially for those who want to save for future goals, pay off debt, or simply have more financial freedom. It is because adopting frugal living means that you only focus on things you value, says NerdWallet.
However, it is important to note that frugal living is completely different from being cheap. While indeed you need to keep yourself from overspending, living frugally doesn’t compromise the fun in your life.
Raisin emphasizes that frugal living encourages people to be resourceful and make conscious decisions about where their money goes. It is all about priority and finding a balance between saving and enjoying life.
Benefits of Frugal Living
There are many benefits to adopting a frugal lifestyle, beyond just saving money. Here are some of the key advantages, as highlighted in Prudential and Raisin websites:
a). Living frugally helps you minimize expenditures by cutting down unnecessary expenses.
b). Frugal living allows you to reach your financial goals, whether it’s paying off debt, saving for a house, or achieving financial freedom, faster.
c). Adopting a frugal lifestyle allows you to save more and avoid loans.
d). Frugal living positively contributes to a more sustainable environment since this lifestyle usually encourages you to reuse items and reduce waste.
How to Do Frugal Living
Frugal living doesn’t require drastic changes to your lifestyle. You can start by making small changes to save money in multiple areas of your life.
NerdWallet and Raisin have shared some practical tips on how to do frugal living:
1. Frugal Living Tips on Food
a). Plan your meals ahead of time to avoid impulse purchases and reduce food waste.
b). Avoid shopping when you’re hungry because you will tend to overbuy.
c). Opt for cheaper supermarkets, like Lidl or Aldi.
d). Purchasing non-perishable items like rice, pasta, and canned goods in bulk can save you money over time.
e). Instead of ordering takeouts, start cooking meals at home to save money. It also allows you to control the quality of your food.
f). If you have more space in your property, you can grow your herbs and vegetables.
2. Frugal Living Tips on Shopping
a). Don’t hesitate to use coupons and discount codes before making any purchases.
b). Make a buy list and stick to it to help you avoid impulsive buying.
c). Go thrifting and buy second-hand items to help stretch your budget. Besides being affordable, this way of shopping is also sustainable.
d). If you’re about to buy an item for short-term use, it’s better to just borrow from your friends or family members.
3. Frugal Living Tips on Home Expenses
a). Instead of hiring someone for every minor repair, learn basic home maintenance skills to fix it yourself.
b). Cancel any membership that you rarely use.
c). Wash your car.
d). Lower your energy bills by switching to energy-efficient light bulbs and setting your thermostat to a lower temperature in the winter.
4. Frugal Living Tips on Entertainment
a). Go for free or low-cost entertainment options, such as parks, museums with free admission days, or community events.
b). Ditch theaters and watch your favorite movies at home instead. You can subscribe to a few affordable streaming services.
c). A shared subscription to streaming services with friends or family is cheaper.
d). Take advantage of your local library to check out and borrow some books and magazines.
e). Instead of signing up for a gym membership, you can exercise at home by just using your body weight.
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