Frugality actually helps you save money more than what you usually do through simple budgeting. If you had been in debt problem, you may be able to use the saved money to solve your debt problem. Even if you think that you need to go for credit counseling in order to both repair your credit and pay off your debts, you can use the money to pay the credit counseling company for their services.
How to Lead Frugal Life
If you want to lead a frugal life, you will have to follow some strategies like:
- First understand what being frugal is – In order to lead a frugal life and in order to save money fruitfully, you need to understand what being frugal is. Only if you are able to get the essence of being frugal, you may be able to save money without pressurizing yourself with the money moves.
- Change your spending habits – In order to be frugal, you need to change your money habits or spending habits. Like, you will have to stop yourself from indulging yourself too much, you will have to give up on your impulse buys, and so on.
- Keep credit card for emergency purposes – Try to lower the usage of your credit cards and keep those for usage in time of emergencies. This helps you to remain debt free and thus you will also be able to save money.
- Save on electricity and gasoline – You can go frugal by saving on your electricity and gasoline. You can save on electricity if you use power saving lamps and a power saver strip. The power saving strip puts off the lights and other electric appliances.
- Stop eating out – You can also save lots of dollars if you stop eating out. This not only helps you to save money but also helps you to maintain good health. This in return also helps you to save a lot on medical bills.
- Rent rather than own – If you rent rather than owning things, you will be able to save lots of money. For example, if you rent a home rather than buying one, if you rent car rather than buying one and even small things like CDs and books, you may be bale to save lot.
Thus, you can see that frugality can actually help you in saving money and repairing your credit at the same time.
This is a guest post from Carol, one of the financial writers associated with the Credit Magic Community.