What are Frugal Rules?
Financial success does not mean depriving yourself of things you love. It means spending money in a planned and cautious way. You can still live a comfortable life with an average salary if you manage to get your strategies right. Frugal living is about having confidence in the purchase decisions you make. By following some simple, Frugal Rules, you can ensure that you always remain debt free.
7 Tips for spending wisely
1. DON’T SPEND MORE THAN YOUR EARNINGS
This is the most obvious rule. Always buy things that you can afford. Going into debt to buy some fancy item will lead you into trouble.
2. SET GOALS FOR YOURSELF
Always try to set yourself some goals. They can measure your progress and ensure that you are moving in the right direction. Short goals help to build momentum and confidence. Both long-term, as well as short-term goals, are essential for successful frugal living.
3. THE 10 SECOND RULE
Whenever you buy anything, stop and count to 10 slowly. Think about all the reasons you don’t need the thing you are buying. When you are standing in the supermarket with your trolley in front of the billing counter, analyze whether you really need all the things that are in the trolley.
4. THE 30 DAY RULE
The 10-second rule is only applicable for small purchases. For expensive items, we have the 30-day rule. When you decide to buy an expensive thing, force yourself to move out of the shop or click the cross button on your web browser and then again revisit after 30 days. It is amazing how one thing that we were desperate for a month ago holds no appeal right now. However, in case you are still craving for that item even after a month, then go ahead and buy it.
5. USE CREDIT CARD WISELY
Credit Cards can be extremely dangerous if not used with caution. Since buying via credit card does not require immediate cash, many times we end up buying unnecessary things. If you are using a credit card to buy too many things, you are not living frugally.
6. INVEST FOR THE FUTURE
Successful frugal living also depends on how well you plan for the future. If you want to lead a comfortable life in the future, it is extremely important to start investing now.
7. STOP IMPULSE BUYING
Don’t let advertisement dictate your spending. It is very easy to get influenced by different advertisements and buying unnecessary things. It is essential to separate needs from wants.