Why Living A Frugal Lifestyle Is Still Important

Jun 01, 10 Why Living A Frugal Lifestyle Is Still Important

Why Living A Frugal Lifestyle Is Still Important

With a dip in consumer spending in April, many people who are insisting that the economy is back to business as usual were forced to eat a big bowl of crow. Despite the unchanged economic realities for most of us, Slate has an article about how luxury spending is on the rise again. Hopefully, we have learned our lesson. Just because Wall Street is thriving does not mean that our economy is strong. Thus, it is important that maintain the “frugality” that has served us so well during these tough economic times

If you have decided to live frugally, do not be swayed from your path no matter what the “experts” are telling us. Here are some tips to help us keep focused:

1.    Eating Out – It is okay to eat out once in a while. Some your friends may doing much better than you and they are pressuring you to hang out more. Yet, it is important that you stay focused and limit these engagements. These occasions can be expensive if you go multiple times in a month. Keep cooking.

2.    Clothing – Naturally, if you are the kind of person who adores signature and designer clothes, do not expect that there will be something left of your take home pay. Although there may numerous so-called sales and deals, each potential purchase should still be weighed against its purpose. Is it essential?

3.    Buying A Home – Since many of the homeowner credits have expired by now and interest rates are expected to rise, you should consider whether the right time to buy that dream home is now.

4.    Buying Your Own Car – Shy away from sports cars or SUVs, the latter of which are dying a slow death. If your purpose is to get from one destination to another, finding a cheap, reliable, gas-efficient car should be your primary goal.

5.    Family Outings – During the summer months, there numerous free outdoor activities for families to enjoy.

6.    Be Knowledgeable- Always be aware of your financial limitations.

7.    Plan For The Future- Anticipate your failures by planning accordingly. Always have a budget and an emergency fund in case of unforeseen contingencies.

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