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Please list, advise your tips on frugality and what lessons to learn
Frugality 101 please!
One of the quickest is to buy used cars, take 15 year mortgages only with an amortization schedule (knock it out in about 11-13 years predicated on your rounding), continue to "pay" the mortgage only the interest is yours over the next 15 years and growing in the form of other investments.....why give it to the bank when you can give it to yourself???
Go with a hybrid (used if you can get one) and run it into the ground, replacement batteries and all, stick with Toyota, they have it figured out.....
Shop everything
Live below your means, always
realize a dollar saved today compounds to about $8-$12 in retirement
By a smaller house
By a smaller car
Live a smaller life
If you can, grow some of your own food
Optimize the utilities you consume
Less IS more
And so on and so on......I had a neighbor that used to recycle aluminum.....thought he was crazy....then I learned about how he had the space, small crusher and simply grabbed $500 here and there for over 12 years.....nice little sum as he never spent it.....he uses his waste oil in a shop heater...neat.....has passive solar for all outdoor lighting, uses a well for most water needs except potable, buys clothes and furniture at Goodwill and Salvation Army...shops the heck out of them....furnished all of his kids apartments that way and saved a bundle.....dilutes the handsoap.....buys all chemicals in bulk....the guy is loaded....just loves to save....calls it; "his hobby"....he's good at it that's for sure.....
Stop caring so much about what other people think..... For many, I think this is the biggest hurdle to frugal living, or even living within their means.
I agree with above poster who said "set a goal" - this makes it a lot easier when others try to pressure you to buy something you know you shouldn't.....
it also helps to have a back-up plan - a while ago a friend suggested we have a spa day - mani's , Pedi's, facial. Would have ben lovely - but also I would have been on the hook for $150 (at least). I said "Hey, I'd love to see you but that's just not in the budget for me right now" I then suggested a local exhibit that I knew we'd both enjoy and offered to pack a picnic. Total cost about $25.
I agree with this & give 10% every month. When you get, give in return.
There are other ways to give back if you have a few free hours every day. I foster kittens so for the extra money I want to donate, I donate to the kitties food, supplies and care. The city shelter cannot afford anything other than vet care to their fosters. Not only would you get an experience out of fostering and save lives, you get to learn a new skill in caring for sick cats.
Othet tips:
Cook your meals
Accept or buy used furniture if you need them
Buy used clothes, especially for children
Buy toys, books, dvd, etc..from yard sales and thrift stores
No more Starbucks. Okay, maybe once a month.
Limit your purchase of beer and drinks
If you have nothing to do, don't go out shopping! Look around your house and create a project.
Buy pet bowls, collars and leashes at a dollar store. Buy generic heartgard (Nuheart, etc) and generic flea meds (Petarmor, etc). Buy meds and prescription diet online. This will save you over $200 a month.
Don't get a pet out of impulse. They are a long term, very costly commitment.
Cut out cable. Go Chromecast.
Do not buy new phones. Buy a used, older version or wait for someone to give it to you.
Focus on one debt you owe and pay the crap out of it.
Some ground rules :
The biggest waste is eating at restaurants - even cheap ones.
The next biggest waste is buying prepared / preprocessed foods (and junk food, too).
(You can save $$$$ by buying corn tortillas, and frying up your own taco chips)
There are some menu items (KFC pressure fried chicken) that are not easily made by the amateur cook, but overall, you will be better off cooking your own meals.
If you have the storage space, buy in bulk. Everything is cheaper in bulk.
(a #10 can of crushed tomatoes is $2.00 at the warehouse store, roughly 108 oz. While a 32 oz can of crushed tomatoes was $1.45.)
Learn to identify the difference between NEED and WANT.
Yes, for sure this. Also, i had written this on another frugal thread... I learned years ago to ask myself... how many hours do I have to work to pay for this. It helps.
The other thing that makes frugality easier is when you're prioritizing your most important goals...and ignoring what other people around you are doing. When you are in touch with your goals & values, what other people do doesn't matter. To paraphrase Paula at Afford Anything.....You can (probably) afford anything. You just can't afford everything.
Always be suspicious when "Miscellaneous" is a big expense. A detailed breakdown makes it easier to decide what's really worthwhile and what is just budget leaks.
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