Here’s to Frugality

Last week I came across the only two words you need to know that will earn you your financial independence “Frugality and Industry”. They were quoted by Benjamin Franklin and then repeated and adhered to for generations thereafter. So here’s to Frugality…

Top 10 Ways to Start Living the Frugal Life

1. Create a Budget
There are no more suitable words to the wealthy than “Live within your means”. Simply put, if you can’t afford it don’t buy it anyway.

2. Clip coupons
Take the time to clip coupons for the grocery items that you buy regularly, and shave an easy 25 percent off of your weekly grocery bill.

3. Eat Out Less Often
Eating out is fun, but far more expensive than eating at home. Challenge yourself to eat at home more often—even if it’s just once more a month, and watch your bank account grow.

4. Switch to Online Bill Pay
Save yourself a stamp, and avoid late fees by paying your bills online. You can pay direct to your creditors, or set up automatic bill pay with your bank.

5. Befriend the library
Instead of buying books and movies, take a trip to your local library free of charge.

6. Cook with What You Have
Missing an ingredient that you need for a recipe? Instead of running to the store, challenge yourself to cook with what you have on hand.

7. Seek Freebies
Freebies are fun and budget-friendly. Look online for a wide-array of free offers, and enjoy a mailbox bursting with goodies.

8. Wash in Cold
Cut your electric bill substantially by washing your laundry in cold water. Your clothes will still come out clean, and your hot water heater won’t have to work nearly as hard.

9. Flip a Switch
Reduce your electric bill even further by turning off lights and other electronics when they aren’t in use. It may seem like a small thing, but you’re sure to see the difference on your next electric bill.

10. Cut Back on Extras
Do you really need caller ID and call waiting? How about the premium cable or satellite package that you subscribe to? Examine your list of monthly expenses, and determine what you can live without—short term or long term.

Any more Ideas?


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