Thursday, 26 June 2014

The Perfect Mindset For A Frugal Lifestyle – Beating The Financial Odds Of 2014

Posted at  05:15  |  in  Frugal

Are you someone who has purchased a house in 2014? If answered yes, this is the year when you should start saving money and leading a frugal life! Whether you’ve bought a house or a car or you’ve taken out a personal loan, there’s no fixed time to embracing a frugal life. For all those who think that leading a frugal life means being ‘cheap’, it might sound daunting enough or a little bit impossible to give it their best shot. There will never be a dearth of frugal tips for saving money and leading a healthy lifestyle.

The subtle difference between being ‘cheap’ and being ‘frugal’

            There’s a very fine line between cheap and frugal. Both cheap and frugal people will prefer saving money but the frugal people will never do so at the cost of others. Frugal people will always remember that frugality is about determining the bigger picture and maintaining the patience to capitalize on the simple saving strategies. While cheapness uses the price as a bottom line, frugality always uses value as the bottom line. Hence, if you think that adopting a frugal lifestyle will only mean sacrificing all your luxuries and being cheap, you’re wrong. Read on to know some frugal living tips to adopt in 2014.

Live frugally and save money

If you’re worried about the current financial upheavals in the nation and their effect on your personal finances, you need not fret. Below is a list of some of the most effective personal finance tips that you may follow in order to stay on track.

  1. Learn how to live on minimum wage: Yes, we all know that minimum wage sucks big time but is it really possible to live on such small income? How about creating a simple frugal budget that eliminates all the unnecessary expenses and lists down only the necessities? You may also take help of an online budget planner to create a sample budget and check out how far you can stretch your dollars. Spend within your affordability.
  2.  Make more money to pay off your debts: Although personal finance bloggers claim that it is more important to reduce your costs and remain frugal to pay down debt, yet it can be argued that one can increase his income at the same time in order to be able to keep repaying his debt amount. Look for passive income sources so that you have enough funds to cater to your debts.
  3. Cleverly plan your retirement: Another aspect of saving that is mostly forgotten by the Americans is their retirement. In fact, most Americans spend more time planning their vacations than their retirement. If you don’t plan your retirement, you will tend to lose money in unplanned expenses during your golden years. If you’re working and you have a retirement plan, don’t miss out on contributing a portion of your income. Save your pre-tax dollars for your future so that you can avoid borrowing money and falling into debt.
Thus, if you’re someone who has still not planned for retirement, buck up and start managing your finances. Embrace a frugal lifestyle so that you can stay on top of your finances in 2014.

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Jimmy Simond is founder of he share his immense knowledge of finance in this blog. You can follow him on Google+.


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