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5 Ways to Be More Frugal

5 Ways to Be More Frugal

ARE YOU FRUGAL?

Being frugal and saving money isn’t rocket science; it just takes some planning and budgeting. And maybe even some creativity! If you’re not frugal but would like to be, keep reading!

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1. Stop wasting your money.

We all have a budget (hopefully!) but are you spending money on things that you never use? Do you have a gym membership for $80 per month that you never use? Cancel it today. Or do you spend $500 per month on eating out? Start cooking your meals at home today. Do you spend $400 per month on groceries then eat dinner out at restaurants and spend another $100? Stop wasting your money.

2. Focus on your priorities and financial goals.

Are you spending money on things that aren’t even important to you? Consider your priorities and spend money on things that matter instead. Do you have a family and small kids? Then your spending should reflect this. Or are you trying to finish college debt free? Make that a financial goal.

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3. Make friends with people who are frugal.

If you wish you were more frugal but don’t know what to do, find some new friends. You don’t have to get rid of your current friends either! You probably have at least one frugal friend who can give you advice on becoming more frugal. Share frugal ideas. Share Groupon deals. Buy groceries in bulk to save money and share the extra items. Have a house party and tell your friends to bring their own appetizers. You might be surprised at how many of your friends are looking for ways to be more frugal too! Your friends might even inspire you to be more frugal.

4.Think about money in terms of long term costs.

Would you still buy something if you had to pay for its yearly costs all at once? Instead of thinking about what you can afford each month and living paycheck to paycheck, consider the long term costs. Do you spend $110 per month on your new iPhone 5S? Okay, maybe that’s in your budget, but would you still spend the money if you had to pay the $1329 upfront? Do you even realize that you’re spending $1320 every year just to have an iPhone? Do you spend $250 per month for your cable TV so you can have 400 different cable TV channels? Would you still pay that much for cable if you had to pay $3000 all at once? I know I would not even consider paying $3000 just to watch TV at home.

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5. Don’t wait until the last minute–plan ahead.

If you wait until the last minute, it will almost always costs you more money. Planning ahead is one of the easiest way to be more frugal. Plan ahead and make your lunch at home for the next day. Plan ahead and go to the grocery store with coupons. And don’t wait until the last minute for birthdays or holidays either. Waiting to buy a Halloween costume until October 30th will certainly cost more money than buying a costume online today. Waiting to go shopping for Christmas gifts on December 24th will certainly cost more money (and more stress!) than if you go shopping on Black Friday.

Being frugal does not mean that you can never spend money; it just means that you spend your money wisely instead of blindly.

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Try these 5 ways to be more frugal and you might be surprised by how much money you save each month!

What could you do with another $100 or $500 each month?

Do you WISH you were more frugal?

What are you doing to become more FRUGAL?

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

More About Thinking Smart

Featured photo credit: Austin Distel via unsplash.com

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