When some think of the word frugal, words like restriction and limitation come to mind. While I do think that frugality is necessary to many families these days, I also believe it to be a choice. When frugality is a choice it can actually bring true contentment and joy, rather than feelings of restriction and limitation. But even if frugality is not a choice, I have some reasons for you to think about why you can find happiness in the frugal lifestyle:
Delayed gratification is an amazing feeling
Those living the frugal lifestyle usually find joy in setting goals. They'll do whatever it takes to accomplish that goal. When you're doing without in certain areas of your life so you can achieve a financial goal you've set for yourself, and the day comes when you get to reap your reward, the feeling is so satisfying! Knowing that you have no debt in the end and that all the hard work you did really paid off, can bring about an amazing feeling of accomplishment.
Frugal people don't focus on what they don't have
Frugal people don’t tend to spend their time focusing on what they don’t have, but rather on the things they do have. They don’t worry about having a brand new car, they focus on having a car, new or used, that will get them to where they need to be. What's most important to them is that they have the basic resources to get done what they need to get done.
Being frugal forces you to be creative
Rather than going out to buy something brand new, frugal people challenge themselves to think creatively And creativity is fun! Transforming or repurposing a simple object into something useful or fun can bring much joy. Take for example, the 5 best toys of all time, according to children.
More time to enjoy life
Typically, frugality brings along a more simple lifestyle. One that will allow you to enjoy life more with less financial worries and more time to do the things you really want to do.
You start taking pleasure in the basic things
Frugality brings about a sense of pleasure in doing the basic things in life. For example cooking and baking. It can feel so rewarding to make a beautiful loaf of bread with your own two hands. Or creating a delicious soup with some veggies that were a little past their prime. Connecting with the things that used to be a way of life for those in bygone eras can bring much joy.
You feel healthier
Feeling healthy is enough to make anyone feel good. Leading a frugal life often leads to healthier choices. Such as cooking from scratch more often than eating out, or choosing to go for a hike over a night at the movies because it's free.
There's joy in knowing we are helping our environment
Many frugal people opt to purchase anything they need secondhand. Not only is this a cheaper way of purchasing what you need, it also helps keep more things out of the landfills.
Your frugality can bless others
There's very little that makes me happiest than when I am using my skills or abundance to make someone else happy. Maybe it will simply be giving someone fresh tomatoes I grew in my container garden or mending a shirt when they don't have the time or knowledge. Seeing how happy and appreciative the recipient is of the generosity that frugality can afford me, makes me very happy I chose to be frugal.
In what ways would you say frugality brings you joy?
We've all been there: pay day is still a week away and you only have $20 to your name. This might feel like a reason to panic, but the truth is, you have options. There are certain tips and tricks you can implement so you can make that $20 go its very farthest and get the most grocery bang for your buck.
Take a look at these tips on how to get the most groceries for your dollar. So you can be sure to stretch your food budget the best you can until pay day arrives.
Purchase rice in bulk.
A 2 kilogram bag of rice will cost you about $5, especially if you buy generic. Rice is perfect for stuffing in tortillas, adding to casseroles, or serving as a side dish. You can even add some milk and sugar to it for rice pudding, an inexpensive dessert idea. ($5)
Purchase beans in bulk.
Consider a 2 pound bag of beans, perfect for using as a side dish, in soups or stews, or add them to wraps. They are full of protein, taste great, and cost pennies per serving. Just soak them to soften them and then cook to your liking. ($3)
If you're wanting to get the most groceries for your dollar, try out the 14-day free trial of $5 Meal Plan! If you decide to continue after your trial period, for just $5 a month, they will send you a delicious meal plan where every meal will cost about $2 per person, and in most cases less.
Frozen vegetables may cost less than fresh.
It can be hard to find fresh produce at a great price. If you can grab cucumbers or peppers for under $1 each grab them. If not, you may be better off buying frozen or canned. Head to a store such as Walmart or Superstore where you can grab canned tomatoes, frozen green beans, corn and peas for less than fresh vegetables ($3)
Apples and bananas are your cheapest fruit option.
If you thought fresh vegetables were expensive, fresh fruit can be even worse! When you're on a budget, fresh bananas and apples are your best options. Lately, buying a big bag of apples can cost about $6 - $7, while bananas are around .70 cents per pound. This is a great way to get the fruit your body needs while staying on budget. ($7)
Yogurt for calcium.
Keeping in mind you're close to pay day, a jug of milk might not be in the budget right now, but you could grab a tub of yogurt to get the calcium you need. ($3)
Chicken will be your most budget friendly choice of meat.
You can often find chicken wings, drumsticks or thighs for a low price so this is your most budget friendly option. Dress them up with salad dressing or simple olive oil and salt and pepper. Some other cheap "meat" 😉 options include deli meat and of course, hot dogs. ($5)
Opt for day old bread choices.
Visit the day old bread store or raid the clearance bin at your local grocer for bread items under $1. Bread is perfect for sandwiches, making garlic bread, making croutons, etc. Plus if you find a great deal on it, you can freeze it. ($3)
Don’t let pay day being days away keep you from eating well. Keep these tips in mind for how to make the most of your grocery budget between pay days and see how much they can help!
How do you make your grocery budget stretch in between pay days?
5 ways to challenge yourself to save more money this year:
Whether it's January or June, there is no better time to start saving more money than right now. Perhaps you've got some money goals that seem so far off or even impossible to reach. Added to that, saving money is never easy. Am I right? We are born to want things, whether we need them or not.
Today, I've got some easy challenges that will have you saving money in no time flat. You'll be seeing your bank account grow quickly when you thoughtfully implement these money saving strategies.
#1. Pack Your Lunch, Every Single Day
This is a bit of a no brainer, but think about how much money you spend throughout the month eating out. Not just for dinner though, think about lunch too. Do you buy snacks from the vending machines in the lunch room? Do you find yourself heading out for lunch to the nearest fast food joint, or even buying meals off the break truck? It may only be one meal a day, but 5 days a week, and four weeks out of the month can really add up! Challenge yourself to pack your lunches every day. It helps to prepare your lunch the night before, so you will not be able to use the excuse of oversleeping. I challenge you to pack your lunch every day to see how much you can save.
#2. Ponder Your Purchases Ahead of Time
It is important to consider your purchases before forking over your hard-earned money. When it comes to non-essential items, I suggest waiting three or four weeks before making your purchase. (A few days, at the very least!) This allows you time to really think about whether you need the item, or if it is just something that you really want. You’d be surprised at how much money you can save, when you really ponder your purchase before you say yes. Most often, you'll find yourself saying no instead.
#3. Use Cash Every Chance You Can!
It is so easy to just whip your debit card out of your wallet at the register, but try carrying cash, to make your purchases instead. (These printable Cash Envelopes for $3.99 are awesome at helping you allot your cash to the categories in your budget!) Paying with cash will limit how much you will be able to spend and help you cut down on picking up extras at the store.
#4. Drink More Water
Probably not the tip you want to hear. However, drinking more water throughout the day is great way to help you eat less. Start each meal by drinking a large glass of water. This will help fill you up, so you will not have to go back for a heaping plate of seconds, which most of us do not need anyway. Then you can save the leftovers for lunch the next day, or freeze them for another time. Not to mention, getting soda or another type of drink, when eating out or at home, can really add up. Be smart and stick with water, your wallet and waistline will thank you.
#5. Know When to Purchase Quality
There are times that it is okay to shop at the dollar store, but there are also times when it would be wiser to spend a little extra on quality items. For example, instead of getting a new couch at the local discount furniture store, head out to one of the more expensive stores for a quality one that will last you many more years than the cheap one. Don’t get me wrong though, you can still look for the best couch deal, just spend your money on a couch that has a lot more quality.
The following is a Financial success testimonial from Alison! Enjoy!
This year I had a goal of depositing two full paychecks directly into my savings account on top of my regular monthly 10% savings. I was discussing my budgeting and savings plans with a credit counselor and she told me she had never known someone to be successful at what I was planning…challenge accepted! This past month I was able to successfully do this and wanted to share with other frugal minded individuals how I did it so you can too.
My employer pays me bi-weekly, which means I receive two paychecks every month except for two wonderful months of the year when I receive three paychecks. At first this provided an interesting budgeting challenge because there are a few ways to calculate a monthly salary:
1. Take the overall yearly salary and divide it by 12 months.
For example, if I made $39,000 per year and divided that by 12 months, I would get a monthly salary of $3,250. This number is valuable for certain financial situations, but unrealistic for my monthly budgeting.
2. Add up the paychecks received in a month.
In this scenario, if I made $39,000/year, 10 months of the year I would be paid $3,000 and the other two months of the year I would be paid $4,500.
When creating a budget, what was I supposed to do with these three different amounts: $3250, $3000, and $4500? I started by making a decision: I do not want to live paycheck to paycheck. I wanted to create a system that always had me ahead of the game. I also decided to live off the amount of money I am paid for those 10 months of the year involving two paychecks and was determined to put those additional two paychecks, in their entirety, directly into my savings account. Saving 10% of my regular monthly salary is great, but I wanted a better security net.
Here’s what I did:
Took my lowest monthly income number to create a realistic budget.
Used helpful tools such as "Budgeting Basics – How to Get Started" found on Simply Frugal and tracked my expenses to determine what was sustainable.
Created an overall budget that allotted every dollar of my two paychecks per month.
Determined what money I would need as cash on hand during a month and what I could leave in a separate bank account. For example, grocery money is cash I need to take out of the bank. (I love these cash envelopes to organize the cash I need each month!) Gift purchases or dental appointments, while budgeted for, are not necessarily money spent every month. I'll call these my "planning ahead expenses."
Once the budget was nailed down, I totaled all my "planning ahead expenses" and my savings, then divided those numbers in half. This is what I transfer out of my main chequing account every paycheck into sub-accounts. For example, $20 per month is budgeted for gifts, of which $10 is transferred every paycheck to a “Gifts Account.”
Leave the rest of the money needed for cash on hand or for bills directly debited out of my chequing account to build up my monthly float. My monthly float is every dollar that I will spend during the next month.
Through the month as I deposit each paycheck, I transfer out all of my "planning ahead expenses" and let the rest remain to build up for the next month. Because each paycheck that I deposit into my account is not needed for any immediate expenses, I am released from my dependence on it. When I deposit a paycheck, I have no thought of spending it because I know I do not need it for the current month. This freedom is essential because when one of those three paycheck months comes along, I treat the first two checks just like any other normal month by transferring out my “plan aheads” and building up my float. Those two checks set me up for the next month and that third one can go straight into my savings account without a second thought.
Using this system of building up a float is how I stay away from living paycheck to paycheck. I did sacrifice a bit of savings to set myself up in this way, but the benefits are worth it:
Eliminated the stress of relying on my next immediate paycheck.
An extra month’s cushion of money if I lost my job, in addition to my emergency fund.
At the end of every month, I have exactly the amount of money I need in my account to pay my bills and variable expenses for the coming month.
Sticking to this takes planning and discipline, but it is worth it when I see the big jump in savings a couple times a year! It is also worth it to know that being frugal and wise with my money allows me to do something that someone in the financial world thought wasn't possible.
This story begins about 10 years ago, around the time my husband and I were married. It's also a story that I have never told on Simply Frugal. In all honesty, I have never told this story before because it just seems too simplistic. But I'll take a risk with this one and assume there are some of you out there that can relate to or need to hear our story.
You may have noticed that I have never discussed all the ways that we have personally climbed out of mountains of debt. Like most other websites similar to mine, they are sharing their story of how they knocked down thousands upon thousands of dollars in debt.
But I do not share these steps for one simple fact: Until the purchase of our new home, my husband and I have never had any debt.
I don't share this to brag, but to perhaps tear away at the thoughts that our society suggests the idea that we need debt in order to be or appear successful.
We are by no means wealthy, but we have done well considering there have been some years with very low income.
As I mentioned, our journey to paying off more than 50% of our mortgage, began about 10 years ago when we started making smart financial choices. (Instead of ones that "society" suggested we make.) Our story may be possible because of circumstances but I also believe it's because of our intentional decisions.
At the time of our marriage, my husband owned a condo that he then sold for a profit. We purchased another townhouse at the time of our marriage and decided the smart thing to do was to put his profits into our new home, paying off the mortgage in full. This was essentially the best decisions we have made for our family. There were so many fun things we could have done with the money. We could have been world travelers or bought a boat or fancy car. But we decided to be forward thinkers and determined that we wanted to set up our future for success which to us means no debt.
Because of our choice many years ago, we had a very low cost of living, which enabled us to save even more money. (Even in the very low income years.)
So, cut to March of 2017, we purchased our new home using the profits from the sale of our townhouse and the savings we had in the bank. That allowed up to pay off more than 50% of our mortgage!
As you can see, our story is not typical of most frugal websites out there today. It's also quite "simple" because we happened to buy and sell at "the right times" allowing us to profit.
But... I also attribute our success so far to the spending choices we make on a daily basis. Here are our "rules" for spending that I hope will help you decide with future purchases:
1. Pay with Cash
When we want something or need something, we always pay with cash. Now, we do use a credit card, but we only use it if we already have the money in the bank. Over the years, every purchase we have made (aside from our new home) has been with cash.
2. Buy Used
Looking around our home, many of the things I'm looking at have been bought used. Our couch set, our dining room table, toys, our vehicles even. (Though we do keep those outside. 😉 ) When it's time to make a purchase, we look for something used first.
3. Buy on Sale
If we can't find what were looking for used, we wait for a sale. Everything goes on sale eventually! Why pay full price if you don't have to?
4. Determine Wants vs. Needs
My husband wants a new TV for the basement. We still haven't purchased one because we have determined that there are other purchases that we need to make that are more important. The way we have set up our finances allows us to buy wants, but that doesn't mean we instantly go out and buy something just because we want to. We do our research and think through the purchase. Now, I'm not perfect and I struggle with buying more small wants than my husband. Something both of us wish to change. 🙂
5. Have an Emergency Fund
My husband and I don't feel comfortable if we don't have a certain amount in the bank. We highly recommend having an emergency fund. The amount you have in this account is up to you, but it should only be used in real emergencies.
All in all, it takes practice, thoughtfulness and a shift in mindset. Be a future thinker instead of a present thinker in terms of your finances. It wasn't until I completed my very first No Spend Challenge many years ago that I had that mindset change. The challenge helped me to switch my mindset from shopping for entertainment to realize the enjoyment of having money in the bank.
My hope is that our story is an encouragement to you. If you're in a less than ideal financial spot, it doesn't always have to be that way!
I'd love to hear your thoughts on this. Please share in the comments below!
Do you have a lot of debt? Want to get it paid off? You can get serious about paying off debt. In fact, you can pay as much off as you want. Starting with $1,000 in just one month. It may sound crazy, but lots of people have done this and so can you.
How to Pay off $1,000 of Debt in One Month
Only Keep $1,000 in Savings, Use the Rest
Unless you are planning a big purchase, where you will need a hefty down payment, there is no reason to leave thousands of dollars sitting in a savings account. The average savings account yields very little interest. One $1,000 creates a pretty comfortable safety net in case of emergencies. Any extra money that remains would be best spent chipping away at your debt.
Sell Expensive Items in Your Home
How many TVs do you have in your household? Two, three, or even four? Chances are that they don’t all get used, frequently, if at all. So, why hang onto all of them? Sell the ones that don’t get much use and put the profit towards one of your bills. Do you have a piano or organ collecting dust in the spare room?
The money you could make from selling it will get more use by hacking away at your bills, than if you were to keep it. Look around. We all have items sitting in our homes that are used so rarely, they are often forgotten about. If it doesn’t have much value to you, list it for sale and see what you can get out of it.
Stop Using Credit Cards
Credit cards can be useful in an emergency. However, if you are using them for everyday groceries and shopping sprees at your local mall, then you will likely be finding yourself getting deeper in the hole. Credit cards are borrowed money. Generally, borrowed money doesn’t come free. When it comes to credit card companies, they intend on you paying just the minimum amount back, so they can hit you with interest.
This is how they make their money. Just remember that each time you use your credit card, you are really paying more than the retail price of your purchases, by the time you add in the interest. Even when used in an emergency, you are still going to be paying interest. It is best to build up your savings, so that you don’t have to pay more than asking price for anything.
Make as Many Payments as You can in One Month
Credit reports don’t show how many payments you make in one month, but they do note how much you have paid, total. If you find yourself having leftover money at the end of the week, make a payment. These payments will accumulate throughout the month, bringing down your total debt faster. Doing so, will also make sure that your money goes somewhere important and doesn’t accidentally get spent on a random purchase.
Tighten Up Your Budget in Every Other Area
Cable is one of the most common cuts that people make in their budget. Many people replace cable or satellite tv with much cheaper options, such as Netflix. Eight to ten dollars for either really doesn’t sound like much, but it adds up. Every little bit counts and by getting rid of Netflix, you will also have more time to focus on more important things in your life. It’s not just TV though. What about the fast food that you may be eating frequently? Meal prepping has become quite popular.
Using these tips are great ways to pay off $1,000 of debt in one month. When you really look into your budget, you may be surprised at how much money you’re really spending.
