The Indicators

What Does The Frugal Lifestyle Entail In Your Generation?

The Frugal LifestyleRight here, right now is the best time to be frugal. With house prices rising $3,000 a week, the fastest it’s gone since 2004, it’s vital to get smart with your finances as early as now.

Short-term personal loans can help you when you run into a financial bump. But, in wanting something more stable and secure, it’s time to adopt a new, financially proactive lifestyle. Frugality is a way of life – not a one-time responsibility that will magically fulfil your long-term goals.

Before you commit, understand the challenges that await you. Here’s what it actually means to be frugal in the 21st century:

Knowing the Ins and Outs of Your Finances

Behind a frugal lifestyle is smart money management. That takes knowing each dollar you own and owe, helping you make better decisions on how and where you spend your money. Is it the right time for a new rug? Can you afford to splurge on a friends’ night out? It’s knowing how to sort out your priorities and knowing what you can (and can’t) afford.

Making the Most of What You Have

It’s stretching that dollar as far as it will go. If you’ve never been to second-hand stores and garage sales, then you’re about to. The frugal buyer stays updated on which stores offer the best discounts, and uses coupons and vouchers on the daily. It’s about getting the item you need, in the most cost-effective way available.

Harnessing Your Imagination

The frugal buyer minimises the need for spending. This forces them to look for opportunities and turn these opportunities into savings. This means making do with what you have. If you can change your own tyre, do it. If you can sew your ripped jeans, or reuse old plastic bags, do it. Use your imagination to recycle, repurpose and recreate.

The frugal lifestyle is exactly what it’s called – a lifestyle. It takes years of commitment, patience, and a little bit sacrifice every now and then. In turn, these habits will give you long-term financial confidence and security.