If you want to save money and live a more frugal lifestyle, there are a few things that most frugal people have in common, which they do not do, and you probably should not do either…
1. Throw things out if they could be repaired
If there is one thing you will not see frugal people doing, it is tossing things out if they could be repaired. They will call in the refrigerator repair company or order that spare part and make do and mend in order to save money. Of course, if a repair will cost more than buying new, that is one time frugal people will make an exception because it would be foolish not to.
2. Maintain a credit card balance
Yes, many frugal people use credit cards because they are more convenient, and often come with bonuses and loyalty points, but what they do not do is carry a balance. They pay their cards off in full every month in order to avoid paying extortionate interest fees. The only exception is when a card has a 0 percent interest deal, which frugal people may well take advantage of.
3. Buy stuff to compete
Frugal people do not care about keeping up with the Joneses. They don’t upgrade their phone or their car or their house just because they want to be viewed in a certain way. They take the time to weigh up every purchase to ensure it is what they want, good value for money, and a sensible decision to make. That is why they are able to live for less and build up a significant amount of savings over the years.
4. Do without insurance
Frugal people know that sometimes you have to spend money to save money and that is why they always take out the best health and home insurance policies, as well as pet insurance and any other additional policies they may need. They know that paying small monthly premiums will protect their finances should the worst happen and that is why they will rarely be found without insurance.
5. Wasting food
Frugal people rarely waste food. They meal plan to ensure they never spend more than they need on food they will not eat, and they make a habit of saving leftovers to reuse, if they eat out, they ask for a doggy bag and they eat it the next day for lunch, They know the value fo good food and they understand how lucky they are to have the food they buy, so they do not simply toss it aside when they are unable to finish it, nor do they overbuy and let their produce spoil.
As you can see, being frugal is about making sensible choices and not succumbing to peer pressure or trying to keep up with the Joneses. You don’t have to deny yourself everything you want, but you should think about why you want to do something and what will truly make you happy in the long term.