Let’s face it, we all want to save money. I’ve been interested in living a frugal lifestyle since college and I have read a ton of articles on the subject. Since then, I’ve gotten married, bought a house and have four little boys! We definitely practice a lot of these frugal living tips in our own lives and I want to share my favorite frugal living tips to help you save, too!
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Being frugal is not necessarily just pinching pennies and stretching your dollars. It’s being financially responsible and making the most of things you have.
Living frugally doesn’t mean that you will never have fun or splurge on anything. It’s living within or below your means to make the most of your money.
What are the benefits of frugal living?
Living a frugal life will keep you from being a slave to your money. It will give you the freedom to do what you want with your life, which is one of the big reasons the tiny house movement is so popular – imagine what you could do with low or no rent/mortgage payments!!
Retire early! This is another benefit of frugal living. You can choose when to retire instead of working until you are old enough for social security (if it’s even there for us at that time, anyways!). It can help you live comfortably well before typical “retirement age”.
Another benefit is having more money to save or invest. Having a fully funded emergency fund is a goal of ours, and pinching pennies now is helping us move toward that dream (right now it’s going toward debt!). You also will have less stress about money, because you won’t be living paycheck to paycheck, except in certain circ*mstances.
Downsizing can significantly cut your monthly costs, freeing up cash for doing the things you enjoy or paying down debt. You may even decide to ditch the yard work and housekeeping and move into an independent living community.
The Freezer. Cold, hard cash isn't just a cliché. It's a way of life for many seniors. We've found everything from credit cards to gold coins frozen inside blocks of ice and plastic zipper bags filled with cash at the bottom of ice trays.
Lower Your Housing Costs. Housing might be your biggest expense, and, if you want to make a $1,000 a month budget work, getting that cost down can help. ...
One option for seniors is to downsize to a smaller home, apartment, or condo. This can help reduce housing expenses such as rent, mortgage payments, property taxes, insurance, and maintenance costs. Seniors can also consider sharing a living space with family members, friends, or roommates to further reduce costs.
This upsurge—to nobody's surprise—was fueled by a 6.5% inflation rate in 2022 (per the BLS). Retiree households saw increases across all major categories, with housing expenses representing the largest one (dollars-wise) followed by transportation and food expenditures.
“Retiring on $2,000 per month is very possible,” said Gary Knode, president at Safe Harbor Financial. “In my practice, I've seen it work. The key is reducing expenses and eliminating any market risk that could impact your savings if there were a major market downturn.
Hobby: Gunsmithing, Embroidery, Parkour, Kitesurfing, Rock climbing, Sand art, Beekeeping
Introduction: My name is Roderick King, I am a cute, splendid, excited, perfect, gentle, funny, vivacious person who loves writing and wants to share my knowledge and understanding with you.
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