All about the Money

Living the Frugal Life for a happier life

The frugal life is something that I aspire to. I want to live as simply as possible, spending as little as possible but living a life that is full of happiness and meaning. We as a nation are becoming more materialistic, we strive to keep up with everybody else, living a life through social media and I do not want to be a part of that trap. Living a frugal life does not mean being tight. It means spending less money on things I don’t really need and then finding the best possible price for the things I do want and need.

Living a frugal life should not be about limiting your life and not doing all the things that you want to do. It should enable you to budget your money so that you can spend it on the things that really matter to you. It is about spending less so that you can live more.

How can you live a frugal life?

There are so many things that you can do to spend less money without it having any impact on your quality of life. Here are some of my top tips.

  1. Remember that it doesn’t pay to be loyal. When was the last time that you switched energy provider, or haggled with your internet or mobile phone provider? If it’s been a long time then there is a pretty good chance you are overpaying and could instantly reduce your bills just by getting into contact with them. A phonecall to Sky saved me £40 a month for the same package by threatening to leave them. The same is true with insurance companies. I’ve seen my renewal quote be £100 a year more than if I enquired as a new customer before!
  2. Shop second hand if you can. Do you need to buy everything brand new? Often second hand items can be better quality than new items, especially with furniture. It’s usually a lot cheaper as well, and it has the bonus of being better for the planet as well. You can even feel good knowing you are supporting charities as well if you buy from a charity shop.
  3. Spend more to save. Sometimes it pays to buy something that is more expensive if it is going to last longer. Sometimes cheaper options are a false economy. They don’t last and you end up spending more on them than you would have if you had paid a little more at the start for the more expensive, better quality item.
  4. Does it really need replacing? If you are trying to live a frugal life it is worth asking if something really does need to be replaced when it dies. How often do you use it? Does it add anything to your life. Could you live without it and still have a good life? If the answer to these questions implies you could live without it, perhaps you could try not replacing it.
  5. Shop in bulk
  6. How long would you have to work to pay for that bargain?