Having personal financial success does not start in large denominations. It has its roots in pennies in most cases. The average person does not have the ability to travel because they sock away a hundred dollars each week, but because they master frugal living. Here are three habits that frugal people all share that could be the key to your own personal finance success story.
- Saving begins with pennies. Start by using coupons at the grocery, reusing vacuum cleaner bags, and switching to alternative cleaning products. These simple habits can leave a few hundred dollars in your pocket each year.
- Weigh each purchase carefully. Do not give in to impulse buying. Frugal people occasionally buy the more expensive product because it will last longer, saving money in the long term. Wait at least seven days before making any major purchase so that you can determine if it is a want or a need.
- Stretching your budget and padding your savings account usually means becoming a do-it-yourselfer. Often, proper maintenance and immediate repairs save more money than procrastination. Both save money if you do them yourself.
Stretching a budget often starts with a few simple lifestyle changes. Most FL credit counselors will attest to this fact. It doesn’t have to mean self-sacrifice for a lifetime, just an acknowledgment that having the best of everything, right away really doesn’t make a whole lot of financial sense.