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 also provides an opportunity to sell or donate household items that are no longer needed. You may be able to save money by using family and friends and renting a truck instead of hiring a moving company because you'll have fewer belongings than you did before retiring.
Consider selling your home and moving to a smaller house or condo. You'll save money on property taxes, maintenance and utilities. If you're still a two-car family, retirement is the perfect time to whittle that down to one, since it will save money on gas, insurance and maintenance.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.
Set goals. Set savings goals that motivate you, like saving up for a house or going on a dream vacation, and give yourself timelines for reaching them.
Budget. Make a budget and make saving a necessary expense. ...
Retiring on a fixed income can seem daunting, but with some planning and commitment to a frugal lifestyle, it's possible to retire comfortably on $2,000 a month.
Unless you own your home and you've managed to pay off your mortgage, housing will be your biggest retirement expense. The BLS report found that, on average, people 65 and older spend $18,872 annually for housing. This represents 36.2% of your annual expenses.
Living on $2,000 per month is doable, but you won't be able to live just anywhere. This is important because at the time of writing the average Social Security benefit paid is $1,701 per month.
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Introduction: My name is Golda Nolan II, I am a thoughtful, clever, cute, jolly, brave, powerful, splendid person who loves writing and wants to share my knowledge and understanding with you.
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