- Personal
How I managed year by living a frugal lifestyle
I’ve always been a bit of a frugal person, but I decided to take it to the next level in 2022. I was inspired by Dave Ramsey’s book, The Total Money Makeover, and I wanted to see if I could live on a budget and still enjoy my life.
I started by creating a budget and tracking my spending. I was surprised to see how much money I was wasting on things like eating out and shopping. Once I knew where my money was going, I started to make changes.
I began cooking more meals at home and packing my lunch for work. I also started shopping at thrift stores and garage sales instead of new ones, and I made a habit of using coupons and discounts wherever possible.
It wasn’t always easy, but after a few months I started to see how little I actually needed to spend to live a financially minimal lifestyle. I was saving more money and felt less stressed about my finances. I also had more time and energy to spend on the things I really enjoyed.
Here are some of the things that I did to live frugally in 2022-2023:
- Managed every penny: Created a budget and tracked my spending. This was the first step in my journey to frugal living. It helped me to see where my money was going and where I could cut back.
- Deleted the Uber Eats app: Cooked more meals at home and packed my lunch for work. This saved me a lot of money on eating out. I also found that I enjoyed cooking more when I had the time to do it.
- Unsubscribed from Netflix and PeoTV: There are plenty of free or low-cost activities you can enjoy instead, such as going for walks, reading library books, or travelling by bus.
- Chased everyone who owed me money: This was the hardest one — following up with everyone who owed me money. I couldn’t recover every penny, so it wasn’t a complete success. Some people got annoyed with me, and a few stopped answering my calls, but I felt it was worth doing regardless.
- Stopped expensive hobbies: I gave up my marine aquarium, since it was a cash burn with no return. After selling off the equipment I’d bought for it, I only recovered about 20% of what I’d spent.
Frugal living is not about depriving yourself of the things that you enjoy. It’s about finding ways to enjoy your life without spending a lot of money. It’s also about being mindful of your spending and making sure that you are not wasting money on things that you don’t need.
If you are looking to save money and live a more fulfilling life, I encourage you to try frugal living. It may not be easy, but it is definitely worth it.
Here are some additional tips for frugal living:
- Set financial goals. What do you want to save for? A down payment on a house? A new car? Retirement? Once you know what you are saving for, it will be easier to stay motivated.
- Find a support system. Having friends or family members who are also interested in frugal living can be helpful. You can share tips and tricks, and you can hold each other accountable.
- Don’t be afraid to make changes. If you find you’re not sticking to your budget, adjust it. There’s no one-size-fits-all approach to frugal living — you need to find what works best for you.
- Use coupons and discounts. There are many ways to find coupons and discounts, such as online, in newspapers, and in store circulars.
- Shop at thrift stores and garage sales. This is a great way to find gently used items at a fraction of the price of new items.
Frugal living can be a great way to save money and live a more fulfilling life. If you are willing to make some changes, you can see a big difference in your finances and your overall well-being.
I plan to keep living this way — at least until I become a millionaire.