One of the keys to gain control of your finances and pay off debt – apart from creating a budget and sticking to a debt repayment plan– is learning how to live frugally. The term “frugality” is often associated with pinching pennies and depriving yourself of things that bring you joy, when in fact the opposite is true.
Frugal living isn’t about living as cheaply as you can. Rather, it’s about making mindful choices that allows you to save money so that you can pay off your debt faster and enjoy the small – and big – things in life.
To live frugally, you just need to keep a simple personal finance mantra in mind: spend less than you earn. Achieving this can be done through a combination of rationalizing your spending and cutting your expenses in different areas of your life.
Here are some frugal living ideas you can incorporate in different areas of your life so you’ll know how to live frugally and save money.