Thrifty Spending
In order to live a thrifty life, you need to know more than just that you need to save money. It is also essential that you spend your money wisely. Consider the following ideas about what a frugal person can do with the money that they have worked hard to save.
Start out by making a list of the things that you need, want, and desire related to your money. Number the things you list in order of how important they are to you and try to estimate how much they would cost. Once you have your thoughts mapped out, you can go about making them a reality.
Paying more than the minimum payment on your mortgage each month or even just making one additional payment each year could mean that your mortgage gets paid off in half the time that it would if you always paid the minimum. Doing so will also save you lots of money in interest. When you make such additional payments, make sure that the money is being deducted from you loan's principal. Once you have the mortgage paid off, you can use the money you were accustomed to spending on that on whatever else you want.
Use your savings to tackle home projects that have been calling out for attention. They can be big projects (which could require hiring a professional), or small (but not necessarily simple) like purchasing and hanging the ceiling molding in the children's room. You can choose to use the money to enhance your home and complete projects that have been long overdue.
Get a new pre-owned vehicle. If your existing car is still in good condition then pass on your blessings by donating it to a charity or church or giving it to someone you know needs it. Keep in mind that purchasing a new vehicle will mean an increase in insurance premiums, so be sure to figure that into your budget.
Go on a dream vacation. If you plan your trip during the off season, you will be able to do more with less money and thus enjoy your vacation even more than you normally would.
Even though been frugal does mean saving money in case of unexpected costs, it also important to enjoy the benefits that come from working hard to save your money. Thrifty people should also save some money with the intention of using it to enjoy themselves in some special way.
Your success as a frugal person needs to be honored. Using your savings (that are set aside just for such a purpose) is a great way to keep your motivation for the frugal life up at its highest.
Start out by making a list of the things that you need, want, and desire related to your money. Number the things you list in order of how important they are to you and try to estimate how much they would cost. Once you have your thoughts mapped out, you can go about making them a reality.
Paying more than the minimum payment on your mortgage each month or even just making one additional payment each year could mean that your mortgage gets paid off in half the time that it would if you always paid the minimum. Doing so will also save you lots of money in interest. When you make such additional payments, make sure that the money is being deducted from you loan's principal. Once you have the mortgage paid off, you can use the money you were accustomed to spending on that on whatever else you want.
Use your savings to tackle home projects that have been calling out for attention. They can be big projects (which could require hiring a professional), or small (but not necessarily simple) like purchasing and hanging the ceiling molding in the children's room. You can choose to use the money to enhance your home and complete projects that have been long overdue.
Get a new pre-owned vehicle. If your existing car is still in good condition then pass on your blessings by donating it to a charity or church or giving it to someone you know needs it. Keep in mind that purchasing a new vehicle will mean an increase in insurance premiums, so be sure to figure that into your budget.
Go on a dream vacation. If you plan your trip during the off season, you will be able to do more with less money and thus enjoy your vacation even more than you normally would.
Even though been frugal does mean saving money in case of unexpected costs, it also important to enjoy the benefits that come from working hard to save your money. Thrifty people should also save some money with the intention of using it to enjoy themselves in some special way.
Your success as a frugal person needs to be honored. Using your savings (that are set aside just for such a purpose) is a great way to keep your motivation for the frugal life up at its highest.
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