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Living a simple, parsimonious life?

Living your life within the income sources and other means that one has is the definition of a simple, frugal life. It is not a life that is miserly or cheap. It is just a life which involves making smart spending choices and saving for the future. Living such a simple life may come with the aim of clearing all your debts or living a dream life in the future.

Living a frugal life is not akin to living a sad, miserable life. The main aim of living such a life is to strike equilibrium between saving and spending. Most of us engage in excess spending and splurging. With a parsimonious life, you tend to use money more wisely and waste less.

Listed below are some tips that can help you live a happy frugal life.

  • Quit bad habits: Limit or bid adieu to bad habits such as smoking and drinking, etc. Alcohol, chic expensive coffees, and cigarettes can eat a big chunk of your income. Additionally, such bad habits are also harmful to the physical and mental health of a person. Quitting such habits will not only result in savings via no spending, but also savings in healthcare.
  • Avoid luxury travel: Travelling is an essential aspect of escaping the everyday routine. It can help recharge the batteries and invigorate the self. However, whilst travelling you have to avoid splurging on shopping and fancy memorabilia. Travel modestly and avoid unnecessary expenditures. Pack your bags in an effective manner, avoid checking in of bags when possible, opt for decent inexpensive accommodations, travel economy, and buy affordable food, etc. when travelling.
  • Keep the food budget in check: Food expenses are something that cannot be avoided. However, you should budget for such expenses in an efficient manner. Instead of eating out on a daily basis, cook your own meals at home. Purchase meats that are friendly on the pocket. Dine out during the happy hours. You can also grow your own food such as herbs, etc. to save money on food.
  • Budget your monthly/weekly expenses: One of the most important aspects of a frugal life is being smart with your money. When you make a budget, you are aware in advance about the possible expenses. This ensures that you spend wisely. It is also vital to stick to the budget and not diverge from it. A good budget will help track the inflow and outflow of money as well as the amount you end up saving.
  • Check for freebies, coupons, and use them: There are many restaurants, retail outlets, etc., that offer deals, discounts, freebies, and coupons. Using these opportunities can help save a lot of money in the long run. It is however important to use such discounts, etc., only when needed, and not spend just because such deals are available. It will go a long way towards living a simple, happy life.
  • Cancel subscriptions for magazines and newspapers, etc.: In this age of the internet, all information that you need is available to you at the click of a button. You can have access to news, entertainment, etc., for free over the web. Subscriptions for magazines, etc., are often costly and hence cancelling them can help save lots of money.