Transitioning into the frugal family lifestyle isn’t easy for everyone. However, it’s worth pursuing especially if your family’s financial end goal is to gain and maintain financial freedom. Here are a few practical frugal living tips for transitioning into the frugal family lifestyle.
Practical Frugal Living Tips for Transitioning Into The Frugal Family Lifestyle
- You don’t have to purchase the latest goods and services
- Be careful when buying in bulk
- Always shop around for deals
- Live below your means
You Don’t Have to Purchase the Latest Goods and Services
Frugal living tip, number one for transitioning into the frugal family lifestyle: Don’t let social media peer pressure you into getting the latest goods and services you really don’t need.
For instance, if your iPhone isn’t damaged then there is no need to get the latest iPhone.
Instead, make the best out of your current iPhone and save your money.
Be Careful When Buying in Bulk
Frugal living tip, number two for transitioning into the frugal family lifestyle: Buying in bulk is great if you are trying to save your money because it’s usually cheaper per unit.
However, you may be spending more money buying in bulk if you don’t use the items before they expire.
Food is a perfect example of this scenario. Warning, I’m about to hit you with some math.
Let’s say 1 banana cost $1 and 100 bananas cost $50 due to buying in bulk.
In this scenario, you will be saving $50 if you decided to buy in bulk and consumed the 100 bananas.
However, if 3 weeks later you only consumed 5 bananas and the rest of the bananas went bad, you would have been better off paying for only 5 bananas and spending $5 instead of paying $50 for 100 bananas you couldn’t fully consume.
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Always Shop Around for Deals
Frugal living tip, number three for transitioning into the frugal family lifestyle: If you are about to make a purchase always shop around for deals first.
In fact, if there are several suppliers each implementing a low-cost competitive strategy then it is your job to find ways to benefit from their strategy by firstly finding the most affordable supplier.
Live Below Your Means
Frugal living tip, number four for transitioning into the frugal family lifestyle: Live below your means because it is central to frugal living.
All in all, living below your means prioritizes your needs over your wants.
Furthermore, living below your means helps you maintain a happier life that selfdom includes keeping up with the Joneses.