Tips for Frugal Spending

What is the secret of preventing overspending? One important factor is to have a good attitude to money, if we have the wrong perspective it will be easy to spend recklessly or on items we don’t need. These are some of the characteristics of a frugal spender.

Do I Need this?

This is the most important criteria for deciding whether to buy an item. If we really ascertain whether the item is necessary, many impulsive purchases will be avoided. Also, when we examine its importance we are not swayed by sales tactics or buy out of boredom

Patience

Sometimes we see a good we like, and can’t wait to buy it. Therefore, we buy it at the first available opportunity. However, the first place we see a good / service is not necessarily the cheapest place to buy a good. A frugal spender will wait and check out various different options before buying it. This may mean waiting 5 days to have it delivered. However, in the long term being patient can save hundreds of pounds.

Happy to Buy what is necessary.

A frugal spender does not mean a miserly spender, who will try every available means to avoid paying 1 dollar to park a car. A frugal spender is happy to part with his cash when it is helpful and necessary. Frugality just means that we are careful with money, not that we wish to horde onto as much as possible.

Content with simplicity

A frugal spender feels no obligation to keep up with the Jones’ and buy the latest gadgetry just to impress. When we feel obliged to buy the latest models just to impress other people, it opens the floodgates for reckless spending. A frugal spender will happily buy a slightly outdated model if it provides better value for money.

Budgeting

A frugal spender know his budget and within reason sticks to it. By planning our spending it becomes easy to avoid debt and unnecessary interest payments. In the long run this provides more money to spend – rather than paying a high % of income to debt payments

See also: 7 ways to prevent overspending