Live frugally and Save money for a debt free life

American economy is still in trouble. More and more people are losing there jobs on a regular basis. And those who are working must keep the living costs within control for any uncertain events that may occur in future. The money is not flowing in as much as is necessary for a decent lifestyle. In such a situation, frugal living is the only way out. It is possible to lead a frugal lifestyle. If you make it a habit, it is well worth the effort.

How to lead a frugal lifestyle? 

Here are ten tips: 

Take a really close look to the kind of lifestyle that you lead now. Tabulate all your earnings and expenditures in a spreadsheet. Check for any hidden expenses that you might have missed earlier. Then plan to save a certain amount of money every month. This may sound difficult; however, all you need to do is plan it carefully. 

1. Develop a monthly budget and stick to it, no matter what. Remember, saving money begins with a scrupulous planning. 

2. Set your self a saving goal and that too within a stipulated time frame. Spend less, save more. This will give you a psychological boost. You will feel a sense of achievement and thus will start feeling good about your self too. 

3. Avoid impulsive buying. Shop wisely. Wait for sales to happen, negotiate the prices, hunt for the bargains and then, go for the best deals. Make a shopping list and stick to it. This will resist further temptations to spend more than you actually need. 

4. Always remember to keep a list of your expenses. Update it regularly.
5. Stop using your credit cards. Use cash instead. In case, you have trouble carrying cash, use your debit card to shop. 

6. Get out of debts. In case, you are already into debts, consider debt consolidation. 

7. Run errands on a single trip. Plan a route while you are stopping for errands. This will save you money as well as gas. Try and pay most of the bills online. 

8. Commute to work using public transportation such as carpool, buses & trains. This will save you money on gas and also get you transportation friends! 

9. Live a simple life. Simplicity induces frugality. Both are life style choices. 

10. Finally, saving money requires determination, commitment, discipline and dedication. You can do it since it’s all in your hands.

Start living frugally, it can be learnt. Make it a habit to live within your means; this will eventually give you a peaceful debt free life.

Article written by guest author: "Sharon Smith"