Thrifty Spending
Living a frugal life is not just about saving. You also have to learn how to spend what you have in the best possible way. Now that you have mastered the savings side, what should you do with all that money? Here are some great ideas:
Make a list of your needs, wants and desires when it comes to your finances. Include any estimates that you may have (or use guesstimates if you have nothing tangible to go on). Be sure that you number them in the order of importance. Then start tackling your dreams one at a time.
You could pay extra on your mortgage each month or make one extra payment each year. This could help you pay off your mortgage in half the time it would normally take. This will save you money on interest, and the payment will be free money for you to use on your other dreams or to help rebuild your savings. Be sure that your bank applies your extra payment to the principal of the loan.
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.
Take that dream trip that you've always said you would take. By traveling during the shoulder or off season you will be able to stretch your money into even more of a vacation experience.
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.
Using the money that you have saved to congratulate yourself will be a great boost to keep on saving and living frugally.
Make a list of your needs, wants and desires when it comes to your finances. Include any estimates that you may have (or use guesstimates if you have nothing tangible to go on). Be sure that you number them in the order of importance. Then start tackling your dreams one at a time.
You could pay extra on your mortgage each month or make one extra payment each year. This could help you pay off your mortgage in half the time it would normally take. This will save you money on interest, and the payment will be free money for you to use on your other dreams or to help rebuild your savings. Be sure that your bank applies your extra payment to the principal of the loan.
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.
Take that dream trip that you've always said you would take. By traveling during the shoulder or off season you will be able to stretch your money into even more of a vacation experience.
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.
Using the money that you have saved to congratulate yourself will be a great boost to keep on saving and living frugally.
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