A thrifty standard of living does not imply on saving money and sacrificing your desires.
It is a decision which makes your life easier and simpler.
It is a comprehensive plan which helps in leading an easy and successful life.
Leading a frugal life is easier said than done.
Many things have to be carefully considered before arriving at the right decision.
It is important that you are rational in your decisions.
In times of economic recession, many people want to be thrifty.
This needs to be borne in mind and accordingly some important frugal living tips need to be adhered to for leading a comfortable life.
Some of the tips mentioned are as follows: Go for something you need and not for what you can This is the most important tip and it lays stress on what your expense and outflow ought to be.
Always buy what you need and not what you can.
This way you would not stock yourself with unnecessary stuff and would not end up spending more than required.
Make sure you keep a check on your needs and be smart enough and not purchase stuff what is not required.
Prioritizing thins helps a lot and it guides you in buying only important things.
Make sure to opt for debt plans/loans It is better that you do not go for loans and other consumer debt schemes as it may affect your income flow.
We normally purchase things through our credit card without realizing that we also need to pay back the money.
Things which are not affordable should not be purchased.
This is a golden rule.
Many a times we overextend our budget and make a financial commitment.
You cannot go back on this commitment.
The interest would keep accumulating.
Always follow the rule that if you are not able to afford the thing by paying cash for it, don't buy it.
This would save you from a great deal of financial hardships in the future.
Save for a rainy day Saving is a very important frugal living tip.
Saving some amount of the monthly income is the key to be successful.
Choosing a 70/30 plan is ideal.
You could set some part of the income for your expenses and some part for your expenditure.
This way, you are also able to chalk out a budget and also ensure that you do not cross the limits.
The money saved can be used for your children's future.
During unexpected events, the savings turn out to be a real blessing and it can be a real backup when anything untoward happens to you.
Hence, if you are keen on following a thrifty lifestyle, save now.