Frugal living ideas to try in 2020
Are you looking for ways to save money in 2020? These frugal living ideas to try in 2020 will get you started on the right financial path.
Saving money isn’t the easiest thing to do, so I suggest -like any new habit – you should start small. Find some small areas in your budget you can fix and then continue working on your finances from there.
I also suggest finding ways you can fit in small splurges so you don’t miss out on the things that are important to you in life. For example, if you are not that into home decor, skip decorating your house for every Holiday and keeping up with house decorating trends. Yet, if you love Starbucks coffee, leave room in your budget to treat yourself once per week and make your coffee at home the rest of the week. Therefore, you will not feel deprived and give up.
It is easy to fall into the debt trap in today’s world. Almost anyone can get a credit card and card companies make millions off of people that fall behind and wind up paying interest and late fees. To avoid this, try paying cash in the new year and use a cash envelope system. Use these labels to get you started.
What is Frugal Living?
Frugal living is a state of mind. Instead of splurging and spending, find ways to cut back and save on everyday purchases. These small amounts of savings start to add up and enable you to pay off debt, save for an emergency and get ahead in life.
According to business insider, one of the traits of becoming a millionaire is learning to be frugal. (Source: business insider) This research was taken from the book “The Millionaire Next Door” by Thomas J. Stanley, Ph.D. and Sarah Stanley Fallow, Ph.D. who interviewed over 600 millionaires for their research.
Often people do not realize many millionaires live frugally. In fact, you would not even know they have money in the bank. Yet, the people buying luxury cars and houses they cannot afford, seem to be rich. And unfortunately, many are drowning in debt. It is funny how appearances can sway our thinking.
Use frugal living as a way to start living below your means and saving more money. These frugal living tips for 2020 will help you get started and allow you to put money in the bank this year.
Related: What is Frugal Living and is it for You?