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Being Frugal

According to money education charity Credit Action, UK personal debt grows by £171million every day - £7.13million an hour, £119,000 a minute or almost £2,000 a second. This is a good time to look into ways of being frugal.

If you have not already, read the book “Millionaire Next Door.” This is a must read and it really opened my eyes to the world of the rich.

The real millionaires live a much cheaper life than they could afford  and cutting costs is one way to free up more of your income. This way you can put more towards your plans of saving and investing. My favorite quote in the book is; "What are three words that profile the affluent?" - FRUGAL, FRUGAL, FRUGAL

It is a study on people becoming rich through saving and investing wisely, not by earning a great deal of money.

Ways to spend less money

Make a shopping list and stick to it

Do all of your shopping online

Eat out less. Eating out is fun but far more expensive than eating at home.

Drive an older car and keep it longer

Review your insurance policies each year

Switch utility provider

Grow your own vegetables

Take a packed lunch to work

Borrow books and films from the library as buying books and movies gets expensive and even renting can add up.

Quit smoking (Paul McKenna- Quit Smoking Now is a great book)

It's nice to be debt free or on your way to freedom. Remember how it was when you couldn't think about anything else. You don't want to go back. You want to stay out of debt. Once you are out of debt or on your way to freedom, you’ll know how much you want to avoid going down the same road again.

There is enormous advertising pressure to borrow money, use credit and spend more.

Ignore all the advertising tricks such as buy now, pay later, no membership fee, ONLY twelve low monthly payments and stop borrowing money.

Here is a simple truth: You can not get out of debt by borrowing more money.

Have the pleasure of saying ” Thank you, but no. I’ve already had the experience.”

Be well, be abundant, and be free.

Fulya Simavi

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