Question by ARTY: What are some precautions I can take to get used to being more frugal with my money?
I’m used to spending money for no reason but, I recently started to become more tight and, live on a budget. Any tips to get used to it and, kill my temptations to going back into bad spending habits. My goal is basically to go from one extreme to the other. Go from being aa compulsive spender to the polar opposite.
Answer by eskie lover
I’ve been frugal and a tightwad for most of my life. Here are some tips on how not to spend money needlessly and build some savings at the same time.
Use coupons whenever possible, at the grocery, to buy fast or restaurant food, at the discounters and drug stores. Take the amount of money you saved by doing so and put it into a savings account.
Set up a regular amount of money that goes into a savings account whenever you are paid and take that off of the top, in other words pay yourself first.
Be cognizant of what you are spending by giving yourself a set amount of money in cash to spend at the grocery store or on entertainment or for luxury items.
Watch prices. There are certain times of the year that categories of items go on sale, buy then. For example, linens always go on sale in January, good time to buy sheets and towels.
Do research. Especially when purchasing big ticket items. Compare prices or get at least three estimates before making the buy.
Re-use, re-cycle and re-purpose. Before pitching an item consider whether it has another life as something else. For example, I like to burn candle jars and when they are finished I re-use the jars after cleaning them out. They can be used to make another candle by taking the remnants of other candles melting them down and adding a wick. They are great containers to share a soup or stew with a neighbor or sick friend. And, they make wonderful containers to give home baked goodies in during the holidays.
Use store brands. Almost all of them carry money back guarantees and many are even made by the major manufacturers. They are generally 33-40% less than the national brands.
Stay away from the malls, discounters and your favorite stores unless there is something you actually need to buy from them. And then only carry enough cash to pay for that item.
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