5th April, 2020
8:45 a.m (IST)
Frugality was not always a hot topic, at least not until about recent times. It just wasn't a topic popular among youth but nowadays with explosion in vast consumer choices and increase in people's awareness about money, it has now become a hot topic and also an important step in the process of financial independence.
For some of you who don't know what frugality means, its the way of living or more precisely "living in economical way with a proper agenda of saving money in mind". Its linked with minimalism and sometimes people living frugal are even called "cheap". But there is nothing embarrassing about being frugal atleast if you know why you are doing it!
As in previous blog post I've mentioned - How its important to save money and how it 's the first step in building long time wealth, and this frugality is the essential component of saving . It's hard to live in 40% of your income and to choose saving instead of buying the cool gadget you saw or expensive date night weekly. But without it your saving process will be difficult and you will be far from accomplishing it.
So, How to be frugal? The right way to be frugal is by writing down all the essential expenses + entertainment expenses and then checking how low you can go without effecting your life. Like cutting essential expenses by 5-10% and by cutting entertainment expenses by 80% and adding rewarding treats once in 4 months of frugal living so that you can keep yourself motivated.
This frugality will compliment the process of saving and help you achieving your goal in short time.
"Understand the fact that Financial minimalism is the first step in building long term wealth"
-SHUBHAM RAO
8:45 a.m (IST)
Frugality
For some of you who don't know what frugality means, its the way of living or more precisely "living in economical way with a proper agenda of saving money in mind". Its linked with minimalism and sometimes people living frugal are even called "cheap". But there is nothing embarrassing about being frugal atleast if you know why you are doing it!
As in previous blog post I've mentioned - How its important to save money and how it 's the first step in building long time wealth, and this frugality is the essential component of saving . It's hard to live in 40% of your income and to choose saving instead of buying the cool gadget you saw or expensive date night weekly. But without it your saving process will be difficult and you will be far from accomplishing it.
So, How to be frugal? The right way to be frugal is by writing down all the essential expenses + entertainment expenses and then checking how low you can go without effecting your life. Like cutting essential expenses by 5-10% and by cutting entertainment expenses by 80% and adding rewarding treats once in 4 months of frugal living so that you can keep yourself motivated.
This frugality will compliment the process of saving and help you achieving your goal in short time.
"Understand the fact that Financial minimalism is the first step in building long term wealth"
-SHUBHAM RAO
Comments
Post a Comment