Frugal living has become a widely popular lifestyle approach, especially among young people. It focuses on resourcefulness, conscious spending, and making deliberate choices to maximize the value of one’s money. As Kavan Choksi / カヴァン・ チョクシ says, frugal living does not mean depriving oneself of essential comforts, rather it encourages people to explore practical and creative ways to reduce waste, cut unnecessary expenses, and make the most of available resources. Frugal living involves making informed decisions about purchases as well as adopting habits that promote financial stability and long-term sustainability.
Kavan Choksi / カヴァン・ チョクシ talks about a few frugal living tips
Frugal living encourages people to save for the future, steer clear of unnecessary debt, and live within their means. The goal of this lifestyle is to achieve financial freedom, have better control over personal finances, as well as ensure lower financial stress. It enables people to prioritize their values and long-term goals, while making certain intentional choices. Here are a few frugal living tips one must follow:
- Create a budget and track expenses: To save money, one firstly has to understand where their money is going. It would be a good idea to use a budgeting app or spreadsheet to track expenses and income. Doing so would be quite helpful in identifying areas where one might be overspending, and making minor adjustments without cutting out the things one really enjoys.
- Cut subscription services that are not used: Many people accumulate a variety of subscriptions for things like magazines, gym memberships, and streaming services over time. One should carefully review their monthly subscriptions from time to time and cancel the ones that are used rarely. It would be a good idea to share subscriptions with family or friends to save more.
- Cook at home more often: Frequently dining out can be quite expensive. Rather than eating out multiple times a week, one should try to cook at home. It is still possible to enjoy one’s favourite dishes by simply making them at home. One may end up saving a significant amount of money in the process.
- Shop smart and use discounts: Prior to making any purchase, one must always look for cashback offers, discounts, or coupons. There are several websites and apps that offer deals and discounts regularly. Many credit cards also provide cashback on certain purchases. Being mindful about when and where to shop helps people to save money without having to cut back on the things they like.
- Automate savings: It would be a good idea to automate transfers to one’s savings account every month. By treating savings as a regular expense, one can make sure that they are consistently putting money aside for the future. One can start transferring small amounts and increase the contribution with time as their financial situation improves.
As Kavan Choksi / カヴァン・ チョクシ says, by following the tips discussed above, one can lead a frugal lifestyle and boost their savings without feeling like they are depriving themselves of life’s little pleasures.
