In the world we are living in, it is extremely necessary and important to spend less while saving more. Such a mentality has definitely made frugal living the buzzword of the decade. Nonetheless, to many, frugal living is easier said than done. To be successful in this quest, there are a number of things that you need to follow, and the word for it is – cleaning! You need to clean your finances, only spending when it is absolutely necessary to do so. Though clearing the dust and staleness of your financial past might not be done overnight, once done, you will definitely love and enjoy the freshness, vitality, and increased energy that is the end result of frugal living.

So, how can you achieve this? To start with, you have to ask yourself some questions. Some of the question might be: Do I really need to purchase this tool/product? How can I get it cheaply? Can I get it for free? How much do I need to save? Where do I want to be in 5 or 10 years time? Do I have the financial goals to support the quest? Once you are done answering these questions, it is time for cleanup.  Where to start?

1.      Fridge, Pantry, and Common areas

Is your fridge home to frozen peanut butter, old takeout containers, jelly sandwiches, or leftovers that are so old that you can’t even remember when you bought them? It is definitely time for you to rethink what you really need/feed. Ignoring leftovers and letting restaurants do your cooking means you are spending too many dollars on things you can manage to do by yourself.

For the common areas, would you please take a hard look into the living/dining room? Do you have stuff there that you have even stopped noticing their existence? If you can create a list of things that you no longer notice, then it simply means you do not need them, so donate or sell. There are several places that you can sell your old stuff. One I’d recommend is eBay.

2.      Office

Your office cabinets are jammed with clutter while your desk is strewn with papers. It is therefore no wonder that you miss on important tax paper work and bills. Keep in mind that missed appointments, late payments, and such, might mean paying penalties, even maybe paying in terms of reputation. To be able to save, please don’t give your creditors the opportunity to charge you more. More so, you also want to make it to your appointments in time. You definitely don’t want to be that guy that no one can rely on. Being reliable means better business, more money, and more to save.

3.      Garage

Start with your car. Do you really need that super expensive car? There are so many reliable and fuel-efficient cars in the market that will serve the purpose. It is also evident that the garage is where most of the used items end up. Go through the things you have stuffed there and put them up for sale. You will be surprised how much money you’ll be able to make just by selling those old stuff that you consider – unusable.

Always have it in mind that whatever you are doing is not a punishment, rather a step towards taking control of your finances.

Did you Know…

Warren Buffet, the world’s fourth riches person, lives in a 5-bedroom home. Does this mean that Warren is stingy or a miser? No. As a matter of fact, Warren’s wealth is valued at $53 billion and growing. More so, for a person who donates $30 billion to charity, he is nowhere near the definition of a miser. So, why does he continue to live in a 5-bedroom home when he can afford to live in a castle? The answer is simple. Warren believes that having an extra room will not improve his quality of life. Come to think about it. You can only be in one room at a time. He goes on to say that other than having a bigger house, it is better to invest that money into business and see it grow.

Moral of the story

To be able to save more and eventually be wealthy, you need to cut on unnecessary spending, prioritize your needs, invest, and save. Who knows? You might be the next Warren Buffet, with billions of dollars under your name!