Frugal people have financial goals, they are out of debt, they save, they have a budget, monitor their net-worth, account for their money up to the last coin they have and they live a simple life.
Personally i am not a frugal person and that is why i write to my fellow financialistas for both of us to learn on their qualities and the step by step ways of being a frugal person. Here are some of the habits of frugal people.
Habits of frugal people.
- They know their purpose
They understand why they exist and their dreams in life which motivates them towards keeping better financial goals. Your purpose in life leads you towards coming up with your life dreams which then helps you to know how important your finances are in your daily life.
2. Set Financial Goals
Frugal people set financial goals and follow it as a key to achieving their dreams. Many of us feel hopeless when life seems to turn upside down. The reason is that at some point we deviated from focusing on our financial goals and depending on what lifestyle holds for us.
Setting financial goals will help us to know where we are, where we are going and where we want to be in a few years to come.
3. learn from experience
Frugal persons have had experience in the past of over spending , under-spending and being in too much debt which has costed them a lot in their lives. Despite them learning from their mistakes the hard way, they rise up stronger and don’t go back to the former. They focus on personal development with their finances and do not give up whatsoever.
4. They live Beyond their means
Frugal people value their money so much that they try as much as possible to remain with some money even at the end of the month. They believe in prioritizing their finances and only spend what has been planned for (unless for an emergency). They account for every shilling in their pockets and are not carried away by peer pressure or what people think of them.
5. Don’t eat out very often
They know how healthy, important and how much you would have saved if you cooked your own food in the house than visit java or nearby joints daily to spend more money, when you would have spent the money in doing something else that is more important.
6. Have a plan
They keep their financial records and before spending they plan for their day including how they are supposed to spend their money within a particular period. They keep on reminding themselves their values and characters that they need to maintain in order to meet their financial goals.
∝If you are not yet there, do not be dismayed. let’s walk this journey together, little by little until we get their (frugal people). All we need is a bit of encouragement and determination to keep us going.