Give me for top 5 tips for frugal living

Question

Give me for top 5 tips for frugal living

Answer 1

Write out a budget every month.

Cut back on fancy food.  A baloney sandwich is cheaper than a big mac.

When it comes to entertainment, get back to the basics.

It's not about how much money you spend, it's about the time you spend with friends.  A game of monopoly is a lot cheaper than a pay-per-view.  

Learn to substitute.

I have just as much fun going to see the KC T-Bones play than I would going to a KC Royals game.  

But, it's a $6 ticket with free parking, instead of a $20 ticket and $9 parking.

Answer 2

1. Never pay interest on anything if you can help it.  Save for it and pay in full.  If you must pay interest, make it ONLY on things that appreciate in value, e.g. a house, not a car.

2. Spend a week being very aware of what you spend money on.  Keep a log if you must.  It's easy to get into the habit of frittering away a lot of money every week on non-necessities, e.g. fancy coffees or eating out.

3. Making your own food is much cheaper and not a lot more trouble than buying it ready-made.

4. Use public transportation.

5. Learn delay of gratification.  You don't have to see the latest movie, wait a month a rent it.   Check books out of the library, even if you have to be wait-listed.  Today's "gotta have" toys are tomorrows junk.

Answer 3

1) Do not buy things you do not absolutely need.

2) Only buy the things you do need on sale and buy them in bulk when on sale.

3) If you smoke, quit. And drink less if you drink.

4) Take public transportation when possible and drive less.

5) Turn down the heat in the winter and the A/C in the summer and buy those fluorescent bulbs.  

Answer 4

1. Spend less than you make.

2. Make a realistic budget (with a line for "fun" in it) and use it,

3. Do not go into debt/do not finance depreciating assets like cars, etc.

4. Save the maximum allowed for your retirement (401(K), Roth IRA).

5. Have an emergency fund of 6-12 months income in a No-Risk CD.

Answer 5

Live within your means. Pay cash, do not use a credit card. Forget about cable TV. Forget about fancy phones with three year contracts. If you must have one of those phones, use one with prepaid cards. If you live in a big city with decent public transit, you do not need a car. Get rid of it.