Being Frugal in Today’s Economic Disaster

The recession has caused many families to evaluate their spending habits.  Being a frugal shopper and budgeting your money has become a new trend arising in most families.  Evaluating needs, comparing prices and eliminating unnecessary costs are just a few of the things one can do to be frugal.

Evaluating basic needs and requirements is one of the key elements to becoming frugal. Starting by creating a list of the items you and your family need daily, weekly, monthly will set the stage to saving money and eliminating unnecessary costs.  Instead of going to the grocery store unprepared, do your research, prepare a list of items your family needs and only buy those specific items. Never go grocery shopping on an empty stomach, as this will cause unnecessary purchases. Many research studies have shown that shopping on a hungry stomach, the shopper tends to buy junk food, convenience and unhealthy foods.

Another basic and crucial step in being frugal is to compare prices of items before purchasing them.  Most neighborhoods send out weekly flyers from various retailers.  If you are looking to make a purchase, do your research first and then select the item that is cheapest, best valued and most likely the item that you need.  Alternatively, you can compare prices online. With the internet booming, everyone and everything is on the web these days.  Do a quick Google search for the item you are looking to buy, not only will you find relevant results in purchasing your item, but you will also find reviews and other user’s comments and the discounts they found.

Lastly, drop the unnecessary purchases. Do you really need that high-tech steam iron? Or will a normal iron work just as well? Is that high-definition, flat-screen television the best on the market because your friend just got the latest one? Or is the television you have at home working just as well? Think about the necessities you and your family need to survive and enjoy time together and then remove the daily costs of things you know you are just indulging on. Getting that extra latte each morning may not seem like a big purchase. But at the end of the month, add up all those extra lattes and you’ll soon see that you’ve spent a fortune on something you could have easily made at home for yourself.

Being frugal isn’t about being cheap; it’s about knowing where and when to spend your money and making sure you’re getting the best bang for your buck. By adding these small changes to your daily routine and shopping habits, in no time you’ll be saving a fortune.

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