Today, with a myriad of temptations amidst us in the form of retail offerings and other sorts of monetary enticements, frugality has become a trait so hard to engender.
The practice of self-denial has become somewhat of a challenge to incorporate to our daily habits as we are so used to instant gratification that we find several excuses (no matter how small) to reward and indulge ourselves. However, it has been shown that in pandering ourselves with temporary, albeit instant, luxuries and excesses, we would potentially miss out on bigger investments that would have been so much more rewarding and worthwhile. In your pursuit of these momentary indulgences, you deny yourself the opportunity of something more valuable that your future would thank you for—such as an investment that would pay off in the form of a house and lot or a profitable business venture that would allow you to amass a fortune.
Unfortunately, to anyone who has been used to the lifestyle of indulging in small luxuries day by day, regularly saving money can feel more of a punishment or an encumbrance at the very least. However, if you commit to a little parsimony every now and then, know that you can make already make a big difference that your future self would thank you for. Commit to having a steady routine of little steps that would accrue to a bigger savings over time. The steps you choose do not necessarily have to feel onerous—particularly if you are not used to them yet. Select a system that you are comfortable with while allowing yourself to save.
If you are looking for ideas as to the ways you can cut back on expenses today, here are some of the things you can do:
Bring lunch from home
While it might seem to be more convenient just to bring cash, you can save a lot if you brought your own lunch to work. This does not necessarily mean that you have to prepare your lunch every morning or the evening before. If you wish, you can bring leftovers with you and eat them at the office. Lunch might seem a little everyday expense but if you accumulated a month’s worth of lunches, it can set you back by a lot.
Ditch the fancy lattes
We all know how much you need your morning cup of caffeine in order to function optimally at work, but does it really have to come from a fancy place such as Starbucks or the like? Instead of making your fancy morning latte a regular morning habit, turn it into a treat that you indulge yourself with sparingly. After all, cheap lattes will give you just about the same energy as fancy ones sans the exorbitant price tag. Furthermore, you get to cut back on the extra calories that come with an elaborate cup of latte as well.
Reevaluate your cell plans
No doubt, having a cellular plan always trumps loading and reloading your phone with credits and prepaid cards as it has been shown that the former allows you rebates and is actually more economic—depending on how often you use your phone. However, ensure that you do get the right data plan for your phone and do not just arbitrarily select one from your network. Choose the one that is cost-effective and would actually fit your lifestyle and cellphone usage. If you do not intend to use data while you are on the road, elect to have it removed from your plan. In any case, just choose the plan that would make the most financial sense and would align with your cellphone usage.
Stop Paying Interes
If you have a myriad of credit cards, you might want to consider cancelling them and leaving just one—especially if you are paying for them annually. In any case, you should only use your credit cards sparingly unless they have a zero percent interest rate policy. Interest might seem so little and insignificant, but remember, the bigger your purchase the bigger the interest would be. Furthermore, the interest you pay can actually be invested instead of paid to the bank. Instead of incurring more debts, hold back on spending and try to cut your credit cards.