5 Traits Frugal people live by!

 Frugal Habits People live by!

Living  frugally is all about being economical with your money. It's about aligning your values with the goals that you want to achieve.

Many people who consider themselves to be frugal or thrifty always think off creative ways to save money and invest. From little things like reusing plastic cups to buying a pre owned car. 

Building wealth is a difficult task especially when you are coming from a family which doesn't have any. We have to start from scratch and reprogram our understanding of money and the way in which we view it.

How would one start to go about building wealth, well the first step is to evaluate how you are spending and make the necessary adjustments to increase your savings.

By sticking to these rules it allows us to save more money which we can use to invest.

The richest people in the world are frugal, Ask yourself why?

It's because they want their money to work for them. Not the other way around. So they invest instead of spending. By investing in various avenues you are allowing for maximum growth on your capital thus increasing your overall wealth over time. Compound growth is the first step to wealth gain.

5 traits frugal people have:

1. Quality before quantity:
The quality of an item is always important when you purchase anything. Nobody wants to buy something and have it break or tear a few days later only to have that money wasted. Frugal people always look for quality items that will last along time and will give you good value for your money.

2. Reusable over single use items:
Now think about it! Reusable items give you more value for your money than single use items so why buy something that you are going to through away.

3. Good second hand before new:
If a good second hand car, or shopping at a thrift store makes you happy then why not. Your still getting what you need and your saving money as well. Second hand items are cheaper than new and can be of good quality all you have to do is shop around till you find the best item suited to you.

4. Saving before spending:
Paying your self first this is something I learnt from the book, The Richest man in Babylon. You are an asset to yourself and you should be paid first. Pay everything else after!

By paying yourself first you can increase your wealth considerably.


5. Don't buy it if you don't need it.
Consumers are bombarded with shopping sales and online posts about sales every minute of the day. Developing self discipline will help u take control over your finance and stop you from having the urge to spend every time you see a sale paper.

If you have any of these traits then my friends yes indeed you are frugal. Welcome to the club!!!!

Please read some of my other posts about saving money.

-5 self care tips that save you money!

-Simple budgeting basics

What are some of the things you do to save money?

Please leave a comment below!

xoxo