Frugal living is not about living in poverty; it is about being mindful with your money to create the best life that you can without getting into debt or spending just for the sake of it. But working to develop a frugal mindset isn’t easy; we live in a society where you are constantly told that more is better. So, how do you insulate yourself against this?
More is better?
The general view in modern society is that we need to do our bit to grow our economy and attain a better standard of living. We must work more, earn more and, above all, spend more! We are told we need a bigger house, a better car, more stuff and then to upgrade that stuff on a regular basis.
Then we will be happy, then we will be successful and fulfilled. Once we have all of the outward trappings of success, people will look up to us and envy us our success.
However, there are many reasons why this ‘more is better’ approach doesn’t work for many people. Working more hours, striving to impress the boss or get a promotion can leave us too stressed and exhausted for much else. Our physical and mental health – not to mention our relationships – can suffer as a result.
Another problem is that this view of what success looks like can lead us into debt. We may be impatient to wait until we can afford the lifestyle goals we have been sold, so we get them on credit. As a result, we may look successful on the surface, but actually we are churned up with anxiety. If you lose your job or become ill, the house of cards you have built may come tumbling down, especially if you have no financial reserves to fall back on.
A different way
It is a familiar story, but there is a different way to live. There is a growing sub-culture of people who aren’t buying the consumerist view of life and choose a different path.
They want time to live their lives, to spend with friends and family and to do the things they enjoy. They don’t want to struggle under the burden of debt.
This might mean that they embrace frugality and develop a frugal mindset in order to work less, to pay off debt or to save more an earlier retirement. Increasingly also, many people want to live more simply and tread more lightly on the planet.
I suspect that as you are reading my blog you may be part of this developing culture of simplicity and frugality.
So, how do you develop a frugal mindset? What can we do to make it painless? Here are some tips.
10 tips to help you to develop a frugal mindset
Firstly, I think that just recognising that the life you have been sold is just one possible version is a good starting point. These days there are many examples of people choosing to do things differently.
Take the author of The Moneyless Man, Mark Boyle, who took up the challenge to live for a year without money, using his brain and creativity instead. It’s a great read!
On YouTube, What Vivi Did Next follows the life of an ex-nurse who now lives without a regular wage. Instead, she grows most of her own food on her allotment, does a bit of sewing and has a small online shop to get by.
We can’t all do this, of course. I don’t have the time or energy to be self-sufficient and it’s not practical for everyone. But neither do we need to fully embrace the rat race in order to live comfortably and happily.
That said, here are ten tips to help you develop a frugal mindset.
1# Make a budget
Know what your income and outgoings are and set some financial goals. Frugal Queen in France has some very good examples of budgeting on her YouTube channel.
2# Tackle debt
Make paying down debt your new hobby. Face it, and get help if it seems overwhelming. Citizens Advice is a good place to start. Make sure any advice you get is free!
3# Remove temptation
Like a dieter faced with a fridge full of nice food, it is hard to develop the willpower to stop spending and develop a frugal mindset at first.
To help you remove temptation, unsubscribe from retailers’ newsletters and cancel any catalogues that arrive through the post. Stop reading glossy magazines or watching TV shows about the super rich. They show you a life that costs £1000s and will make you feel discontent with your lot.
And don’t go window shopping for fun! Window shopping in real shops or online will frequently lead to actual shopping.
4# Find your frugal community
It can be hard to find friends in real life who are willing to admit they face financial struggles. Fortunately there are many helpful online communities, where you can find advice and support.
My own Facebook group, My Second Hand & Frugal Life, is such a friendly and supportive group, so come over and join. The Money Saving Expert forums are also frequently helpful.
5# Practice saying NO
No is a small but powerful word. Learn to say no to yourself, your kids, your friends and your family when they ask you to do something that you can’t afford. If it’s going to take you over budget or prevent you from reaching your goals, say NO. It feels awkward at first, but explaining that you have other plans for your money or are saving up for something will usually do the trick.
To help you, think about different ways to do things If your kids want a new toy, rather than always saying no, set a small budget for the fun things they enjoy. Share the budget and explain that when it is spent, that’s it for the month.
6# Shop with a list, a purpose and a budget
When you do go shopping, whether in person or online, have a list. Always know what you are going for and what your budget is. Try not to be swayed by bargains. Nothing is a bargain if you don’t need it or can’t afford it!
7# What will it cost in time?
Before you make a purchase, ask yourself how many hours you will have to work in order to pay for the item you are considering buying. Is it worth the investment of your time? You will be amazed at how often the answer to this is no!
8# Put a note in your purse/wallet
Try adding a small post it note to the inside of your wallet, wherever your credit cards are, asking the following question: Do I really need it? Do I really want it? What will happen if I don’t buy it?
Asking yourself these questions each time you are thinking about making a purchase is another good way to stop you impulse buying.
9# Shop from your cupboards
If you feel desperate for a shopping fix, try shopping from your own cupboards. This is particularly effective from your wardrobe, but works in the toolshed, the bookshelves and in your pantry too.
Go through your cupboards and find some of the items you forgot you had. Use them or wear them, and appreciate them anew. Some of them may even still have their tags!
10# Know your spending triggers
Recognise what your triggers are when it comes to shopping. Are you an emotional spender? Going back to our dieter, do you spend when you are feeling down, lonely or bored? Do you shop as a hobby? Ask yourself what you can do instead and develop ways to distract yourself when you feel the urge to buy stuff.
When you decide to cut back on your spending and develop a frugal mindset, it may seem daunting at first. However, once you start to gain control of your finances, you will attain long lasting satisfaction. The thrill of achieving your financial goals – be it saving for a home deposit, paying off your debts, or building an emergency fund – will be more exciting than impulse buying a new living room suite or designer handbag.
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