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Frugal Habits You Should Copy from the Super Rich

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If you want to better understand how to manage your money, get inspiration from the frugal habits practiced by the haves. Contrary to many people’s belief that the rich always spend extravagantly, they have adopted frugal habits that help them ensure they don’t end up broke again. After all, they also started somewhere save for those who were born with a silver spoon in their mouths. The secret to their riches is always ensuring that their expenses never surpass their income. Here are some of the habits you should also adopt.

Live Below Your Means

Some people are always fascinated with the thought that they will earn more money in the future that they end up spending all they have at the moment. This cycle will keep repeating itself and in the end, you will have no savings to your name. Imagine getting a call at work that your child fell your home balcony three stories up and he is at the hospital in a comma. If you have no savings, this means that you will start looking for loans to foot the bill for your son’s medical bill. Worse things can also happen.

This is why it is better to live below your means by saving more and spending less each month. To live this way, your expenses have to be less than your income after taxes. Make a habit of saving no matter how small the amount might seem. Your ultimate goal should be to at least save half of your income. This way, you will always have a safety net to fall back to when SHTF.

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Always Be on the Lookout for Freebies

You will find numerous freebies online at all times. You only need to have a hawk’s eye to spot and use them to buy a number of things. Ranging from free beauty products samples to discounted meals, you can always find some freebie online. Some of the biggest celebrities like Beyonce prefer using free gifts she gets from different designers and jewelers. These free samples can really last you a long time which means that you will be able to save more money.

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Get a Side Hustle

You can never have too much money and the only way to increase your income is by earning more. Although this might sound ridiculous, it is very easy to do. Thanks to the internet, you can now get a side hustle that does not take half your day. There are numerous clients looking for freelancers online to handle their projects. Whether it is writing, graphic design, doing deliveries or even marketing their services, you will never lack something you are qualified for.

While your regular income takes care of all your bills, you can use the income from your side hustle to cover the extra things like vacations, buying that nice car or just treating yourself after a long day at work. You can also add the income from your side hustle to your emergency savings. Actually, there are people who survive on their side hustle income and save all the money they get from their regular jobs.

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Differentiate Between Investing and Spending

Although these two involve using your hard earned income, there is a big difference between them. Most wealthy people spend their money on savings while the poor do so the other way round. Buying a nice car is spending unless you plan on using it on your business. Spending has short-time rewards while saving comes with long term rewards. When you invest in an asset, it is definitely going to grow in value and also provide you with a steady income. This cannot be achieved from spending as you will just get instant satisfaction that will not last. The importance of differentiating these two ways of spending your money is that you will be in a better position to balance your short and long term goals against your buying decisions.

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As you adopt these frugal habits from the super wealthy, remember that frugal living does not mean sacrificing your current happiness for a blissful future. All you need to do is balance by making the right choices based on your priorities. You should never be at the mercy of your income. Let your money work for you and not the other way round. Are you a frugalist? What are some of the frugal habits you practice? Let us know below.

 

 

Buying Children Clothes on A Budget

Buying Children Clothes on A Budget

Ask a woman who has been trying to have a child what the best thing to have in life is and she will quickly tell you that it is a baby. Well, they all do look adorable especially when in those tiny cute clothes. Most baby clothes are cheap and parents end up buying tons of them. The problem is that in the end, the small purchases tend to add up and before you know it, you have used a fortune on baby clothes. As a frugal mom, I have researched ways to buy these clothes on a budget and still have a well-dressed baby. They include:

Buy Second Hand

This does not mean that you have to dress your baby in some old ragged clothes. No, there are many stores that sell second-hand baby clothes that are still in great shape. You can even get designer second-hand clothes for your baby if you go to the right shops. Remember that babies grow so fast and that adorable piece of cloth you think will make him/her stand out might not fit them in a few months. This should also tell you to not buy too many clothes of the same size at the same time. Pick a few quality pieces and plan to buy some more as soon as they outgrow those ones. Your teenagers will love the vintage clothes they might find in second-hand stores.

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Swap With Friends

 

Do you have friends who have children? How about hosting a tea party for them and then discussing clothes swapping? Swaps mostly work the best when you have children of different ages. This makes it likely for everyone to go home with clothes for their children.

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Ask for Hand-Me-Downs

Do you have family members who have older children? These are the perfect people to help you with hand-me-downs. All the clothes their children have outgrown can be of great help to you. As long as the clothes are in perfect condition, there is no reason why you should not get them for your children. This will save you a lot of money and get your children “new” clothes. Go to that relative who always buys designer clothes and you will score some great bounty for your children. Never refuse hand-me-down. This is because although your children might not wear them to church, they can get some rough-and-tumble clothes.

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Take Advantage of a Store Card Rewards

If you shop at department and chain stores, make sure that you sign up for their loyalty cards. These cards allow you to accumulate points which can then be redeemed in the future when they have special sales, discounts, and money-off vouchers. Make sure to always have your card swapped whenever you make a purchase at the store. When the right time comes, use your points to make children clothes purchases.

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Take Advantage of Online Sales

Occasionally, you will find some unbeatable online sales on your favorite online shops. Some offer their customers flash sales, discounts, and even hold mega sales from time to time. This is the perfect time to take advantage and buy some quality cheaply-priced clothes for your little ones. Always keep an eye out so that you never miss such a deal. However, do not let this turn you into a shopaholic as you will end up spending more than you save. The goal is to save more money with frugal living and buy on a tight budget.

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Buy Out of Season

Ever noticed how heavy coats and clothes cost less during the summer months? No one is looking to buy such clothes in the hot sweltering weather and so, sellers sell them at a throwaway price. This is the right time to get your children some winter clothes. Your wallet will thank you for it. Alternatively, buy summer wear during the cold months as no one will be rushing to the shop to buy sundresses in such weather.

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If you are on a budget, it doesn’t mean that your kids cannot dress smartly. The trick is knowing when and where to shop within your budget. Always be smart with your hard-earned money.

Living a Rich Life Cheaply


Living a Rich Life Cheaply

Being frugal means that you will always want to save something on whatever you buy. Your goal is to save as much as you can so that the extra can go to your investments and savings accounts. That being said, how can you live a rich life cheaply? The good news is that you can still afford to live decently even on a tight budget. Below is how.

Learning New Things

You will be amazed at what you can learn online whether from YouTube or even Google. You can learn things like how to change your own car’s oil, how to make extra money, how to make soap at home and many more. Through such searches, you will be able to do things that would otherwise have cost you a lot.

Eating Well for Less

Everyone is advocating for better health which includes eating healthy foods. Instead of spending so much money in restaurants where you will be tempted to eat unhealthy food, why not cook at home. Just visit your local farmer’s market and buy fresh ingredients. They are normally very cheap. You can buy them in bulk and use them later to prepare your family some fresh home-made meals. Buy what is in the season as it will be at a cheaper price. If you want to save even more money, consider doing your shopping in the evening when the traders are willing to sell things to you at a discount.

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Take Advantage of Nature

If you want to stay fit, why not take advantage of nature. Take a leisure walk every day or go hiking with friends on weekends. Just because you are rich, it doesn’t mean that you should use a fortune in order to stay fit and healthy. There is no need of driving to the gym only to sit on an immobile bike to have your blood pumping. You can achieve the same while taking a walk. Do this early in the morning when the weather is cool. You will enjoy an abundance of fresh air while getting some great cardio at the same time.

Getting Creative With Your Romance

You do not have to wine and dine at a 5-star hotel for that perfect romantic time together. How about watching a movie together in the comfort of your home with your lover? Grab some popcorns and cuddle on the sofa as you watch your favorite movie. If you do not enjoy movies so much and want to spend some quiet time together, go for a picnic at the nearest park. Take a picnic lunch or a bottle of wine and spend some quality time together.

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Make Your Own Coffee

Ever noticed how prices a cup coffee is usually is? Well, why not brew your own at home? You will save so much money and still get to enjoy your favorite cup of coffee. If you do not know how to make a perfect cup, there are many recipes online and you can still watch a video like this one to help you make a decent cup of coffee.

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Shopping Out of Season

I am sure you have noticed how expensive heavy coats and clothing get during the winter period. A frugal person will advise you to buy these items during the summer season. During this period, nobody is paying attention to such clothes as they are actively looking for swimwear and other summer clothing. Be wise and plan ahead for the chilly season. You will be surprised at how cheaply the clothes will be priced. Do the same for summer shopping by doing it during the cold months. This is when sellers are frantically looking to clear their stock and stock the appropriate attire for the season.

Buying An Older Used Luxury Vehicle

Just because you can afford it, it does not necessarily mean that you should always buy new luxury vehicles. Remember the aim is to live frugally which involves saving more than you send. You can, therefore, purchase a slightly used vintage used vehicle which will fit very well in your social status while not leaving a dent in your savings account.

Upgrading Your Current Home Yourself

You do not have to live in a big mansion to feel rich. Instead, upgrade your current house using contemporary high-end finishes. Start with the kitchen and the bathroom. You should go for upgrades that you can easily do on your own to avoid incurring other costs of having the home re-modeled. Make your simple home a little haven where you feel good spending time and having friends over for dinner or drinks.

There are so many ways you can afford to live a rich life on a very tight budget. Always remember that if you do not need something, you should not buy it. The idea is to build more wealth and avoid any debts and irresponsible spending.

What are the other things you do to enrich your life cheaply? Feel free to share.