What does it mean to be frugal?

You hear the term ‘frugal’ a lot with regard to savings and personal finance. But what is it and should we all be frugal? Well, the truth is, it’s definitely no bad thing to be frugal. There are so many savings to be had out there and those who are switched on can save a surprising amount.

For most of us, we ‘treat’ ourselves maybe more than we should. Things cost money and you can’t really survive without spending money on things like rent, bills, and food. However, how much are you paying on these things? Could you cut your food bill in half? Sounds too good to be true, however, many people are achieving this and realising the savings that are possible by being more frugal.

Write down your weekly food shop and look at what you are spending money on. Now start to see if you can buy any of this in bulk. Are you buying lots of branded products? Switched to supermarket own-brands or cheaper ones can have a big impact over a whole shop. Saving $1 on chips may not seem a lot but if you’re saving $1 on every item and your shop consists of 50 items then that’s an impressive $50 saved a week. That’s $200 a month! That’s quite a lot for a very easy lifestyle change.

It’s these types of changes that you should be looking at. People often think about making big lifestyle changes to save money, however, making lots of small changes can have an equal effect. It’s definitely something worth looking into.

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