Living stingy will be your friend, especially with high inflation making everyday things more costly. You don’t need a challenging economy to benefit from living cheap so that you can live with less and be happier.
While calling someone frugal and thrifty reflects more positively on that person’s character. On the other hand, calling someone stingy or miserly conjure up the bad and the ugly.
You should understand your budget and financial situation. Use a free tool like Personal Capital to monitor your spending, budget, and net worth over time. It’s free and is a great way to understand your cash flow.
If you don’t have a budget, create one so that you understand your household’s basic living costs. Endless shopping and dining out without regard to saving money for now and long term is a sour recipe and will lead to disaster. I
Creating a budget is essential, so you know your income and costs before successfully understanding your financial situation to improve it with more savings. It is important to pick a budget method that works for you.
You can set aside no-spend days when you don’t spend on specified days. This strategy works for many people who designate a few days a month or a week to use cash or credit cards to buy discretionary items.