Living the Low-Income Lifestyle, When You don’t Have To

By anitapeppers on morguefile.comA lot of people live the low-income lifestyle out of necessity, it is true. But that is not so for everyone.

There are many people who do not need to live frugally, but choose to just the same.

Why? For a variety of reason including:

  1. They want to save for a family vacation.
  2. The money they save is what will pay for their wedding.
  3. Taking a year off work to travel the United States is their life dream.
  4. They want to build a well-stocked pantry, to be prepared for anything that may happen, such as loss of job or serious illness.
  5. A couple may want to start a family, and one wants to stay home with their children.
  6. To save for retirement.

These are just a handful of reasons why someone who does not necessarily have to may choose to live below their means. There are others.

However you look at, the desire is there. This is a good thing, that teaches many valuable lessons in the long run.

How might you get started living more frugally? To begin with, you might:

  • Keep a jar handy for loose change and dollar bills.
  • Put a certain amount every day into the jar, such as $2.00 or $5.00, on top of the loose change.
  • Use coupons when you find a good sale, and add that change to your jar.
  • Cut back on services such as channels you do not have time to watch.
  • Downgrade to a domestic car that uses less gas, placing the money you save each week into the jar.
  • Downgrade to a smaller home with smaller payments, or a place that uses less energy, or replace appliances with energy saving models when ready, placing the money saved into the jar.
  • Learn to shop dollar stores, thrift shops, clearance sales and yard sales.
  • Learn to cook from scratch.
  • Cut how often you go out in half. Find more affordable ways to enjoy yourself at home.

Put the money saved into a savings account at your local credit union, and maybe look into ways to make that money grow. Maybe CD’s. Research well, and choose investment options that fit your needs.

There are some people who do not believe in the use of financial institutions, and this is fine. Other options include:

  1. Stocking your pantry.
  2. Paying off vehicles.
  3. Paying down the principle on your mortgage.
  4. Getting rid of credit cards after paying them off.
  5. Paying off student loans.
  6. Furthering your education for a better career path.
  7. Starting your own business, as long as it is one that will hold up in a bad economy.
  8. Making home repairs.

What will you do with money you save?

Shannon

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