Tuesday, August 9, 2011

Guest Post: Know the Habits of Frugal People and Incorporate Them

We are excited to have a guest poster today at Pinch that Penny! More information about the author is at the bottom of the post. I think some of the points are arguable, and I'd be interested in any feedback. In the meantime, enjoy!


Being frugal is about controlling your pennies so that you can allow yourself to splurge in the future. If you don’t exercise control over money, soon money will start controlling you. This may sound easy for you, but leading a frugal life is not as easy as you may think it to be. If you avoid frugality, you are sure to land in high interest debt for which you may have to run to the various debt plans that can assist you in getting out of debt. Different debt relief options have different impact on your credit score and therefore it is much better to embrace the frugal life rather than run to professional debt help companies. Have a look at some habits of the most frugal people.


1) Be proactive while controlling your finances: The first habit of all the frugal people is to take responsibility of their own finances so that no one blames them for the financial mistakes that they might make. Make your own financial decisions without taking the opinion of too many people around you. The more you ask people, the more you’ll be confused about the right steps that you must take to bring your personal finances in track.


2) Start off with the end in mind: The people who are successful in achieving their goals will always be able to envisage the end despite the various obstacles that they come across. If you don’t visualize what you want out of something in life, you can never see yourself as a financially fit person in the long run. If you create a budget today, make sure you clearly visualize what you want to achieve through it and the exact amount that you plan to save through that budget.


3) Set your priorities: Frugal people set their priorities and are always sure about the things that they need in a particular month. They can distinguish between their wants and needs and thereby control the decision of spending their bucks on the things that they need rather than on what they want. Ask yourself about the things that are most worthy to you before you take the decision of whipping your plastics for getting them.


4) Synergize and form a team: To synergize is to creatively cooperate with a team so that you can learn more skills on frugality from others. You may work in a team with your friends, family members and exchange the ideas that you’re adopting to lead a frugal life. Surround yourself with frugal people so that you can mutually benefit from each other.


Saving money, following a budget, eating less out, carrying cash instead of credit cards are some other habits that most frugal people follow to stay on the right financial track. You too can follow if you want to lead a debt free life where you don’t require running to professional debt plans for getting financial help.


Author’s Bio: EHM is a regular writer for various finance related Communities including Debt Consolidation Care. She is a PG degree holder in Marketing and Finance and right now working in a reputed bank as a relationship manager.

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