Everyone is always wondering how to make ends meet and pay off debt, and this list of things frugal people don’t do is a great beginning. Living frugally is one of the best ways you can not only manage your current finances better, but also get out of debt faster. For real financial freedom, living a frugal life is key. These are great thoughts and ideas to keep in mind to make your life more frugal.
10 Things Frugal People Don’t Do.
Pay full price. Whether they are shopping for groceries, clothing, or a new car frugal people don’t do this. Paying full price is rarely an option. There are so many great coupons, sales, discount stores, used products, thrift shops, and great deals available to save money that no frugal person will pay full price.
Upgrade electronics every year. Just because there is a new option out there doesn’t mean you need it. End of story. One of the biggest financial traps is upgrades on everything from cellular phones to gaming systems or cars. An upgrade when a new one is available is not the frugal choice to make.
Give in to their kids requests for “things”. It is hard for some parents to say no when they want to give their kids great things and experiences. However, frugal people don’t do this. Instead, they focus on experiences instead of possessions. An experience will leave a much longer impression.
Miss out on money owed to them. There are so many refunds, rewards, and benefits out there that go to waste. Whether it is a rebate on the back of a package of socks or the rewards from a health savings account frugal people don’t miss that money.
Shop without researching first. Instead of buying the first item applicable, you should focus on research first. This includes looking at reviews online, asking friends and family, as well as comparing product offers and learning more about an item or model before investing. Sometimes a much better deal can be found on exactly the same item.
Buy brand name products. In almost every case, a generic item is just as good as a brand name. If a brand name is going to be purchased, it will be with a coupon or on sale and never full price.
Not evaluate warranties before purchase. Many times, buying the extra warranty on a product is a great choice. However, there are some items when the warranty just doesn’t offer enough protection to be worth the added expense. Before making that warranty purchase, take the time to read what it actually offers and evaluate if it is worth the added expense.
Assume a service plan is the best offer available. Just because you have been with the same insurance company or phone carrier for years doesn’t mean it is the best choice. Frugal people will always routinely check all service plans to make sure they are paying as little as possible for what they need.
Eat out regularly. Millions of dollars are spent each year eating out, and while it is great on occasion as a treat, most frugal people will tell you that it is not something they do often. Eating out is an unnecessary expense that most should avoid. Many frugal people even have their own garden to grow their own food, when they have enough land to do so.
Neglect their health. One of the top things frugal people don’t do is neglect their health. By not taking care of yourself, you are creating added debt and financial burden later down the road. Using something like a flexible spending account is great for making sure your health is taken care of no matter what your finances look like at the time.
These tips that include things frugal people don’t do are a great way to remind yourself of the ways you may be spending money in areas you could be avoiding in your effort to pay off debt and repair you credit score.
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