How to Develop a Frugal Mindset

by RC on March 19, 2008

We all like to learn new ways to save money, but the truth is that if you develop a frugal mindset, you will find yourself applying frugality in your everyday life and it will become a habit in everything you do. Below are some general principles of frugality that you can apply to many things you do, things you own, or purchases you make on a regular basis. 

1.) Take care of your things- Whether its your car, shoes, clothes, health, whatever;- taking care of things makes them last longer.  If you respect yourself and your things, realize that by taking care of them you will get more value out of them and they will last longer.

2.) Always try to fix things- Don’t be afraid to try to fix things when they are broken. Usually, at worst you will either need to replace it or get it fixed, which you would have done anyway.  More than likely, you will surprise yourself with the results.

3.) Don’t waste anything- Be mindful of wasting things, it is costing you money. Don’t waste electricity, food, gas, time, or anything else, especially money.

4.) Watch your pennies and your dollars will follow- This is an age old piece of advice, which still holds true today. If you examine even the smallest of your purchases, you will continue to do the same with your larger ones as well and you will find yourself making the right decisions with the larger ones.

5.) Always keep your eyes open for a good (or better) deal- Don’t be afraid to try a new, cheaper alternative to something just because you are used to a certain product or service.  Frequently, you will find that you are just as happy, if not happier, with a cheaper alternative.

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{ 3 comments… read them below or add one }

My Daily Dollars April 15, 2008 at 3:53 pm

Great post! I think it is especially true that if you watch your pennies, the dollars will follow. It makes sense that you are training your mind to make wise decisions with the small purchases and will do the same when it comes to larger ones!

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isa savings October 20, 2008 at 11:29 am

One thing I’ve learnt about improving and developing one’s frugal state of mind is by knowing when to say NO to unecessary expenditures.

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Peter Luke September 22, 2009 at 8:49 am

I particularly like the first tip. Taking care of everything you have means you have the values and discipline primarily needed to save money.
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