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F R U G A L I T Y- The quality of being economical with money
It’s a part of my mantra that’s enabling me to reach financial freedom:
‘Earn more, spend less, invest the difference and enjoy the ride
‘Another tool to increase cash flow
BUT HOW?!
~THREAD~
Firstly
Frugality is not about limiting your life to the point that you’re miserable.
It’s about being intentional.
When making any purchase, be it in a store, a supermarket, for insurance, a holiday, or a household bill...
STOP
Ask yourself these 5 questions
Frugality is not about limiting your life to the point that you’re miserable.
It’s about being intentional.
When making any purchase, be it in a store, a supermarket, for insurance, a holiday, or a household bill...
STOP
Ask yourself these 5 questions
Do I REALLY need this & what are the consequences if I don’t make this purchase?
If I need it, do I really need it right now?
If so, is the price good value for money?
If not, can I get it cheaper elsewhere?
If not, can I get a discount/earn rewards points?
Let’s go in detail on these
Do I really need this?
This depends what it’s for. Groceries? Sure! But even with this there’s opportunities to save & get better value.
Some tips:
Avoid brands & go for store brand where quality is the same.
Stick to your list...
Do I really need this?This depends what it’s for. Groceries? Sure! But even with this there’s opportunities to save & get better value.
Some tips:
Avoid brands & go for store brand where quality is the same.Stick to your list...
Going without a list is a recipe (pun intended) for disaster!
You’ll end up impulse buying things you don’t need!
Or because they were ‘on offer’... I see you
Use stores like Aldi & Lidl
Use a rewards/loyalty card for the store you shop at
Use a rewards credit card
You’ll end up impulse buying things you don’t need!
Or because they were ‘on offer’... I see you
Use stores like Aldi & LidlUse a rewards/loyalty card for the store you shop atUse a rewards credit card
Do I need it NOW?As above, if it’s an essential item, then yes!
There are clear consequences to not having food
BUT, impulse buys are where you need to apply this question.
Try putting things you think you need now into your online basket & waiting two weeks...
If after 2 weeks you still think you need it, go ahead.
In most cases though, you’ll forget about it completely!
Congrats! You just saved yourself some money
Next up...
In most cases though, you’ll forget about it completely!
Congrats! You just saved yourself some money
Next up...
Value for money?This one’s simple!
SHOP AROUND!
Check similar retailers, use http://pricespy.com , check eBay as well as amazon.
For household bills, check at least 2 comparison sites!
Bonus tip Pay with your rewards credit card and then clear the balance!
Can I get it cheaper elsewhere?If it’s not good value for money, buy it from wherever you found it to be cheaper!
I’ve saved £1,000’s by switching suppliers for bills and insurance!
See how much you could save by doing some switching today!
I dare you
If I can’t get it cheaper, can I get discount/points?If you’ve tried all the above to no avail, consider if you can earn loyalty points with that provider/store or through your rewards credit card.
Check if there’s a discount code anywhere online.
Try a simple google search
My favourite thing to do is stack these:
Example: House insurance
Bought through Sainsbury’s
10% discount as a nectar card holder
7,000 nectar points reward bonus worth £35
double points on shopping for rest of year
used Sainsbury’s credit card 
for 2 points per £
Example: House insurance
Bought through Sainsbury’s10% discount as a nectar card holder7,000 nectar points reward bonus worth £35double points on shopping for rest of yearused Sainsbury’s credit card for 2 points per £
If you ask yourself these questions & explore how you can save save/earn money from your everyday purchases
I guarantee you’ll get addicted and save yourself a small fortune in the process!
Then, invest what you save and get mad rich!!! 
I guarantee you’ll get addicted and save yourself a small fortune in the process!
Then, invest what you save and get mad rich!!!
