Frugal Expat

Learning how to be frugal and financially independent is really just one task. This is because if you can manage your money effectively, you will rarely need the assistance of others. The key to doing so lies in recognizing the agonizing need to consume that most people have. Although spending money is essential for survival, you will have to quickly learn the difference between needs and desires if you want to be absolutely self-reliant.

Go Without

Choosing to limit your purchases and your consumption is one of the easiest ways to bolster your future and to keep yourself independent of any outside financial help. This does not mean starving yourself, or washing your clothes, hair, dishes and car with a single bottle of generic soap. Instead, it means denying yourself many of the excesses that most people have come to expect and accept as normal. Rather than dashing of to a costly lunch with your co-workers, start packing a bag lunch instead. Stop ordering in and commit to cooking each night. Learn how to enjoy a movie on your sofa, rather than paying for expensive theater tickets.

People who commit themselves to appreciating what they already have, tend to get a lot more enjoyment out of their lives than those who do not. There are a lot of consumers who spend exorbitant sums of money on takeout meals, even when they have food wasting away in their refrigerators. Learn how to be content with what your budget can buy and you will never overspend yourself beyond your ability to remain financially free.

Keep A Spare

It’s important to have spare money in the back of your wallet that never gets touched until emergencies arise. This is a lot like keeping a spare tire in the trunk of your car. If you get a flat, you can simply pop your trunk and have the spare tire put on. When you drive around without a spare or any other solid back-up plan, you will normally wind up having to rely on others to get you off the side of the road.

A spare greenback, whether it be a twenty dollar bill or a hundred dollar bill, will help you to avoid having to reach out for assistance when problems arise. It will also train you to stop living from check to check, by getting you in the habit of having money left over when your next payday rolls around. While you might be tempted to use a credit card for emergencies, cash will allow you to take care of urgent expenses, without committing to ongoing payments and interest.

Cut Back Regularly

By regularly taking a step back from your life and looking for areas of neglect or waste, you can be sure that your money is serving you best. For instance, if you have a gym membership that you are not using, you should either start going to the gym or make a diligent effort to cancel this membership. Pare back your cable package from time to time and always be on the lookout for new deals. While certain channels and services might seem appealing when you first sign up, after several months of not watching these things or taking advantage of them, you may want to start saving more cash instead.

Stop Consuming

Take calculated breaks from consumption as often as you can. Most people are surprised at the emptiness and sense of loss that a break from spending money can produce. The average individual is pushed by countless ads to regularly spend cash and thus, when there is a purposeful cessation of consumption, some individuals can feel very out of sorts.

In reality, the average person should be able to go at least one full week without entering a store and buying anything. You should be able to make your coffee at home rather than stopping by the local cafe each morning. Making a quick stop for toilet paper or gas is certainly fine to do, but you must fight the urge to pick up one of the impulse buys that are stocked near the cash register. Spending a dollar here and there on lottery tickets, a new car freshener or bottled water, will certainly add up. When you commit to staying out of the store as much as you can for a set period of time, you can recognize and confront the outlandish impulse to consume that nearly every modern individual has. This is a great way to keep more money in your pocket and to become a habitual saver.

Although the rising costs of living have made it much more difficult for many people to remain self-reliant, certain lifestyle changes can offset the impact of these increases. Rather than attempting live beyond your means, you must learn how to fully enjoy the wealth of goods and services that you already have. A few moments of gratitude and a willingness to pull away from the consumption-oriented mindset that is built and lauded by major corporations, will allow you to avoid debt and stay absolutely independent of others financially.

Jonah Rogers writes about his career in finance, accountancy and entrepreneurship. His recent work is about the Top Business Degrees, based on first-hand experience