How to Live On a Smaller Budget
Living on a smaller budget -- whether by choice or by necessity -- comes down to making decisions. Living a frugal lifestyle goes in and out of popularity with the economic times. Look at the decisions you make and align them with the quality of life you expect.
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Instructions
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Buy the necessities and evaluate the luxuries. Most of us consider food, clothing, shelter and reliable transportation at the top of the necessities list. However, even in these areas, there is plenty of room for downsizing. If you live alone, you may no longer need that four-bedroom house with the pool out back. A townhouse half the size would meet your needs. You can choose to spend $50,000 or $20,000 for a new vehicle. Both of them will get you where you need to go. Evaluate the luxury items to find out which is most important to you.
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Maintain what you have. If you do not have much disposable income, maintaining what you have takes on added importance. Spend a little time to take care of and maintain all that you already own. Your things will last longer, and you will have to spend less money on them in the long run.
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Buy for quality. It's better to spend a little extra cash on quality items that will last. Don't buy a cheap shirt that you can only get five wears out of when a moderately priced shirt will last a couple of years.
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Use what you buy. Particularly in the grocery area, knowing how to buy the correct amount of an item is important. If a staple you use frequently can be purchased in bulk, do it. However, if you get a deal of 5 pounds of apples and end up throwing 3 pounds of them away, you've wasted money. Monitor your usage and buy accordingly.
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Don't spend for conveniences. When something is designed for ease of use, you probably are paying extra for it. Prewashed salad is more expensive than a head of lettuce and a tomato. Watermelon already sectioned cost more than a whole watermelon. Mow your own lawn and change the oil in your car. Clean your house and walk your dog. Anything you pay someone else to do for you is a convenience. Smaller budgets require fewer conveniences.
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References
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Comments
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ladym33
Apr 04, 2009
Very true, excellent advice. -
sonni57
Apr 03, 2009
Well done article on how to live on a smaller budget it's important these days to do this.
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kaytay
Apr 03, 2009
excellent tips on living on a smaller budget
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goldiec
Apr 02, 2009
Great article for living on a small budget. Thanks 5*
