A frugal state of mind
Frugality as a Trini, what is it?
For some, it's about necessity. To others, it just may mean sacrifices to meet specific goals. But overwhelmingly for the vast majority, given the economic havoc of the pandemic. Being Frugal is necessary to survive. When it comes to day to day frugality, it means setting rules and personal systems that identify what's important to you. Needs over wants is the starting principle of personal money management.
Now, let's take a walk through the reality of Frugality living, what will it look like, how to get started and how to become more organized. Firstly, it all begins on the inside. It's about adjusting your mindset with the understanding - breaking Bad money habits takes time. Secondly, building a positive relationship around money means - a belief that no matter where you are on your journey, money is a resource that can work for you instead of against you.
Understanding personal finance highlighted my spending without a plan. My lack of systematic boundaries when it came to money was ultimately my choice. Now I take control, and so can you.
Do you have longterm goals? What do you want to achieve? And how are your finances going to help you achieve those dreams? For me, a big goal is to own a home by the sea in Tobago. Expensive yes! And I am aware that there are certain things I must do consistently.
It doesn't matter how little you earn but how much you keep over time. - Here are a few easy to do ideas to curb spending. You can eat out once a month, eating more whole foods or buy less processed grocery items. Significantly, removing meat or just having less of it can cut food cost by 30%. If you're a POINT-LOG member, you earn POINTS on your regular shopping which, you can Save or Spend when you redeem. (Whatsapp the word "Frugal" to earn 5 POINTS)
Yes, the little daily sacrifices help you to spend less. It's all very possible with boundary setting. The truth is, small purchases add up to a large number over time.
An example: a Doubles with a 20-ounce bottle of Coca Cola for breakfast cost $10 a day, $50 a week, $200 a month and $2400 a year. And if you're a lover of that kind of breakfast over five years, $12000.
Over the decades, as you live your life, money passes through the hands. Eventually, over time, good money habits reflect. - Assets, Wealth, Homeownership and for the fortunate, Financial Independence. A frugal lifestyle is not a quick fix for anyone. Mostly it requires you to plan for the future. It requires you to show up responsibly every day in your life by Saving first and living on the rest.