What a time it is to be alive! I mean, it’s practically like the times of the Great Depression, as far as accumulating wealth goes. Many of us would love to seek advice from our baby boomer parents but they spent like money was going out of style, for that reason, our current money climate is a lot more reminiscent of our grandparents. The following are a few tips on living your best frugal life:
Have A Personal “Allowance”
It sounds outer-worldly like maybe you’ve returned to living under your parents’ rules for how much money you earned per week of doing your chores and school work. But think about it, when you had no money you, in turn, spent no money and savoured every last penny.
Give yourself an allowance, and the same sort of idea applies. Set aside an amount you will use on the extras per week like $30 or $50 and once you blow through it–take yourself home!
Create A “Too Much To Spend” Amount
It’s a mental note to save you from overspending in the long run. Perhaps you’ll tell yourself that you are not going to spend any more than $30 on any single item. Why? You ask. Because with a weekly allowance of $50, spending over $30 on one thing means you’ll only have $20 left and well try going out to eat on a $20 budget. A mess.
Imagine You’re In Fake Debt
Now, as a cautionary action to spending over your allowance or “too much to spend” amount this imaginary debt will prompt you to be on top of things. For instance, if your weekly allowance is $50 and you spent $70, you are $20 in the hole. Pretend the bill collectors are on you behind and set aside your debt, plus interest for the following week to get back in good standing.
For Pete’s sake, track your spending…it’s the pandemic-induced great depression out here.