My Frugal Life

When people ask me how I plan to achieve financial independence, I tell them I simply adapted living frugally. When people hear the term “Frugal”, the first thing that comes to mind is cheap, deprive, and anti-social. They think people who live a frugal lifestyle deprive their life from the things they love just to save a dollar or two. Well, I am here to tell you that people who live a frugal lifestyle are not cheap nor are they depriving their life. Living a frugal lifestyle means being wise with your money, think before you spend, no impulse buying, knowing yours wants and needs,  and most importantly learning how to live within your means.

Frugality is not just about saving money, it about learning how to manage with what you have and not spend beyond what you can’t afford. It is a life experience that everyone should try because having the experience of living frugally can prepare unexpected situations such as unemployment, accidents, or health issues.

I decided to live a frugal lifestyle because I want to be financial independence. I want to live a debt free life knowing that I can buy what I want without any financial restrictions. The only way I can do that is to make a drastic change in my lifestyle and adapt  to frugal living. So far, I like my frugal lifestyle. I still live a fun life by hanging out with friends, dining out, going to shows, and at the same time I am saving money and reaching closer to my ultimate goals which is to pay of my $20,000 student loan.  As of April July 1, 2011, my student loan has trim down to approximately $ 2,152.757 and it all because I learn how to live frugally.

There are  different levels of frugality and I have seem some people who took frugality to a whole new level.  For example, I read a personal finance blog about a person trying to use every bit in a toothpaste. They actually cut open the toothpaste to squeeze every last bit of toothpaste before they purchase a new one.  Another example is someone who try to save money on their water bill by being strict on how often they can flush their toilet.  Now, that kind of frugality is way too extreme. Always make sure to create a frugal lifestyle that you are comfortable with, don’t ever deprive your life to the point where it will affect your health and safety.

Here are some of the things that I do with my frugal life

Pack my lunch for work: I like packing lunch for work instead of eating out. I get more choices of what I want for lunch and its much more healthier and cost-effective. I usually go groceries shopping two times a week at this Chinese super market called Ocean. They have a hot food sections where you can purchase pre-made hot food such as fried rice, Shanghai noodles, sweet & sour pork, honey chicken, beef noodles, and much more. The prices for a one bowl order usually are between $2.99 to $6.99 depending on what you get. The portion is pretty good and I usually spend between $15 – $20 dollar a week.

H2O is my best friend: I stop buying beverages and Tim Horton’s for almost 3 months now. I bring my water bottle with me everywhere I go so I won’t have to spend on buying drinks randomly.

I don’t need cable nor a phone line: I cancel my cable and phone line last summer because my family don’t watch TV. They usually rent movies to watch instead.  Everyone in my family has a cell phone, so I don’t see the point of having a phone line.  Also, I am glad I cancel the phone line and don’t have to deal with telemarketer waking me up in the morning.

I hang my clothes to dry: Instead of using the dryer to dry my clothes. I usually take the time to hang my clothes. In the long run when you look at your utilities bills, it will make a  difference.

I rarely buy brand name items: Brand names items are not that important to me as long as it get the job done. I always try to see if there alternative that are less expensive before I consider buying anything.

I prefer to take public transportation: For my situation, taking the public transportation get me where I wants to go and it save me a lot more money then driving a car. Also, by taking public transportation, I am helping the environment, so it a win-win situation for me.

I like to conserve energy: I like to conserve as much energy in the house as possible by using fluorescent light bulb; unplug all unused appliances; turn off lights when leaving your room; don’t leave your water on while brushing your teeth; insulates walls and ceiling to reduce your heating bills; use energy star label products; and if you have a choice between a gas stove and a electric stove, get a gas stove because its more efficient and take less time to cook compare to an electric stove. The gas stove might be more expensive, but in the long run it will save you money on your utilities bill.  Just little things that you do around your house will save you money in the long-term.

I like to use Vinegar as my cleaning solutions:  I use to buy a lot of cleaning products such as Mr. clean, comet, kleen off, and pledge to clean the house.  Then, my sister-in-law Helen suggested me to use vinegar instead. At first, I hesitate because I never knew vinegar can be use as a cleaning solution. I try using vinegar to clean the washroom and to my surprise, it very effective. The vinegar effectively destroy any bacteria and germs and most of all, its environmental friendly.

I like to shop smart: When I decide to buy something, I always make sure I get the best deal. I check all the store to compare their prices, I hunt for coupons, rebates, and promotion. If I know that I can save money by buying the product later, I will wait instead.

I like to give thoughtful gifts : Expensive gift is not always the best gift that people like, the best gift are usually the one’s that involve efforts and creativity. I remember  last Christmas, I got my friend a ticket to go see Lion King with me. I thought the Lion King was the best part of the gift, but instead she like the card that I made for her even more because it was thoughtful. So, I ask her which gift would you pick if you can only have one, she rather have the card over the Lion King ticket. Sometime expensive gift only shows that you didn’t put any effort or thought into the gift because you assume it expensive and the person will like it.

I like to work-out at home: I see people who register for gym membership that cost between $30 to $50 per month.   I see Helen and my brother work out at home all the time. They have weights, work-out pad and p90x video setup in the basement and it work-out effectively for them and they get to do it in the comfort of their own home. Also, another option is Wii-Fit which I see my sister do sometime and it work as well.

I borrow metro pass to go downtown: Helen purchase the metro pass every month because she work downtown, but on the weekend she usually stay home. So, whenever I need to go downtown, I always ask her for the metro-pass so I don’t have to pay the fare. 

No matter what your perspective of frugality is, everyone possess some kind of frugality in them. I mean, who doesn’t want to save money and it up to you to decide what level of frugality you set for yourself. Remember, the most important lesson you could learned from living a frugal life is to always live within your means.

What’s your frugal lifestyle like?

HAVE A HAPPY EASTER EVERYONE!