Recalibrating Your Attitude To Frugality
The last year has been a rollercoaster, and not a great one, to the point where many of us are still reeling from the intensive lifestyle changes we had to make. Yet it’s also important to consider the opportunities that have been afforded to us, from being able to bond closer with our families to seeing just how resilient we are deep down.
It might be that during this time, and with our advice, you’ve managed to truly ensure your frugal outlook on managing your finances is sharp as a tack. Yet it’s also true that as the pandemic wanes or at least society reopens, that we redefine and recalibrate our attitude to frugality, and what that means in general. This way, we can return to some form of normal while also empowering our financial goals going forward.
However, it’s all well and good to discuss this as a meta concept, but harder to apply it in practical terms. Our goal is to achieve that by exploring this topic with you below:
Consider Your Home Utilities
It’s a good idea to consider just what you need to run a great household, and what you can do without. Certain purchases, such as a new home vehicle in the form of an Encore or similar model, can be a great investment to make, while postponing your upgrade of a television can help you retain your budgeting for now. Knowing exactly what’s most important will help you prioritize, even if that means investing in your roofing and driveway repair before you redesign your bedroom. Making a list in this sense can keep you grounded.
Know Which Businesses You’d Like To Support
It’s always a good idea to know just what businesses you would like to support going forward. If you’re not sure, research them next time you’re interested in a product. Local businesses have suffered in the last year, and so if you inspect and deem them worth your money, then it can be nice to shop in the local area more readily rather than giving money to chains or Amazon. This might include using the local grocer, or even opting for family-run opticians this year. Odds are, this could lead to more customized deals as businesses strive to survive, while giving you a chance to be more ethical with your money.
Budget From The Ground Up Each Month
It’s very easy to get locked into the ideal of one kind of budget when planning your financial affairs, but we’d recommend taking some time to truly update your spreadsheet, budgeting journal or app with renewed information as time goes on, and each month can be a good routine to get into. You might be earning more now that lockdown is easing up, for instance, or perhaps now that your children are flying the next intermittently, how much you spend will depend on how they might be asking for your help or coming to visit. Little life changes like that can be tracked with this in mind.
With this advice, we hope you can recalibrate your attitude to frugality if and when you need to.