Frugal living never means living cheaply. A majority of people fear compromising their quality of life (level of comfort) when thinking of living frugally. In practical terms, you can feel rich while living frugally. While millionaires don’t get rich by splurging on designer labels and lavish cars, frugality is a critical factor that helps them build wealth. The core of frugal living is to be intentional about financial priorities —
- cutting back on unnecessary expenses
- saving money to achieve your financial goal — pay off debt, saving for early retirement, travel, etc
How living frugally can let you feel rich?
According to Merriam-webster.com Rich is defined — having abundant possessions and especially material wealth. The feeling of richness is associated with peace, freedom, confidence, power, and most importantly abundance. A state of calmness and freedom can be achieved when you’re in control of money. Being economical and vigilant about money, and the consumption of consumables is frugality. A person committed to spending less, saving, and sticking to the budget simply can make a fortune. However, an individual, earning a prime-grade income is enslaved to the paycheck and cannot be rich — if he spends above his means, fails to plan investments and shortfalls retirement funds. The competitive rush to become wealthy is stressful and dissatisfying. But with frugal living, based on a lack of financial pressure, you’re relaxed and fulfilled in life. Like building any habit, going frugal is going to seem a little difficult in the beginning yet rewarding in the end. Similarly, building these habits and consistently following them will definitely take you from feeling rich to actually being rich.9 LIFESTYLE CHANGES THAT CAN MAKE YOU FEEL RICH WHILE LIVING FRUGALLY
Organize your space:
Think of poverty and you have these dirty, cluttered, cram-full, overflowing spaces in your mind. And neat and orderly thoughts of a prosperous home. Did you ever notice the most fabulous mansions of your favorite celebs or tycoons? Besides being stylish and luxurious, they’re super clean, minimal, and well-organized. Many surveys have shown the direct effect of mess and clutter on our mental health. People with unclean, cluttered houses report depression and fatigue compared to those with clean and neatened places. Briefly, clutter and chaos are interlinked with a negative sense of emotions — stress, irritation, uncertainty, and gloominess. Contrarily, people with clean and orderly homes are restful, positive, and perky. So the first — easiest, economical, and most effective step in feeling rich while living frugally is to clean and organize your living space. There’s a bunch of stuff that can give your home an elegant, new look.- An accent wall
- a fresh coat of paint or wallpaper
- built-in bookshelves
- high-end fabrics for curtains/drapes, couches, or chairs
- updated window treatments
- doorway renewal
- statement lighting decor items — chandeliers, lamps, fixtures
- furniture and cabinets re-do — repainting and refreshing knobs and handle
- upgrading hardware
- solid colored or antique accessories
- statement art pieces.
- historical pieces
- Plants
Routines Routines Routines:
Inaction, idleness, or lack of structure results in stress and anxiety. Being in charge of your behaviors gives you a sense of control over life. Are your casual activities clear and certain? Do you know when will you have lunch and what time you’ll be going to bed? Routines help you get more done. It is the significant reason why rich and successful folks are happy, healthy, and productive. Rich and successful people know the key to making constructive implementation of your time is to add predictability to your day. Routines eliminate uncertainties in your day and make you feel more relaxed and in control, truly important to make you feel rich. With frugal living, setting up :- a meal-planning routine reduces grocery costs
- a good exercise and self-care routine saves medical bills
- a household routine economizes domestic bills.
Master your time (the precious resource):
Life, if well lived, is long enough. — SenecaWe all hope that we have a few extra hours in our day yet how do we use the time we’ve been endowed with? Instead of taking charge and starting to live the life of our dreams, we mess around wasting it on entertainment and dawdling. Rich people, in no case, procrastinate by marathon-watching a TV show or rather overextend themselves attempting to manage their entirety. They set clear goals. Create schedules. And perfect-tune professional and family life. Establishing goals and a sound time management system is a foolproof way to master your time and consequently your money.
Stockpile:
The mind is everything. What you think you become. — BuddhaYour mindset can thoroughly influence your living. Stephen Covey came up with the phrase abundance mindset in his bestselling book The 7 Habits of Highly Effective People. Here, we’ll use the term to draw inspiration to develop the feeling of abundance through stocking up on the essentials. Stockpiling serves in numerous ways. In addition to saving money (since most people buy items on sale), it’s like creating a mini-mart to comfortably pull out things from the ample stack. A pretty convenient way to sense plenitude.
Create multiple income sources:
Aside from getting finances in place, entrepreneurs are well known for having multiple streams of income. Additional income sources impart a safe future. In addition to saving more money, making extra income through diverse sources is just as important to become financially stable.- Real estate or good investment scheme
- Side hustles like buying and reselling something
- Starting a YouTube channel
- Starting a blog
- Developing an app
- Setting up online courses
- Renting out extra space
- Selling your own products online