Frugal Living Basics: How to Cut Back

Need to live a more frugal lifestyle?

You work hard for what you earn so, why not get the most out of it?  That’s exactly what frugal living will do for you.

Frugality is about being wise and prudent with money.  It is not about doing without or depriving yourself.  It is a back-to-basics approach to managing your finances.

Frugal living aims to cut waste.  Less waste means more financial power and freedom.  Cutting back is not hard, but it does require a plan.

Getting Started with Frugal Living

Let’s say your finances are a bit of a mess.  This is probably a safe bet if you are newly interested in frugal living.  Chances are, you have amassed a good bit of credit card debt and you are likely spending more than you earn every month (check the figures to see if I’m right).

In other words, you have dug yourself a hole and now the sides are starting to cave in all around you.  Never fear!  Frugality can get you out of this mess.  After all, credit card debt is voluntary slavery so you want to dig yourself out of that pit sooner rather than later.

The goal is to lower your spending so you have money to establish an emergency fund and pay down what you owe.

Here’s how to get started with frugal living:

Step 1 – Stop the Bleeding

Quit spending all your money.  Reclaim your financial strength by holding on to what you have.  You are bleeding out all your financial power by going to the mall, Starbucks and out to eat so often.  Furthermore, by charging these items on your credit card, you are handicapping yourself even more.  Cut those stupid things up so you aren’t tempted to use them all the time.  You’ve got to stop this incessant drain on your finances immediately.

I recommend going on a fiscal fast for a week (or more) where you try not to spend anything – not even a dime.  I know this sounds radical, but you’ve got to retrain yourself to act differently.  This may require a little shock therapy and there is no time like the present to get started.

During this initial phase, analyze your bank statement from last month.  How much money did you deposit?  How much did you spend?  Which is greater?  If you are spending every penny – or even more than you earn – then you have a serious problem.  One that will ruin you financially if you don’t get a handle on it soon.

Start making cutbacks in as many areas of your spending as possible.  Reduce your monthly outflow fast with the ideas in these two articles:

• Stop Whining And Frugal Up Your Finances
• 20 Ways to Trim Your Budget to Survive Hard Times Ahead

Step 2 – Get a New Brain

This is your brain (imagine an egg), this is your brain without any money – the egg is now in a frying pan with the heat turned up to high.  What do you think is going to happen to you and your family?  Yep, your going to start sizzling pretty soon (if you aren’t already).  Your old ways of dealing with money are killing you.  It is time to find a new brain.  It is time to learn a new way to handle money.

Don’t feel bad.  You are likely just doing what you were taught.  You learned and are following bad money habits that will leave you eating ALPO for dinner, assuming you don’t change your ways, but the story isn’t over yet.  Your future isn’t written in stone.  You don’t have to stay stuck where you are.  You can head in a new direction.  You can get a new brain.

Your new brain will give you a new lease on life.  It will make you feel more successful and happier.  So, how do you get a new brain?  Well, you can be retrained to be smart with your money.  How?  I’ve written a step-by-step plan just for this purpose.  It will lay out everything you need to know so you can develop the new habits you desire and need.  Ones that lead you to prosperity instead of ruin.  You can get your hands on it now:

• Click here for The Super-Charged Guide to Financial Freedom

Step 3 – Revive the Patient

The patient is not dead.  There is still hope.  Your action will determine the outcome.  What are you going to do?  Frugal living is the answer.  I used to think that I would die if I had to change my evil ways related to money.  In fact, I threw a big fit when my wife suggested that we needed to get on a budget.  I reluctantly went along with her after a lot of cajoling and persistence on her part.  However, I soon found out that it wasn’t as bad as I thought it would be.  In fact, I learned a lot from the experience.  So much so, that I wrote three articles about The Things I Learned Living on a Budget.

You might feel like I did.  You might know in your heart that you need to do something, but you’re resistant.  Well, I can tell you that once you’ve tasted the freedom that comes from frugal living, you’ll never go back.  It is an adjustment, but one that brings peace and a sense of control.

You can revive the patient if you’ll give it a try.  It won’t even be as hard as you think.  I’ve provided you with everything you need to bring life and vitality back to your financial situation.  Live long and prosper!

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