Have you ever heard about frugal living before? It has been five months since WHO declared COVID-19 as global pandemic and caused economy to collapse. Term of frugal living itself refers to being conscious of your spending and prioritize the things that matter to you most, reported by Wealthsimple. It is not about living cheaply or deprivation; it is about living smarter with your money and making choices for your future to avoid stress.
Before embarking this life-saving journey, you need to know where all you money are going. Only then can you decide where it should be channelled. The important thing to highlight, people have their own needs and different incomes, hence prioritize cannot be equated yet be adjusted to provide clear boundaries between mere need and only desire in regards to apply this lifestyle.
You can start by doing simplest step, budgeting. Choose helpful budgeting apps you can download for free on App Store or Google Play Store like Money Lover: Expense Tracker or spreadsheets. Track your expenses for electricity, internet for work from home, transportation and lunch for those who need to work at the office, emergency funds, savings and so forth.
Once you know where your money is going, decide to make a change. For example, cutting lunch cost and replace with packed lunch which surely cheaper and cleaner. Furthermore, if you are facing the condition you have to buy stuffs or use services, ask yourself, “Are you really need it or not?”
It simply because you are also required to be wiser in regards to buying something. Are the stuffs or services really needed or not? Will the stuffs or services be used long term or not? If you can ensure stuffs or services help your daily activities, go purchase even price is not cheap. With important note, you really need and make your activities easier. No matter how big your income in this pandemic, if you cannot think wisely and smart, life is not worth living.