Are you frugal? Or, do you like to waste money? By wasting money, I mean spending well beyond your needs.
If you're reading this article, I'm assuming that you are trying to become more frugal. Whether you already think you are frugal or not, I'm sure there's more you can be doing to save even more money.
Now, everyone has things that they enjoy spending money on, and you probably try to rationalize with yourself for why you deserve that extra spending.
But, you probably don't need a lot of the things that you spend money on.
If you truly want to pay off your debt more quickly, retire earlier than you thought you could, or reach whatever other financial goal that you have, then being more frugal is one path that may help you realize your goals.
I think earning more income is great, and it can definitely help you reach your goals.
However, some people believe that saving money alone doesn't work and that earning more is the only way to improve a person's financial situation. Others believe that saving money is better than earning more.
As far as saving money by being frugal, most people have room in their budget to cut back a little more, and the average person wastes a lot of money each month. And, even if you are a high earner or focusing on making more money, spending less will still help you on your path to financial freedom. [Read more…]