10 Commandments for Frugal Living

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For those who are just beginning to embrace frugality as a part of their lifestyle, here are 10 frugal commandments to live by.

Frugality often gets a bad rap. Many people misunderstand frugality and assume that it’s nothing more than being “cheap” when, in reality, frugality is making sure that you get the most from the money and resources you have, even if they are limited.

For those who are just beginning to embrace frugality as a part of their lifestyle, here are 10 frugal commandments to live by.

10. Thou shalt not buy things you don’t need.

To get the most from the money that you have, it’s essential to have a basic understanding ofthe difference between wants and needs. Chances are that a lot of things that you assume are needs are only wants you have disguised as needs in order to justify purchasing them.

Basic needs are food(including water), shelter and clothing plus the essentials needed towork so that you can provide those basics. That means that the TV (andvirtually every other gadget in your house) is a want and not a need.Having the willpower to buy only those things that you really need(being frugal doesn’t mean being stingy, but it does mean that anywants you do have are specifically saved and budgeted for as opposedto impulse purchases) is essential to getting the most out of frugality.

Simply put, if you don’t need it, don’t buy it, no matter how good the price.

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