10 Commandments for Frugal Living

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9. Thou shalt only buy when you have the money.

One of the basic premises of frugality is having the money to pay for the things that you buy. By budgeting and saving for those things that you want and paying for them with cash rather than using credit, you ensure you aren’t paying far more than you should be for the products and services that you buy.

8. Thou shalt purchase by value, not price.

One of the biggestmisconceptions about being frugal is that those who are frugal onlypurchase things that are cheap or the very lowest price. The truth isthat those who are frugal always try to buy the best value taking intoaccount other factors such as the life expectancy and additionalupkeep costs that come into play beyond retail price.This often means looking at the long term cost of an item rather thanjust the initial purchase price.

7. Thou shalt be patient.

Those who embrace frugality rarely have the latest and greatest gadgets that have just hit the market. Instead,those who are frugal wait for the early adopters to embrace the technology until the point at which the price falls to a reasonable level as the gadget makes its way to the masses.

Those who are frugal are usually a generation or two behind on the latest gadgets, but they still perform the functions that need to be done and they get them for a fraction of the price.

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