10 Commandments for Frugal Living

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6. Thou shalt buy used.

A basic tenet of frugality is to get the bestvalue from what you purchase, and this often means purchasing products used. Those who are frugal are more than happy to let someone else pay full retail price and absorb the premium pricing for products that are depreciating assets (think of the difference in price between a brand new car and a two-year-old vehicle, as an example).

Used products are often a fraction of the price of the new models and in many instances perform the needed task just as well.

5. Thou shalt look for alternatives before buying.

If you need something, automatically going out and buying it is not an approach that a true frugalperson would take. Instead, before spending any hard-earned money onsomething that may only be used a few times, consider alternatives.Is it possible to borrow it from a friend, a neighbor or a place such asthe library? Would renting it be less expensive in the long run? Do you have something else already on hand that can be used to perform the same task? Buying is only one of many options when it comes to getting things you may need.

4. Thou shalt ignore the Joneses.

Part of living a frugal life isunderstanding that life isn’t a competition over who has the most stuff. It’s important to concentrate on your and your family’s needs, and not what others are spending their money on. Just because your neighbors bought it doesn’t mean that you need to go out and buy something on par or better.

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