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You might be financially stable, free, successful, and all that. However, you might want to watch out for some habits that will keep you where you are and don’t fall back into the pit you once were in. These habits are nothing but some of the frugal things you did when you didn’t have much. Being frugal is not only for broke people but even for rich people who want to stay rich.
Frugal means…
Simple and plain and costing little. Simple and costing little are the key words for me. Just because you are making more doesn’t mean you can’t keep your life simple. If you where able to workout on your own by joining challenges online that cost little. Don’t jump into hiring a trainer because you now have more.
Frugal doesn’t mean a low life standard, it means a mindful lifestyle economically. Hence, you can be rich and still have things you are frugal about. But not everything, there are things you can’t be frugal about.
Things you can’t be frugal about
The first thing you can’t be frugal about is your health. No cutting corners when it comes to diagnostics and treatment. You see or feel certain system don’t google it or assume you know what is wrong and give self treatment. There are DIY teas and mixture for cold or flu just for relief. But when it won’t go and that headache is persistent. Don’t try to safe money by managing it on your own.
Another things is your mental health, if you feel drained or a little bit out of touch with reality and having anxiety more often and can’t explain why. Get help don’t sleep it out. I don’t think sleep can solve the problem. Don’t be cheap about eating healthily. Yes you can be frugal about food through couponing, reducing wastage, switching to a less popular affordable brand, changing your protein source ( like if meat protein is more expensive eat more plant base protein) and the suggestions can go on. However, don’t eat unhealthy meals just because you want to cut cost on food.
There is a detailed post on things you can’t be frugal about here. Enjoy reading it.
7 Frugal Habits to Keep Even if You Are Rich
In a particular order of which is the most important and higher priority. Here are seven unique frugal habits to keep even when money is not a problem.
1. Avoid Lifestyle Inflation
You can only successfully avoid a lifestyle inflation by living a simple life no matter your bank balance.
Resist the urge to increase spending in proportion to income increases.Prevents overspending and ensures that additional income contributes to savings and investments.
2. Maintain a Minimalist Approach
I know of multi millionaires with a minimalist approach to life. Even if business doesn’t go well somewhere in the future they won’t go broke anytime soon.
Focus on owning fewer, high-quality items that add value to your life. Reduces clutter, saves money, and promotes intentional living.
3. Maintain Your Possessions
A car is not an asset and definitely one of the possessions you take really good care of. A house is an asset but to get value on it incase you plan on selling in the future. Mkae sure you take good care of it.
Take good care of your belongings to extend their lifespan. Reduces the need for replacements and saves money over time.
4. Be Mindful of Impulse Purchases
Impulse buying has the power to make you broke even if you are rich. It’s buying without thinking just because you feel the urge to.
Carefully consider purchases and avoid buying on a whim. Reduces unnecessary spending and helps prioritize meaningful purchases.
5. Stay Educated on Personal Finance
As you finances grow and your bank account balance increases it will be wise to not only keep up with personal finance education. But get help when making important decisions financially.
Continuously learn about financial management, investing, and saving. Empower you to make informed financial decisions and grow your wealth.
6. Live Below Your Means
The aim is to never go back to where you came from. So rather than spending above your means or within your means. It will be wiser to spend below your means.
Spend less than you earn.Ensures savings and investments grow, providing financial security and flexibility.
7. Prioritize Saving and Investing
Allocate a portion of your income to savings and investments before spending on discretionary items.Builds wealth over time, provides a safety net and ensures financial growth.
Conclusion…
A minimalist approach to life doesn’t make you a cheapskate it only makes you a wise person when it comes to money management and financial security.
If you can practice this frugal hacks even when you are rich. Be rest assured you will be wealthy for the rest of your life.
