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10 ways to live frugally today to become rich tomorrow

Live below your means, don’t try to be “equal to your friends”

Do you see a friend or relative who just bought a car, stayed in an expensive place, dressed in the latest collection? Want to “equal to friends” and ready to “burn” your hard-earned hard-earned coins for glitz?

Instead of trying to be “equal to friends” mentality, live below your means, enjoy life as it is instead of letting someone else’s image of life affect you too much. Billionaire Warren Buffett still lives in the house he bought in 1958 for only $ 32,000 despite owning a “huge” property.

Eliminate unnecessary expenses

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How much money do you spend on coffee shops every morning? How much ATM fees did you pay this month? Why do you have to pay for cable TV, landline service when you hardly use it? In general, we all have really unnecessary expenses.

Instead of buying coffee and milk tea every day, make it a habit to prepare drinks yourself. Avoid ATM fees by only withdrawing money from ATMs with the same bank or using a bank that does not charge such fees. Cut your cable TV service or switch to a less expensive plan to fit your needs.

The easiest way for you to identify expenses that need to be cut is to create a budget and stick to it. It’ll be easier for you to control your money, see where it’s going each month, and see where it can be cut.

Stop paying full price

Here’s another secret from the richest people in the world. They will not pay full price for every product and service. You can bargain, negotiate for better prices, use coupons, promotions…

Save, reuse, recycle

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You must be familiar with 3R when it comes to the environment. That is reduce, reuse and recycle (Reduce – Reuse – Recycle). The interesting thing is that you can completely apply them to your frugal lifestyle.

Reduce your shower time as well as the amount of electricity you’re using. Invest in energy-saving products, thermostats to reduce electricity bills.

You can reuse those takeout containers instead of buying new ones. There are many things you can use instead of using them once and throwing them in the trash.

In terms of recycling, you can make some money selling broken bottles, cardboard, appliances, or crafting old items into something more useful.

Rent or sell things you rarely/don’t use

Do you have an unused bedroom? Post to find tenants. If you have extra parking space, a vehicle or other items you rarely use, consider renting it out. With things always in a corner in the warehouse, think about selling and freeing up room space. You will have a decent amount of money without sacrificing quality of life.

Use credit cards wisely

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Don’t use a credit card if you can’t pay the balance. You will have to make large profits and they will destroy your plans to become richer and more prosperous.

Credit cards aren’t all bad. If you know how to use it properly and control your spending, you will build a good credit score and be useful for the process of getting a business loan or buying a house or enjoy bonus services such as cashback, coupons, and credit cards. gifts… It’s important that you know what you’re spending and don’t fall into credit card debt.

Looking for free activities

If you do a little searching, you’ll find that there are actually a lot of things that are free. You can join your family in free local festivals; free or low-cost haircuts and dental care from vocational schools; Explore the museum on free days.

Invest in quality

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Being frugal doesn’t mean always choosing the cheapest things. What makes the difference is that they invest in quality products instead of buying them rampantly. A high-quality pair of shoes can stay with you for many years and protect your feet better than many cheap and low-quality shoes.

Live busy and frugal

Jay Leno, a famous TV host with the popular show “Tonight Show” has saved all his income from this show. He limited his spending only to other income from touring comedy.

“You know, since I was young, I’ve always had two jobs and would save one source of income, only spending the source in the other. I still keep doing that after leading “The” Tonight Show”, Leno shared.

There are many ways to make you busier every day, opening yourself up to new sources of income. It could be working overtime, selling online, or taking courses… Instead of spending money on frivolous things, put that money into your emergency fund, your retirement fund, or to pay any bills. any debt such as credit cards or student loans.

Stop dreaming “get rich quick”

The truth is, there is no such thing as getting rich overnight. According to studies done by Thomas C. Corley, “16% of rich people bet on sports at least once a week while this figure in poor people is 52%.” In addition, “only 9% of the rich play the lottery every week while the number of the poor is 77%.”

Instead of wasting your hard-earned money on your overnight dream, invest it wisely and deposit it in a savings account. You will be sure to increase your wealth. Always remember, becoming a millionaire takes discipline and patience.

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