12 Frugal Living Habits To Adopt In 2024

ladies and gentlemen D welcome to 2024 or as they say in Spanish B Bonos how embarrassing I meant to say I can't believe I said that you see means Welcome to the New Year Bono means welcome to the new butthole a little Spanish hum for shout out to all them Latinos out there but we are officially in 2024 and if living a more frugal lifestyle is one of your goals in the New Year it's important to adopt certain habits in your life that make the lifestyle come more naturally and so in this video I'm going to share 12 frugal living habits that you should consider adopting this new year now the first habit is defining frugality for your own lifestyle a big Miss misconception about living a Frugal life is that it's one thing and all frugal people live the exact same way however that just ain't true we're all living different Lifestyles some people have kids others don't some live in cities some live in the country some make a lot of money others don't there's no one siiz fits-all way to live a Frugal lifestyle because we're all in different situations and so it's important to Define what frugality looks like in your own life for example for a big family in the country Frugal Living might mean cooking all your meals at home hanging clothes outside to dry and buying in bulk whereas a couple in the city it might mean only eating out two times a week living in a modest downtown apartment and shopping at cheaper grocery stores everyone is living a different lifestyle and so it's important to Define what frugality looks like for your own specific needs now the second habit is prioritizing your values another big misconception about living a more frugal life is that being Frugal means being cheap but that just ain't true being Frugal is about cutting wasteful spending from your life so that you have more money to use on things that bring you value it's about empowering yourself so that you have more money to use on what you deem important and so it's important to prioritize what brings you value in life for example my values are being able to travel to visit friends being financially secure and living a comfortable lifestyle I value these things and so I want to use my money more on these things instead of just wasted on a bunch of unnecessary things and it's important to prioritize your values now the third habit is practicing contentment a huge component of frugal living is simply being content being happy with what you have and I think that when you look at our consumer-driven society where people spend tons of money on stuff it shows our lack of contentment it shows us that we're not happy what we already have and we have a lot and it shows that we think that more is going to make us happier it's going to make us content but there's a very powerful quote that goes if you're not practicing contentment where you are now you're not going to be content when you get what you want a happy life is a Content life and when you develop the habit of practicing contentment instead of all always wanting more you won't desire as many things because you'll be happy with what you already have now the fourth habit is defining enough we all want to have a good quality of life we all want to have a house that has a comfortable amount of space a car that's both reliable and nice looking and a salary that allows us to do what we want in life wanting to have good quality of life isn't anti- Frugal even I have the desire to have nice things and make more money however Rel to this topic of contentment it's also important to Define enough in your life I mean how much space is a house need until it's enough space how reliable and nice does a car need to be until it's enough car how big does a salary need to be until it's enough money frugality isn't about giving up a good quality of life but it's about determining when you have enough when having more is it going to make your life any better there's a good quote in the book the psychology of money where he says the hardest Financial skill is getting the goalpost to stop moving you'll never have enough until you define enough and decide that you're content with your lifestyle now the fifth habit is being self-sufficient it seems like we're living in a world where everyone is outsourcing every aspect of their lives Outsourcing cooking through eating out or meal kits Outsourcing shopping through delivery apps and Outsourcing cleaning through maid services everyone is looking for ways to make their life easier and although these things can give you some relief in your busy lifestyle they also cost a lot of money and they can make your life busier because you're spending more money a Frugal person is a self-sufficient person that chooses to do their life tasks on their own they know how to cook how to shop and find deals and how to maintain their house there in the habit of doing these things on their own because embracing these things allows them to save money and feel like they're the owner of their life now the sixth habit is embracing DIY we're living in a world we're figuring out how to do something is becoming increasingly easier and easier all you have to do is type in a question in Google or YouTube and you can figure out how to do it yourself and being in the habit of figuring out things on your own can both save you money money and help you learn a new skill now the seventh habit is investing in index funds in the past few years the stock market has been very volatile I mean we had the big crash during Co followed by a huge bull run then it dropped again and now we're at an all-time high it's been a scary ride because you never know what's going to happen however although it's been very volatile the last few years my portfolio consisting of only index funds reached all-time low at $5,000 but now is at an all-time high at $6,000 I've held on through these tough times and didn't sell which has made me a decent amount of money simply by investing in index funds and believing that the market will eventually cover and I think that one important habit of frugal living is choosing to invest because when you invest you make money without putting in any work now the eighth habit is having a long-term mindset the problem that most people have with money is that they're stuck in this short-term mindset and want to achieve things very quickly and they try to get rich quick through day trading and end up losing all their money or they try to save $110,000 in 3 months and end up giving up nothing worthwhile is going to happen quickly and if you want to achieve a goal in life it's going to take some time I mean if you want to make money in the stock market it's going to take years or if you want to save $10,000 for most people it's going to take 1 to 2 years in frugal people don't obsess over achieving goals quickly but they know it's going to take some time and they're in the habit of living with a long-term mindset and with that mindset they always end up reaching their goals now the next habit is being consistent I have learned so much through this experience of making videos on YouTube and the deeper you get into understanding how YouTube and its algorithm works you realize that it's not random there's an equation to succeeding on YouTube and a huge component of that equation is consistency if you are consistent on YouTube you will have a successful Channel but you both have to be consistent in your upload schedule and consistently providing valuable content for your viewers consistently doesn't just mean posting videos frequently but it means consistently pleasing the viewers in every single video I make I always think about what kind of topics that you will enjoy and if I consistently think of topics that you enjoy you'll consistently come back to watch the videos and I think with any goal in life money or something else consistency is the key that's going to get you there if you're consistent with things in life you can achieve anything I mean if you want to save $10,000 consistently set aside money for years or if you want to retire comfortably consistently contribute to retirement accounts as I said frugal people have a long-term mindset and with that mindset they're in the habit of making small decisions every single day that eventually add up to something much bigger that help them Reach their goal now the 10th habit is having self-control when it comes to money the skill that most people lack is self contr control your biggest Financial enemy is you and if you're unable to control you you're going to run into many financial problems I mean it doesn't matter how much money you make if you don't have the self-control to limit your spending not impulse by and not fall into consumerist traps then you will be broke the thing that harms you the most financially it's not the government or credit card companies but it's you and it's your inability to control you and if you're unable to control your own spending you're going to run into many financial problems and so it's important to be in the habit of having a self-control to be conscious of your spending think before you buy and not get sucked in by the appeal of consumerism frugal people have the habit of self-control and if you develop this habit of self-control you'll run into a lot less financial problems now the 11th habit is living with balance an important component of living a Frugal life is making sure that you have a balance making sure that you're not overspending but also making sure you're not under spending finding the balance between the two Extremes in all admit that I have taken frugality too far and haven't lived a life of balance to the point where I'm being cheap I mean I've had experiences where I just do not feel like cooking but instead of eating out I just make something extremely simple like rice and beans and then I end up feeling like I deprived myself because I don't feel nourished and I'm doing something that I don't want to do and I've recently started to realize how important it is to to treat yourself whereas now if I just want to eat out and not cook then I just do it and although I could save that extra money spending it brings more value in my life because I don't feel like I'm living this life of deprivation and I think it's important to be in the habit of treating yourself and living a life of balance because that's what's going to allow you to sustain this lifestyle long term now the final habit is doing what you want to do because frugality allows you so I am in the process of moving actually the day this video gets posted I will be in a car driving across the country headed east to move back to Georgia my poor Southern blood can't handle these Long Cold Winters anymore but I have decided to move back to the state that I'm from because I'm just ready for a change in life and I'm fortunate enough to be in a position where this is a very easy thing to do because one I have a large amount of savings two I have no debt and three three I have a job I can do anywhere I've always believed in living a more frugal life because it empowers you to do what you want in life you don't have to worry about money as much when you make decisions to spend less and save more your life actually ends up better because things like living paycheck to paycheck debt and being desperate hold you back in life they limit what you can do in life but when you're in the habit of living a more frugal life lifestyle you should also be in the habit of embracing the financial security that you have and doing more of what you want in life and that's one of the reasons I've decided to move back to my state that I'm from Georgia and with that muchas

Channel: Austin Williams

Views: 43,125

Keywords: Frugal Living, Frugal, Money, Personal Finance, INvesting

Id: mXxbyO-bZyU

Length: 12min 48sec (768 seconds)

Published: Mon Jan 01 2024