How to Be a Frugalista in This Time of Inflated Prices
The skyrocketing inflation is eating into people’s paychecks and savings. It seems like it will be here for a long time, too. For the vast majority of us, paychecks aren’t stretching to the end of the month. In fact, even before we saw price jumps on everything from food to gas to Netflix subscriptions, about two-thirds of Americans lived paycheck to paycheck. Something has to give.
Until prices drop back down, we all must work to curtail any frivolous spending. This will be especially hard with the holidays approaching, when we tend to do more shopping, entertaining and eating out.
The most important objective, though, is to not let yourself go into debt, or into more debt. Interest rates on credit cards have also risen, and credit card debt will sink you faster than an iceberg at sea.
Challenge yourself to become a committed “frugalista.” Find creative ways to trim your budget. Make a game out of shaving more off of your spending each month, while still finding ways to enjoy yourself.
Here are some ideas to get you started:
1. Declare pricey restaurants off limits. Sure, it’s nice to be wined and dined in splendor, but you may find that take-out at a nearby hole-in-the-wall can actually become your new favorite treat. Experiment with new dishes that you haven’t tried before — especially those on the low end of the price list.
2. Proclaim a “no presents” holiday. Instead of gifting another unneeded tie or sweater, ask family members to make hand-made cards instead. Write a meaningful message to each loved one, and you may find that these, more than any other presents, become keepsakes.
3. Borrow clothes from friends. If you’ve already worn your usual party outfit to the annual office holiday party, and want to change up your look, ask friends who wear your size if you can peruse their closets for a fun party piece. Try to choose something that you can hand or machine wash instead of dry clean before you return it.
4. Eat in when you get together with friends. Start hosting dinner parties instead of eating out. It’s really not worth fretting if you don’t have matching glasses or dinner plates for all your guests, or if you have to sit around your coffee table because your table only seats four. After all, it’s the company that makes for a fun evening, right? To really keep costs down, make it a potluck and ask everyone to bring something to contribute to the meal along with their beverage of choice.
5. Scour the marketplace for end-of-year offers. Often, you can find bargains once the holiday shopping season has ended. Keep your eye out for deep discounts, such as overstocked electronics, winter apparel, towels and linens, and even reduced-price gym memberships.
6. Explore outings that replenish your soul. A change of scene does wonders for your mental state. But getting away doesn’t have to mean expensive flights or resort-style prices. If a day trip to a tranquil state park or nature trail will do the trick, you may spend no more than a half tank of gas and possibly a park entry fee. Relish the peace and quiet instead of the glitz and glamour of the popular vacation hot spots.
7. Stop comparing yourself to others. Life in the 21st century bombards us with images of others living the good life. For most people, those images don’t match with reality. Sometimes the best vacation you can take is a break from the media. Once you stop comparing yourself to the images projected in the media, you’ll realize that money really can’t buy happiness and that, all in all, a humble financial status doesn’t really deprive you of all that much.
Focus on the good things going on in your life — family, close friends, fun, good food — and realize that your life has riches that have nothing to do with your bank account.
Vicky Oliver Bio
Vicky Oliver is a leading career development expert and the multi-best-selling author of five books, including Live Like a Millionaire (Without Having to Be One) (Skyhorse, 2015), 301 Smart Answers to Tough Interview Questions (Sourcebooks 2005), named in the top 10 list of “Best Books for HR Interview Prep,” and Bad Bosses, Crazy Coworkers, and Other Office Idiots (Sourcebooks 2008). She is a sought-after speaker and seminar presenter and a popular media source, having made over 901 appearances in broadcast, print, and online outlets. For more information, visit vickyoliver.com.