This week I found some great articles on frugal living and frugality. One theme that seems to be a common one is the many ways to make simple changes in daily spending habits that can result in substantial savings.
Frugal Tip of the Week
Take small savings and leverage them to build wealth. For example: Try cutting discretionary spending like eating out or staying in a budget hotel for a vacation instead of a more expensive option. Once you are able to make permanent monthly savings, increase your 401k contribution and invest these savings in a low-cost diversified mutual fund. By increasing your 401k contribution you are lowering your taxable income and building wealth at the same time. For those lucky enough to have an employer that matches your retirement account contributions, you can have the added benefit of a “free money” match.
Best Reads of the Week with a Frugal Theme
Cash Flow Mantra has some great tips on saving money with Is There a Cheaper Alternative?
Money Cactus shows us just how important simple decisions can affect your bottom line with Why Your Actions Make You Poor
Praire Eco-Thrifter shares How to Keep Your House clean Without Spending a lot of Green.
Ultimate Smart Money offers tips on cutting your monthly bills with 3 Popular Tips to Build a Saving Nest by Cutting Monthly Bills
Wisebread, one of my favorites, shares great advice on saving money with Ways to Save $1 a Day
Dont Quit Your Day Job shares How to Define ‘Savings’ it’s a great read!
My Journey to Millions discusses an important topic with Household Saving and Spending Advice
Carnivals Mentioning Frugal Toad
Totally Money Carnival #51 hosted by Passive Income to Retire
Carnival of Financial Camaraderie WTF Edition hosted by Financial Success for Young Adults
Carnival of Financial Planning Edition – #220 hosted by Credit Cards Canada