To be successful and retire sustainably you need to look at both wealth creation and wealth conservation. Handy believes that people often forget about wealth conservation in the exciting spirit of entrepreneurship and investments to create wealth. However, if you are good with money and become frugal with your approach, you can save it for creating more wealth or indulge in the joys provided by the modern world. Here’s how you can be frugal and save money:
- Gym memberships aren’t useful – You have bought the gym membership for a few hundred bucks. However, if you take time to sit down with the calendar and account for the days you have gone to the gym, a profitless reality kicks in. People who are really serious about their gains and have to maintain an excellent physique due to their profession get all the benefits out of their gym membership. When you think you are getting burned out, use a pomodoro timer to help you set proper prioritizations in life. It can help you manage your priorities properly and balance your entire growth proportionately
However, if you visit the gym occasionally like the rest of us, jogging can bring you the same benefits without a penny going out of your pocket. There are also bodyweight exercises and cycling which you can do without any special equipment to remain healthy and fit enough to go on those long hikes and mountain climbing adventures.
- Wash your car yourself – When your car goes through the car wash and waxing session each month or every few weeks, your wallet gets lighter by around $100 to $200. If you opt for the budget-friendly mechanical car wash, you don’t get the dirt and grime out of hard to reach spots. Instead, you can buy your own pressure washer, car washing solution, and wax to wash and shine your car by yourself. The package costs you less than $200 dollars and if you divide it up to a minimum of 10 washes, you end up paying just $20 each time.
- Don’t delay credit card payments and bills – Credit cards are a revolutionary product since they have democratized credit and help you out when you need money. Plus, they also help to grow the economy. However, you might remember the days when you had to kiss $40 or $50 goodbye just because you were late on your credit card payment by a few hours. If you add those penalties a couple of times through the year, it means giving away at least $100 to the financial overlords.
Your credit score also suffers every time you skip out on a payment and can pile up to become a deterrent when you need a loan for buying a car or property. It’s best practice to pay your bills within time. Otherwise, you may miss out on a chance for a worthwhile investment in the future.
Handy believes that apart from these few tips you should also take advice from your frugal friends. People who are good with finances have great self-control and choose the long-term gain instead of satisfying their short-term infatuation. Being frugal doesn’t mean you sacrifice your present, but plan ahead for the future and make the best out of your wealth.