Posted by: Lorimer Wilson

Frugality often gets a bad rap. Many people misunderstand frugality and assume that it’s nothing more than being “cheap” when, in reality, frugality is making sure that you get the most from the money and resources you have, even if they are limited.

For those who are just beginning to embrace frugality as a part of their lifestyle, here are 10 frugal commandments to live by.

10.Don’t buy things you don’t need

To get the most from the money that you have, it’s essential to have a basic understanding of the difference between “wants” and “needs”. Chances are that a lot of things that you assume are “needs” are only “wants” you have disguised as “needs” in order to justify purchasing them.

Basic needs are food and water, shelter and clothing plus the essentials needed to work so that you can provide those basics. That means that the TV (and virtually every other gadget in your house) is a “want” and not a “need”. Having the willpower to buy only those things that you really need (being frugal doesn’t mean being stingy, but it does mean that any “wants” you do have are specifically saved and budgeted for as opposed to impulse purchases) is essential to getting the most out of frugality.

Simply put, if you don’t need it, don’t buy it, no matter how good the price.

9. Only buy when you have the money

One of the basic premises of frugality is having the money to pay for the things that you buy. By budgeting and saving for those things that you want and paying for them with cash rather than using credit, you ensure you aren’t paying far more than you should be for the products and services that you buy.

8. Purchase by value, not price

One of the biggest misconceptions about being frugal is that those who are frugal only purchase things that are cheap or the very lowest price. The truth is that those who are frugal always try to buy the best value taking into account other factors such as the life expectancy and additional upkeep costs that come into play beyond retail price. This often means looking at the long term cost of an item rather than just the initial purchase price.

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