How frugal are you? 5 Things out of the 25 Things I do


How Frugal Are You?

Just wanted to share an article I stumble upon on frugality. These are the 5 items I practice out of the 25 items in the article.

Item 4

Frugal people make mistakes, too!

For me, it is always important to be aware of what we are doing. Whenever I made a mistake by going over budget, I tend to correct it by under spending the following month to balance the situation. There was a period (2010-2012) when I was not tracking my budget & all hell breaks loose. The biggest leakage was the non-monthly payments (annual payments like car insurance & road tax) where I did not put money aside. Thankfully I have re-evaluated my budget & develop a Money Automation System to set aside these payments, so when the bill is due, I was ready for it.


Item 6

Remember the saying, “see a penny, pick it up; all day long you’ll have good luck.”

I learnt this when I went for a course “Millionaire Mindset”, where if you want more $$ in your life, you got to start liking & attracting it. Can you imagine telling your gf that she’s not that important after all……Would she stay in a relationship with you very long? I don’t think so. But the fact is, a lot of us, consciously or subconsciously tell ourselves, that money is not that important after all. Guess what, money like your relationship, don’t last very long with you. So I develop a habit, whenever I see a coin on the floor (regardless of whether is 5 /10/20/50 cents), I pick it up & excitedly shout “money, money, money!!!” (now i do it in my heart…ahhaha…)


Item 7

They shop out of need, not as a hobby.

I always find it hard to find an inexpensive hobby for myself & the kids, with kids nowadays being stuck indoors so much & being engrossed in handphones & tablets. Finally I found a solution, to bring my kids for swimming / badminton / ping pong in my local club house (it is open for public on weekdays). Where else can you find a family activity for 5 that cost under RM 40 an hour (unless you bring them to the local park, that is if it doesn’t rain). It is a good activity for family bonding & health. Plus you want the consistency & built it into a habit so that the kids look forward to it every week & drag you along on those days you don’t feel like working out.


Item 10

Keep track of all your bills.

I started doing this ever since I embark on my entrepreneurial journey in 2008. The great thing is that at the end of every year, it gives you a factual figure of how much I was spending the previous year & be able to budget (realistically) for the coming year. Of course the monthly capturing & tracking is a pain in the a**, but once you pass the 90 days practise, it becomes a habit. From then on, it is auto cruise. This is where I develop my Money Automation System (excel format) that works for me.


Item 14

Know that time is money.

I used to be too frugal that I would do everything myself. But sometimes, the learning curve is too steep to learn a new skill, it is more frugal to pay an expert to do it on your behalf. There was once where I wanted to change the sink head by myself. I ended up flooding my whole kitchen because I didn’t know how to change it. Mind you, those days did not have youtube (where you can learn by watching it step by step). So ever since that experience, I realize it is more frugal to hire a plumber (save time & money). That goes for all my home maintenance.


For more the original article which I stumble upon, you can read it here & see which items you practice on a daily basis