8 Frugal Habits You Should Never Quit, According to Frugal Living Expert Austin Williams
Austin Williams is a font of knowledge when it comes to the art of frugality. He has dedicated his life to teaching others how to have a fulfilling life (and balanced budget) by living within their means in a way that is comfortable, sustainable and satisfying.
Recently, Williams posted a YouTube tutorial in which he laid out eight frugal habits you should never quit if you want to live comfortably. Curious how to master the art of frugality? Read on!
1. Upgrading Life Sustainability
As life goes on, your wants and circumstances will change. Your expectations and needs change from era to era — what was acceptable living while in college with roommates won’t be as satisfying in your 30s, or certainly your 40s. As your life evolves, Williams said, you need to evolve your lifestyle, your belongings, your home — but in a way that is affordable and sustainable with your current income.
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2. Getting the Big Three Right
The "Big Three" for Williams are housing, transportation and food — the “bulk” of your budget. Williams is emphatic about “getting them right” — never overspending in those categories, as that will drain the majority of your money.
3. Protecting Your Future Self
Williams suggested that a key to a strong financial life is the balance of taking care of yourself now but also protecting for your future. Don’t focus too aggressively on one or the other, instead creating a budget that allows you to enjoy the present while investing for the future.
4. Playing a Strong Defense
Anyone’s personal data can be cheaply purchased online. As such, Williams recommends digital personal safety programs to opt you out of less spam online and give you fraud alerts when your personal information is breached on the internet.
5. Adjusting Spending Based on Life Circumstances
Williams noted frugality is an amazing skill that allows you to adapt to the chaos of the world. It may be obvious, but he underlines how important it is to be frugal when you are in financial crisis or have an extremely tight budget — and to be more comfortable spending extra when your finances are far more secure and sizeable.
6. Keeping Recurring Expenses in Check
Recurring expenses can easily send your budget awry with multiple forgotten subscriptions. Be mindful of your expenses, and keep analyzing your budget regularly to keep track of what you need and what you don’t.
7. Treating Treats as Treats
Treats should be treated as exactly that — a treat, something rare and special. For instance, a meal out once a week is a nice little treat. However, dinner out every night because you don’t feel like cooking turns a luxury into normalcy, which can cost hundreds of extra dollars per month.
8. Not Overspending on Trendy Things
Williams noted that he has never felt the need to have the trendy car or the coolest new phone. The people who do need those things to be happy, Williams argued, often have a harder time making a sustainable budget because they are always overspending to support their tastes rather than their financial freedom.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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