If you wish to have a frugal living lifestyle then others might try to project you as a miser. Most people have got this term wrongly and do not understand the exact meaning of it. You are not a miser if you stick to frugal living. It is one of the highly recommended financial behaviors in a downturn economy. It helps you to save money which otherwise you would have spent on unwanted things. You can save a lot of money through frugal living. Let’s have a look at the ways through you which you save money in the long term.
Spend on Movies and Entertainment: I am sure most of you are addicted to the movie theaters. Leading producers and directors know the way to market their movies. Much hype is created everywhere regarding the upcoming movies. It attracts the common public to the theaters in large scale. On an average, there are at least 4 films getting released every month and people would be highly interested to watch all of them. Assume you watch 2 movies every month and you spend at least 1000 INR for this. It is recommended to opt for a movie per month which will help you to reduce the amount spend. 500 INR per month can lead to 6000 INR per year which can be used to pay your term insurance premium.
Spend on Dining: This is another major factor which will eat up your wallet. Due to price inflation, prices of essential food items are on the rise. Gone were the days when we were able to have breakfast, lunch and dinner for 150 INR per day. However, currently an individual would require at least 250 INR per day which is almost the double. If you would like to go out for dining with your friends and family, then you will end up spending at least 1000 INR per week. If you go twice per month, then it will eat up 2000 INR amount every month. Assume if you restrict your dining spending to 1000 INR per month, you can easily save 12,000 INR per year which can alternatively be used to pay your medical insurance.
Telephone Bill: A family of 4 members will easily be paying a telephone bill of 1000 INR per month on their mobiles. Apart from this, the landline bill will amount to a minimum of 300 INR per month. If you advice your old age parents to use the mobile phones instead of land lines, you can save the landline bill amount. Opt for the cheaper tariff rates and you have a sea of options when it comes to mobile operators. Opt for postpaid connection and make sure all your family members are in a corporate connection. This will help you to make unlimited free calls which will in turn reduce the mobile bills. You can easily save up to 3000 INR per year through this.