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No one has ever become a millionaire by foolishly spending large amounts of money, and you certainly aren’t going to be the first. In order to attain true wealth, one must live as if a manner fitting to someone with a much smaller income. Money doesn’t come out of thin air, you have to be frugal so that you have more money to invest and build wealth with. There’s not just one change that you can make to instantly become frugal, it’s a process with many different strategies one must use. Here are the five facets of becoming frugal.

Buy At The Right Time – Items are always at their cheapest just after the season for using them has ended. You shouldn’t buy Christmas decorations in early December, but rather in January. You shouldn’t by ski equipment in November and a new boat in June, rather the other way around. When demand is low for a product, you can always get a good deal.

Buy From the Right Places – Some stores are more expensive than others, and you don’t need to shop at a place just because it’s designer or more upscale. It’s perfectly fine to shop at Wal-Mart and Target, it’ll save you a ton of money. Don’t buy from a store because it has a specific brand name or just because that’s where you’ve always gone, buy from stores based on value, customer service, and price.

Plan Your Purchases In Advance – When you’re purchasing any item of a decent size, you should first check and see if you can’t get it cheaper online through eBay, Amazon, or other online retailers. Make sure you’re getting the model of product that you want, and at the price that you’re willing to pay. Do your homework when shopping and it will pay off in the long run.

Negotiate, Negotiate, Negotiate - Negotiate on everything you possibly can. You won’t always get a better deal, but it doesn’t hurt to try. You might earn a reputation of being cheap, but who cares what other people think? You’ll actually have money. If you ask for a discount, chances are you’ll actually get one.

Find Hidden Bargains – A lot of retailers have outlet stores where they sell damaged and out of date merchandise. These places are often tucked away in office parks and in outlet malls. You’ll be able to get high quality products for a fraction of what you would normally pay.

Give frugality a chance, if you don’t like it, you can always go back to paying too much.



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