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What You Can Learn from Financial Bloggers About Being Frugal

in Personal Finance

We shared our advice on who to meet at FinCon, a blogging conference for financial bloggers, and came home with advice from a variety of bloggers post-FinCon.

We asked these personal finance rock stars to share their best frugal advice. Here’s what they had to share:

Follow Your Passion

Phil’s advice has led to the launch of a successful blog and conference. Following your passion may lead to more money, a new lifestyle, or simply more happiness.

“Get busy on your passion, or whatever makes you happy. Idle time leads to searching for fulfillment though things. If you’re busy living your life, you don’t have time to spend wastefully.”

–Philip Taylor from PT Money and founder of FinCon

Get Your Head Straight

Knowing your priorities will help you have a reason to make savvy choices when it comes to spending and saving.

“Get your financial priorities straight. Then spend money on the things that are important to you. Stop spending on the stuff that doesn’t matter to you. You’ll have more money, and feel better about your life.”

– Miranda Marquit from Planting Money Seeds

Know Your Worth 

Time is money, and money is time. Measuring your purchases in terms of time can help you see the bigger picture.

“Know how much something costs in terms of your time. When you go to work in the morning, you give up a lot to earn the salary your employer is paying you. It’s more than the eight-plus hours of the day that you’re gone. You give up spending time with your family, pursuing your hobbies, or any number of other things you’d probably rather be doing. If you’re giving up that much to go to work, wouldn’t you want to know what you’re getting in return? Before you buy anything, try to calculate how much it’ll cost you in terms of hours of work.

A quick and easy way to do this is to take your annual salary and divide it by 2000 (number of work hours in a year), then chop off 25% for taxes. That’s your take home pay in an hour. Now calculate how much that next purchase is in terms of hours and let that help you decide whether you really want it. Is a new iPhone worth that many

–Jim Wang from Bargaineering

Step Away from the Credit Card

Put a hold on impulse purchases or better yet keep your credit cards at home.

“Stop buying stuff. Why ‘save’ 50% when you buy a new pair of boots when you can save 100% by not buying them?” — Shawanda Greene from You Have more than You Think

Don’t Believe the Hype

Knowing your spending habits will help you identify trigger points, and talk yourself out of the marketing hype surrounding the latest gadget or trend.

“You can only really be frugal once you start paying attention. Marketers are savvy and they know how to convince people a deal’s a deal when it really isn’t. Know yourself and your spending –intimately — and only then can you make better frugal choices.”

–Luke from Consumerism Commentary

It’s Not How Much, It’s What You Do With It

Remember that appearances aren’t always what they seem.

“Your money or how much money you have does not define you. How you manage your money does.”

–Kelly Kinkaid from Kellyology

Take Your Time with Major Purchases

Careful consideration will save you big money in the long run.

“One money saving tip I always follow is to never buy big ticket items without sleeping on it. When it’s something you really want or really need it’s easy to rush into a big ticket purchase and discount cost or feature concerns. You’ll almost always end up paying more, whether its the purchase price or costs down the road. So don’t rush into big dollar purchases and you’ll save yourself money.”

–Ben Edwards from MoneySmartLife

Be Thankful

Focus on what you DO have.

“My favorite (and one that I need to remember): Always be thankful for what you DO have, even when you feel like everyone else has so much more. The feeling you get while trying to keep up with the Joneses pales in comparison to the feeling you get with financial freedom.”

–Bethy Hardeman Credit Karma

Make a Road Map

Know where you want to go. A financial plan without a road map is like driving without a destination.

“Start at your dreams and work backwards, examining 1 or 2 changes you need to make with your money. Finding the motivation to spend less and/or earn more can keep you on your target.”

–Elle Martinez from Couple Money

What’s the best advice you have for living a more money conscious lifestyle? Any advice someone ave you that’s stuck with you?  

About Kelly

Kelly Whalen is the founder of The Centsible Life, a blog where motherhood and money meet. Her goal is to help readers live well on less. Kelly is a mom to 4, and loves that she can stay at home with her kids, and still pursue her passions for writing, personal finance, and social media. You can often find her on twitter and Facebook talking money and motherhood.

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