In the typical household, the first rule of money management is not to spend more than you can afford. The second rule is to save as much as possible to meet your financial goals. So, naturally, every financially savvy household develops little tricks to be clever with money management.
Saving money on the go, for instance, by rounding up to the nearest higher value for your purchase, means you can get yourself a jar of coins in no time. A jar of coins may not be much, but give yourself a few months, and you’ve got your emergency savings for rainy days.
However, this method fails to take emotional spending into account. Granted, money management requires discipline, which should exclude impulsive purchases. But you are a person with aspirations and ups and downs. The truth is there will be days when a fully frugal lifestyle will be frustrating and challenging. On those days, you are more likely to break your rules in the pursuit of happiness. So, that’s why you need to make room for life-friendly budgeting, a form of money management that also includes smart tips for leisure and other mood-boosting expenses. Here are some examples to get you started.
Watch the Best Shows on a Budget
The worst thing you can do for your mental health is to ban TV shows from your life. Watching a show gives you the escapism you need. However, with cable TV bills on the rise, you need to be smart about your choices. Switching from cable to streaming package can be a great way of getting all the latest shows without the hefty price tag. As for which is the best tv streaming service, decide for yourself by signing up to free trials. You’ll be able to compare costs, channel offerings and find the best alternative for you.
Fashionable Without the Price Tag
Fashion purchases are deemed frivolous. In reality, while buying clothes can affect your budget, it also plays a significant role in your self-esteem, social integration, and overall productivity potential. Wearing clothes that make you feel good motivates you to be the best you can be. But the fashion industry comes at a high cost for your wallet and the environment. So, rather than banning fashion purchases altogether, it could be a good idea to consider second-hand stores that are filled with thrifty outfits from your favorite designers and periods.
A Casual Meetup That Doesn’t Break the Bank
A night out with friends? Your bank account says no. But your heart says yes. Does a frugal lifestyle contribute to social isolation? The truth is that being frugal can make it tough to stay in touch with your social circle, especially if you are the only one with a money management plan. Friends talk over a cup of coffee, go out to a restaurant, or have a beer in town. Friends plan time together, during which they often spend money. There are some alternatives to keep your finances under control without sacrificing friendship: Why not plan cost-friendly activities such as throwing a party where everyone brings a dish or planning an online escape room?
The Bottom Line
Money management needs to include emotional management as part of your budgeting. From seeing friends to chilling in front of the tv, you can’t put your emotional well-being on standby while focusing on a frugal lifestyle. You can and should meet all your needs, including emotional needs, on a frugal budget.