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From Frugal to Free
Frugal adventures on the road to financial freedom.

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Sacrifice Early, Win Later: Being Broke and Having Enough Money

Posted on December 30, 2014February 3, 2017by Kara

You know how there’s a difference between broke and poor? Broke is making enough money to pay your bills on time but not saving anything and having few to no indulgences. Poor is living off credit, missing payments each month and having to choose between essentials (healthcare vs rent) because you cannot afford them all. For […]

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Frugal’s Financial Guidelines

Start with these simple guidelines to save money and invest in your future:

  1. Write down own the top three reasons you want to save money. Post it as a reminder to keep on track with your goals.
  2. Learn to budget. Then do it, diligently.
  3. Cut costs. Reduce spending by 10% across all categories.
  4. Direct deposit 10% of every paycheck directly into savings. Build up an emergency savings fun with a minimum of $1000. Aim for six months of living expenses.
  5. Maximize retirement savings. Contribute as much as you can, especially if you have an employer-matching plan.
  6. Begin investing in small ways. Use apps to begin investing with just a tiny amount of money. Learn how it works.
  7. Build credit wisely. Use a credit card for monthly expenses. Pay it off on time every month.
  8. Learn to communicate about money. With everyone. The better you get at talking about money, the more you’ll set yourself up for financial success in all areas of your life.

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