It is not the things we acquire, but the experience that matters. There is a reason why we started the article with such a statement. Often times, people blur the difference between frugal and cheap, and we want to establish the fact that frugal living is all about cherishing the experiences of life and being intentional about our spending.

Getting your finances in order is a daunting task, and at the end of the month when you have to deal with debts or a budget that is way beyond what you expected, it is not a positive feeling.

There is a way out: spend effectively and you save more. We could have asked you to spend less, but less is not always more when we talk about finances. It is better to spend consciously. You see, when we try to spend less than we can, we end up living cheap. On the other hand, frugal living prioritizes selective spending.

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Cheap vs Frugal
Cheap is when you eat at a low quality joint since the price is right. In a way, you are depriving yourself of good health.

A frugal mentality is when you don’t compromise and know the difference between want and need. Frugal means giving more importance to things that matter the most; an adequate lifestyle, balanced credit exposure, and the least amount of wastage.

How can you save more?
Spending less is a choice, and we are not talking about those unexpected and essential expenses. When you make an informed purchase and just don’t go with the flow, it is more satisfying. Often times, we fall prey to our emotions and make an impulsive purchase.

A frugal way of living is being more concerned about what makes you happy and less concerned about others. It is a way to spend your money in a cost effective way, where you invest in your hobbies or spend time with family and friends, and not bing buy to find happiness.  

Think about all the money you could have saved from those countless food and beverage orders and clothes you hardly wear for a more rewarding experience.

So next time, when you are about to spend mindlessly, stop yourself and think about it. And if you are worried about where to put your money, let us help you with that.

Opening a digital savings account is probably the easiest and fastest financial decision you can make in 2022. Get a zero balance savings account to park your money, where you pay zero maintenance charges and earn interest on whatever you intend to save. Look for the Kotak811 zero balance account. It is a digital savings account and is loaded with features such as free virtual debit card, free digital transactions. An all-in-one app to take care of banking, shopping, travel, and more. Not just that, if required, you can also apply for a credit card without a credit score.

How to live frugally?
Always take a moment before you go shopping. Do you really need it or is it just a want? It is always better to walk away and spend some time saving for the item and see if it is a need or a want.

Make small changes in your spending habits
Try and shop during sale hours; cook more and order less; get involved in some activities; at the end, figure out more fulfilling experiences. Being expensive doesn’t mean that it has to be good. Skipping unwanted things and spending on more valuable experiences is the mantra to live a more frugal life and save more.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.