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Episode 21 - Frugal Living
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Denise Duffield-Thomas Money Bootcamp
Being frugal is not cheap!
There is a difference between frugal and cheap. Frugal means being economical with regard to money and food.
Integrating Frugal Practices into Homesteading Lifestyle
Since self-sufficiency means survival without needing assistance from outside, and homesteading is essentially living sustainably, frugality is a vital component of homesteading.
My biggest aim is to own the farm myself, and if living frugally gives me the ability to pay more off each week then it's a no-brainer for me.
The idea behind sustainable living is to live by your own means, so not needing help or assistance or supplies from outside sources. Minimal living, growing your own food, repairing rather than throwing out and buying new.
Sometimes living frugally means buying great quality the first time so it lasts longer. Socks for example, I am so sick of terrible quality socks that get holes in them, I only buy good quality socks now.
Budgeting and Financial Planning for Homesteaders
Creating a frugal budget that aligns with your homestead's goals and values is very important. If you are a family that needs to have private health insurance, and here in Australia, our private health insurance is something we pay for ourselves, which is different to other parts of the world where it is sometimes included in salary agreements.
If private health insurance is something that you absolutely have to have then you need to make sure that your frugality aligns with those goals that you have. There is no point in living frugally to the point that it is causing you grief because you can't pay for the things that you feel you must have.
If wearing new clothes is something that you are very if you're very passionate about then you need to align your goals with that and you may need to cut back in other areas in order to afford the things that you feel you must have the new version of.
However, if you're the kind of person who can absolutely cut back on certain areas to pay for those important things then you should. Buying second-hand clothing from St Vincent de Paul or other second-hand charity stores is something that I love doing and I would encourage you to do it it's. The clothing there is usually in excellent condition and still has the tags attached in some cases.
Most importantly write it down. You need to record what you want to spend versus what you are actually spending.
It's impossible to budget if you don’t actually know what you are spending.
Also, look for areas you can increase your savingsI have a mortgage offset account that allows me to put the bulk of my money into and then I only move what I need into my spending account. That way I’m helping reduce the interest on my mortgage.
Gardening for Frugal Food Production
Planning is key to gardening. If you know that you will always use onion and garlic when cooking the best thing you can do is grow