10 Commandments for Frugal Living

Thou shalt purchase by value, not price. One of the biggest misconceptions about being frugal is that those who are frugal only purchase things that are cheap or the very lowest price. The truth is that those who are frugal always try to buy the best value taking into account other factors such as the life expectancy and additional upkeep costs that come into play beyond retail price. This often means looking at the long term cost of an item rather than just the initial purchase price.

Thou shalt be patient. Those who embrace frugality rarely have the latest and greatest gadgets that have just hit the market. Instead, those who are frugal wait for the early adopters to embrace the technology until the point at which the price falls to a reasonable level as the gadget makes its way to the masses.

Those who are frugal are usually a generation or two behind on the latest gadgets, but they still perform the functions that need to be done and they get them for a fraction of the price.

Thou shalt buy used. A basic tenet of frugality is to get the best value from what you purchase, and this often means purchasing products used. Those who are frugal are more than happy to let someone else pay full retail price and absorb the premium pricing for products that are depreciating assets (think of the difference in price between a brand new car and a two-year-old vehicle, as an example).

Used products are often a fraction of the price of the new models and in many instances perform the needed task just as well.

Thou shalt look for alternatives before buying. If you need something, automatically going out and buying it is not an approach that a true frugal person would take. Instead, before spending any hard-earned money on something that may only be used a few times, consider alternatives.