10 practical tips from year of spending nothing

Michelle Mcgagh decided that she would not spend a single penny on things that are not necessary. This means no movies, no cab(no bus even!) and no meals in fancy hotels! She documents her experience in a Moneywise article which is of interest to all the people interested in frugality and financial freedom.

Some important tips she shares are
1. Check your spending :- Unless you know how much you are spending, you can not control it.
2. Needs vs wants :- Make sure you need the stuff you are spending your money on!
3. Set a goal :- This could be overpaying your mortagage or building the retirement account.
4. Pay yourself first :- Keep the long term money aside and then spend.
The other tips she shares are Pay cash, Get organized, Get others on board, Do not get suckered into deals, Look to the past and finally Get out of your comfort zone.

It is important that you need to be convinced of the necessity of being frugal and equally important is the organization you put around your efforts to get there.