Easy methods to be frugal for increased savings from your fellowship

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How to be frugal by choice?

Being frugal is important for everybody who do not want to make their future life complex with financial problems. Here, some practical ways are pointed out to establish a frugal but enjoyable life which may be helpful to the research scholars depending on fellowships with break to achieve a financial stability.





1. Try not eat outside restaurants or cafés for more than once or twice in a month. Make a budget for that which is reasonable for you. If you have cocktail parties in pubs on every weekend on a regular basis then you will end up with negative balance in your bank account within a few months.

2. Do not be conscious about branded stuffs. Brands are for business and mostly for unnecessary luxury. Probably you do not need branded cloths or shoes or gadgets. Actually, no-body cares about what you are wearing. Find out generic stuffs of good quality which will be budget friendly and economic for you.

3. Try to go for economic but quality entertainment in your spare time. Books are cheaper in cost but higher in quality compared to yearly OTT subscription. Books will remain forever, but OTT subscription will not. OTT does not enrich you in anyway. On the other hand, ‘You Tube’ is free and loaded with lots of quality contents including audio books, podcasts, documentaries and movies. Using of ‘You Tube’ in a proper way will enrich you tremendously. I personally started to use a single OTT in the last year, after six years of its launching.

4. Do not buy stuffs which are not needed immediately. Do not get mesmerized by online ads, it will only manipulate you to purchase stuffs which may not be needed. If you are in craving for purchasing something expensive, wait for a month and if the craving remains persistent then buy it otherwise not.

5. Try to use discounts always. Everywhere, now a day, you will find discount coupons. You should use it. There is no shame but smartness to use discount coupons, even Warren Buffet and Bill Gates are big fan of discount coupons.

6. Holidays can be exciting without spending a lot. Try not to book expensive hotels or resorts to spend the vacation. Go for economic but exciting staying places, such as hostels, camps, government guesthouses, holiday homes etc. Try to plan a vacation trip with a group of 4-5 members. Increase in headcount reduces the ‘per-head’ expenditure in a trip.

7. Make a fix budget before online shopping. If you can afford a certain amount of expense, you should be determined not to purchase beyond that amount. Do not buy unnecessary stuffs by being overwhelmed with offers.

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