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Know the 3 Ns: Necessities, Nest Egg and Non-Essentials – Necessities, like rent, food, clothing and transportation, should take no more than 50% of your income. Aim for a nest egg—savings in an interest-bearing account that includes cash enough for three month’s expenses or emergencies, plus a chunk of your monthly income going into a retirement account—and designate no more than 20% of your income for discretionary items such as entertainment, dining out, vacations and other non-essentials.

Know the 4 Rs: Reduce, Repair, Reuse, Recycle – Before you buy something, ask yourself: Do I really need it? Can I buy it second-hand or trade for it? Can I recycle or repurpose something I already have? Can I find it on the cheap? Get acquainted with local websites devoted to buying and trading used merchandise.

Stick to a List – Resist impulsive buying. Whether it’s groceries, clothing, household goods or non-essentials, make a list of what you need and do your best to stick to it when you shop. And a good piece of advice…never do your grocery shopping on an empty stomach!

Try Not to Pay Full Price – Clip coupons, download apps and sign up for loyalty programs. Check the internet for books and tips on purchasing almost anything you need at a discount. Facebook Marketplace is a good place to start looking for preowned items at affordable prices.

Put People Over Things – Money can’t buy relationships. Even casual conversations can lead to friendships, and friends can be your greatest asset. Apart from the emotional support that friends provide, you can live more frugally by cooking together instead of eating out, playing games at home instead of spending on expensive entertainment, and keeping each other on the straight and narrow when it comes to spending wisely.

Photo by Katt Yukawa on Unsplash