A lot of us exhibit a bad habit when it comes to spending money. Don’t get me wrong; I know money is meant to be spent as argued by some people, but it should be spent wisely.

Money just like humans wants freedom of expression and if given that freedom, it could make you subject to its temptations which will no doubt lead to you making financial mistakes that may result to you going down the drain.


Being frugal isn’t boring and doesn’t mean you’ll be close fitted, it simply means avoiding unnecessary expenditure!


Frugality is one of the secrets of successful people of all times and here is my top 4 habits of successful frugal people.


  1. Set financial goals- like every other aspect of your life, it is important to set financial goals. Simply put, a goal is a desired result. What are the things you intend achieving financially, break them into short term and long term goals. Do you plan to buy a house by the end of the year or do you want to register for an online paid course?

Setting financial goals will help you plan for the big picture and this will control how you spend money.


  1. Pay yourself first- do you know that when you make any purchase or pay for anything such as toothpaste, utilities, medicals, et cetera, you are giving others money which will never be enough because the bills will always pile up right in your face and by the end of the day, there’ll be nothing left for you to spend for yourself!

I remember sometimes as a salary earner, when I received my pay for the month, I usually headed straight to a restaurant to treat myself to some good meal because I knew once I started paying for this and that, I’ll be left with nothing for me. It’s good to treat yourself nicely every now and then but it’s best to pay yourself first by saving a part of your income or earnings consistently as it comes be it daily, weekly or monthly.

You don’t have to set aside half of it in a piggy bank, all you need do is choose the formula that works for you. It could be 20-80 that is, 20 percent for you and 80 percent for others or 10-90 as the case may be.

Please note that you are not saving to spend on unnecessities but to keep for the future or invest into something that will bring more money.


  1. Financial busget- a budget is an itemized summary of intended expenditure. Having a financial budget is a habit that successful people exhibit. This prevents wasteful spending because with your budget, you get to only buy or purchase the items in your list.

Permit me to add that it is very important for you to itemize your expenditure in the order of preference that is from the most needed and urgent to the least.


  1. Avoid impulse buying- to be financially free and successful requires a great deal of discipline speaking about impulse buying. Being frugal is beyond setting financial goals and having financial plans, you have to discipline yourself to follow through your plans and goals. Tame your mind and hand not to be distracted by certain urges or desires that weren’t planned especially items that depreciate in value. If you think it is necessary to get a particular item that wasn’t included in the current budget, you can add it up in the next budget.

Bottom line is, every purchase must be thought and planned and not gotten spontaneously.


In conclusion, always have it in mind that some things are expedient but not necessary. Successful people know this and they go for the best option.

Understanding the difference between wants and needs, liabilities and assets is another way of being frugal. You have to consciously strike the balance.


Set your priorities right, this is one step to you being financially independent.

To be successful you have to do what successful people do therefore, “spend like the successful!”


“It’s not your salary that makes you rich, it’s your spending habits.”- Charles A. Jaffe




Saka Halimat Shadiat

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