5 Good Money Habits of Frugal People

Being frugal is not just about “not spending money”. In fact, frugal people sometimes spend more money than non-frugal ones. The keyword here is “sometimes”, which is where good money habits play a big role.

The difference is that frugal people don’t waste money. They know what they want, they know what they need to do to achieve their long-term goals, and they’ve learned over time how to balance their wants with their needs to achieve efficient results.

Here are 5 good money habits most frugal people build over time, plus the way they can use title loans for their benefits.

5 Good Money Habits To Know

1. Prioritizing Saving

People with good money habits prioritize saving. Both for short-term and long-term goals.

If you’re only starting, you should at the very least set up an emergency fund covering 6 months’ worth of your expenses.

But reaching your emergency fund goal shouldn’t be a reason to stop saving. People with good money habits don’t see reaching a goal as a green light to start spending. There’s always something you could be saving for: putting their funds into short-term goals like travel and important purchases, or children’s college funds and retirement for more long-term.

If you have trouble saving money – which can happen if you’ve lived paycheck to paycheck most of your life – try automating your savings, so that the money is transferred into your savings account without tempting you to spend.

2. Knowing Where Their Money’s Going

Tracking your spending is one piece of advice any financial expert would give if you wanted to take control of your money.

Even if you aren’t necessarily on the journey to develop good money habits and becoming frugal, this is one thing you need to do if you wish to build long-term financial stability.

Knowing where your money’s going is the foundation of efficient money management.

3. Nipping Impulsive Spending in The Bud

If there’s one thing you need to do when developing good money habits, it’s to plan and budget for your purchases in advance.

People with good money habits don’t spend extra time browsing isles or e-commerce websites. They know what they need, and they stick to it.

4. Balancing Functionality And Price

People with good money habits prioritize functionality. It’s a balancing act.

This means finding an intersection between the function of the thing in question and its price. However, this is where frugality might be of bad service – because if you only buy something to do a specific job, you might find you’ll have to pay twice in the future.

Take a car, for example. Its main function is to get you places – but you should also take into account how long it will last you. Paying more for a good sturdy model is an investment worth making over saving now and having to buy another car sooner.

5. Learning As Much About Money As They Can

Here’s one thing many miss when it comes to money – it’s not the final goal, it’s a tool. And the better you know the tool you’re wielding, the better your chances of using it effectively.

People with good money habits know what money can do for them and they know how to effectively direct it. That’s the reason they don’t spend it outrageously even if they’ve already built enough wealth to afford it.

The more you know about money, the more you know how to effectively save it, effectively invest it, and effectively spend it.

And yes, spending is also a part of being frugal. Because they know when and what to spend the money on in a way to achieve the maximum desired effect. They don’t hog money. And people with good money habits aren’t afraid of debt when the situation calls for it – because they know how to rip maximum benefits of taking on a loan.

Would People With Good Money Habits Take Out A Loan?

Yes, if they decided the situation called for it. They would consider the pros and cons of getting a loan to handle an urgent situation and act accordingly.

There are many types of loans for people to consider and one type that often proves quick and simple to get is car title loans.

What are some benefits of title loans? They’re easy to qualify for (you need to be over 18 and outright own your car). They welcome all credit types. And they are fast.

So if you need cash on short notice to deal with a time-sensitive problem (a medical emergency, urgent auto, house repairs, etc.), getting a car title loan could be warranted.

How to Get A Car Title Loan Near Me

1. Get qualifying items in order – you’ll need a state-issued ID or a driver’s license, your car, and the car’s lien-free title in your name.
2. Go to the Missouri Title Loans, Inc. website and submit a filled-out form for title loans.
3. Answer when the loan representative calls with further instructions.
4. Take the required items to the meeting with the loan representative.
5. Let them inspect the car and assess the documents to determine if you qualify for the loan.
6. If approved, finish the paperwork and get the cash you qualified for (could be up to $15,000).

Get A Title Loan In An Emergency

Emergencies happen to all of us and needing a sum of cash to deal with them is not something to be ashamed of. Even people who are frugal with their money fall into the same situation from time to time. Don’t hesitate to apply for your title loan today and get the help you need. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.