Fact - the more glamorous your life is, the more you need money. Large houses need care. Cars need maintenance. Heck, even designer clothes need to be dry cleaned. How many times have we seen lottery millionaires (or even rock stars) eventually go bankrupt just because they don’t know how to manage their money. You don’t want to be the next Rick James without even getting rich right? Start by living a frugal life.

Distinguish needs and wants. Its always easier to buy things than to sell them (and depreciation’s a bitch too!). Go around your home. How many things can you find that get no absolute use at all and yet costs something. Try to asses the real cost of ownership of things before purchasing. How much does it give back to you in terms of use? However, don’t go skimping on yourself forever. If you happen to just want a thing, go on a planned splurged. Once a year get something that you want as a gift to yourself.

No need to overhaul lifestyles. Many people think that frugality means that you have to be the ultimate miser and that you’ll be living a very unglamorous life. As long as you can get your financial matters organized and that you’re earning more than you’re spending, you’re on the right track.

Own the best umbrella. But always think about the future and make sure you have savings in the bank (or investments elsewhere). No one really invented the rainy day but its best to be prepared for it.

Live on less. If you can afford a lifestyle change then moderation is still the key. Zen gurus would definitely attest to this. The bare necessities track plus a few guilty pleasures (crack, booze, and gambling definitely no included) like some budget for a movie, a dinner out, a weekend with the kids is a good guide in figuring out what counts.

Make a budget and stick to it. Its just a simple act of organizing and control. You’d be amazed that if you do this for the first time and visit your local supermarket with a list and stick to it, you’d be having immediate savings. Now don’t spend the savings on other things, have an investment bankroll and put them there.