Frugal With Finances

In order to live a frugal lifestyle, we must adapt to a lifestyle of being frugal with finances we have at our disposal. Living a frugal lifestyle doesn't necessarily mean living a cheap lifestyle, but we should exercise a mindset that we will get the most efficient use out of whatever financial resources we have.

• FINANCIAL RESOURCES

• Checking and Savings Accounts

• Are we getting the lowest fees possible?

• Are we achieving the best rate of interest possible?

• Are our accounts adequately insured and protected?

• Do we reconcile our accounts at least monthly?

• Credit Cards and Debit Cards

• Are we getting the lowest fees possible?

• Are we achieving the best rate of interest possible?

• Do we regularly monitor our credit reports?

• Do we review our statements for errors on a regular basis?

• Insurance Policies

• Do we review the adequacy of our insurance protection regularly?

• Are we satisfied we are getting the best value for our dollar?

• Have there been significant life changes that may require adjusting insurance levels?

• Can our deductibles be increased which could translate into lesser premiums?

• Investments

• Have we established short term and long term goals for our investment strategies?

• Have we considered utilizing the services of a professional financial planner?

• Have we considered the impact of income taxes in our investment strategies?

• Are we able to minimize the fees associated with our investments?

Being frugal indicates that we want to achieve the most with what resources we have in order to enjoy life after retierment. However we will need to evaluate whether some of these functions should be entrusted to a professional or if we are willing to incur the necessary time expenditure to do it ourselves.

Remember that Rocking Chair Wisdom encourages us to Enjoy Life After Retirement.

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