There was a time I would have thought an appliance breaking in my home would be a financial nightmare to deal with, but because of some frugal habits and planning, a couple of would-be major issues turned into minor ones.

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The journey of frugality can mean different things to us, even though we’re all doing about the same thing, which is saving money.

Sinking funds are versatile and can be used for any kind of future expense, as long as you know how much you will need for it when the time comes.

Debt is like tying an anchor to yourself and attempting to swim. All it’s going to do is weigh down your progress and keep you from reaching your goals.

Emergency savings is beneficial for a handful of reasons. It allows you to stay out of debt when an emergency arises. Having an emergency savings is like being self-insured, as you’ll have a pile of money available to you for unforeseen situations. It can make an already stressful situation less stressful, as you shouldn’t have to worry as much about money.

You will be able to buy your wants guilt-free, knowing you have the money set aside while you’re still putting money towards your savings goals.

Budgets can be as complex or as simple as you like. It’s your personal plan. Make it yours.

If taking control of your spending is not something you’ve thought of before, it can seem like a daunting and even boring task. I didn’t say this will be easy, but it will benefit you for the rest of your life. It only takes a few minutes a day once you’ve set everything up. The key is consistency. It’s not going to be fun, but you’re going to have to stick to the budget you set. If you don’t keep this up, you will regret it.