Frugality is one of the easiest ways to stay afloat financially. Those who spend more than they make each month will never get out of the paycheck-to-paycheck lifestyle. Building wealth requires spending less than you take in over time, and keeping frugal with your money is one way to ensure that you're able to do this. Here are seven strategies for frugal living that can help.

Quit Eating Out

Eating out is pretty fun, and it can be quite convenient. It can also be quite expensive. It's great having someone else cook for you on a regular basis, but this benefit comes with a cost. If you find that you're not building sufficient wealth, you might want to cut back or cut out your dining out. There are plenty of great meals that you can cook for a dollar or less per serving. All it takes is a plan, and that plan should not include eating out if you're not socking away bunches of money each month.

Cut The Cord

Millennials are pretty good at this. Many GenXers would be tempted to cut cable if they could get live sports. The average cable bill in the US has now reached $106 per month. That's nearly $1,300 per year. What could that amount of savings mean to you? It would help you avoid going into debt any time something small breaks. It could also mean that you'd have more money to invest for long-term growth. Is senseless entertainment necessary when you could build up wealth?

Build An Emergency Fund

Just about any financial guru online, on television or on the radio will tell anyone who reads or listens to them that they need to have an emergency fund. How big this fund might be could vary. If you’re aggressively trying to pay off debt, saving much more than $1,000 might impede those efforts. If you’re out of debt and simply trying to cushion your life, three to six months’ of expenses will do wonders. Emergency funds are great when things go wrong, and things will eventually go wrong. Therefore, the time to get started on an emergency fund, if you don't already have one, is now.

Shop Around For Insurance

This won't work for everyone because there is a lowest possible insurance cost; however, for those who have not already found it, finding lower insurance premiums could add up to hundreds of dollars in their wallets every single year. These savings could definitely go toward an emergency fund or long-term investments and make your financial future look brighter immediately.

Live Healthy

One of the biggest expenses that adults will have is the cost of healthcare. While going without insurance is not a good idea if can at all be avoided, many of the health problems that cost money are actually tied to poor lifestyle choices. Americans like to eat. We also like to drive everywhere, and we frequently have jobs that require us to sit for very long periods of time. None of these habits are good. By tweaking your lifestyle, you can get more exercise and eat better. These steps should result in fewer trips to the doctor and fewer diseases that wind up costing money. Your health is one of the best investments that you can make.

Avoid Interest By Paying Cash

This might not be possible for most people with a house or a car. Some large purchases might require a loan. However, paying interest is definitely going to take a chunk of your budget each month if you have loans. You should make it a point to never finance appliances no matter how many days the store gives you same-as-cash. Why should you never finance appliances? Because you are likely to pay interest. Many folks (as many as 80%) will intend to pay off the debt by the end of the interest-free period and then fail to do so. This will lead to your appliance costing more than it would have had you paid in cash. Saving up for these purchases and then paying for them is a better idea.

Keep Your Car Or Downsize It

There is no need to drive around in a Mercedes if you owe money to anyone. It might seem like a status symbol, but it will hurt your bank account. Driving around a nice used car that's paid for is always preferable to owing on a car that the bank still technically owns. Every month that you can go without a payment brings you closer to paying for a new car with cash and investing any money that's left over. Buying a new car leads to all sorts of interest charges that make the bank wealthy while leaving you in debt. If you owe much money on one of these nice cars or a big truck, it might make sense to sell it and buy something cheaper to cut down your debt.

There are many steps that you can take to live frugally. While any one step might not make a huge difference, a bunch of smaller steps can and do add up over time. By putting these strategies into play, you'll increase your likelihood of achieving financial success in the future.

Author's Bio: 

Rachael Murphey is an entrepreneur and blogger on topics of personal success, fashion, business, marketing, personal finance, and health. She graduated from the University of Colorado Boulder with her Associates in English, and from the University of Colorado Denver with her Bachelors in Business Management. She currently lives in Denver with her dog Charlie.