Frugal living is not a new concept but it is definitely a newly enforced concept, especially due to a very unstable economy. India, as any growing world power, has its share of economic ups and downs. However, it also has one of the largest shares of startup entrepreneurs, fortune 500 companies, corporate professionals gaining international caliber and of course, various service holders holding the base of the country’s functioning economy steady! While the list might show an entire range of tax slab holders, frugal budgeting is a concern for all of these individuals, regardless of their account statements and equity ranges.

“Frugal budgeting -> more stable economic condition -> less stress -> improved quality of life”

Frugal budgeting in simpler terms refers to an organized financial goal plan. This plan will have your financial goals, your 5-year economic decisions, your 10-year wishful thinking, and a concrete step oriented path to achieve most of these goals.

Our advice – Start slow. One step at a time. Include professional help or reference financial plans, wherever you are overwhelmed with the details, but start immediately. So, here is a simple 10-step goal planning to tap the power of your frugal budgeting resource.

1. Defining a concrete goal: You want to start putting in a set sum in to your retirement account, you want to start saving for a proper metropolitan condominium, or retire in 10 years with a shack resort on the beaches of Goa. Your goal can be as small as paying off your pending credit card debt, saving up for a foreign trip or as big as starting your own business in 5 years. The idea is to visualize the goal in concrete terms instead of a vague outline.
2. Write it down: Write down your goal(s). Writing it down, makes it a little more real and more like a plan than a dream.
3. Arrange in order of priority or accessibility: Multiple goals should be categorized in order of their urgency and in order of the shortest time required to complete and cross out a goal from the list.
4. Specify: This is a redundant point but it is very important. Always be specific. Sit down a figure out the closest ballpark for that beach shack resort and then write down the amount beside the goal to give yourself a quantifiable objective.
5. Doable goals: The difference between wanting and realizing is a sense of achievement. You may want to become an overnight millionaire but chances are you will be more successful with a doable plan involving owning a set number of real estate ventures in a set period. Of course, you can always revise your goal plans depending on your success rate in the future.
6. Define the Call to action: State out the call to action to yourself. Self-analysis might reveal you need to reduce number of eat out sessions per week to save an amount or invest in a plan that automatically restructures your budget. You might also want to create a system where a set amount is automatically withdrawn to your savings account.
7. Set event milestones (and celebrate each success!): Set milestones for short periods and remember to celebrate every successful completion. 
8. Zoom in on the interest:  Always choose the investment plans, bank accounts profiles and financial plans depending on the rates of interest. In the end, your money should also earn for you.
9. Commitment program – being accountable:  Include your spouse, parents, or wards in to your plan. This will make you more accountable to the idea of the plan.
10. Assess progress at regular intervals: Your progress insights will reveal the weak and strong spots of your plan and help you restructure for better orientation. Include professional help wherever necessary. Experienced professionals cannot only help devise customized plans but also deliver optimum results for the same budget range.