Owning or Renting

This is a big decision that would likely be best decided first by finances if you wish to be financially fit. You will have to decide if buying will save you enough to be worth it compared to the money invested in your occupation and its returns. Or in another way, will you have bigger gains by investing in making your income bigger or the bigger gains be in the saving on rent? Be sure to include interest in this equation too. Also consider that you may be able to share a home or even a room to save on rent too. A intermediate step may be to buy a mobile home or large RV and rent a lot (property) space until you can upgrade to a house. Location can be important to your frugal lifestyle. Location can greatly affect your cost of living! Also borrowing is likely to put you under dept financial pressures. Buying a fixer upper may be a great way to make better financial gains and of course save on the “do it yourself” method.

Minimalizing (is the new coined word)

Since size of home or space that it uses and cost to build it has a direct impact on your coat of living, it can make a big difference in savings. The smaller the house, the less bills to pay. By having less stuff, you need less space. By not buying more stuff you do not need, you also save money! In fact many folks that decide to minimalize, sell off much stuff the do not need to downsize for this lifestyle. Also the stuff sold becomes cash in the bank instead!

Tiny Homes

More recently this has become attractive in the recession in order to live frugal. These are very low cost small homes for the minimalists. Usually designed to be ultra space efficient. This appears to be better suited to young couples or singles that need less space.

Portable Homes

This is really good for folks that have a portable income or get tired of one place easily. Also, it is great for folks that commute further distances with their work. Appears that most are full time RV dwellers, known as full-timers, which are retired and move where they like the weather. Full-timers can choose to rent or buy a space or boon-dock for free. Also by boon-docking in some locations, RV-rs can get free wifi! Several resource of RV web sites for this is irv2, rv-dreams, and escapees. Even some families go full-timing and home school their children. Boat dwellers are called live-a boards, and can choose to rent slips or stay out on the water for free. A handful of folks like living in Yurts. Commonly, more and more displaced folks live in tents in groups now called tent cities.

No Ownership and no rent

This is really not for many, but there are a few Communes, Monasteries and homeless shelters. I have heard that some communes or Monasteries welcome travelers, homeless and RV-rs.