The word frugal often brings to mind a mental picture of Scrooge. But, a person doesn’t have to be a miser to be economical. Frugal really means being smart with your money. Once you get over the old-fashioned stigma, you may need some strategies to help you spend your money wisely rather than spending it on whims.

Find an Accountability Partner

Self-control can be difficult to use when it comes to money. After all, you work hard to bring home the cash, so why shouldn’t you get to spend it? Most people spend more money on a daily basis than they realize. You need to curb this free-for-all spending, and an accountability partner can help.

- Set a limit on how much you can spend daily without calling your partner.

- Call your partner before you make any additional purchases if you reach your limit.

- Confirm larger purchases with your partner before you buy the item, even if it’s within your budget.

Plan for Emergencies

Emergencies can really put you in a bind if you don’t have a plan of action. While you can never know what will occur, you can set aside emergency cash to help.

Don’t Fall into the Credit Card Trap

Credit cards are easy to use and typically give you access to thousands of dollars (provided you haven’t maxed them out). However, they often come with a steep cost attached. You need to consider the total expense of a credit card. Figure out how much interest you’ll have to pay to use the amount of cash you need to cover the emergency. Take into consideration interest rate hikes, which often occur after you make a large purchase on your credit card.

Set Up a Savings Plan

Many people make the mistake of trying to save money in their checking accounts. When you have a direct link to your savings, it’s too easy to fall into the temptation of spending that money. Separate your savings into a separate account, preferably one that makes interest for you.

If you have trouble saving, ask your bank about direct deposits into your savings account from your checking account. Banks often allow you to determine how much money to transfer, as well as the transfer schedule. If your bank doesn’t offer this, your employer may have a program that allows you to split your direct deposit into two accounts.

Use Prepaid Credit Cards

Sometimes being frugal depends on finding the best solution. If you’ll be traveling and want to have access to emergency cash, it may better to get a prepaid credit card rather than using a card with a higher interest rate. A prepaid credit card costs you less, and it works the same as a regular credit card. Another great benefit is that you can set the amount of money on the card. Pick an amount that is enough to cover an emergency but that still leaves money in the bank. This can prevent you from overspending on a regular credit card.

Being frugal can be a blessing to your personal finances. Once you start applying strategies, you may improve the quality of your life while boosting your net worth.