5 Tips From "Playbook For Tough Times" That'll Help You Live Your Best Life

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Editor's Note: Congratulations to Cheryl, the winner of a copy of Donna Freedman's book, "Playbook for Tough Times!"

When you're stuck in a financial rut, it can be difficult to summon the strength to pull yourself out. And it often requires way more than just strength. You need a plan, you need willpower, you need guidance, and you need the right tools. All of those things can be found in Donna Freedman's new book, Playbook For Tough Times: Living Large On Small Change, For The Short Term Or The Long Haul.

Freedman doesn't just offer incredible advice, she shares her personal struggles. She understands what it's like to scrape by as a young single mom. She has had to find creative and frugal ways to shop for groceries on a very limited budget. She also knows what it's like to have a bank account emptied by a lengthy divorce — and while caring for a special-needs child and attending college later in life. Freedman doesn't sugarcoat her financial tips because she knows there's nothing sweet about being broke. Her book reads like a conversation with your savvy best friend — she understands you, and she wants to help you. Here are some of her best tips for weathering any financial storm.

1. Don't Take It Personally

It's easy to look at your money woes and fixate on where it all went wrong, or at what point you screwed everything up. But if you obsess over what you specifically did wrong, you end up living inside that dark cloud of self-blame instead of seeking a solution. Freedman knows this cycle of negativity all too well.

"During my own difficult times I'd sometimes wonder, Why me? Ultimately I realized the answer: Why not me? Stuff happens. Life happens. It's not personal. So I worked to fix what I could and made my peace with the rest of it. No, life isn't fair. But unless your fairy godmother drops off a winning Powerball ticket, you have to play the hand you were dealt," Freedman writes.

2. Stay Frugal When Flush to Reach Financial Goals

It's no longer 2008, and we're inching our way out of the aftermath of the Great Recession. Back then, frugality meant survival, so there was no other way to live. Now that the economy is becoming more stable, people are starting to spend more, and save less. But living frugally doesn't need to be an emergency-only money strategy. The frugal lifestyle can help you reach your financial goals.

Whether you're striving for an early retirement, paying off all your debt in the next few years, starting a family, or taking a much-needed vacation — as long as you make a conscious effort to save as often as possible, you'll be able to achieve the goals you want.

3. Understand That Frugality Is Fabulous

Freedman's mantra, "Save where you can so you can spend where you want," is exactly what the world needs. You don't have to settle for eating ramen noodles for every meal for the rest of your life, but you also shouldn't overspend on everyday essentials that you can get for free or very cheap.

Having the money to splurge occasionally, while also knowing how to get by when times get tough is a skill set that will make you financially invincible. And whenever the frugal life seems overwhelmingly tough to master, think about this bit of wisdom from Freedman:

"Ultimately I wanted more than rice and beans, thrift-store clothing, and part-time jobs that didn't pay well. But I was well aware that having those things made me luckier than a whole lot of people in this world. A rich life is not necessarily determined by the number of dollar signs in it."

4. Find All the Freebies

Why pay for something when you can get it for free? When a big chunk of your spending is entertainment-based — going to the movies, visiting museums, or embracing your bookworm side — Freedman shows you how to do all of that fun stuff for zero dollars.

She also provides brilliant methods for slashing health expenses that can add up quickly, and lists foundations that provide free or reduced-price mammograms, dental work (including orthodontics), utility assistance, and eye exams and glasses. After all, there ain't no shame in the freebie game.

5. Embrace the Financial Fire Drill

The best tip, by far, is implementing what Freedman calls a "financial fire drill." It's essentially a budget makeover that focuses on cutting down the number of bills you need to pay, and shifting into a smarter way to use your available funds. She breaks it down into three simple steps:

• On paper, build a baseline budget — which is the absolute minimum you need to survive.

• Pretend that your household lost some or all of its income.
   
• Subtract the baseline from the income that remains (including unemployment, if that's an option). If the answer is a negative number, time to take another look at those wants and needs.

Doing this when your finances are stable gives you a head start into a better life, and also protects you from a major financial setback should tough times arise.

Feeling motivated yet? For more of Freedman's honest brilliance, check out her blog, or pick up your copy of Playbook For Tough Times: Living Large On Small Change, For The Short Term Or The Long Haul, on sale today!

Editor's Note: Donna has donated one paperback, Kindle or PDF copy to be given away to a Wise Bread reader. Leave a comment below for your chance to win. U.S. residents only, comment must be left before December 31, 11:59 am Pacific Time. Winner will be announced first week of January.

In addition, Wise Bread has negotiated a short-term discount for the PDF version of the book: Go to this link and enter WISEBREAD in the "discount code" box and receive 'Playbook' for just $5. The code will be good through December 31.