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Often times we look at frugality as another word for cheap or stingy with money. We see it as a restrictive method to saving money.
But, actually, frugality is far from being stingy or restrictive.
Frugality is being mindful with how you manage and spend your money. It’s planning out your purchases ahead of time so you can afford the item while still researching the best deals.
I found frugality long after I spent my way to over $105,000 in debt, so I know first hand what it’s like to be a spendthrift. I’ve seen both sides of the equation and being frugal is one of the best ways to protect your wealth.
Way #1- Frugality Enhances Creativity
Creative thinking is a great way to get what you want and remain frugal. Anyone can can buy something, but frugal people are selective with their purchases, so they research alternatives to the item.
Is it something you can make? Is it something you might have on hand that can also serve this purpose? Is it something that you can pick up at a thrift store for a quarter of the retail price?
Way #2- Frugality Teaches Contentment
Contentment is the joy you feel from within. People often confuse contentment with general happiness, which in this context is not the same thing.
You may feel happy with a pair of shoes you buy or a new car you lease, but that happiness often fades once the new-ness of the item wears off. But, when you are content, your happiness does not depend on your possessions.
Frugal people understand this subtle difference and as a result they strive to be content. They work on their own mindset and their own circumstances. As a result, they don’t focus on accumulating more material possessions, instead they choose to spend their money on worthwhile things. The increase in their savings is icing on the cake.
Way #3- Frugality Eliminates Waste
Frugal people strive to save everything, which in turn saves a lot of money. I personally love using every last drop of my conditioner and squeeze the heck out of my toothpaste to get the most of what I purchased.
It doesn’t make me cheap. It makes me mindful and less wasteful. I feel good knowing I’m getting the most out of my products.
As a frugal person, I also focus on eliminating as much food waste as possible. So, I’m careful to use what I have on hand first before running to get extra ingredients for a recipe. I’ve even been known to swap out alternates or add more ingredients in a dish to use it up.
Way #4- Frugality Reduces Impulse Purchases
I can’t say that frugality has completely eliminated my impulse purchases, but it’s definitely changed the way I think about them. Being frugal keeps me aware of what I spend my money on, as a result, if I’m making a purchase, it’s usually planned.
This is not to say that people who aren’t frugal just throw away their money. But, there is a distinct difference in the thought process before they spend money.
Non-frugal people buy on impulse much more often than their frugal counterparts. And often times, they don’t keep track of their spending to notice. Before they know it, they’ve wasted thousands of dollars that year on things that they no longer find interesting.
When I say they, I refer to old me. I was there and I know it all too well.
I wasn’t born frugal, read more about how I started here.
Way #5- Frugality Gives You Peace of Mind
I distinctly remember how I felt with no savings and how uneasy I was when an emergency expense came up and I had to borrow money to fund it. It sucked.
Adding frugality to my lifestyle was not easy. But, the small tweaks I implemented made all the difference in my world. The more I saved, the more I was fascinated by the power of frugality.
Saving money became second nature and before I knew it, I was debt free and living my best life. I was a far cry from where I was before I found my frugal muscle.
Today, I feel at peace. I’m no longer worried about bills or debt. I don’t have that pit in my stomach that we can’t afford something I just charged on a credit card on impulse.
Having a stable financial plan has helped me feel in control and as a result, I feel calm and at peace.
Frugality seriously changed my life for the better and I manage my money 100 times better than before.
Want to learn how to be a little more frugal? I have a FREE guide to help get you started.
Frugality has become the new F word, but it shouldn’t be! That word has a lot of power in enhancing your life.
My advice? Learn it, apply it, and enjoy the benefits. I do each and every day.