What Does It Mean To Live Frugally?
Frugal living is a practice of living a moderately-priced lifestyle that won’t upset your budget or deplete your bank account.
A benefit of frugality is that you will have money left over to save.
Frugality can be embraced by every person, regardless of your income.
Frugality doesn’t mean you have to live in a cardboard box.
It doesn’t mean you should go without modern luxuries like entertainment and food, but it does mean that there are things you can do to cut out like unnecessary spending and maximize your income to live a comfortable life.
Let me explain why you should consider frugal living in the first place.
In life, we are continually being threatened by our own choices and actions.
Most of us are unwilling to recognize our limitations and accept the consequences of our actions.
You spend more time trying to get out of debt than enjoying life.
Frugality is not merely a matter of saving money, but a way of saving ourselves from ourselves!
- What if success and happiness depended on having what we want?
- What if success and happiness were entirely dependent on having nothing at all?
The short answer is, it depends on your definition of frugal living.
Frugal living means living within or below your means.
It can apply to saving money, investing money, or buying goods and services that are affordable.
Frugal living teaches you the importance of living with a purpose. Some think frugal living is cheapskate living.
On the contrary, frugal living is intentional and living with a purpose.
Continue reading: The Best 3 Ways To Crush Unhealthy Money Habits
What does frugal Living mean for you?
Frugality depends on what you’re trying to achieve with your life.
If your goal was to leave your 9-5 job and work from home, then you would prioritize your goal and ensure your spending aligns with your goal.
If becoming financially free was your goal, you would focus on spending less on purchases, considering your wants over needs.
Frugality has different definitions for each of us, set the level of frugality that is comfortable for you to help you get closer to your success.
Remember that there are certain things we can do in our lives, like saving money or investing.
Frugality is not a form of slavery, it is a way of living, it creates purpose and defines what is valuable to each of us.
Our society doesn’t value frugality, it is seen as a weakness. But studies shows that frugal people have happier lives.
Bonus: Unbelievably Easy Ideas To Inspire Your Long-Term Financial Goals
6 Tips to help you live a frugal lifestyle
1. Live like a Minimalist
Cut back to the bare minimum that is necessary for you to live. Only the essentials should be budgeted for.
2. Use coupons
Check for coupons from retailers or online sites like Groupon.
3. Seek discounts
Search for weekly deals at grocery stores or department stores. There are online sites, like Rakuten, that have great discounts on electronics and so much more.
4. Set goals for financial independence
Focus on living free from debt, don’t add more debt to your plate. Avoid opening new credit cards accounts.
5. Create an Emergency fund
Have enough money saved up in case of emergency or loss of your job.
6. Practice Self-control
Exercise self-control, avoid spending more than you earn.
It’s okay to purchase quality, long-lasting, items that add value to your life.
Keep reading: Emergency Fund Mistakes, Avoid These Common Slips
A frugal lifestyle can be rewarding.
Considering that most of the things we value are only materialistic. Material items don’t bring true happiness, only short-term happiness.
True happiness comes from spending time with people you love and enjoying the simplicity of a stress-free life.
Remember that every purchase you make is financed by work hours.
You are giving away a little piece of your life every day with each unnecessary purchase you make.
Focus on mindful spending and think twice before making an unnecessary purchase.