What is Frugality? Why do you need it?

frugality
We all have heard about Frugal Living and Frugality, but only a few could tell what it really means. Frugality is a mindset, a philosophy and a way of living, but in extreme cases could also be a mental disorder.

The simplest definition of frugality is the quality of being economical with money or food. This on its own won’t make anyone millions, but for sure it will help you and others keep your money where it belongs; in your pockets and in your accounts.

Usually, people who have been in a serious economic meltdown tend to be more frugal, but there are billionaires who also feel the need to do so. It is like a muscle and if you train you will get better at this, but if you don’t you will definitely get worse at money management.

At first, it will be hard to drop out a few guilty pleasures and some commodities just to save a few bucks, but after you draw the bottom line and the sums will add up you will get a boost for your morale. You will have a pretty large amount of money you managed to save available for all kinds of investments or emergency situations.

For rich people, it is easy to enter in a frugal state of mind because they have a lot of luxuries which they could easy give up on. The true challenge comes when you are living on a tight budget and you want to save a couple of dollars. With auto-discipline and creativity, anyone could succeed to adopt a frugal living.

We all need to realize that when we are paying for a good or service we are not paying with dollars, we are paying with time. We are paying with the working time spent to earn that money. So maybe next time when you see a 700$ pair of shiny shoes you will thing before and you will try to convert those dollars in working hours. It doesn’t sound so attractive now, right?

Stop wasting your money on impulsive buying and start put some thoughts on what are you spending your wages. You will save time from your life and money from your wage just by making some simple changes in your daily life.
So what do you think, do you want to try frugal living?

March 8, 2016 Scris de: Horatiu
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