What Does Frugal Living Mean?

Too often frugality is confused with being ‘cheap’. the phrase frugal is in relation to the thought process we in the frugal community use to determine the most economical outcome of everyday transactions. whether that be financial, health wise, physically, time wise or any other aspect of life.

Being cheap is about spending less. Being frugal is about prioritising your spending so you can have more of the things you care about.

A person who lives simply and economically can be called frugal.

“To many people, living frugally sounds like clipping coupons, shopping at thrift stores, and staying in instead of going out. But frugal living is bigger than that.

Frugal living means being conscious of your spending and focusing on a few financial priorities.”

Source: https://www.wealthsimple.com/en-ca/learn/frugal-living#what_is_frugal_living

Is frugal living a good thing?

At its core, being frugal is a good thing. But lots of things that are fundamentally good can be harmful and destructive if taken to an extreme. Drinking water can even be deadly if you overdo it. We should all be encouraged to be frugal in certain areas but don’t go nuts!

Source: https://www.listenmoneymatters.com/frugal-living/

How do you live a frugal lifestyle?

To start off with you can do a few things:

  1. Evaluate your budget
  2. Lower your outgoing expenses
  3. Track your spending
  4. Pay down debts
  5. Start an emergency fund
  6. Be creative with everything
  7. Avoid spending temptations

Can frugality make you rich?

If you are frugal, it takes less money to be rich. To paraphrase an old saying, “The richest person is the one who is content with the least.” For example, most people would consider you rich if you were able to retire young and have income for life. If you can live comfortably on $30,000 a year you would be able to retire a lot earlier than if you require a $100,000 a year to live comfortably. Frugality is not all it takes to become rich, you also need to earn money and invest it wisely. In regards to the question, “Can frugality make you rich?” My answer would be, “Frugality can help make you rich.”

Source: https://money.usnews.com/money/blogs/my-money/2010/06/11/can-frugality-make-you-rich

 

Start your frugal living journey!

5 Steps to Frugality