Many will wonder what frugality is. For those who do not know, frugality is a philosophy of life whose basic premise is that you can live with it right, spending only what is necessary and to the largest extent possible, saving resources. However, the concept lends itself to confusion, because being frugal does not mean being stingy or depriving oneself of tastes.
Although you can not say that being frugal is going to make or break someone’s life, it is important to know that as a philosophy of life, frugality has its pros and cons, depending on the angle from which it is analyzed.
Benefits of frugality
Frugality attracts many benefits and there are many reasons to live frugally even when you don’t have to. Frugality aims to improve the lifestyle of people, optimize resources of all kinds, both financial and time, etc., making it the best solution for the excessive consumerism that grips us today. The idea is to live as best as possible, avoiding as much as possible, wastage of resources on unnecessary things.
A frugal lifestyle if well run, can reduce the potential impact of a crisis, and significantly increases our knowledge about money, leading people to make better decisions when making budgets. The American writer Warren Johnson, author of The era of frugality and ecological alternative to the crisis, said that without frugality none can be rich, and with frugality, few would be poor.
Living with enough, earning more and spending less, avoid unnecessary purchases, staying healthy, quitting smoking, drinking in moderation, eliminating credit cards and others are just some tips on how to live frugally.
For example, living with enough doesn’t mean necessarily that you exercise a lot of financial tightness or don’t give in to good tastes. On the contrary, living with enough means eliminating those expenses that are unnecessary; avoid eating a lot in the street and cook more at home as well as being cheaper, which is healthy.
If in our financial experience we usually spend more than we earn, in this case, we should consider having additional income, because money is easy to spend, and difficult to maintain.
About credit cards, if the person does not know how to use them correctly, it is better to cancel them because the false sense of prosperity is generated when one carries many credit cards. These make buying too easy, and usually end up making you to buy impulsively. Not only that, if you do not pay all monthly installments, it will cost you a lot in terms of interest. Do not make that mistake.
The fundamental idea of frugality is to curb the excessive consumerism, living in the best way possible, and being friendly to the environment.
“Save bread for May,” as the saying goes through frugal living, it does increase prosperity. However, the extreme practice of this can sometimes be inappropriate as it tantamount to self-denial. There should e some wisdom and balance as you exercise frugality. Although that may be the case, individuals must practice austerity and frugality as core values for financial success. Families that are austere and frugal can in the long run become prosperous.