Some people wonder what frugality is. For those who do not know, frugality is a philosophy of life, which preaches that you can live with the smallest. In other words, spend only what you need, and save resources as much as possible. Many people have, however, continued asking questions regarding the difference between frugality and stinginess. Does being frugal mean being stingy? Can one become rich by following a lifestyle of frugality?
Importantly, like all other philosophies of life, frugality has its pros and cons, depending on the perspective from which it is analyzed. It is therefore not possible to say that being frugal is going to improve your life, or will ruin it.
Why you should live a life of frugality
There are a number of reasons to live frugally even when you don’t have to. Frugality is intended as such to provide a behavioral alternative to consumerism, and thus improve the lifestyle of people. When you are frugal, you are able to optmize your resources of any kind (money, time …) so that you control your mind and control avoid spending those resources on the unnecessary. Frugality itself can reduce the possible impact of a financial crisis and significantly increase your knowledge about money. It makes you smarter when making decisions for distribution.
The downsides of frugality
Frugality can sometimes lead us down the wrong path. It all depends on how you apply it to your life. In this the next paragraph, I would like to give you some tips that you take you out the most of frugality.
- Living with enough: Living with enough no means always tight, not splurging. By contrast, living with enough excludes only those expenses which are considered really unnecessary. For example, if you do not eat enough, you will not be satisfied, and therefore you would not want to be frugal. If, however, you think you have enough food, but still feel the desire to eat more, just for free from pressures and anxieties, then frugality can help.
- The same applies to money: The issue is not live bitterly without enjoyment for not being able to use the money. It is on the contrary, be smart to use it.
- Earn more, spend less: The monetary prosperity is the relationship between our profits and our expenses. If we earn more than we spend, then we have some prosperity. That is, you increase your prosperity through frugal living. Whether you increase your income and your expenses remain constant, it is the same as decreasing your expenses and your incomes remaining constant. If it is difficult or complicated for you to increase your profits, you can begin to reduce your expenses. On the contrary, if it is difficult for you to reduce your expenses, you should consider making additional income. Remember that money is easy to make but difficult to maintain.
Frugality does not have to be any impediment in achieving your dreams and for any reason will alienate abundance. We know that many people known to be influential in monetary terms live a life of frugality. It is important for you to follow the philosophy of frugality in your life as a way to success.