Frugality

This is a guest post from Travis Holmes

Spendthrifts often picture frugal people as miserly, miserable types who pinch every penny until the day they die. It’s a common misconception, but it’s just that – a misconception. Living frugally does not mean living a life of deprivation. Quite the contrary; frugality can lead to happiness and make you more fulfilled. But, how can delaying gratification, saving money and doing without the latest things make you happy? What you gain is much more valuable than keeping up with the Jones’.

Below are 7 benefits of living the frugal lifestyle that can lead to more happiness and better money management.

Frugality

 

1. Appreciate What You Have

When you live frugally, you come to appreciate what you have. You become thankful for your resources and learn to make the most of them. Rather than envying your neighbor’s shiny new car, you drive your old one for 10 years while you put away money in savings to avoid going in debt when you finally do purchase a new or used car. Instead of throwing out items when you’ve used them up, you find ways to repurpose them. Baby food jars become lovely spice jars. Worn out clothing is cut up and sewn into a quilt. Because you’re grateful for what you have, you let little go to waste.

 

2. Pay Off Debt

People often start living frugally in order to pay off debt, but their frugal ways stick with them long after that last credit card payment is made. Face it, debt is a burden that ties many people down to jobs and locations that they hate just because that’s where the work is that they need to pay their bills. Less debt and a sound life insurance policy means fewer bills and more freedom to live the life you want.

 

3. Benefit the Environment

For those who are eco-conscious, frugal living is a great way to protect the environment. Frugal people use less disposable products and have less trash overall because you learn to reuse and repurpose what you have. You’ll also be more likely to carpool, use less electricity and be more mindful of your water use when you’re living a frugal lifestyle because you want to keep your costs down.

 

4. Have More Leisure Time

One of the biggest benefits of living frugally is that you typically have fewer and smaller bills to pay. If you don’t want to work a 40, 60 or 80 hour workweek as many Americans do, don’t! You can have more free time to spend on your hobbies and other leisurely pursuits like spending time with family when you’re not saddled with debt.

 

5. Retire Early

Do you really want to work until you’re in your mid-60s? Most people don’t, but that’s the expected retirement age for many working Americans. Rather than spending your golden years working, you could be gardening, traveling, enjoying your grandchildren, or any number of more pleasurable things. Being frugal now means that you can put more away for retirement. This can help you reach a financially comfortable retirement level long before your colleagues. Another benefit of living frugally now is that you won’t have an extravagant lifestyle to maintain when you’re older. You can live on less and still be happy, which means there’s less to put away.

 

6. Leave an Estate for Your Children

Many people dream of being able to take care of their children after they’ve passed on, but few are able to do so because their own expenses are so great that there’s no money to spare for savings and investments. The frugal person, even on a tight budget, will have money put away for a rainy day and often much more than that. Knowing that you’re able to take care of your children even after you’re gone can make you very happy and give you great peace of mind.

 

7. Give More

Frugal people are quite generous when it comes to giving to others. By reducing your own expenses and saving money, you’re able to give generously to people in need and other social causes that you support. As you know, helping others is a surefire way to make you happier.

 

Living a frugal lifestyle doesn’t sound too shabby, does it? Give it a whirl. You have nothing to lose but debt and time spent working hard to pay it off, but you have all these benefits to gain.

Further Reading: Money Can’t Buy Happiness…. But Happiness Can Get You Money!

Further Reading: Why Earning Six-Figures is Still Not Good Enough

Travis Holmes is a financial blogger with a passion for frugality. He believes a balanced wallet can create a happy balanced life.

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About the author 

Brendan Baker

Brendan Baker is Australia's leading personal development blogger and and helps people build and grow online businesses based on their passions. He has created the Launch Your Life Academy and Your First 1000 Subscribers. Connect with Brendan: Twitter, Facebook, Google+

Brendan Baker is Australia's leading personal development blogger and and helps people build and grow online businesses based on their passions. He has created the Launch Your Life Academy and Your First 1000 Subscribers. Connect with Brendan: Twitter, Facebook, Google+

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  1. My father always taught me to see happiness in small things and I grew up with that mentality. I am happy for this new generation to think so. Frugality is one of the keys to living long years with wisdom … Thank you Brendan, your articles are very nice!

  2. Love these comments. People tend to see living frugally as negative. Really great to read here the positives. Thank you.

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  5. The Overthinker says:

    Frugality is great. It helps us to live minimalistic too because I a frugal person would want too much stuff in their life hence the lack of clutter.

    Although it is great, not everyone can accept it as a way of life because of how frugality is a long-term endeavour. You want to make sure you are frugal but at the same time seek happiness from things that doesn’t need money to buy.

    1. Hi Overthinker,

      Great input. You don’t need any money to buy happiness… all happiness comes free in the world.. from within, making a difference, doing what you love and surrounding yourself with supportive and amazing people. This, right here, is what life is all about.

  6. Larry Hochman says:

    Big difference between abundance and conspicuous consumption. Cool article. πŸ™‚

  7. Robb Gorringe says:

    Great message, especially as we’re living in a day and age of “More!” Your opening of “appreciate what you have” is a lesson I learned living in a 3rd-world country, and then coming back to American sick to my stomach at our ‘bloated’ society. Great post.

    1. Hi Robb,

      I believe travelling is one of the best things you can do to appreciate what you have. It’s amazing how some people survive and live day to day in this world. There is a lot of inequality isn’t there?

      Brendan

    2. Rob Leonardo says:

      I grew up in a third world country and was raised by parents into simple living. Even in the same location among people who grew up in a comfortable life and those in a deprived state, there is always imbalance where people either hunger for expensive look or make up for your deprived childhood. Hence, people end up messing up with their finances! I’m happy to say I have learned the discipline and attitude. Now I enjoy simple living and teach the same value to my family πŸ™‚

      1. That’s really interesting Rob…

        It shows that everything is relative given your situation. I hope they haven’t messed up their finances too much! πŸ™‚ Simple living is a nice way of showing appreciation for true life, rather than material assets.

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