Frugal Living: It’s Much Easier Than You Think

Tuesday, June 9, 2020, 6:00 PM | Leave Comment

To many, frugal living sounds like a life full of eating porridge for dinner and darning socks to stretch every penny.

In essence, a stingy life that feels like being in the heart of the Great Depression.

Reality is much different. It simply means saving more than you spend so you can spend money on the things that are truly important.

Instead of living paycheck to paycheck, it gives you financial security. Living frugally is a life without debt so you can make wise financial decisions.

In this article, I will go over several of the reasons that living a frugal life doesn’t mean living like a miser.

  1. Living paycheck to paycheck is harder

    Think about what it is like when you are living paycheck to paycheck and barely making ends meet. That is far more stressful than foregoing a night at the movies and watching Netflix instead.

    There are a lot of people that needlessly live paycheck to paycheck that could easily cut down on their expenses to have a cushion of money in the bank. Now, we have all been there when you simply can’t cut out enough expenses to get to the end of the month. If this is you then check out Think Save Retire for your options on loans and financial tools to help.

  2. It feels good to have security

    When you have money in the bank it is nice to know that if an emergency hits that you are covered for it. An illness that keeps you out of work, or an emergency repair on a car can be a disaster when you don’t have any money saved.

    Being frugal means that you are able to build a nice emergency fund so you never have to feel that stress that comes from knowing you are one emergency away from bankruptcy.

  3. You may be able to retire early

    Frugality is a habit and a lifestyle that you can carry with you throughout your life. Saving and investing becomes an obsession. And when you have a lifestyle that requires less money to sustain, then that means you can think about retiring early.

    Usually people try to live the same lavish lifestyle in retirement as they had when they were earning from working. That requires far more money than many people realize. When you are already used to living with no debt and low expenses, then your savings and investment income can usually tide you over in retirement so you can actually quit your job much earlier.

  4. You focus on experiences over material things

    When you are older you won’t regret not putting that marble floor in your house, but you will regret not traveling more when you had the chance.

When you are frugal and don’t need the finer things in life, you end up living a much richer life when it comes to experiences. From travel and volunteering to taking up a creative hobby, you will have memories that can’t be replaced with money or material objects.

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