Being frugal is becoming more of a necessity for many households in this current climate.
With the rising costs of living and inflation at a disproportionate rate to income, more and more families are finding themselves on the breadline.
Unfortunately, a lot of what’s going on in the world is outside of our control right now, but what we can do is try to live more frugally to ensure that whatever income and resources we have, we are making the most of.
Being frugal doesn’t mean being cheap and there’s many benefits of why you should try living frugally.
Being Frugal Saves Money
The biggest and most obvious reason to live more frugally is to save money.
If you are spending less and making the most of what you have, there will be more money leftover which reduces the chances of you relying on debt and getting yourself into financial hardship.
If you make more considered purchases and watch where your money goes, you’ll be less likely to impulse buy or waste money on things you don’t really need.
You’ll find ways to get more out of what you already have and how you can make your budget stretch further. Why buy herbs, when you can grow your own?
You’ll reduce your fixed expenses and have more money leftover at the end of each month to pay off debt, save or invest.
Being Frugal is Environmentally Friendly
Reduce, Reuse, Recycle will become your new mantra.
Before you spend money, you’ll think about whether something can be repaired.
If it’s beyond repair, you’ll think whether it might have another use.
And if it can’t be reused for something else, you’ll dispose of it appropriately rather than dumping straight in landfill.
You won’t throw clothes away if they get a hole in – maybe you can do a simple repair or perhaps patch it. If it can’t be saved, maybe you’ll use the fabric for something else and turn that old pair of jeans into a makeup bag or that old t-shirt into a dishcloth.
Nothing gets wasted if possible.
Frugality helps you make the most of what you have.
Being Frugal Makes You Happy with What You’ve Got
Appreciating what you have and trying to consciously buy less means you won’t always be wishing you had more.
You won’t look at your neighbours with envy when they drive home in their new car. Instead, you’ll be thankful that your trusty old reliable is paid off and costs little to run.
You’ll worry less about what other people have and what you think you might be missing out on because you’ll be focused on what YOU have and how you can make the best of it.
Despite its somewhat negative connotations, being frugal isn’t all bad. In fact, it’s one of the sure-fire ways to train a more positive mindset around money.
Adapting to a frugal lifestyle won’t make you rich on its own. But it will give you the right tools to get there when you’re able to increase your income.