I have recently realised that I am a frugal person
Problem is that if ever I disclose this piece of information most people assume that being frugal is the same as being “cheap” or “poor”
So let me take this opportunity to dispel that myth and explain what being frugal means to me
And just in case you don’t want to read the whole article, I would sum up being frugal as the ability to prioritise how you spend the money you do have…
More on that later.
I would welcome any views on what being frugal means to you (my lovely reader)[divider]
1.Being Frugal Doesn’t Mean You Are Cheap or Poor
This is the most common misconception about being frugal.
Generally, it’s actually the opposite.
People who live frugally are smart with their money and use it wisely.
As you would expect, some people live frugally on a small income, but equally many people who live frugally earn a good wage.
What is common is that these people choose to live well below their means and spend money on what’s important to them.
2. Being Frugal Means You Are Smart About Spending
The main thing I want you to understand about being frugal is that it means you’re smart about how and where you spend your money.
It’s a conscious decision and often requires a bit of planning.
Instead of giving in to impulse buys (be it groceries you don’t really need or a new pair of shoes), a frugal person decides they don’t need those items and saves the money instead.
As a result that person can then turn around and enjoy a fun vacation or make a down payment on a home.
Being frugal means you have options on how to spend your money