I can understand why the first response to hearing the words ‘frugal living’ can be an earth rumbling groan. What do people think of when they hear it? Discipline, self-denial, and responsibility probably come to mind, which are all good things but definitely aren’t too fun.
You may also think about the strange people that you see on TV who separate their two ply toilet paper, spend 12 hours a day couponing, and search for road kill to barbeque (yeah, this is real).
Let me discourage those thoughts now. Living frugal is simpler than all of that. Although there are a variety of ways to live a money saving lifestyle, in its most basic form it’s really just about identifying your spending habits and moderating the areas where you spend too much. Doing that can lead to plenty of benefits:
1. You are Safe and Sound
Have you ever had that terrible sinking feeling when you realize you might run out of money before your next paycheck or you can’t afford something you desperately need? Financial security is the first and foremost goal for living frugal.
When you have a well-balanced
budget<http://money.cnn.com/magazines/moneymag/money101/lesson2/index.htm> and you are living within in it, you build a lifestyle that is sustainable. You don’t have to worry about running out of money at the end of each month. A good budget also has savings in place so you can forge a secure future and, if a storm comes your way, you can weather it and get back on track. Frugal living can also help you avoid or get out of debt. Even if you are “drowning in debt” as they say or currently using a debt management service or seeking counseling with an organization like Consolidated Credit <http://www.consolidatedcredit.org/>
, frugal living can only help any other efforts you are pursuing and can really make a difference in becoming financially stable.
2. You Have Less Paperwork
Most of us (especially in this day and age) don’t like to spend a lot of time doing paperwork, and budgeting may sound like just that.
However, frugal living can actually limit the amount of paperwork you end up doing. When you are overspending you get bills all the time and the more money you owe the more bills you get. Therefore, frugal living means fewer bills and fewer bills means less paperwork.
3. It’s Good for the Planet, Man
When you live frugally you would moderate your consumption and less consumption means less waste. Here are some ways you can save money and the earth simultaneously:
• Limit your electric and water use.
• Avoid spending money on gas by walking or biking when you can.
• When things break try to fix them before replacing.
• Buy second hand or used items.
These are just a few of the many ways<http://gogingham.com/2012/09/frugal-and-green-living/> you can live green and frugal. You’re welcome, Earth.
4. Contentment and Peace
In high school a teacher that I looked up to liked to talk about the Hedonistic Paradox <http://en.wikipedia.org/wiki/Paradox_of_hedonism> , which is a philosophical term that describes the phenomenon of happiness. According to this theory, when you actively pursue happiness through pleasurable goods, one of two things will happen.
Let’s say you want the latest and the greatest smartphone. In one scenario you finally get it but eventually you become bored with it when a new model comes out. In the second scenario, you can’t get it, for whatever reason, and you become frustrated. Either way, chasing after pleasure through possessions leads to discontentment. Does that mean you shouldn’t buy stuff? No. However, frugal living can help you learn to be content in the things you have or in non-material things.
Not to sound like some mountaintop guru, but when you break the cycle of endlessly buying stuff you can also save some serious money.
5. You Become a Social Butterfly
How can frugal living make you more social? Well I’d say it’s a pretty natural reaction to spending less of your time with ‘things.’ You may find yourself gravitating towards people instead. You might even want to try volunteering or spending more time with friends and family to entertain yourself without spending a lot of money.
There are really a plethora of ways<http://www.savingadvice.com/articles/2008/04/03/102087_reasons-to-be-frugalâ besides-saving-money.html> living frugal can benefit you both financially and otherwise. Not only can it be helpful but it can be fun too. So bust out that budget and start living frugally.