Why Being Frugal is About So Much More Than Just Money (2024)

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Have you made a commitment to living a frugal lifestyle? Are you in a financial place where the only option you have is to maintain a life of frugality? Although you might only view a frugal focus from a monetary standpoint, it really is about so much more than money.

Living a frugal life is something that I’ve done for more than 10 years – both by choice and out of necessity at times. In all reality, being frugal can be tough at times. In fact, it can even be brutal at times, but there are amazing benefits that come as a result.

The interesting thing is that not all of these benefits have to do with money. Many of the benefits that you will reap from living a life of frugality greatly color the overall grand scheme of life – not only yours – but those who come after you, too.

I have 10 surprising ways that being frugal enriches your life so much more than just from a monetary standpoint. I’ve got 10 reasons why being frugal is about so much more than money.

1. First, celebrate the decision you’ve made to live a life that is contrary to the way that the world often sees things

We live in a fast paced culture where it is said that money makes the world go ‘round. Although living a life that is countercultural is not always easy, there is often great reward to be found. This is certainly the case when you are committed to living a frugal life.

2. Being consistently frugal means that you have the opportunity to focus on so many more of the things that really matter in life

In making sacrificing and denying common wants on a regular basis, you have so much more time and energy to focus on your loved ones and living a life of intention. Lessening the amount of time you spend on shopping and buying gives you the opportunity to realize that we are not defined by what what we do (or don’t) have.

3. In living a frugal life, especially if you are making it a family affair, you are equipping your children with amazing skills that they will be able to carry with them into their adult lives

In learning to be frugal in a variety of ways, your children will be able to stretch a dollar if their lives ever necessitate. Job loss, an unexpected mountain of bills, or another unforeseen circ*mstance will not cripple your children as it might if they had never learned frugal skills while living in your home.

4. In being frugal on a consistent basis, you will have the skills in place for unexpected occurrences that happen in your own life

Much like your children in the example above, you will be able to weather any financial storms that may come your way. In choosing to be frugal, you are gaining practice for the time in life when you may have no choice but to halt unnecessary spending. If you are used to sale shopping, using coupons, preparing frugal meals, making wise purchases, and making due with things that are less than ideal, you will be able to do these things when it really counts should you face struggles.

5. Being frugal is an amazing measure of your strength, your resolve, your determination, and your commitment to purposeful living

These are skills that can spill over into numerous other aspects of your life that have nothing to do with anything monetary. After doing the hard stuff when it comes to your finances, you will have the courage and strength to do the hard stuff in other areas, too.

6. Being frugal means that you will have more time for other things in your life

I head to the mall only a few times a year, which means that I can spend time doing other things. I also don’t take the time to peruse for unnecessary things online. I also don’t have to spend the time and take on the added stress of running out of money before the end of the month due to overspending. If you make choices to live a frugal life, you will also reap great reward in this way.

7. You are an amazing inspiration to others

At times friends and loved ones can think your frugal lifestyle is a drag. Believe me, I know. In 18 Things We Did to Become Debt Free Before Age 42, I talked about some of these. However, I can say that as I sit now, poised to be completely debt-free in a few months, many of these same people who thought we were kind of nutty are wanting to hear all about just how we accomplished this enormous task. You can truly inspire others to live an amazing life filled with some of the fantastic benefits that you experience.

8. Whether you come from a long line of spenders or not, in discovering ways to be frugal you are greatly rewriting your family’s history

You will be modeling what it means to live a disciplined life full of purpose and making the hard choices and selfless sacrifices. In choosing this behavior, you are modeling what it looks like to do things that aren’t always easy, to stay the course, and to be committed to the things you feel strongly about. These are all attributes that will set your family up for an amazing destiny.

9. When being committed to being frugal, you are creating a timeless legacy birthed on an amazing journey to reflect on

Your children will remember so much about what it really meant to do the hard stuff sometimes. During some of our hardest times, we couldn’t even afford a Christmas tree so we hung ornaments on a large plant. Our kids don’t remember this, but they relive this time through pictures and know that we did everything in our power to give them the very best of what we had. We had no Christmas tree, we had no presents, and we wore the same three outfits over and over, but our kids know they always had food and a home to live in. Our kids know that we weathered the storm together.This is what makes for a shining legacy.

10. Choosing to be more mindful in the choices you make whether financial or otherwise paints you such a bright future

Living a life of frugality closes some doors, but it also opens others – sometimes lots of others. The sky really can be the limit when you are the one controlling your finances rather than your finances controlling you. Even if you only have two pennies to rub together, being mindful of how you spend them puts you in the driver’s seat.

Being frugal isn’t always easy, in fact, it can really stink at times. However, being focused on the bigger picture and the amazing gifts to be found in maintaining an intentional lifestyle when it comes to your finances is so beneficial. After all, being frugal really is about so much more than money.

Wondering about some of the hardest times? You can read about them in Sometimes You Have to Sift Through the Dirt to Find the Gems and in one of my guest posts over on Money Saving Mom, Lessons I Learned While in a Financial Valley.

Related

Why Being Frugal is About So Much More Than Just Money (2024)

FAQs

Why Being Frugal is About So Much More Than Just Money? ›

Being frugal is sometimes choosing value over price, or it's sometimes not spending money at all. When you figure out what you value, and subsequently stop spending money on the things you don't, you have that extra money to spend on your values. It's not cheap or penny-pinching.

What is the point of being frugal? ›

Reduce financial stress: A frugal lifestyle creates better money management and the ability to build a substantial emergency fund. Knowing you can cover your bills, debt, and unexpected expenses is a great way to achieve peace of mind.

Why am I extremely frugal? ›

In the modern-day, many children who have experienced their parents lose financial security can adopt extremely frugal habits. Excessive frugality can also be especially appealing when we are victims of confirmation bias or a pessimist financial mindset and are not aware of it.

Why are the rich so frugal? ›

As their income increases, they choose to keep their lifestyle simple and save and invest the difference in order to avoid falling victim to the phenomenon of lifestyle inflation.” He noted that the use of this thrifty technique allows them to considerably contribute to the accumulation of wealth over time.

Is living frugally worth it? ›

Living frugally offers many benefits, including financial freedom, reduced stress, and increased savings. Embracing a simplified lifestyle encourages a focus on experiences over things, fostering personal growth and resourcefulness.

What are the disadvantages of being frugal? ›

Frugality has a few potential drawbacks, including:
  • You may have to spend a lot of time on it. Comparing prices and tracking your spending can take a lot of time.
  • It has the potential to be restrictive. It is possible to lose out on things you enjoy if you're too frugal.
  • You may find it frustrating.
Aug 22, 2023

What kind of behavior makes you frugal? ›

Common techniques of frugality include reduction of waste, curbing costly habits, suppressing instant gratification by means of fiscal self-restraint, seeking efficiency, avoiding traps, defying expensive social norms, detecting and avoiding manipulative advertising, embracing cost-free options, using barter, and ...

Is extreme frugality a mental illness? ›

Fear of spending money or excessive frugality is sometimes known as Chrometophobia, a Specific Phobia related to money. Fears about spending money may also be involved in obsessive-compulsive disorder (OCD).

Is extreme cheapskate a mental illness? ›

The American Psychiatric Association defines frugality as a symptom of obsessive-compulsive personality disorder (OCPD) when someone “adopts a miserly spending style toward both self and others.” Extreme frugality is an amplified version of that, and it often involves viewing spending as a bad thing no matter how much ...

What do you call someone who is very frugal? ›

Thrifty, spartan, and prudent are synonyms for frugal, a word that often has positive connotations when used to describe a person who lives a simple life.

Which billionaire is frugal? ›

Warren Buffett

1 He purchased a five-bedroom house in Omaha in 1958 for $31,500 and has lived there ever since. Buffett spends little. He only recently relinquished his flip phone, and reportedly does not have a computer in his office.

Why rich people are so calm? ›

One of the primary reasons rich people appear calm is because they have the financial means to outsource their stressors. They can afford to hire people to handle tasks that would normally cause anxiety, such as managing their schedules, cooking their meals, and even paying their bills.

Which billionaire lives simple life? ›

WARREN BUFFETT: EST.

One of the absolute richest men in the world, the business magnate and philanthropist has given vast amounts of his wealth to charity and lives an exceedingly regular life. He still lives in Nebraska in a home he bought more than 50 years go for just over $30,000.

How to stop being so frugal? ›

The easiest way to reduce your frugal habits is by making more money and achieving certain stretch goals. It's when you buy things with money you don't deserve (trust fund, inheritance, lottery, using a credit card, your spouse's income, etc) that your conscience may start making you feel terrible about your spending.

Does being frugal pay off? ›

But being frugal can ease financial stress significantly. Because when you spend less money, you can naturally avoid debt, create a bigger savings pile, and otherwise build more financial security in your life.

Is it smart to be frugal? ›

Living a frugal lifestyle not only helps you save money, but it can also help you establish healthier habits over time. For example, when you start to become mindful with your spending, chances are you'll be cooking more meals at home instead of eating out all the time.

What are the reasons for frugality? ›

The reasons I love my simple, frugal life
  • I am free. I don't want to be controlled by the system. ...
  • I can be the authentic me. ...
  • I don't have to spend my days working. ...
  • I am healthier. ...
  • I really enjoy living a more simple life. ...
  • I am grateful. ...
  • I am able to live by my values. ...
  • It quells my desire to be rich.
Apr 13, 2024

When being frugal becomes an obsession? ›

Fear of spending money or excessive frugality is sometimes known as Chrometophobia, a Specific Phobia related to money. Fears about spending money may also be involved in obsessive-compulsive disorder (OCD).

Is being frugal not being cheap? ›

Being cheap vs being frugal

They would go for the cheapest possible option regardless of the quality or value. They would prioritize saving money over getting some nice clothes or going out for experiences. Whereas a frugal person would try and maximize the value they get.

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