Can you think of any reasons to be frugal? If you can't, then you're probably the very person who needs these tips. Being frugal means thinking carefully about how you spend your money, and saving as much as you can. It's the very opposite of splashing your cash and living on credit. Here are some smart reasons to be frugal …
One of the most popular reasons to be frugal is that it's anti-consumerist. We live in a society where we're encouraged to spend and acquire more and more. As recent history has shown, that gets a lot of people into a lot of trouble. Why work hard just to accumulate possessions you don't need - and why risk getting into debt?
2. Conserve Your Resources
Since we all have finite financial resources, it makes sense to hang on to them so that we can use them to our maximum advantage. Work out how much you've spent on vacations, smoking or nights out, and in a few years you could have thrown away the equivalent of a house deposit. Better to save your money for when you really need it and to allow you to fulfill your plans.
3. Helps the Environment
Being frugal is good news for the environment as well as your pocket. The manufacture of clothing and electronics uses a lot of water and produces toxic waste. Buy your clothes second-hand, and you're not only helping keep them out of landfills but also not encouraging the manufacture of more.
4. Live Your Dreams
Too many people spend because they want instant gratification. However, frugal people understand that some things are worth waiting for. Living a frugal lifestyle may enable you to fulfill your dreams later on. Do you want to travel, be at home with your children, start a business or study? Whatever your dreams, frugality could be the way to achieve them.
5. Work Less
What are you really working for? To pay for a big house and luxury goods? Not so long ago, people didn't have big TVs and a house full of gadgets. Being frugal means that you may be able to work fewer hours and enjoy your leisure time more. You may also be able to retire earlier - and since you'll be used to living a frugal lifestyle, you'll be able to manage on a reduced income.
6. Possessions Don't Make You Happy
Remember how you begged your parents to buy you the latest must-have toy - and how your interest didn't last once you had it? The same lesson is true as adults; possessions don't make us happy. Even millionaires can be unhappy. So you won't lose out by being frugal; in fact, you learn how we can be happy with less.
7. Look after Your Future
Being frugal allows you to take care of your future. You'll have more money to save for your retirement and your family needs. You'll also have enough funds to see you through any rough financial patches. Isn't it worth doing without your daily coffee run and a new tablet?
While there's no point living a miserly existence and not enjoying your life, being frugal allows you to look after your future. You'll have more money for your retirement, be able to afford a family, or be covered for any emergencies that may arise. Living a frugal lifestyle isn't about denying yourself anything pleasurable, but about spending your money sensibly and not wasting it on things you don't need. Are you a spender or a saver?