Being frugal! It’s a way of living often confused as cheap living, living below the standards or being stingy. Frugality carries more of a positive meaning. Being frugal is more like being wise enough not to overspend or not falling for the trendy advertising and improving the quality of your life. Rather, frugality comes from a Latin word “frugalis” which means virtuous. This makes being frugal a noble endeavour indeed.
It’s always easy and exciting to overspend, to bask in the best of everything, to enjoy the luxuries, to indulge in pleasure giving activities but it’s always smarter to chalk out a budget and planning your expenses accordingly. The success of every budget depends on how much you stick to it. Conscious spending is what we can call a prerequisite of frugality. Being frugal is indeed cool because you by being frugal are doing yourself a great favor, delayed happiness doesn’t necessarily mean deprivation, and the best thing about being frugal is that you don’t have anything off the limits.
Doing frugal right is the best approach of being frugal and saves you the expense of being called a cheap. Striking the right balance is always necessary as you must make out as to how much money you want to make and how much you want to spend. As against the majority’s perception being frugal is not denying yourself but planning in advance what to spend, how much to spend and spending in the best possible way. If you do frugal right, you wouldn’t ever miss out on anything but rather bask in all you want with full satisfaction and without burning a hole in your pocket. Cancelling services or skipping spas or lattes isn’t being frugal, it’s all about being successful in what all you want, but for a lesser amount.
Every individual is frugal to a certain extent as everybody does some amount of savings and investments at certain levels; therefore believing in savings is also being positively frugal and you can have money to save and invest only if you have been a frugal.
Being frugal is not a bound definition; it is what you think about it and what you implement it as; as in what you make of it. Many people have the tendency of going to extremes and ending up being termed as cheap. Therefore, being frugal shouldn’t be seen as “compulsory/voluntary simplicity” but rather as “living life the smarter way”
So the word frugal as confused by many isn’t really the shameful, cheap F word, it’s a blessing.
Savings are always a good thing and savings can be done by being frugal to an extent. Saving money also earns interest from the banks which is an excellent form of additional income. Banks play a very important role in savings by offering different schemes and you can always check the types of bank accounts available at the moment. By cutting down on wasteful expenditure you make way for savings which are a pillar for the future life after retirement or on the happening of any unforeseen contingency. Being frugal is cool indeed.