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I am by no means a master of frugal living. But more recently, I have been giving a lot of thought to simplifying my life, both for monetary and other reasons, such as reducing clutter and making life less stressful. Becoming more frugal. Practicing frugal habits is a great way to avoid consumerism, prevent buying too much stuff (although I am a pack rat by nature), reducing stress, as well as spending less money on things, much of which I personally do not really need. The way I look at frugality is that it can be both an art and a science.
The Art- There is no one way to be frugal, like a work of art, it can be subjective. Just like two people looking at a painting, what works for you may not work for someone else. Something you do in order to save money, or something you can live without having, might seem spartan or miserly to someone else.
There is no right or wrong.
The Science- Frugality can be quantified, however. How much money do you save by doing X, Y, or Z? You can figure out what it would cost you to do something, and even include a value for your time for something you do yourself that you normally would pay someone else to do for you.
What exactly is frugality then, or the definition of frugality?
According to wikipedia, Frugality is the practice of:
1. acquiring goods and services in a restrained manner, and
2. resourcefully using already owned economic goods and services, to
3. achieve a longer term goal.
What I really like about this definition is the third part, “to achieve a longer term goal”.
The goal can be to save money, become financially independent, but it does not have to be money related. It could be to reduce waste to benefit the environment, or just to reduce your own personal impact on the world we all live in together, or as I mentioned above, to simplify your life.
For me, my main goals are to get out of debt, become financially independent, and also to live simpler. Having gone through Hurricane Katrina in 2005 (was very lucky though-did not flood), and evacuating again this year for Hurricane Gustav, I have really come to understand that possessions mean very little, it is people and relationships that are important.
So what areas of frugality do I need to improve in?
- Reducing Waste
- Delaying Gratification
- Developing Self-Sufficiency
- Simple Living and Avoiding Consumerism
Over the next few weeks, I am going to write about how I am trying to improve in each of these ways.
Do you actively practice frugality? What are your motivations? What areas are you successful in, and in what areas would you like to improve?
Similar Posts:
- Mastering Frugality Series- Delaying Gratification
- Mastering Frugality Series- Reducing Waste
- Teaching Frugality to Kids
- Is Lifestyle Inflation Keeping You in Debt or from Saving More Money?
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I live frugally on $900 per month, but on that income I cannot reach a longer-term goal.
@poor boomer- Its good if you can live within your means, regardless of your income. Many people who make more than that per month still spend more than they make. If you have living frugally down pretty good, I would suggest looking for ways to increase your income, if at all possible to try to reach longer term goals.