Do you feel exhausted? Drained from the endless 9 to 5 grind? Tired of money controlling your life?
Then, I’ve got a secret to tell you. One that can stop this continuous cycle and give you room to breathe!
It’s possible to change the financial situation you find yourself in. You can have more choices and options in your life, too. It all starts when you decide to be frugal with money!
In a perfect world, you’d be able to make decisions based solely on what’s best for you and your family. But, too often the choices we make depend on money. The amount of it that we have and the amount of it we don’t.
When most people think about frugality, they imagine skimping, couponing, and buying in bulk. Doing things that appear to be restrictive and tedious, all to save a few extra dollars here and there.
But, being frugal with money is a conscious and personal decision to live below your means. You spend and consume less than what society thinks you should. And as a result, you end up having more!
Below are a few of the many benefits that being frugal with money will give you.
Frugal living is a commitment to reducing your monthly expenses. As you consume less, you also spend fewer hours shopping, browsing, and commuting to the store. As a results you get back some of your most precious nonrenewable resource – time!
When you buy less, you have fewer items that require your time, too. Your weekends are no longer devoted to maintaining, repairing, and feeling forced to use the things that you own.
For example, imagine you just purchased a boat. You feel like you have to use it all the time, otherwise, you’d be wasting money. As you do, the boat’s more likely to have maintenance issues and need repairs which ends up costing you more time and money!
Also, when you spend less, you don’t have to earn as much money either. You need less income to survive which loosens the grasp of your golden handcuffs. And allows you to start planning your escape!
As you become frugal with money, your burn rate falls. You spend less than you did before which increases your savings ratio.
The more capital you save, the greater the amount you have to invest. This allows the power of compounding to work harder, so you’ll create more wealth and reach your financial goals faster!
Most people that aren’t frugal with money experience a great deal of financial stress. They worry about how they’ll make ends meet, pay bills, and if they’ll have enough money to retire.
Spending less lets you keep more of your money. This gives you the opportunity to:
All these help move you up the Hierarchy of Financial Needs. They make you feel more safe and secure while increasing your sense of financial wellbeing, too.
Living on less also gives you more choices. It offers you greater flexibility and the opportunity to pursue the things you want most in life.
Need a break from work? Frugal living builds your cash runway faster so you can leave!
Dream of starting a business? Living frugal helps you to bootstrap your startup and be successful!
Pursuing early financial freedom? Being frugal with money makes it happen even sooner!
No matter what your plans for the future may be, they will require money. You’ll need resources to take these calculated risks in hopes of making your dreams come true!
Many people that get into financial trouble are unconscious spenders. They buy things out of habit and without thinking which often leaves them wondering where all their money went!
But, when you’re frugal with money you have more financial awareness. You’re mindful of the choices you’re making, the amount you’re spending, and the resulting consequences. This realization helps you make decisions that support your goals, rather than ones that obstruct them.
What’s the last thing you bought?
If you’re like most people, it was delivered to your door, came in a box, and was wrapped in plastic packaging. All of which are wasteful and contributing to the destruction of our planet!
When you’re frugal with money you spend and consume fewer goods. This causes you to produce less waste which reduces your footprint, too.
Most Americans can be more frugal with their grocery bill. NPR estimates that the average US citizen wastes 238 pounds of food per year which is 21% of the food we buy! A small spending reduction in this category wouldn’t just be good for the environment, but good for your wallet too!
Technology makes it too easy to buy goods and services. With the click of a button, you can order a mechanic to fix your car, hire someone to walk your dog, or even plan your vacation.
It’s effortless to pay someone to do something for you. You don’t have to even think about it. But, in the process, you don’t learn anything or find ways to solve problems yourself.
But, being frugal with money makes you more resourceful. You’re more focused on not spending or limiting the amount you do. This makes you more willing to learn how to do things yourself which makes you more self-sufficient, confident, and able to save.
Living frugal teaches you money skills, too. When you commit to spending less you learn to have financial discipline, follow a budget, and find free money!
People that are frugal with money want to get the greatest value out of each dollar. So, they prioritize their spending on the most important things and the ones that bring them the most joy. Then, they cut and reduce everywhere else they can.
Being frugal with money is one of the oldest and most reliable ways to create wealth. It ensures that you’ll save, have capital to invest, and be able to live the life of your dreams faster than you would be able to otherwise!
How are you frugal with money? Comment below.
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