What is Frugal Living & Why Is It Important?
What does it mean to live frugally? To some people it means being cheap and to others it means living within your means. According to About.com:
Frugal living is all about living better for less, and since your definition of better is going to be a bit different from everyone else’s, your definition of frugal living is also going to be a bit different.
Frugal living can be seen as:
- A way to get by on a tight budget
- An opportunity to live more simply
- A debt reduction strategy
- An effort to consume less
- A way to afford the life that you want
Like the idea of finding ways to reuse what you have? Add it to your definition. Hate the idea of couponing? Scratch that one off. Keep working at your definition until you have something that inspires you. Then, put your thoughts into action—challenge yourself to live the version of frugality that you have created for yourself, and have fun doing it!
I couldn’t have said it any better myself! So why is living frugal important? To me, it is because once you learn how to live on a little less here and there, you can actually start saving money to put towards things that really matter (such as your emergency fund, or if your further along, to build wealth). Do you think 10 years from now it will matter to you that you went out to lunch every day and spent $10? I doubt it. But I’m sure your retirement account will miss the $36,000 you could have put into it!