Being frugal isn’t easy, but it is important. Here are seven reasons why you should practice frugality.
As we discussed not too long ago, it can be hard to maintain money-saving stamina. You know that there are greater goals at hand. You know that spending money wisely will pay off in the long run. You know you are modeling to your kids an understanding — good or bad — about money.
But, sometimes you want to just throw in the towel, ya know?
In reality, not a lot of people are mindful of money these days. It’s not as common place as it was when our parents or grandparents were young. The abundance of available credit has made us strangers to cold hard cash, saving money, and planning ahead.
My husband chatted with a cable salesperson at Costco the other day. She didn’t know the meaning of frugal. Literally. She didn’t know what the word meant. He had an opportunity to explain to her why he wasn’t interested in that fabulous cable package she was hawking and what the practice of frugality and saving money has done for our family.
The dictionary defines frugal as:
- economical in use or expenditure; prudently saving or sparing; not wasteful
- entailing little expense; requiring few resources; meager; scanty
While some folks might not even know the meaning of the world, it’s still important for us to practice frugality. Here’s why:
- You are being a good steward of your resources.
- You will have a better chance of living within your means.
- You can save money and reach important goals.
- You can show your kids how to be good money managers.
- You can be ready for a drop in income, layoff, or other financial upheaval.
- You can splurge every once in awhile, knowing that you aren’t in over your head.
- You can be generous and give more, which will make you happier than hoarding or splurging, anyway.
Why are YOU frugal?
This is Frugal Friday. In an effort to make these weekly financial discussions more interactive, I’m no longer posting a link-up. Feel free to leave a link in the comments. But better yet, chat with us on today’s topic.