7 Reasons to Be Frugal
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Being frugal isn’t easy, but it is important. Here are seven reasons why you should practice frugality.
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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.
We have been pretty frugal for the most part for the almost 15 years we have been married. The only debt we had was my schooling–which we paid off quickly, one vehicle was bought with a loan, and our house. We have just a few years left on it. Five years ago, when hubby was 30, we found out he had a genetic heart defect and he needed open heart surgery/valve replacement NOW! So we got that done. We also purchased a new to us vehicle, because we lived 3 hours from the hospital, and our van was dying. It worked out perfectly. We had money in savings to purchase the car, and enough left to pay for all the medical bills. We have worked to get it built back up for another vehicle eventually and whatever else is needed. Just 2 days ago, we found out that hubby now has a (most likely non-cancerous) brain tumor. We don’t know what all this will entail, but it is reassuring to not have to worry about money. We have some put back in savings, and it should cover any expenses we have. I have enough to worry about right now, without having money to worry about too! We are frugal as a general rule. It makes a huge difference when hard times hit… because you never know when that will happen.