What Is Frugal Living And Is It For You?

The word ‘frugal’ is said to come from the Middle French word meaning ‘economical in use’. I don’t think anything describes the idea of frugal living better.

Frugal living can sometimes be seen as a negative thing; people think it’s about people being tight with their money or not wanting to spend it. But that isn’t the case. The main focus is on getting the best value for your money (which isn’t the same as always going for the cheapest). It’s also about eliminating waste by buying less or being more economical with what you do buy.

When you start to live frugally, you will learn to appreciate the smaller things in life. Chances are you’ll learn that having a full and happy life isn’t about physical things but about the things that are free.

How is frugality different from being cheap?

Many people confuse the two ways of living, but they’re very different.

Being cheap is spending less by using other’s resources or limiting your own happiness. A cheap person may shower less often to save water but limit personal hygiene. Or they may take salt and ketchup packets from a restaurant to save on buying their own. Or they may continue to live at home rent-free with no intention of moving out as they don’t want to spend.

But frugal living is about saving money by being economical or minimizing waste but not compromising your quality of life or happiness. So you’d still see friends but do cheaper things when you go out or buy a stock of non-perishable groceries when they’re on offer.

You don’t have to be cheap to live frugally.

The benefits of frugal living

If you’re living a frugal life and saving money in various areas of your life/ not spending as much, you’ll have more cash for other areas of your life.

You might find that being frugal gives you more financial independence and freedom. By living frugally, you may need to work less and have the chance to cut down on your working hours.

Or it may put you in a position where you can survive the month and not put yourself into debt to live.

By being frugal, you will be able to use the extra cash you’re not spending to do a number of things, such as:

• Pay off any debt you may have
• Save for a house deposit, or reduce your mortgage
• Invest
• Save more for the future

The fundamentals of living frugally

You can do many things to live frugally, but a few key fundamentals should make your frugal living journey that bit easier.

Buy for longevity

Cheaper items are generally not built to last, and there may be a reason why that item is a fraction of the price of others.  This is true for trendy fast fashion, shoes, furniture, electronics etc.

There is no point saving money on a cheaper item now if you must pay to replace it yearly. You could invest a bit more money at the start for it to last longer, thus saving you money in the long run.

Research items before you buy them, read reviews and watch videos. And consider how much you’ll use the item. If it’s for limited use, you might be okay, but if it’s going to be a high-traffic item, don’t scrimp more than you need to.

For example, I used to buy £40 hairdryers, but I would replace them every 9-12 months due to overuse. I invested in a Dyson hairdryer that has lasted me six years and counting with no signs of wear or failing.

Learn to want less when frugal living

You won’t be able to switch off every want you have. Even if you’ve been living frugally for years, there will still be times that you want to splash out. It’s about recognising those wants and learning from them.

If you learn to want less when you do treat yourself, it will mean so much more.

You can still do things

Just because you’re being frugal doesn’t mean you have to stop going out or seeing friends. You may need to alter what you do or when you do it.

There are lots of free or cheaper things you can do when you go out. And vouchers and discounts are available for many things to save you money.

If you want to go out for food, check out discount codes on Voucher Cloud by getting a Taste Card or through Meerkat rewards. This way, you can still go out, but you’re being economical with your money.

Leave the shame at the door

However you decide to be frugal and go about your journey, never feel ashamed. You’re not on this journey to be cheap; you’re on the journey to make better decisions for your finances, lifestyle and the world around you.

So ignore any comments you may get, and don’t feel ashamed about using available vouchers or coupons.

Do you practice frugal living?

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