Life would probably be easier if we had big bank accounts.
But most of us don’t. And with or without inflation, many of us are always looking for ways to stretch our dollars and the stuff in our cupboards.
Frugality isn’t fun.
But, are there silver linings to scrimping and saving?
Yes.
Penny-pinching (“smart with money” versus Scrooge McDuck) gives us an opportunity to learn what naturally frugal people already know.
Being economical about how you manage and spend your money is good for your budget, and can also help you focus on long-term goals, and lead to new and fun experiences.
The art of being frugal can enhance your life with a kind of freedom “stuff” can’t give you — and can add value to your life in more ways than one.
Frugality can:
Foster self-sufficiency and independence
If you’re looking for ways to save money, you might have to learn to do more things yourself — and that comes with benefits. If it’s easy and safe for you to do so, DIY (do it yourself) projects can save you money, and they can also be enjoyable. They might even help you achieve a “flow state” — when you’re involved in a challenge so interesting, you lose track of time.
Enhance creativity
Because frugal people are selective with their purchases, they tend to look for alternatives to the item before buying. Do you already have something on hand that can serve the purpose? Is it something you can buy at a thrift store for a fraction of the retail price? Is it something you can make? You have the creativity and special gifts frugality can bring out.
Promote good health — and keep you close to nature
Many of the elements of simple living are also good for your health: clean air; fresh fruits and vegetables; outdoor exercise — and just being outside in general. Health care providers often encourage patients to spend time outdoors because time in nature and exposure to plants and animals have psychological and medical benefits. Even in the winter — when it’s not too cold — a few breaths of fresh air are good for you.
Reduce waste
Frugal people use what they have on hand before buying more. The fridge and pantry are two examples. You won’t find many — if any — food items not currently in use or those way beyond their “best if used by” dates.
Promote contentment
Philosophers have theorized that the core elements necessary for a happy life are minimal. Frugal people get this. They don’t buy what they don’t need. They know as the newness of an item wears off and debt builds, the feeling of happiness that accompanied the purchase can be fleeting.
Feelings of contentment and happiness aren’t dependent on your possessions. Practicing a daily habit of reflecting on what you’re grateful for helps you focus on what you have, rather than on what you want.
Give you peace of mind
Even small steps you take toward a frugal lifestyle can make a difference, starting with your mindset.
The more you begin to think about how you spend money and begin implementing your new approach, the more you might become amazed by the power of frugality.
Before you know it, saving money could become second nature to you, helping to diminish your debt and attachment to things as you gain peace of mind.