Why Being Frugal is About So Much More Than Just Money (2024)

The Intentional Mom Planning System is where you need to start with our incredible collection of product options. It will help you establish the basics for your life & home so you’ll finally have a plan, save yourself time, and go to bed feeling like you accomplished something every day (because you did). Save up to 60% HERE!

Have you made a commitment to living a frugal lifestyle? Are you in a financial place where the only option you have is to maintain a life of frugality? Although you might only view a frugal focus from a monetary standpoint, it really is about so much more than money.

Living a frugal life is something that I’ve done for more than 10 years – both by choice and out of necessity at times. In all reality, being frugal can be tough at times. In fact, it can even be brutal at times, but there are amazing benefits that come as a result.

The interesting thing is that not all of these benefits have to do with money. Many of the benefits that you will reap from living a life of frugality greatly color the overall grand scheme of life – not only yours – but those who come after you, too.

I have 10 surprising ways that being frugal enriches your life so much more than just from a monetary standpoint. I’ve got 10 reasons why being frugal is about so much more than money.

1. First, celebrate the decision you’ve made to live a life that is contrary to the way that the world often sees things

We live in a fast paced culture where it is said that money makes the world go ‘round. Although living a life that is countercultural is not always easy, there is often great reward to be found. This is certainly the case when you are committed to living a frugal life.

2. Being consistently frugal means that you have the opportunity to focus on so many more of the things that really matter in life

In making sacrificing and denying common wants on a regular basis, you have so much more time and energy to focus on your loved ones and living a life of intention. Lessening the amount of time you spend on shopping and buying gives you the opportunity to realize that we are not defined by what what we do (or don’t) have.

3. In living a frugal life, especially if you are making it a family affair, you are equipping your children with amazing skills that they will be able to carry with them into their adult lives

In learning to be frugal in a variety of ways, your children will be able to stretch a dollar if their lives ever necessitate. Job loss, an unexpected mountain of bills, or another unforeseen circ*mstance will not cripple your children as it might if they had never learned frugal skills while living in your home.

4. In being frugal on a consistent basis, you will have the skills in place for unexpected occurrences that happen in your own life

Much like your children in the example above, you will be able to weather any financial storms that may come your way. In choosing to be frugal, you are gaining practice for the time in life when you may have no choice but to halt unnecessary spending. If you are used to sale shopping, using coupons, preparing frugal meals, making wise purchases, and making due with things that are less than ideal, you will be able to do these things when it really counts should you face struggles.

5. Being frugal is an amazing measure of your strength, your resolve, your determination, and your commitment to purposeful living

These are skills that can spill over into numerous other aspects of your life that have nothing to do with anything monetary. After doing the hard stuff when it comes to your finances, you will have the courage and strength to do the hard stuff in other areas, too.

6. Being frugal means that you will have more time for other things in your life

I head to the mall only a few times a year, which means that I can spend time doing other things. I also don’t take the time to peruse for unnecessary things online. I also don’t have to spend the time and take on the added stress of running out of money before the end of the month due to overspending. If you make choices to live a frugal life, you will also reap great reward in this way.

7. You are an amazing inspiration to others

At times friends and loved ones can think your frugal lifestyle is a drag. Believe me, I know. In 18 Things We Did to Become Debt Free Before Age 42, I talked about some of these. However, I can say that as I sit now, poised to be completely debt-free in a few months, many of these same people who thought we were kind of nutty are wanting to hear all about just how we accomplished this enormous task. You can truly inspire others to live an amazing life filled with some of the fantastic benefits that you experience.

8. Whether you come from a long line of spenders or not, in discovering ways to be frugal you are greatly rewriting your family’s history

You will be modeling what it means to live a disciplined life full of purpose and making the hard choices and selfless sacrifices. In choosing this behavior, you are modeling what it looks like to do things that aren’t always easy, to stay the course, and to be committed to the things you feel strongly about. These are all attributes that will set your family up for an amazing destiny.

9. When being committed to being frugal, you are creating a timeless legacy birthed on an amazing journey to reflect on

Your children will remember so much about what it really meant to do the hard stuff sometimes. During some of our hardest times, we couldn’t even afford a Christmas tree so we hung ornaments on a large plant. Our kids don’t remember this, but they relive this time through pictures and know that we did everything in our power to give them the very best of what we had. We had no Christmas tree, we had no presents, and we wore the same three outfits over and over, but our kids know they always had food and a home to live in. Our kids know that we weathered the storm together.This is what makes for a shining legacy.

10. Choosing to be more mindful in the choices you make whether financial or otherwise paints you such a bright future

Living a life of frugality closes some doors, but it also opens others – sometimes lots of others. The sky really can be the limit when you are the one controlling your finances rather than your finances controlling you. Even if you only have two pennies to rub together, being mindful of how you spend them puts you in the driver’s seat.

Being frugal isn’t always easy, in fact, it can really stink at times. However, being focused on the bigger picture and the amazing gifts to be found in maintaining an intentional lifestyle when it comes to your finances is so beneficial. After all, being frugal really is about so much more than money.

Wondering about some of the hardest times? You can read about them in Sometimes You Have to Sift Through the Dirt to Find the Gems and in one of my guest posts over on Money Saving Mom, Lessons I Learned While in a Financial Valley.

Related

Why Being Frugal is About So Much More Than Just Money (2024)

FAQs

Why Being Frugal is About So Much More Than Just Money? ›

There is a misconception that being frugal means being cheap. However, that's not really true. Rather, a frugal person keeps an eye on their spending and does not take on more debt than is necessary. In fact, this is a trait many millionaires possess.

What is the point of being frugal? ›

For the most part, that means finding ways to pay less for everything from groceries to clothing, utilities and everyday bills. Being thrifty or frugal also means simply going without some things, mostly because it helps you reduce financial waste while freeing up more cash to save.

Why do rich people live frugally? ›

Advantages of Frugal Living

Increased savings: By spending less on non-essentials, you can save a significant amount of money over time. Reduced financial stress: Frugal habits help in avoiding debt and living within your means, leading to less financial anxiety.

What are the downsides of frugality? ›

“One downside can be needing to replace cheap appliances and materials around your home. In this case, it's usually best to spend a little more money on good quality items that will last.” He said replacing things frequently means your frugal living is actually costing you money.

Is being frugal not being cheap? ›

Being cheap vs being frugal

They would go for the cheapest possible option regardless of the quality or value. They would prioritize saving money over getting some nice clothes or going out for experiences. Whereas a frugal person would try and maximize the value they get.

Are frugal people happier? ›

causing unhappiness. Believe it or not, living frugally can actually make you happier than living lavishly. Living a frugal lifestyle isn't necessarily about pinching pennies and denying yourself things you want. It's about making your life easier and worrying less about money.

Are frugal people more successful? ›

In fact, this is a trait many millionaires possess. According to Thomas Corley, who studied rich people's habits for five years, wealth is built by avoiding lifestyle creep and focusing on frugality.

Which billionaire lives frugally? ›

Buffett is known for living modestly and being one of the world's most generous philanthropists.

Why are some people so cheap? ›

Being cheap can be a personality trait, but it need not be a permanent one. It could be a habit developed because you grew up poor and wished for more money or possessions or it can stem from other insecurities. It's possible to change this behavior if you become more aware of it and are motivated to be less stingy.

What is the most frugal way to live? ›

12 Tips for Frugal Living
  • Choose quality over quantity. ...
  • Prioritize value over price. ...
  • Use credit wisely. ...
  • Declutter regularly. ...
  • Use a budget to guide your spending. ...
  • Know the difference between wants and needs. ...
  • Be a savvy consumer. ...
  • Prioritize your values.
Oct 17, 2023

Can you be too frugal? ›

While I consider myself frugal, there are instances where saving money isn't worth the additional time investment. Let me share a story illustrating how excessive frugality cost me my health, productivity, and happiness.

Is being frugal and being a miser? ›

Being frugal is a good quality of a person who doesn't want to waste food. On the contrary, one who doesn't want to spend money on oneself or others is a miser. There are certain things in life as not to waste anything unnecessarily is a good and healthy habit.

What is the opposite of frugal lifestyle? ›

Antonyms: profligate, prodigal, spendthrift, extravagant, wasteful. entailing little expense; requiring few resources; meager; scanty: a frugal meal. Synonyms: skimpy, sparing, slim, scant. Antonyms: profuse, lavish, luxurious.

What is too frugal? ›

Examples of extreme frugality include always choosing the cheaper option even when you can afford and benefit from the higher quality one or focusing on saving money at all costs no matter how much time you must sacrifice.

Is being frugal attractive? ›

If you've got good reasons for wanting to spend less, frugality can actually be a really attractive quality. But the person sitting across from you on your next date needs to know about those reasons and what they mean for your potential future together.

Is frugality worth it? ›

But it's worth considering how valuable frugality now will be to you down the road. Lowering your expenses now so you can save more and take advantage of interest gains could be the leg up your future self needs to pay cash for a car, make a down payment on a home, go on that dream vacation, or send a kid to college.

What kind of behavior makes you frugal? ›

In behavioral science, frugality has been defined as the tendency to acquire goods and services in a restrained manner, and resourceful use of already-owned economic goods and services, to achieve a longer term goal.

Is frugality a disorder? ›

Fear of spending money or excessive frugality is sometimes known as Chrometophobia, a Specific Phobia related to money. Fears about spending money may also be involved in obsessive-compulsive disorder (OCD).

Top Articles
Latest Posts
Article information

Author: Ray Christiansen

Last Updated:

Views: 5678

Rating: 4.9 / 5 (69 voted)

Reviews: 92% of readers found this page helpful

Author information

Name: Ray Christiansen

Birthday: 1998-05-04

Address: Apt. 814 34339 Sauer Islands, Hirtheville, GA 02446-8771

Phone: +337636892828

Job: Lead Hospitality Designer

Hobby: Urban exploration, Tai chi, Lockpicking, Fashion, Gunsmithing, Pottery, Geocaching

Introduction: My name is Ray Christiansen, I am a fair, good, cute, gentle, vast, glamorous, excited person who loves writing and wants to share my knowledge and understanding with you.