Why Live Frugally 

Why live frugally? Because it works. Frugal living has many benefits. Have you ever known that guy who always had money? He could afford everything (At least it seemed that way). Having money is one of the benefits of being frugal. But it isn’t the only benefit. Other benefits are peace of mind, low or no debt, a better marriage, and better health. By living frugally, you can enjoy these and many more benefits. Because being frugal or thrifty means, you don’t have the high-stress level of non-frugal people. Less stress is better for your life, health, and relationships. 

 

What Does Frugal Living Mean 

Frugal living is living within your means. You plan your money, and you plan your future. Most frugal people are debt free or trying to get debt free because debt leverages your future. Meaning you pay in the future for what you buy today—giving you less money to save and invest in the future. 

 

 

Does frugal Living Cheap Mean

No, there’s a significant difference between being frugal and being cheap. A frugal person is looking to get value from their money. They save for the purpose of having money to spend at a time when it will improve the quality of their life. 

 

Being cheap isn’t saving money; it’s hoarding money. Cheapskates don’t have a plan for their money: it just becomes available cash. There’s no plan to improve their lives or their future. Frequently this money is used on a whim. 

 

 

Why Live Frugally/Is Frugal Living Worth It

 Frugal living is worth it because if you’re frugal, you’ll have a better lifestyle than someone with the same income that isn’t frugal. Thrifty people don’t waste money. They think of money as a valuable resource. They don’t waste it; they do what they can to grow it. 

 

If it doesn’t add exponential value to their lives, they usually won’t get involved with it, if they don’t have to.  

 

Benefits  

Here are some benefits of being frugal (and why I live frugally). When you start being frugal, you will notice an increase in available cash. The longer you’re frugal, the more benefits you will see:

 

Peace of mind  

You would think that less stress and peace of mind go together. And they do to a certain extent. If you have stressors in your life like a large amount of debt. You could eliminate your debt which would relieve your stress and give you more peace of mind. 

 

Most of your peace of mind comes from what you do and don’t do. It’s all in the decisions you make. 

 

Happier Marriage  

The fewer stressors you have in any area of your life, the better other areas of your life will be. 

It’s especially true of money. Did you know 22% of divorces are due to money issues? 

 

Real friends 

Have you ever been in a relationship or part of a group where you always have to compete or keep up with a certain lifestyle? It’s not a comfortable feeling.  And it can hurt your finances if you aren’t careful. 

 

Don’t fall for “keeping up with the Joneses.” It’ll wreak havoc on your finances. 

 

Better Health 

People that live frugally generally have better health than those who aren’t frugal for several reasons. 

 

1. They’re debt free, and being in debt is a significant stressor. Debt increases their stress level, and stress harms their health.  

 

2. People in debt need to earn more to live (because of the debt). They spend more hours working than living and enjoying what they’re working for.

 

Those who live frugally have lower stress levels and can avoid stress-related medical conditions.

 

Happiness 

We’re all familiar with the old saying, “Money can’t buy happiness.” Well, neither can being broke nor great indebtedness. A lot of happiness comes from knowing you’re living within your means. 

 

Make plans and take frugal action to maintain control of your money. When you do, you’ll find you have significantly more control over all aspects of your life – including your future.

 

Opportunities  

Do you remember when Microsoft first became a thing? Years later, I remember people saying if I had only invested in Microsoft back when. I would be a millionaire today. Sorry but those days are gone forever, but the upside is there’ll be other excellent investment opportunities, and you can be ready for them when they emerge.  

 

Being frugal allows you to invest. Don’t be afraid to try new things. But be careful not to overdo it. Always be mindful of what you are doing by seeking expert advice and educating yourself.  

 

Ride a Financial Storm 

Hurricane Hugo hit Charleston, S.C., on September 22, 1989. At the time, it was one of the worst hurricanes recorded, leaving a path of destruction that would affect people for years to come.  

 

At the time, I was in the US Navy stationed at Charleston, S.C..  

 

Our home was severely damaged. As bad as it was, it could have been so much worse if we hadn’t been living frugally and saving money.  

 

One of the biggest problems with homeowner’s insurance is the insurance companies. The insurance company would issue a check for repairs to your property minus the deductible. Of course, the money isn’t enough to make all the repairs. You needed to add the deductible from your resources to afford them. 

 

Because we were thrifty and in the habit of saving money, we had enough to cover our expenses without acquiring debt.  

 

Early retirement 

There’s so much talk about social security, medicare, and retirement. Most people are afraid they won’t be able to afford to retire and will need to work for the rest of their lives.  

 

Living frugally, you’ll be able to retire, and if you wish to, you may retire early. 

 

Conclusion  

Why live frugally? Because living frugally and being thrifty with your money has many benefits. You are in control of your life and money. You can save for the future and have the things that are important to you. You’ll enjoy life more and have less stress, a better marriage, real friends, and much more.