This post is part of the interview I did with Garrett of FruBlogger with a little bit changed here and there. To check out his post visit: 42 Money Lessons from 19 Very Frugal Bloggers!
What does it mean to be frugal?
The common idea associated to frugality is scrimping, reduction, sacrifice. I take the stance that you can be frugal, as in not wasteful, and still live normally and build wealth at the same time. You hear about a lot of millionaires whose frugality got them there and while I appreciate and even advocate methods of saving money, I in no means think frugalness should replace normal behavior 100% of the time. You are not supposed to change all your habits and behaviors. You’re supposed to figure out something that makes sense and works for you.
For instance, let’s say there are three buddies at work. One buddy always brings a packed lunch. He never eats out and buys all his food in bulk and with coupons saving even more than you’d expect. His lunch time however is not very social and it isolates him. The second guy eats out all the time, spends enough money in one week to buy groceries for a month and possibly even two if he was careful. His lunch time is very social and he makes friends and contacts that will come in handy in the future. The third guy does a bit of both. He doesn’t spend nearly as much money as the second guy, but he doesn’t save as much as the first. He’s comfortable; both social and frugally smart, and in my opinion has the best of both worlds. He’s normal.
In my own case I found ways to expand my income without adding more of my time to get it. I make money and resources work for me as best I can.
What is the hardest thing to do when it comes to being frugal?
Starting. The hardest part is getting started. Once you have, it really is just about taking one step at a time and paying attention.
Can you ever take frugality too far?
Yes you can. I have never reused toilet paper or anything like that and while it seems absurd to think about, don’t be fooled. There are people out there who are frugal enough to do something like that. It’s important to draw the line between being frugal and being ridiculously miserly and cheap. On the other hand people need to avoid nickel and diming their way to the poorhouse and learn how to make a budget.
The newly frugal should check out:
These blogs: Lazy Man and Money, Wise Bread, Frugal Dad and One Frugal Girl.
I would also recommend the newly frugal to examine why they are interested in frugalness and to read do you have to be thrifty?
Also, one of my favorite posts is save time, money and space in over 80 ways which is a great resource and will get others to think about enjoying life while keeping smart frugal habits.
Know your budget busters and be prepared:
Gadgets and sport memorabilia are my budget busters. I am often tempted to spend money I shouldn’t when it comes to cool toys. I make every effort to budget for them so that when I spend the money (as I know I will) I don’t feel bad about it.
Your Turn: What are some things you’ve been good and bad about when it comes to being frugal? Share in the comments!
Photo Credits: bendeming
Originally posted 2010-03-29 13:09:41. Republished by Blog Post Promoter
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1 comment so far ↓
I’m the best if both worlds type….the no. 3 person in your illustration.
No problems, really….I don’t spend it if I aint got it….but the problem is these cheap bastards who just will never, ever pick up the check at lunch. They think of me as a generous person.,…which I am….but the check thing is getting really old.
I’ll catch you next time brings ABOUT absolute amnesia when the next time gets here….and most of them have dual retirement earnings, while I live on only my own as a divorcee.
I haVE decided not to pick up any more checks nor have any of my lady friends pick up mine.
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