Image by: istockphoto

Contents

• Frugality Is Not Miserliness
  
• Challenges Of Frugality
  
• How To Overcome
  
• Benefits Of Frugality
  

FRUGALITY IS NOT MISERLINESS

Is your wallet crying?

Then, as a matter of urgency,  you obviously need to stop emotional spending!

As an alternative, does frugality serve any useful purpose?

To put it differently, does being frugal add value to your financial well-being?

More specifically, how does it assist you to put an end to emotional depending?

Let us begin by finding out exactly what it even meand when we say that somebody is being frugal.

What are the things you have to do or be seen to be doing to qualify you to be described in that manner?

To be more explorative, is it a natural gift, something you learn in school, or character moulding activity ( like self-discipline ) that you have to develop?

Again, to get even more specific with our research, is it the same thing as  being miserly?

In this post, we will do our best not only to answer these queries, but equally to examine the following aspects of our subject:

• differentiating it from miserliness
• What you can lose by not being frugal
• Its challenges
• Its merits; and,
• How to successfully practice frugality

To get started, let's define what the word "frugality" truly means.

A good way to explain it is to say that it suggests an attitude or practice or manner which is mindful and intentional about how judiciously you use your money, materials and  resources.

To clarify further, you can view it as a way or method of being careful when you are managing available money or food supplies 

If you chose to relate this explanation to one of our queries above, what it implies is that frugality is founded on solid foundations of natural endowment, academic training, and self-discipline.

That shows that:

• Some guys are frugal by nature
• Some are trained to be frugal
• Others are frugal through personal character moulding or self-reform, such as self-discipline.

Is Being Frugal the same thing as being a miser?

Incidentally but mostly in the perception of those who feel slighted, denied, or ignored, frugality is sometimes erroneously confused with Miserliness.

However, this notion is outrightly misleading and is not in any way true.

In my view, the difference between the two is as clear as Light and Darkness.

A frugal person is prudent, manages resources / funds responsibility and avoids unnecessary expenditure and wastefulness.

On the other hand, a miser hoards money and materials deliberately, also  denies both himself or herself access to resources for whatever purpose.

If you want a simpler explanation, you can regard miserliness as a total lack of generosity with money. 

From my own experience, a miser is neither concerned about being responsible or financial discipline.

He or she just hoards or accumulates wealth and doesn't want to spend money or use resources for anyone's benefit, self included.

CHALLENGES OF FRUGALITY

It is not easy to maintain a frugal lifestyle.

As is normal with every worthy exercise in life, there is always a thousand-and-one factors that will usually try to discourage you and frustrate your efforts.

Let us try to discuss some of these obstacles as follows:

1.  Lack of a Support System: 

Your family members may fail to support your efforts to live within prudent means.  If this happens, you will definitely find it very difficult to live a frugal lifestyle (I.e. if not virtually impossible).

2.  Limited Options: 

It is one thing to make a decision, but another to have enabling factors to facilitate the process.

For example, you could be living in a community or environment which has limited or unavailable options to get access to affordable food stuff, transportation, etc.

Such a condition can make it impossible for you to be frugal.

3.  The Power of Social / Peer Group Pressure: 

Societal norms and expectations, which most often impose financial responsibilities on people,  can constitute serious problems as well.

To complete the puzzle,add peer group influence, whereby everyone around you is spending freely and carelessly.

This will of course seriously limit your ability to practice effective frugality.

4.  The Fear of Missing Opportunities: 

Sometimes you may not even feel confident or sure about certain decisions.

However, because you don't want to miss out on opportunities or regret holding back, you may just decide to take the risk.

As such you can find yourself overspending instead of being careful.

5.  Established Spending Habits and Ego:

These can also become hard nuts to crack as you struggle to maintain a budget friendly lifestyle.

As it is often said, old habits die hard (are difficult to kick out).

Maybe you are already used to fixed expenditure practices,.

In addition too, you could have an ego which you massage through spending. If it's so, then the heat inside the kitchen of frugality might get too hot for you and discourage you out of your goal.

6.   Temptation And Lack of Self-discipline:

Moreso,  it has never been an easy task to resist temptation.

You may find it impossible to resist the urge to make some expenses or to buy some desired items.

Especially with regard to enticing promos promising all manner of discounts etcetera.

It becomes even harder when you are fond of shopping to escape boredom and stress.

As a result, you may find it tough to remain committed to your frugal goals.

7.  Lure of Convenience and Lack of knowledge of Your Personal Finances:

Everybody loves convenience, the opportunity to get what you want with little or no stress.

In this regard, you will agree with me that to stay frugal you will have to make sacrifices and suffer some inconveniences.

Similarly, your not having adequate knowledge about your personal finances can neutralize all your efforts to manage your finances.

For example, it can reduce your ability to make budget-friendly decisions.

8.  Busy Schedules:

     Let us assume that you are usually a very busy person. To you, Time is money.

That means you will consider it easier and more preferable to gett snacks and place food orders.

You won't have the time to cook or plan your own meals, or to embark on do-it-yourself (DIY) projects.

WHAT YOU LOSE WHEN YOU ARE NOT FRUGAL.

Of course every action or inaction has its own consequences.

In that respect, here are some specific benefits you are most likely going to lose by ignoring frugality:

Financial Security and stability

Money and Resources

Opportunities for growth and development

Peace of mind and contentment

Ability to save for your goals and emergencies.

Ability to grow your wealth

HOW YOU CAN OVERCOME OBSTACLES TO FRUGALITY

As I explained and itemized earlier in this post, certain dynamic obstacles can frustrate your effort to be prudent. Thus, they will work against your attempts to avoid wasteful spending.

However, as there's usually a way out of most tunnels, you can always find a bypass or escape-route around these challenges and still achieve your goals.

Let us now examine some of these means.

1. Change your spending habits.

Of course you can't do it all at once. As the popular saying goes, the city of Rome was not built in one day.

Change is basically a gradual process, therefore you should begin by taking small steps.

For instance, you should beging with a particular aspect or area of your life where you can cut back on unnecessary spending.

In this manner, from each incremental self-reform activity you will progress to eventually succeed in meeting your target.

2.  Explore low-cost alternatives.

I know we all love to watch entertainment programs and enjoy good means of relaxation.

Nonetheless, you can always cut down cost while you are at it.

There are budget-friendly measures you can take.

For example, you can device cost-saving creative ways to have fun, relax, and socialize.

Also, you can find other alternatives like:

cheaper entertainment networks,

free movies download portals

picnics in free open fields, etc.

3.  You should educate yourself about your personal finances.

Learn all you need to know about simple living and practical application of budgeting to personal lifestyles.

Additionally, you should seek out pragmatic methods by which you can minimize or eliminate wasteful expenditure.

4.  Set Focused Goals.

Be sure-minded and directional.

Know what you intend to achieve   through frugality, and avoid ambiguity. Formulate achievable and realistic goals, and devise an effective procedure to monitor the progress of your activities.

5.  A Support System:

Everybody needs encouragement to succeed.

To help you, you should build a reliable support system.

What it entails is for you to surround yourself with positive like-minded people who share your frugal goals and won't drag you backward or downward.

6.  Run Away From Temptation. 

Yes, please do.

As I pointed out earlier, failure to resist temptation one of the strongest obstacles to frugality.

Therefore, it is better that you limit  your exposure to advertising, shopping malls, promos, get-rich-quick schemes and programs, etc.

7.  Be Self-Motivated.

At the end of the, after all else is said and, what actually matters is whether you believe in yourself or don't.

Your ability to motivate yourself and stay committed to your decision is what will determine whether you fail or succeed.

Always acknowledge your successes, and downplay your disappointments. Be kind to yourself and resist self-flogging.

Whenever opposition appears to be increasing, endeavor to focus your mind on financial freedom, reducing stress, and other benefits of frugality.

8.  Every activity require a plan of action to sail through.

Likewise, you will not be able to make any headway or breakthrough if you don't have a financial plan.

Essentially, you should avoid spending what, in the first place, you never made provision for.

Make good and proper use of tools like budgets, spreadsheets, and planners to help you to stay in charge and control your finances.

9.  Prioritize your essential needs over wants.

This is key step, if you truly desire to have financial security.

While most wants are genuine and important, you must be able to understand that not all of them are essential needs.

Consequently, you should the chaff from the wheat, by distinguishing between essential expenses and discretionary spending.

10.  Finally, if there's ever anything to avoid like a plague, that thing is impulsive buying.

You can't pretend to be frugal if you are unable to control the way you buy things

You must differentiate between essential and non-essential purchases and jettison the former.

8 BENEFITS OF FRUGALITY

Flowing from all our discussion on the subject so far, it is obvious that frugality is a positive activity.

Therefore, it is bound to do more good than bad.

Let us now look at some of its benefits

1. Financial Freedom:

Frugality enables you to minimize and eliminate wasteful expenditure,  save money,  pay off your debts, operate within your income, and avoid financial embarrassment.

2. Eliminates and Reduces Stress:

When you live within your means, you will be empowered to make savings.

This development will in turn give you peace of mind and a good sense of financial security. .

Expectedly it will also reduce or eliminate financial stress and anxiety.

3. Building Wealth:

Through frugal activities, you are positively positioned to build or create wealth and maximize opportunities available to you.

It means that you will stand a better chance of achieving your financial goals.

4.  Financial Discipline:

As I earlier implied, financial discipline is very important and being frugal is a crucial step in getting there.

In short, it boosts your ability to develop self-control, make cost-friendly expenditure, avoid wasteful transactions, and maintain a prudent lifestyle.

5. Boosting  Creativity:

Being frugal brings out the innovator in you.

It encourages you to become creative as you endeavor to manage resources, eliminate wastage, save money and create wealth.

6.  Self-improvement:

Being frugal means fighting against non-essential wants and focusing on the really important needs.

This in essence is to say that you are trying to improve yourself and naturally you will be rewarded with personal growth in the course of the process.

7.  Good Example Factor:

Finally, let us remind ourselves of the positive impact of Role Modelling

A frugal person will be a good role model anywhere.

He or she is worthy of emulation, especially where there children are concerned

8.  FOCUS

Finally, by being a frugal person, you will become adept at prioritizing.

This allows you to focus exclusively on only the essential tasks and activities without distraction.

It also helps to save your time and energy, because you can concentrate on things which truly matter, and by so doing you can perform better.

If you have enjoyed reading this article, please SHARE it and FOLLOW to enable you receive new post updates.