Frugal Living: 5 myths that need to be debunked.
What comes to your mind when you hear the word “Frugal”?
If “cheap” is the only word that comes to mind, then you might have created a stereotype already.
Although frugal can sometimes be interchanged with cheap, it is not always the case.
Being frugal involves more than being cheap. The dictionary defines frugal as “avoiding unnecessary expenditure either of money or of anything else which is to be used or consumed; avoiding waste.”
In this article, I am going to debunk 5 of the most common myths there are about frugal living
MYTH 1: FRUGALITY MEANS BUYING THE CHEAPEST PRODUCTS.
A frugal person always looks for the cheapest deals on every single product. From houses to clothes and even to dairy products that expire the next day.
Who told you all of this BS?
The truth is that frugal people spend money on what they believe would provide the best value for their money. They try to live on less while spending money on the things that they truly and genuinely enjoy.
Cheap products are not always the best and you would understand that if you are being frugal.
Let us say for example you had the chance to choose between a $500 Android phone and a $1,000 Apple iPhone, which one would you, go for?
A cheap person would go for the $500 android phone because he considers $500 to be cheaper than $1,000.
A frugal person, on the other hand, would go for a $1,000 Apple iPhone because of the greater resale value as well as higher dependability.
This example might not work for you but I hope you get the point.
Frugal does not always mean cheap, conscious would be a better word to describe such a person.
MYTH 2: BEING FRUGAL IS A RESULT OF CIRCUMSTANCE
This myth is partly true because many people become frugal because they do not have any other choice. Circumstances and conditions do not allow for them to spend excessively.
However, millions decide to be frugal because they simply want to be. These kinds of people do a great job of managing their finances.
Being frugal is not always as a result of circumstances. It can be a choice.
MYTH 3: FUN IS FOREIGN TO FRUGAL PEOPLE
First off, fun is relative. Shopping every weekend might be fun for you while it might be an unnecessary waste of money to others. You might consider going to the cinema every Friday as fun while others would rather just spend their Friday nights cooking.
We all have different things that we enjoy.
The truth is that, in the eyes of frugal people, big spenders do not have fun.
A frugal person still watches movies, catches up on the latest celebrity gist, travels. The only difference is that they do it only if it increases their happiness and not because they have the money.
MYTH 4: INCREASING YOUR INCOME IS BETTER THAN BEING FRUGAL
There is a big problem with this kind of reasoning. Increasing your income would in no way make you more financially free as long as you keep spending more than you earn.
Many people fail into the trap of increasing their standard of living once they increase their income. Buying a bigger car and house are what usually follows a promotion.
There is nothing wrong with increasing your income as long as you are being frugal. When you are frugal, you make more money and spend less. This would help to free up enough money that could be invested or used for something more meaningful than getting the latest Rangerover.
MYTH 5: FRUGAL PEOPLE DON’T EAT GOOD FOOD
You can still eat the best of food even when you are frugal.
As we have earlier established, frugal people spend on what makes them happy. If food happens to be one of such things, then expect them to spend on good food.
Generally, frugal people usually have a meal plan that helps with making budgets. These meal plans would involve eating food items that are in season (Because they would be cheaper) and also shopping in bulk.
They also prefer homemade meals.
Frugality is a lifestyle choice. It is a conscious and intentional effort to save money wherever possible so as to enjoy the things you truly love.
These myths mentioned above have held many back from being frugal. Now that you know the truth, I hope you would be motivated to make a change.
I also hope that you share this article with your network so that they can benefit as well.
Penny hoarder is a great site to start from if you want to learn more about frugality.
Thank you for reading up to this point.
I intend to be more intentional about my spending over the next few months and I would like to challenge you to do the same.
Check your spending over the last few months and decide on one thing that you can completely cut off. Stay without the one thing you decide to cut off for 30 days. If you fail, you can always pick something else that you can cut off.
Would you accept the challenge? Please say yes.
What other frugality myth have you heard of?