frugality is the practice of resourcefully using already owned economic goods and services.
For most people, frugality is a lifestyle choice born out of necessity. A lost job, increase in expenses, or a battle with debt has forced them to take extreme measures to balance their budget. Sometimes, however, frugal choices can hinder you beyond the benefit of the dollar saved.
Here are few telltale signs that you've done yourself no favors in your quest to cut costs:
- You spend more than you save- Unless you are investing for the future in a specialty item, there is usually no justification for spending more money via "frugal" methods than if you'd just done your normal shopping. This happens often with coupons, for example. I applaud those who've mastered the art of getting stuff for less(or even free), but I'm personally aware that using coupons most likely leaves me buying unnecessary things and ultimately increasing my shopping bill by at least 20% more than if I'd stuck to a list and didn't entertain extra "deals."
Buying something on clearance (even at 90% off) isn't a great buy if you didn't have the money to begin with, or you didn't need the thing you just bought. - You're not fun to be around-Some folks will never be the life of the party, but that's not what I'm talking about. If your obsession with cost-cutting has left you looking stingy and insane in the eyes of your friends, it could be that you need new friends. More likely, however, is the fact that you've let your penny-pinching ways rule every decision, and worse yet, it's affected your relationships.
If you're intent on letting the almighty dollar invade every thought for the day, do us all a favor and keep it to yourself. Some of us truly understand what it means to be frugal, but strive to keep it in balance with the rest of our lives. - Your frugality isn't safe- Some money-saving habits have the potential to cause harm, but only need a few extra safeguards to make them safe. Making your own laundry soap, for example, would require extra care to keep little ones out of the commonly used buckets that the soap is stored in. Other tips -- like reusing plastic containers that aren't meant for food storage -- can cause others to get sick or degrade the quality of your possessions.
Before you head out into the Wild West of ultimate frugality, check with trusted sources to make sure you're keeping it harmless. - You hate it-Granted, most of us make frugal decisions out of necessity. Others, however, make the choice out of habit or the sense of control it gives them over a situation. If you've found yourself doing things that could save a bit here and there, but it's left you despising money, life, or other people, maybe it's time to take a hiatus. Life, after all, is meant to be experienced, and most of the precious experiences don't cost much.
Take time to asses where you're saving, and where you're simply causing extra work and heartache. If you're able to loosen up on a few of your frugal rules (even for a little while) it might be worth taking a fresh stab at it after a small break. Opportunities to save money generally aren't going anywhere.
Where are you in your frugality? Are you new and growing? Have you been doing this "cheapskate" stuff for a while? Do you still enjoy those times when you've succeeded in a plan to pinch pennies, or are you dreading the work involved with taking care of your finances?
Share your comments for keeping frugality fresh. We'd love to hear how you do it.
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