First, let’s define what “Frugal” means. According to the Random House Webster’s Dictionary the definition of Frugal is : not wasteful.
Information on how to be frugal has become a common topic on the search engines these days due to the economy. The economy has definitely changed the minds of many people who at one time or another didn’t believe in being frugal.
However, the word frugal has been given a bad name and right out the gate we want to clear that up, but first read below about some of the misconceptions some people have about being frugal or not wasteful.
Many people believe:
1. Frugal Means Being Cheap: People who are frugal are not cheap. Frugal folks do not deprive themselves of anything, they just go about getting what they want in a different way than most would expect.
- The difference between being frugal and being cheap is; Frugal people weigh their purchases against their wants and needs and then find the best prices. They do not make impulse purchases and never rush a decision.
- People who are considered cheap, never pay when they go out they always take someone with them that they know will pick up the tab… we all know people who do this.
2. No Fun for Frugal People: Frugal people have plenty of fun… they just make sure they don’t over spend and the get the best deals on whatever they “plan” to do. They find ways in which they can cut down on the costs so they can save more money while they are having fun.
- Frugal people drive cars, but they may not be brand new cars and they may not be the high end big ticket cars.
3. Being Frugal Makes You Rich: Even though this is a myth, it can also be true. If you have defined “rich” as living comfortable and without the worry of running out of money then it is true. But, if your definition of rich is having millions and millions of dollars in the bank then it’s a myth.
- Being frugal allows for more control over spending which can increase savings.
- Frugal folks have made the decision to live below their means, which means they have money left over at the end of the month. Other people live paycheck to paycheck.
4. Make More $, Frugal No More: The reason why this is a myth is because even if you make more money, you would still need to live within your means.
- Frugal folks make more and then save more of their money.
- Frugal people never spend more than they make due to the planning they always do.
- Most people make the mistake of getting a raise at work and then going out and buying a more expensive care than they had before which puts them right back in the same position they were in before. Frugal folks never make this mistake and are able to bank the extra money from their raise.
Take a look around the pages and posts on this blog and you will find interesting things that could save you money.