13 Reasons Why You Should Be Frugal, Even If You’re Rich

When one Reddit user noted that he had started accumulating items, thinking it would make him feel better when all they did was ruin his bank account, he decided to start becoming frugal.

This decision sparked curiosity within him, and he sought to know what made other people on this subreddit decide to go the frugal way.

Here are some of the best responses from this conversation.

Raised by a Single Mom Frugally

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One user learned how to be frugal from his childhood, “Raised by a single mom with tons of help from my grandmother, who was a teen/young adult in the depression era. I learned to soak clothes with stains on them rather than toss them; use aluminum foil and Ziploc bags sparingly and reuse when possible; make a roast chicken 5 different ways; turn a gallon jug into a trash can, or a watering can, or a holder for cleaning solution, or any number of other useful things.”

Hate the Idea of Buying Stuff

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Another user simply hates buying stuff, and this forces him to be frugal, “I hate stuff. The idea of adding things to my household without a distinct purpose and need makes me pukey. My partner’s family gives gifts at Christmas without much thought. Just gives for the sake of giving. I smile and thank them, and once I’m home, I sort the items into keep, trash, and donate piles. Sometimes I keep nothing. But it’s all out of my house within the week. I throw cards out the day I get them. Sometimes I wonder if this is a bit extreme, but it lets me breathe in my home.”

Desire To Retire Early

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“When I found out I have to work 40 more years to retire, so I decided to spend less, buy less stuff, and invest more so I can retire early,” added another user

Being Frugal Instills Financial Discipline

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According to this user, a frugal lifestyle helps her to be disciplined financially, “For me being frugal instills financial discipline. In the earlier days of my career, I’m lucky enough to learn that no matter how much money you make, if there’s no financial hygiene, there will never be enough. Being frugal is one of the habits I formed over the years to maximize the value of my money.”

Reuse, Repair, and Recycle

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This motto had steered one user from financial ruin, “When I first encountered the expression “Reuse, Repair, Recycle” like it was a radical new way of thinking, it just sounded like duh, common sense, doesn’t everybody live by this?!”

Love to see the account balance grow.

Another user simply loves to see their money accumulate, “I like logging on to fidelity and seeing growing balances.”

Therapy Helped One Overcome the Urge to Shop

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“Mine actually started bc of therapy. I discovered through therapy that I shop instead of addressing my feelings and then feel guilt over the shopping, which makes me want to shop more. It’s a vicious cycle, and I decided the only way to break it was to be as frugal as I realistically could,” illustrates another user.

To Protect the Environment

Two 'Climate action now' and 'climate emergency' signs rest on a sidewalk during a climate change march in London, Ontario, Canada in September, 2021. No people.
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One user decided to go frugal for a noble cause, “For environmental reasons. I’m so disgusted by the solid waste people in my country (USA) use briefly then throw away.”

No Control Over Spending

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One user did not have a choice since they did not have control over their money, “Being married to someone who controlled all the money and kept it from me, I had no choice but to be frugal then. Now that he’s gone and I have a ton of his money, I just hoard it in the bank because it’s mine, and I can.”

Realization of Mortality

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“Everyone’s days are numbered. More stuff or fancy stuff won’t make me happy in the long term. It’s also the reason I stopped watching tv shows. I occasionally watch a movie or 2, though, “ says another user.

Being Terrified of Losing Money

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The fear of being broke keeps this user from spending their money, “I grew up with parents who didn’t hide their money issues from me and a dad who was very frugal (borderline cheapskate), so I grew up being terrified of losing money/not having enough. So I didn’t really choose it; it was forced upon me in a sense.”

Idea From a Book

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Another person gained the idea of being frugal from a book “I graduated college during the financial crisis, read a book called “How to retire early and Live the life you want now.” It was wonderful, and I remain grateful for that book at that moment in my life.”

Living by Oneself

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After ditching roommates, one user realized they can survive with so little, “First when I moved out from my parent’s house and then it intensified after I decided that I hated having roommates and started living alone. Living by myself made me realize how little I actually need and how expensive everything is.”

Unemployment

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After being unemployed for some time, one user realized there are many ways to save money, “Unemployment for six months when I was younger made me realize there are plenty of ways to save money.”

People Who Grew Up Poor Share The 20 Ultimate “Poor” People Hacks

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Life’s thrown us a curveball, and our bank accounts might be staging a rebellion, but fear not! We’ve got something up our sleeves- a treasure trove of tips and tricks that will have you grinning ear to ear as you outsmart the very concept of scarcity. Being broke? It’s not a limitation; it’s a canvas for creativity!

People Who Grew up Poor Share the 20 Ultimate “Poor” People Hacks

20 Of The Worst Mistakes You Can Make In Your Life

Computer stress, night office or man with crypto finance crisis, bitcoin stock market crash or NFT investment mistake..
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Life is like a roller coaster- it’s filled with exhilarating highs, nerve-wracking lows, and unexpected twists that can leave us hanging upside down. We all make mistakes along the way, right? Because at the end of the day, we are only human!

20 Of The Worst Mistakes You Can Make in Your Life 

15 Tips For Frugal Living On A Tight Budget

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If you are looking for tips for frugal living on a tight budget, this post is for you. 

Being on a tight budget means looking for even the slightest opportunity to save money. It could be saving to clear your loans, for a bigger purchase, or even for early retirement. 

15 Tips for Frugal Living on a Tight Budget 

12 Frugal Hacks That Make All The Difference

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A Reddit user who started the frugal journey with his wife a couple of years ago wanted to know the frugal hacks people had that made all the difference.

According to the OP, shopping grocery sales every week and planning their meals helped cut their bill from $250 to $100 per week. Other users shared their stories about frugal hacks they had that made some difference in their lives. Here are some of the best ones.

12 Frugal Hacks That Make All The Difference

14 Frugal Living Tips To Learn From Warren Buffett

Warren Buffett, chairman and CEO of Berkshire Hathaway is interviewed after the annual Berkshire Hathaway shareholders meeting held at the CenturyLink Center in Omaha, Neb. on Saturday, May 2, 2015.
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Legendary investor Warren Buffett is one of the wealthiest people in the world and, for a time, was the wealthiest. It might surprise you, then, to learn that Buffett is a proponent and practitioner of frugal living and always has been.

14 Frugal Living Tips To Learn From Warren Buffett 

 

This article was produced and syndicated by A Dime Saved.

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Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.