You might think you’re being a true financial guru.
But these 8 myths you’re holding onto about frugality are probably getting in the way of your financial freedom.
Buying In Bulk Is Always the Right Move
Many people, even frugal ones, automatically assume buying in bulk is better.
But what if you can’t use it all before it goes bad? Or what if you’re buying something new and you end up hating it?
I only recommend bulk purchases for things you like and use.
You Have To Cut Out All Luxuries
Frugal people aren’t misers; they let themselves have luxuries all the time.
They’re also much more choosy about how they spend their money. So yes, to be frugal, you’ll probably need to cut back on luxuries, but certainly not everything.
Frugality Means Being Cheap
The goal of being frugal is to be more mindful of money, including thinking long-term about your finances.
That means if you personally see the value in the object or experience and you can justify it within your budget, chances are it’s still on the table.
You Have to DIY Everything
Not only do you not have to DIY everything to be frugal, but I’d also recommend against it; there’s nothing worse than spending time and money on a DIY home improvement project only to have to call a professional to finish the job.
You could’ve spared the expense and called them first. And in many scenarios, that’s exactly what you should do.
Cheap Means Good Value
Cheap does not always mean good value. It sometimes means the opposite, more often than not. Just because something is a good price doesn’t mean it’s worth buying.
The inverse can be true, too; something expensive isn’t necessarily higher quality. Do your research about your options and see what makes the most sense for your budget.
A Discount Is Always Worth It
Too many people throw something in their cart just because it’s on sale.
But ask yourself this: would you still buy it if it wasn’t on sale?
You’d be surprised how often the answer is no and how often you say yes is keeping you from living a frugal life more freely.
Frugality Is Only for Those Who Don’t Have Money
How do you think people with money got there? Yes, there are the independently wealthy and smart investors.
But tons of people are financially secure because they practiced frugality in some way. And since it got them clear results, they see no reason to stop now.
You Can’t Have Fun and Frugal in the Same Sentence
Contrary to popular belief, a frugal lifestyle can not only be fun, but it can spark your creativity, too.
The more you have to stretch your imagination as you stretch your dollar, the more you realize that the fun was there all along: not at the bottom of a shopping cart, but in spending quality time with yourself and the people you love and doing it stress-free, thanks to your restraint with money!
