What beliefs about frugality are holding you back from achieving your financial goals? Here are four myths about frugality that are keeping people from being smarter with their money.
You Have To Pay For Quality
This is one of the more understandable myths; it makes complete sense that if something costs more, it should be “better.” But sadly (and sometimes fortunately) this isn’t always the case. Not only that, but frugal living isn’t about never forking over the dough for a quality product — it’s about making intentional choices that align with your values and priorities.
You can find high-quality items at discounted prices by taking the time to research and compare products. Thrift stores, clearance sales, and online marketplaces can offer fantastic deals on gently used or even new items. All in all, frugal people aren’t afraid of spending a little extra if it means they don’t have to spend more to constantly replace things.
A Frugal Life Is Boring
Most people seem assume the only way to save money is to stop doing anything fun, like going on trips or dining out. But again, it’s about spending money in an intentional way and knowing when to spend. As far as travel goes, many frugal people simply find cheaper alternatives instead of abstaining from trips altogether.
The same goes for going out to eat; a frugal person might go out for lunch instead of dinner or choose to dine out at a restaurant when they have happy hour deals. It’s not about not having fun — it’s using the resources you have to create your own fun for a fraction of the cost!
Frugality Is for Poor People
Frugality is often seen as a necessity for those living paycheck to paycheck; who in their right mind would choose to be frugal. Rich people, actually — living frugally is a state of mind that can empower anyone to take control of their finances.
Even people who make a lot of money should take the time to budget or save and invest their earnings wisely. The truth is that being frugal can help you build wealth, pay off debt, and reach your financial goals that much faster, and that’s beneficial for virtually anyone.
Living Frugally Is Just Too Time-Consuming
A frugal life doesn’t have to eat up all your precious time. In fact, it’s getting easier and easier to be more conscious about spending, even if it’s getting just as easy to do the opposite. Although certain elements of living frugally — things like meal planning or couponing — may take some time to implement initially, the dividends reaped by this investment both in the short and long-term are well worth it.
Many of these personal finance practices will eventually get faster and even become second nature. For example, you may find that meal prepping saves you time during the week, actually giving you more free time to do whatever you’d like. It’s an upfront investment that you may want to start small with and gradually build on; no need to go to extreme couponing right away if your schedule doesn’t have the room.
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