If you're reading this, chances are good that you're looking to gain an edge financially. Chances are also pretty good that you've opened your eyes to the unfortunate reality of American lives – it's driven by financial pressures. It's overwhelming. So we pick up tools to deal with stresses of work, debt, and scarcity.
Frugal Busywork
Whenever I think about frugal living, I remember what somebody once told me: “Don't mistake being busy with being productive.” The same is true with your finances. If your goal is to pinch pennies and cut, cut, cut – then you'll always be busy. If you get joy in finding ways to save $10/year on your budget, then it's a fine hobby to have. But it's busywork – not a wealth-building activity.
Frugality is a tool
If you're stupid with money, or seem to be consistently $50, $100, or $500 short each month, then you need to get on the frugal train. If you make good money, but want to put away an extra $300 a month (and don't consider yourself a frugalista) then you can definitely find ways to save on basics like cable, cell providers, internet, and transportation. There are great accounts of people who downsize everything to pay off debt or live lean during a transition period. But…
Cuts ≠Growth
Cutting expenses only go so far. It is the building block of financial literacy – but living a life of extreme frugality (although it works for some) without a growth mindset is defensive living.
Invest your time in growth strategies
So stop being busy, and get productive with your time (and money). Put your time into making more with a side hustle, by launching a blog, or with a new job. Then get that money working for you with smart, simple, robo-advisor investing platforms. It's very tough to get ahead if you're not growing what you have. Financial security begins with frugality, but is achieved with a growth mindset. So get out there and make the cuts you need to, and then get you money working for you!
It’s so frustrating! I have offers for a side hustle but I don’t have the time. It tears me I’ll every day.
being frugal takes a commitment but it does get stressful at times and very tiring in knowing there are things out of your control.
It seems that no matter how hard I try to save living on ssdi, the more that goes wrong that ends up costing me money. Like added Dr bills, home repairs….etc.
This article gave me some helpful tips and also insight into frugality
paying for medical insurance and hospital bills just takes any savings right out of my life….just have to keep on trying..
If you have very little money to start with being frugal is a way of life.
It seams no mater what you try every month I’m short and never have and savings. If I can learn something from this site great . ?
since my husband lost his job we are being extremely frugal right now it does take a lot of commitment
Unexpected health issues,bills and leave to recoup at 60% of regular income as well as being single. Planning and frugality is a must.
Yes – you have to be frugal with your money – you only make so much & people forget that they need to save for retirement
Some people are just born to be frugal, I’m not one of them,lol.
Easier being frugal with or without children?
Probably without! lol.