Choosing to live a frugal lifestyle may not be easily understood by those who have yet to experience it. However, there are numerous benefits to living this way that make it a worthy choice.
Whether you’re already living frugally and need motivation to stay on track or considering adopting this lifestyle, below are the Benefits of Being Frugal.
1. You Will Eventually Be Happier
Sometimes, frugality is associated with sacrificing wants and needs, leading to misery because of the inability to have what you desire.
Being frugal is not easy at the beginning because it requires denying yourself wants and desires; this is especially true if you are not accustomed to saying no and always getting everything you want.
The good news is that, with time, being frugal teaches you to distinguish between what you genuinely need versus what you want.
Understanding absolute needs versus wants and only buying things that truly make you happy reduces the number of goods brought into the home.
Stopping excessive spending allows for minimizing junk in homes, leading to a more peaceful and less stressful home environment.
In fact, according to Utah State University, “the University of Connecticut found that by removing or controlling clutter, we can directly reduce the stress that stems from the mess, which can help us to feel happier, less anxious, and more confident in ourselves.”
Another way frugality brings happiness is when you come across something you want. Instead of making an impulse purchase, you hold off on buying it to ensure it is something you genuinely desire.
For instance, find a cute top online and quickly add it to your cart but later forget about it.
If, after two weeks, you still desire the top, the excitement of purchasing and receiving it becomes more pleasurable and meaningful since you have longed for it over a long period.
Instant gratification is usually the opposite, where you purchase something you want at that moment only to forget about your purchase before it arrives.
Regularly partaking in instant gratification purchases can cause a cluttered home full of items that are not needed, which can create a stressful environment over time.
Therefore, being frugal helps to find pleasure by minimizing access to unwanted junk in your home and teaching gratitude with every purchase.
2. Help the Planet
It’s no secret that being frugal can be great for the environment.
Unfortunately, many people in the US tend to buy more than they need, leading to excess waste in landfills.
However, by adopting a frugal mindset, you can find new uses for old items.
For instance, instead of constantly buying disposable paper towels, frugal individuals might cut up old clothes for cleaning.
Reusing old items helps minimize waste and keep our planet clean which leads us to our next point.
3. Become Extremely Resourceful
When you become frugal, you become very resourceful in how to reuse different items around the home.
Old clothes that are stained now become rags for the kitchen. Pickle jars that once held pickles are now containers used to store food, and your old dresser has now become a hand-me-down to your daughter.
Being frugal is a great way to save money and the planet by finding alternate uses for items.
Another way to become resourceful is the ability to find excellent deals.
Being creative to find good deals does not mean screwing somebody over; it is still the ability to pay for the appropriate amount for an item.
However, rather than buying brand new, you may find yourself shopping at a second-hand shop that allows you to buy the same clothes you would get at retail price at a lower cost and also recycle the item for a second use.
It saves items from going to the dump and allows you to save money.
4. Easier to Do What You Want
Becoming frugal can help you gain a better understanding of yourself.
You’ll know what activities and goods bring you happiness and which don’t. [Read also: 10 Healthy Lifestyle Tips for a Healthier Life]
This understanding can make it easier to say no to events, places or items that don’t make you happy.
Being frugal means saving money is more important than feeling pressured into spending money at events or outings with friends that you know will not bring you happiness.
Being frugal with your money means analyzing every situation to ensure it is worth spending your hard-earned money.
Therefore, only spending money on events, places or items that will bring your true happiness.
Thinking about saving money helps to prevent spending money on unwanted outings.
Conversely, if your friends do something you genuinely enjoy, you will spend the money to participate.
Being frugal isn’t about denying yourself spending time with others or on things that bring you joy; it is just choosing what events you are willing to spend your money on to make it worth it.
5. Find Your People
When you choose to live a frugal lifestyle, you’ll eventually naturally attract a community of like-minded people who support your choices.
However, along your journey of frugality, you may encounter individuals criticizing you for not conforming to their spending habits and social status.
Likely these individuals lack the discipline to control their spending and often judge others who can.
These are the individuals who are always competing with their peers and feel the need to maintain a certain image by spending on luxury items they can barely afford.
However, through your journey you will find individuals who appreciate your cautious approach to spending and allow you to be yourself.
A good friend base will understand when you say no to plans that don’t align with your values and won’t pressure you to spend money on things that are not of interest to you.
Having like-minded friends may even teach you different tips and tricks to repurpose and recycle, ultimately contributing to a more sustainable way of life.
6. Spend Money Wisely
When you adopt a frugal mindset, you start making more informed choices about spending your money.
Gone are the days of impulse buying and accumulating unnecessary items you regret purchasing.
Instead, you take your time to evaluate your needs and wants, ensuring that every penny is spent purposefully.
By creating a budget and sticking to it, you can meet your financial obligations while still enjoying the things that bring you joy.
With this approach, you regain control over your spending and are no longer influenced by external pressures.
7. Financially Disciplined
Transitioning to a frugal lifestyle can be challenging, particularly if you’ve always had everything you wanted without hesitation.
The temptation to indulge in things like excess make-up, clothing, or shoes can be strong, but learning to say “no” to yourself is essential.
While adopting frugality requires discipline, it can ultimately lead to greater happiness and contentment.
This lifestyle shift involves creating a budget, tracking your spending, and ensuring every dollar works for you.
It’s about understanding what truly brings you joy and fulfillment in the long run instead of seeking instant gratification.
Frugality involves being able to deny yourself, but not to the point of sacrificing happiness and enjoyment in life.
Then create a budget and make a financial plan to ensure you are spending within your means while still finding happiness and joy in your purchases.
Being financially disciplined is vital to living a frugal life.
However, the benefit of being financially disciplined is having the funds to pay bills on time while building a financial cushion for yourself.
8. Reduce Debt
With your mindful approach to spending, you can effectively manage your budget and prioritize the things that truly hold value for you.
This strategy can potentially free up additional funds each month, which you can then allocate toward paying down your debts.
Ultimately, this approach can set you on the path toward achieving financial independence.
9. Easier to Build Wealth to Retire
When you cut back on your expenses, and spend less than you make allows you to put money aside.
Having extra money at the end of each month will enable you to reduce your debt, set it aside for retirement, or invest in other wealth-building opportunities.
By being frugal and saving more each month, you can pay off debt or invest money into different opportunities that align with your dreams and passions. Investments can include:
- Real Estate Investments
- Starting a Business
- Stocks, Cryptocurrency or Precious Metals
- Growing Your Retirement Account
Therefore, using your money wisely allows more opportunities to secure a better financial future and achieve your dreams.
10. Build Savings
Living a frugal lifestyle can be beneficial in many ways, including saving money rather than accumulating more debt.
By living below your means, you can avoid overspending and have the opportunity to put some of your paychecks toward your savings.
Even small amounts can accumulate over time, helping you build a healthy savings fund.
Experts recommend having at least six months’ expenses for emergencies, so it’s a good idea to prioritize saving money when possible until you have your emergency fund built up.
11. Sleep Easier at Night
Living a frugal life means spending less than you earn and having extra monthly money left over.
This can give you peace of mind and a good night’s sleep since you won’t be tossing and turning with financial worries.
Although it may require sacrificing instant gratification, the long-term benefits are worth it. By saving your money, you can pay off debt, make investments, and secure a safer retirement.
Making wise financial choices will help you feel more financially stable and sleep soundly at night without any money-related stress.
In conclusion, living a frugal lifestyle may not be easily understood by those who have yet to experience it, but there are numerous benefits that make it a worthy choice.
Recap of Benefits of Being Frugal
- Being frugal teaches you to distinguish between what you genuinely need versus what you want, leading to a more peaceful and less stressful environment.
- Adopting a frugal mindset can be great for the environment by finding new uses for old items and minimizing waste.
- It helps you gain a better understanding of yourself and make more informed choices about how you spend your money, ultimately leading to financial discipline and reducing debt.
- By living below your means, you can avoid overspending and have the opportunity to put some of your paychecks toward your savings, helping you build a healthy savings fund and sleep easier at night.
Sara is a writer for Amora V Lifestyle and is Co-Owner of Elizabeth Besich. Sara previously worked as a Marketing Manager and has her Master’s from Lindenwood University.
Sara studies everything of interest, from psychology, recipes, finances, mental health, and travel, thriving to find happiness and to live a good life.
When not learning, Sara loves all things outdoors, food, and hanging around great company. Furthermore, Sara loves spending time with family, who she is blessed to have in her life.
Note from the author: Through my articles, I hope to bring you joy and peace and that you enjoy it!