In the comments on a recent post about peer pressure, I mentioned a quote that I’d edited from the original draft. (I write a lot of stuff that doesn’t make it into final articles. It’s as if there should be “bonus features” for GRS, like on DVDs.)
Anyhow, I re-read John T. Reed’s Succeeding recently, and was struck by this passage, which does an excellent job of encapsulating my current philosophy on frugality. Reed writes:
[Frugality] is a necessary evil early in your adult life — like getting an education. Most people are never frugal and, as a result, never rich either. A few people are rich as a result of frugality, but they never stop being frugal, so what’s the point? They live like poor people their whole lives.
The correct approach is to start out frugal when you first go out on your own, then gradually shift to an enjoy-life mode where you live up to your means.
Note that Reed never says to live beyond your means. You live below them until you’re established. Once things are running smoothly, it’s okay to spend on the things and experiences that make you happy.
I’m reminded of my own love of comic books. I used to buy comics, even when I couldn’t afford them. I went into debt and was unhappy. As I worked to overcome my debt, I cut my comic book habit. Now that I’m out of debt and building wealth, I’ve allowed myself to begin buying comic books again. This makes me happy — and as long as I’m not spending beyond my means, everything’s okay.
What do you think? Is frugality a means to an end? Or is it an end in and of itself? Is frugality a necessary evil — or is it a way of life?
Note: By coincidence, Trent at The Simple Dollar just posted an article breaking down the numbers on why frugality works. And just to be clear: I think frugality is an important part of personal finance, not matter which stage you’re in. But as I’ll discuss on Monday, balance is important.
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It’s definitely a way of life to me, but I could see myself moving away from that in the future. I would definitely “grow into” the ability to spend more and not worry about saving every little penny here and there.
But I still think it’s a mindset: it’s kind of like being funny. You are or you aren’t.
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It’s about happiness. If money in the bank makes you happy, or the things you might spend money on don’t make you happy, then frugality isn’t an evil.
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To me, a certain degree of a frugality is a way of life. Ramit’s “cut costs mercilessly on things you don’t care about” sums it up well. If something isn’t important to you, then it makes sense to me to cut the related costs as much as possible, no matter how wealthy you are.
That said, when you’re young (or in debt at any age), then there’s certainly a need for frugality even on the things you do care about. And that frugality, IMO, is what tends to become less necessary as you build wealth/income.
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I don’t think you “stop” being frugal if you’re spending is within your means and you’re hitting your long range goals. I tend to think that you reach a point of saturation. You’ve got the house, the cars, the furniture, etc. for the most part, especially if you’ve been careful in your purchases. Also, hopefully you’re earning a lot more if your career has advanced. So you’ve reached a point of stability and can now direct additional funds to those things you enjoy, which was the whole point in the first place. I think the biggest problem for most people who treat frugality as an “evil” or something they’re “tired of” is they’ve never learned to curb their appetites. That can be really hard to do, especially if you’ve always lived a certain way and a sudden job loss or cut in pay hits you. A lot of folks are “frugal” at their current salaries, its when bad things happen that they can’t or won’t adjust and that’s when it hits the fan. I think it’s a lot easier to be frugal when things are stable in your life.
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Frugality isn’t necessary at all.
Having the right SYSTEM and work ethic is. All you have to do is make more than you earn, and you’ll be rich, some day.
It’s so simple, I don’t know we ever question it. Seriously.
Besides, why be frugal when it’s a raging bull market? Some of you just bailed out Bank of America again with $19 billion in funds to pay back TARP, so they can pay themselves BILLIONS in bonuses right before the year end!
Yihaw!
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For heaven’s sake, getting an education isn’t a necessary evil. Having a job is a necessary evil.
Frugality is a means to the end of financial security, which is merely a means to the end of being happy and fulfilling your calling in life.
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I think this is a false choice.
That said, to answer the question directly – for me, it’s a way of life. I don’t want to buy into consumerism and frugality fits that.
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I have a somewhat different take on this. I think that in the U.S. we have inflated expectations, and feel sorry for ourselves too easily. A little-known fact is that happiness peaked in the U.S. at a time of much less affluence than now: http://www.diamondcutlife.org/the-peak-of-happiness-and-its-causes/
Our ‘frugal’ is much of the world’s ‘affluent’, and moreover, the earth’s resources are limited. In short, I don’t see frugality as a necessary evil. I suggest that putting people ahead of ‘stuff’ and money, and using resources carefully and thoughtfully are the right way to live whatever our incomes are. I also think we should take to heart some of the recent GRS posts on gratitude, giving back and passing our blessings on to others.
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I find that in some areas, frugality is simply trading your time for money. When you’re young and on the lower side of the income scale, you need the money more than the time. So you eat in instead of out, clean your house and do yard work instead of hiring a service to do it, DIY repairs, etc. As you get older and your income increases, you need time more than money and so you can outsource certain tasks in accordance with your income.
Consumerism aside, of course… I’m only speaking of the aspects of frugality that are time/money tradeoffs.
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Being frugal is certainly a means to an end, but if frugality is achieved in a practical way, it doesn’t necessarily ever need to come to an end. While it’s certainly true that those with a lower disposable income have a greater need to live in a frugal way to avoid overspending and incurring debt, those with larger incomes can benefit too. Simply, the best approach to frugality is to do a little bit of research to find simple ways to enjoy the same quality of life for less money and to implement them early on and stick with them. For all but the highest income earners among us, some level of frugality will always be necessary.
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We’ve always been frugal. It’s a way of life. On a 110,000 combined income we eat out maybe twice a month. We do all our own home maintenance, cleaning, yard work, and remodeling projects. 2 years ago we took the first vacation we had taken in over 10 years. We’ve been saving 20-30% of our gross income ever since we paid off our house (after 5 1/2 years) 15 years ago. We would like to start loosening up a bit and to this end we consulted a financial planner recently to see if we’re in line to retire in about 10 years. Unfortunately, even though we rank in the upper 10% of our age and income group in net worth, we’re being told that we need to “step up our saving” if we want to retire with 80% of our current income. We’re starting to wonder, “What’s the point?” Why don’t we just spend like most people do and not worry about the future at all? We’re very frustrated at this point. Frugality is not all it’s cracked up to be.
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It depends on your definition of frugal, doesn’t it? If frugal means watching every penny, all of the time, then it is a necessary evil.
But if frugal means planning out your purchases and being thoughtful with your money, then it is a way of life – one that most of us need to embrace.
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Frugal, defined by dictionary.com is “economical in use or expenditure; prudently saving or sparing; not wasteful.” Being wise with your money should never stop. People think of frugaity as spending nothing, but it reay spending thoughtfully
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I agree with Abby@12. It probably depends on your interpretation of the word. If you think of frugal as negative then it’s an “evil” but if your reflection of being frugal is positive then it probably feels pretty good to be that way. I think some people see frugality as being miserly which is a word very close to misery.
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There are some aspects of frugality that are necessary evils. Living with roommates. Taking the bus, if you live in a place where the buses only run every 30 minutes and stop by 8:00 p.m. Never going out to eat.
But even if you get to a point in your life where you can buy a boat, or you can blow $2000 on a new computer without batting an eyelash, it’s always worth considering whether you’re getting real value out of what you buy, whether your purchases are part of the life you want to live or just a way to keep up with the Joneses.
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Frugality is a tool, as some have suggested. BUT! What to do when you’ve “arrived”? We have friends with tremendous income and assets, whose children have almost never had to think about the cost of things – and now the family is stuck in a cycle of parents providing everything for the kids. Strangely enough, the parents always ‘feel’ broke and the kids complain about being poor.
I think frugality, even when not required (or maybe especially when not required) by circumstances, gives you choices. Choices about giving to others, about taking time off or traveling, even about the type of job you can accept. The ability to make choices is my definition of wealth.
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Frugality is a way of life for me. Partly because it’s necessary, and partly because I feel that it’s the smart thing. However, we aren’t needlessly frugal and spend large amounts of money on appropriate things (like car repairs, home repairs and the occasional ‘treat’ for the family)
But I’m also with the 3 posters above me. I’ve always viewed frugality as something positive thanks to my depression era grandmother who not only had so much cool knowledge (baking from scratch, sewing, making stuff like soap and jelly) and who’s cooking was wonderous. But she and my grandfather also always had nice vehicles, their house was fully paid for, and their furniture always reflected them, but not in a showy way. Grandpa was also a math teacher – heh. So I had very good examples is positive frugality.
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Defining frugal seems to be the key here. Once you’ve achieved debt freedom and a comfortable lifestyle, is it ethical to continue to pile up the wealth, or do we have an obligation to share with others? As always, it’s hard to know where to draw the line. How much is too much?
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I don’t consider it “evil”, but I absolutely agree with switching to “enjoy-life mode” when you are established and able to afford it.
As part of our effort to get out of debt, I promised my wife a vacation anywhere in the world soon after we pay off our debt. It’s not only a bribe/reward, but a celebration.
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I have to disagree with numerous parts of that quote.
1. Education is not a necessary evil.
2. Just because people are frugal does not imply that they live like “poor” people.
3. How is a “correct” approach to frugality defined? Perhaps, my own “correct” approach is to learn to be more frugal as I grow older, which is quite the opposite of what’s stated.
4. It is assumed that someone cannot enjoy his life living frugally.
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Yes, being frugal is a way of life..forever + regardless of income. You must be vigilant and continue to live below your means regardless of income. The frugal celebrities pay for their houses in cash and have money leftover to maintain them. But many multi-millionaires also go bankrupt…ehem mchammer.
A higher income brings a false sense of security. I almost think one has to be a more vigilant saver with a higher income. You’re likely to have bigger, more expensive stuff to maintain. Higher taxes, etc.
I do think there is a limit to how frugal you get can be at higher income levels because safety+security becomes a concern.
You’re not going to live in the hood anymore, even if that’s where you came from…because you instantly become a target. I grew up in a poor neighborhood with no car and really very little trouble. When you have nothing, you have nothing to lose. You’re just like all the other poor folks struggling to survive. As soon as I got a little nicer car than the beaters around me, our house got robbed, twice in one month. It’s also a necessity for most celebrities to live in gated communities for their own safety.
It’s one thing to have an upper-middle class income and live in a middle class neighborhood. It’s a totally different thing to live in the projects when people know you earn above the poverty level.
Frugality has it’s limits, but it’s always necessary at any stage in life.
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I do not see frugality as a negative, so I don’t think it’s an evil at all. To me, you can be frugal regardless of your income level or stage in life. It is simply the state of being financially responsible and spending less than you make.
And I think contentment is the real key. You shouldn’t feel like you are suffering and wasting your life even when you don’t have a lot of money to spend. Life is about much more than the money.
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Unfortunately, that is something I have always struggled with. I am on the second side of that coin… being overly frugal, and not gradually allowing myself to enjoy the rewards. One thing that has really helped me though was to set aside a specific amount of money each month that I can use for whatever. So, now I won’t feel guilty about wanting a new computer game, movie, etc. Of course, now I am finding myself thinking about ways to invest my “fun money” to optimize my return on that too… I guess like everything else, frugality can be nearly as bad as its opposite when not applied in moderation.
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i’m always amazed how people define frugality and happiness…as if there is no happiness until you are established because of living frugally. that makes no sense to me. you can and should live happily during the course of your life even if you are not established. you can fit happiness within your budget and within your means. it will probably require you, though, to redefine the things that make you happy and to find happiness in other things.
you also have to come to realization that something that you simply cannot afford is not going to make you happy. i think people have misplaced notions of what will make them happy.
if you “gradually shift to an enjoy-life mode where you live up to your means”, it seems you are putting undue expectations on what it really means to enjoy life or be happy.
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I use frugality like a scalpel. I see it as a method to maximize enjoyment while staying out of trouble.
Now that I’m out of debt and have savings, I remain frugal on things I don’t care much about, such as having cable television, a phone with internet, a big house, or a new car, and that allows me the leeway to *not* be frugal on things that really make me happy.
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I was pondering this yesterday.
If you wish to remain financially secure, it will always be a necessity to balance income and spending. It will always be a necessity to make choices, because you can’t buy everything and still maintain your financial security. And that’s what frugality is, isn’t it?
Even for those of us who’ve been fortunate to pass the point of “scraping by” it is necessary to re-evaluate our situation and priorities regularly too. Should I spend $100 to replace some worn clothing, or use it to pay down the mortgage a bit faster?
And as for amy’s comment about the kids… from an early age my kids learned to make choices… they can go out to eat regularly or we can eat at home and go on vacation. They can get one big toy from their wish list, or a bunch of smaller toys. It is possible to give your kids balance.
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Spend money on what you value. Don’t spend money on what you don’t value. Put savings priorities (fully funded emergency fund, retirement, big goals like a house or car or education) first before spending.
I don’t know if that’s frugality or just being sensible. We definitely did live poorly until we had paid off student loans and developed a sizeable safety cushion (and grown-up size incomes), and now we don’t spend up to our income, but we do spend on what we value. For me that means not ever having to worry about or stress out about money, which has been a goal since childhood.
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I’m with Abby, Emily, and Holly. I don’t think frugality means spending as little as possible; I think it means spending wisely. It means not wasting your money on things you don’t really want, it means finding cheaper ways to accomplish what you want to accomplish. It is not about depriving yourself; it’s about reducing spending in areas you don’t care about so that you don’t have to deprive yourself of things you do care about, prioritizing your spending to match your actual priorities.
I think Reed is talking about depriving yourself or delaying your gratification if you don’t have enough money to get what you want. I think his point is that if you deprive yourself enough in the beginning to not only keep from spending more than you have but to also add to your savings, then in the long term you will have more money. This leaves you free to satisfy more of your desires.
It also leaves you free to satisfy some of your desires in more expensive ways. I think this is the question you’re asking—once we have more money, will we allow ourselves to go for more expensive options or not. In my case, I’ve decided that some expensive things are worth it if I have the money. So I’ve been to Disney World (perhaps the most expensive amusement park). I sometimes see plays instead of movies. I sometimes go to a concert instead of just buying a CD. I will usually pay extra to be able to tour the inside of a historical building instead of just hanging around the outside for free. And I am willing to pay extra for a fast internet connection. These are all luxuries to me that I buy only when I can afford them.
But I’m not going to start buying new cars instead of used cars—that will never be worth the extra money to me (unless used cars start getting a lot more expensive). I’m not going to start shopping for clothes in malls instead of thrift stores.
And some things I started trying because they were cheaper have turned out to be better. I make my favorite spaghetti and it’s a lot healthier than spaghetti at most restaurants, so I will never eat out when I’m in the mood for spaghetti.
And here’s another issue. My goal for saving money isn’t to become rich—it’s to be able to stop going to work. So in that sense, I will never be one of those people who have a lot of money but refuse to spend it because they’re stuck in their miserly ways. As soon as I have just a little more than I think I need, I’m going to stop going to work. And my continuing to spend less than average is going to let me do that a lot sooner than if I have a goal of being able to spend like a rich person.
Unlike princewally, I’m always in an “enjoy life” mode. But then I’ve been lucky enough to be at my poorest when all my friends were poor, too, so I had plenty of fun people to share my low-cost lifestyle with.
Seth, that’s a good idea to budget for fun. You might even make a rule for yourself that you HAVE to spend a certain amount of it each month and/or each year or season. I love having a big pile of money around for things that come up suddenly, like a friend gets a postdoc in a foreign country and wants me to visit. A friend of mine once had a “stress-reduction” budget—sometimes it went for massages, sometimes for parking garage use. I’d rather have an “annoyances” budget and pay attention to what’s annoying me, like how the bottom sheets are too small and keep pulling out from under the mattress.
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I think of it a different way. I think it’s a mindset and a way of thinking about things. After years or decades of frugality, it should have allowed your income to improve, by increasing your assets, and having money that is working for you. This adds to your means, and allows you to relax with the knowledge that you’re financially secure. In this state, you probably have defined ideas of what you can do with extra income, and you have more income since you’ve saved for a rainy day already. So really, in my mind, frugality sets the stage for enjoying the money you’re saving, in a calculated and meaningful way.
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Hey J.D.,
Frugality is always useful, even if only at first, but it can become an effective way of life.
Since frugality means to cut out and spend/focus only on the essentials and what’s important to you, you are enjoying life when you’re frugal. You’re being frugal, not cheap.
So when your income increases, you can continue to be frugal, simply spending more on those few things that are important to you, while saving and investing the money you save from not splurging on the unessential.
Which, in turn, gives you even MORE resources to enjoy what’s important to you.
So, not only does being frugal help out in the early stages when money is tight, but it can set a standard to actually enjoy life MORE.
Great question. Here’s to being frugal as an effective lifestyle choice (and not falling into the cheapness trap),
Oleg
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For us frugal means not spending our money on things first. Instead, first we save our money, second we pay our bills, third we spend.
Savings comes first, some of that savings will later go to things, like right now we are saving up for a killer couch. Our planned couch purchase will run us $5000, not very frugal to some people, but frugal to us as we’ve been in our home for 5 years now and we are saving up so we can pay cash for the couch. We also save up for super nice travel and vacations. But we skimp on other things like cars, we both drive paid for cars and Mr. Sam’s is a 1997 (mine is nice – 2006).
We also keep to our frugalness by managing our spending by sticking to a spending plan. Sometimes we spend lots of money on eating out or a show, but we limit ourselves to a certain amount of spending every two weeks so we have a built in system for stopping our spending.
We also budgt for fun, $50 every two weeks into our ING fun account and then when a big fun expense comes up (something that we can’t cover with our biweekly spending money) we raid our fun account.
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Debi, if you’re already living on 70% of your current income (by saving up to 30%), why are you using a model that requires 80% of your current income in retirement? You’re already used to living on 70%, and that amount will likely be lower if you enjoy less taxation with your decreased, post-retirement earnings. It sounds to me like your financial advisor may be attempting to scare you into funneling more assets his way, for obvious and unfortunately all-too-common reasons
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This is such a timely topic for me. I actually wrote about true frugality vs. conscious spending earlier this week on my own blog. My conclusion was that, as long as our money is first going towards savings and the last of our consumer debt, my husband and I are comfortable with some un-frugal spending from time to time, within limits. I was also able to identify some situations in which I would make a choice to be more frugal, such as working part time instead of full time, having children, or saving for a big goal.
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To me, living like a “poor” person means living in fear about money. Most of the time, frugality can fix that.
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For me, frugality is about
* independence (I need less than I used to think I needed)
* creativity (I can do more with less, solve problems that I used to throw money at, cook/make/do/repair things myself)
* good stewardship for the planet (even if global warning turns out to be false, isn’t it wise to use fewer resources, generate less pollution, and fill fewer landfills?)
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I know what book I WON’T be reading anytime soon – so many things wrong with the passage you quoted.
1) Education is a necessary evil? I guess there’s no benefit to learning to read, write, feed and clothe yourself?
2) I don’t like the dismissive nature when he discusses frugality. Frugality does not equal living like a poor person.
3) “The correct approach” – wow, can you say ego?
4) Live frugal, then enjoy life – huh? I don’t think spending more money = having more fun.
5) Living “up to your means” is usually never a good idea. Sounds like living paycheck to paycheck to me.
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Oh, and I forgot to add that to me it seems DEMENTED to call education a necessary evil.
Education shapes your mind and introduces you to new places and people and ideas.
It gives you skills, which help you earn money and can be a way to “escape” temporarily during tough times (through reading or woodworking or dancing or whatever).
It teaches resilience, as you learn to work with people and intellectual disciplines that you dislike or fear.
If recent scientific research is true, the more educated you are and the more extensive your vocabulary is, the more able you are to resist Alzheimer’s disease.
There are hundreds of millions of people who would love to receive an education and cannot. So step off, John T. Reed.
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Think Kevin M is missing the point here. The point of this article is to highlight the fact that in normal Western society there is this tendency to “live life now” when you’re young! Which equates to traveling; partying; etc (and these things cost money)! But the article is discussing a paradigm shift here! The idea that when you’re young you need to build a solid financial foundation upon which you can rely on when you are “established”.
P.S., it’s easy to get caught up in the particulars of an article but let’s look at the top level view.
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Frugality can be key but everyone’s situation is different. I try to be frugal but still enjoy a few vices I have and love things that are for experiences so its difficult to balance especially being younger with less income.
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It seems there are only two options presented here:
1. Be frugal (and miserable) now, because you will finally “make it” someday, and then, and only then, will you allow yourself in good conscious to spend freely.
2. Spend freely as you wish now now, before you “make it”, but you will never truly be wealthy and you will most certainly regret your past decisions.
I choose the third option, or the Middle Path.
3. Enjoy life TODAY, because tomorrow may never come. Spend time and money on experiences, instead of Stuff. Spend time and money on people that enrich your life. Earn more than you spend. The rest is just noise.
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@KM; not everyone loves education, there are hundreds of millions of people who hate learning or the educational process. This is simply the expression of that view. I think we understand that from the article.
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I agree with the poster that says the author is introducing a false dichotomy. There are good habits, and bad habits. The good habits can help you get to where you want to go, and they also allow you to stay there. If you see frugality as a deprivation that you will be released from once you have “made it” then you are doing it wrong. It goes without saying that the amount of money I spend has changed as I have gotten older, but so has my earning potential, my household, and my family composition. But I still consider myself frugal because I spend below my means and try to be aware whether what I am spending on is “worth it”.
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If you replace the word “frugality” with something like “self-deprivation” or “scarcity” then Mr. Reed’s comments make a lot more sense. That’s something that might be a necessary evil early in life. Sometimes to live within your means you may have to make hard choices between things that you really want or even need.
On the other hand, “frugal” means “avoiding waste” and that applies to everyone. Spending money is not wasting it – but spending too much for something, or spending on things that you don’t value IS wasting it.
Also, some of us would like to retire early. Being very careful with our money may allow that to happen earlier and be more successful.
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I can think of many, who are frugal. They have plenty of money.
Now they’re at the end of their life.
….and the money is good for what? It doesn’t take hundreds of thousands for most of us to exit this world. I don’t believe we are beholden to our heirs to leave them money. (I certainly don’t expect any from my parents)
I say live within your means, plan for the future, but by all means you need to enjoy today.
That may require that you spend money.
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Frugality isn’t evil, although it may be overly conservative for some people.
It’s also not necessary. As long as you’re not spending more than you earn, you can do just fine without being particularly frugal. The only necessity is keeping your expenses below your income, and even that can be ignored for years on end before it catches up to you.
It’s a funny idea, that anything we, as the followers of personal finance blogs, do is “necessary”. Look at all the people around you living in perpetual debt and still, being generally satisfied with their lives. You *can* live like that. Millions do. Financially responsibility is not required to feed, clothe or house yourself and your family. American Express is perfectly happy to pay for it all for you, hoping that you’ll pay it back sometime in the future. Plenty of people really don’t care that the numbers on their balance sheet are constantly red instead of black.
And you know what, these people still live better live than much of the world. Go find the average Ugandan or Chinese farmer — someone with no debt, and compare his life to the one we’re all trying so desperately to avoid — the one where giant corporations give you flatscreen TVs and new cars for free and say “eh, pay us for it later”.
90% of the american lifestyle is simply excess — very little is actually necessary. For perspective, watch a longtime friend who you’d always considered “rich” go through chemotherapy. It will make you think about your values. Both consumerism and frugality seem irrelevant.
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“The correct approach is to start out frugal when you first go out on your own, then gradually shift to an enjoy-life mode where you live up to your means.”
Wow. I don’t know what his problem is, but I’m frugal and I DEFINITELY enjoy life. I don’t have to spend lots of money to enjoy it, either. Imho, if you’re not enjoying life while being frugal then you’re doing it wrong.
Frugality isn’t just about money. It’s about spending resources wisely to best meet your goals. Those goals might change throughout your life, but frugality can and should be a lifelong lifestyle of *conscious* spending so that you stay focused on what is important *to you*.
Frugality is also, therefore, about reducing waste. And why should we suddenly become wasteful if/when we become rich? There are enough people out there trashing the planet with their extravagant lifestyles. I’d rather enjoy the planet than destroy it.
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G. K. Chesterton talks about the “romance of thrift” and I think he was right on. I got some chairs a few years ago from a friend of my mother, they had been in her attic for years, I took them and reupholtered them very inexpensively. Even though I could afford new chairs the ones I have are very good quality and reflect my style exactly, I have no intention of giving that up. I love experimenting with new recipes and taking care of my family and my home. Many of the things we have were inexpensive but they are meaningful to us. I take pride in the things I have put work into — much more so than any store-bought things. I also know that if the kids wreck something its not the end of the world, I can replace things inexpensively or re-do them. For me the frugal lifestyle has lead to a joy and connection with the things around me that otherwise wouldn’t be there. I don’t think frugality is a necessary evil — I think it is a positive good in my life.
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@KM — As a former high school teacher, I can certainly say that education is a necessary evil for many students! Not everyone loves learning, and the school system doesn’t work for many personalities and learning styles. Besides, too many students go on to get a university degree just for the sake of having one — and wind up in a lot of debt to do so.
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Well, as far as how I manage my money goes, I don’t spend a lot, because I prefer to save and make myself more secure. But I’m certainly looking forward to enjoying the wealth that I’m in the process of building, and spending more when I can do so responsibly. Not on random ‘stuff’, but on the things that really matter to me, like music equipment and a beautiful living environment. So I’m happy to be frugal now, but I’ve no desire to always live like a poor person just for the sake of it out of some misplaced sense of virtue – frugality is a tool to help get me to where I want to be, financially (it’s not the only tool though – I see increasing my income as being more important.)
But I take issue with the idea of deferring enjoyment until I’m financially free. I could be dead by then! In fact I think that the whole ‘spend your life working and then do what you want when you can afford to retire’ mentality, which is so pervasive in this society, really sucks. Which is why I’ve decided to focus on what I love doing most right now – no endlessly delayed gratification for me! But I don’t need to spend a ton of money to do that either.
I agree with the posters who are advocating a middle way – getting the frugality balance right in such a way that we can enjoy life now and live well later too.
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The author is perpetuating the myth that spending money will lead to greater happiness. While we may get temporary pleasure from spending money on “stuff” or experiences, I don’t believe that true happiness is a function of financial or material wealth. Just ask Tiger Woods, the world’s richest professional athlete, how happy he is at the moment!
JS
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