What is Frugalism

Frugalism is also known as thriftiness. Many frugal people are considered by others as being cheap. One difference between being frugal and cheap is that frugal people try to get the most for their money, cheap people do not like to spend money.

Some characteristics of the frugal are:

1)  Before buying something, they consider if there is a way to get it free or for very little.

2)  Consider if they can fix it themselves, in turn saving on repair costs.

3)  Consider how long the item will last.  If it will last for a long time and they will get a lot of use out of it, it may be worth spending money on it.

4)   Decide whether they actually do need the item before purchasing it.

In today’s society where you can purchase “stuff” almost anytime with the use of the internet we have become accustomed to instant gratification. Also, with many people have quite easy access to credit has also brought an end to delayed gratification to many. 

With the current economic conditions, many more people are in circumstances where they need to cut back on spending. Others may consider them cheap if they do not spend money on things they usually spend money on.

One area that easy to be frugal in is your grocery budget. It may be more convenient to go out to eat or get takeout, but when you consider how much you could buy at the grocery store instead, it may be worth your time to learn how to cook. With most grocery items being perishable, you can save even more if you can find items marked down when they are close to their sell by date.

Another way frugal people save money is by purchasing used clothing and other items at second hand and consignment stores. In many cases, you can find new and almost new clothing items for a fraction of what you would pay in a retail store. If you find items that are well constructed and classic styles you can wear several times, the cost per wear becomes very little. It may make sense to spend more on items that you plan on using considerably than needing to purchase the same item several times by spending less on a lower quality item.

So by taking some easy steps you can save money by being frugal, and not cheap.