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Wealth Virtues Journal: May 27, 2010

Frugality Does Not Mean Doing Without

Filed under: Wealth Virtues — Tags: — James Ward @ 8:00 pm
© 2009 Poor Richard Web Press, LLC

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People often think that frugality means “doing without” and to deny the pleasurable things in life. Rather we need to look at it as a means of appreciating what we have, and to make the best use of our resources to accomplish goals we set for ourselves.

The means to achieve a frugal lifestyle will include the following practices:

  • Reduce or eliminate costly habits, vices, and unhealthy foods.
  • Reduce the amount of waste we create intentionally or unintentionally.
  • Curtail the need for instant gratification by restraining ourselves from making unnecessary purchases.
  • Improve efficiency by optimizing our time and streamlining the way we accomplish tasks.
  • Defy the need to spend money on things just because it is popular. Some people try to “Keep up with the Jones’” without realizing that the Jones’ are currently deep in debt.
  • Explore ways of getting the things you need for free or through the use of barter.

To find out more how to make Frugality work for you, and that it does not necessarily mean sacrificing certain luxuries, see the full article at Franklinomics.

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