Frugal path is the best way forward
Spiralling costs will lead to a new way of living, writes Gary Martin
CONCERNED about the rising cost of living? Tired of having to keep up with the Joneses? Living way beyond your means? A frugal lifestyle might be just what the money doctor ordered for you – and luckily attitudes to frugality have changed for the better. In the past, a frugal approach to living received a bad rap.
Associated with a life of deprivation, frugality was considered the domain of closefisted penny pinchers who would frantically clip discount coupons from newspapers, eat leftovers four nights of the week and refuse to spend on a night out like “normal” people do.
The spiralling cost of living has changed all of that. With more tough economic times on the horizon and people forced to save more and spend less, frugality is becoming all the rage.
Frugal living is the habit of living simply, wasting little and embracing a much more considered approach to money. Frugalists are resourceful, recycle and see exactly how far they can stretch every dollar.
As a lifestyle, frugalism is far from new for millions of Australians, who have no choice but to exercise prudent management of their finances to make ends meet.
What is new is that frugalism has become a sought-after quality – one that in today’s world brings with it large doses of approval, admiration, appreciation and acclaim.
And it is a mindset that many spendthrifts know they need to buy into to navigate the rapidly accelerating cost of living, which is rising above their earnings power.
For those who need to transition from paying for expensive haircuts, luxury holidays and big nights out to a new lifestyle of belt tightening, pencil sharpening and foraging for bargains, there will be challenges.
Addressing those challenges starts with busting a common myth that a frugalist and a cheapskate are one and the same.
A cheapskate tends to hate spending money and, when spending is unavoidable, will always choose the cheapest option.
A frugal person, on the other hand, might purchase a more expensive product because it will last longer but will choose the lessexpensive option when given a choice between items of equal quality.
Frugalism is about the best option for money, not the cheapest one.
And unlike cheapskates, frugalists recognise that buying cheap is like purchasing twice because they understand poorquality products will have a shorter lifespan and need to be replaced sooner.
For many, the shift to frugalism will be a tough but necessary journey.
Yet those who have been able to reposition themselves will tell you that frugality becomes easier over time and, with perseverance, the sugary sweet cravings of consumerism will begin to fade.
When that happens, the seduction of buying things you do not need is likely to be replaced by the joy of living below your means, in a more sustainable way and possibly with less stress.