Dad is frugal living? This pisses you off, huh? His frugal lifestyle is way out of acceptability, you want him to stop, perhaps? It does not sound bad if Dad purchases that fancy brand of shoes you’ve had your eyes on, right? How about a dinner at that high-class restaurant where you can come across ‘A-listed stars and pose for an autograph?
Assuming Dad earns a salary of $300, $500 goes to settle house rent. Now he is left with $2,500. Energy and water bills take $200 out of the money (let’s be conservative with this figure, it could be higher), so he is now left with $2,300—still high you think? Medical bills for the household (four-person family) in a month are roughly $300 (way too low I think). Family feeding in a month (grocery shopping and the rest) takes $600 from the salary. He must also plan for his children’s education, don’t you think so? You agreed he must. So, $600 goes into education funds for his two children (you and your kid’s sister). How much is left? $800, right? What about Grandma in hospice? Alright, $ 300 goes to settle the bills. He must transport to work. Maybe he has a car, am I correct? Yeah, it is, so $100 goes to fill the gas for the new month. At least he is a good daddy, your kid’s sister likes sweet candies, and you don’t mind eating McDonald’s once a month—so $100 goes to take care of that. How much is now left? $3oo? It is proper to save for rainy days, so $200 takes care of that. The last 100 bucks are now gold in his eyes. He has to keep it on himself in case emergency needs arise. Month after month this circle continues.
Living a frugal lifestyle is it worth it?
This is an interesting question with a simple answer. Yes, it is worth it. Even if you have the whole money in the world you should still spend wisely to derive maximum value for your money.
The world economy is going downhill; the cost of living is skyrocketing, so it is important to plan the best way to manage your money frugally. That is, to spend economically even though you have the whole money in the world. No harm could be done if you spend frugally. Remember, you can be frugal and still be generous towards other people. You spend your money on things that are essential to life carefully.
Frugal living, is it that bad
Frugal living is the practice of taking an informed and considered approach to your financial spending. It is an approach to how you spend your money to maximize its value. You plan thoroughly and spend wisely to derive value for your money. You buy what is needful after considering the best alternatives and spend money on the essential things after checking for the best-discounted prices.
Is frugality bad? The answer would be no, it is not. Frugal is used for a person who is very careful about the way they spend money and live economically. Someone who is stingy is more hesitant to spend money even when the circumstances truly warrant it.
Essential tips for frugal living.
Here is a story for you, a real-life story.
Two friends wanted a pair of shoes each. The first guy, being a lover of flashy things went to a fancy boutique and bought the shoe for an amount worth $150. His friend disagreed with the price, went to a convenience store, and bought the shoe (still in fantastic shape) for a little less than $30. Five years later the friend was still making heavy use of his shoes, while the first guy’s shoes barely lasted a year.
The issue is not being stingy or lacking taste. The friend hated stinginess and did have a quality taste. The issue most often has to do with outrageous prices that don’t make sense.
The first tip you should know is to plan your budget. Make note (physically or mentally) of what are essentials and ways to get them at the best-discounted prices.
Take note of this, quality products or services are not known because of high price tags but long-ended added value. Looking for the best-discounted price does not make you look cheap but makes you reasonable—this is the second tip.
Take another instance, a frugal living dude needs a wristwatch, and the products made available are of unequal price. Let’s say one is worth $100 and the other $60, both of them are durable and serve the same function. The dude will likely go for the $60 wristwatch as both of them perform the same function and save himself $40. However, if the $100 wristwatch has added functionality such as can monitor blood pressure, and real vital signs of the body to maximize your good health he probably will likely go for it (as long as he has enough money) just for its added value. This is wise spending; you should spend wisely.
Dad’s frugal living is majorly to manage his finances and provide adequately for his family. Frugal is not a negative thing, is the practice of taking the best approach to manage your money and how you spend it based on the priority of the essential things.
1. Can everyone have a frugal life?
Ans: The answer is no, everyone cannot frugal life. Life does not go the same way for everyone but you can try your best to make wise decisions in your financial life.
2. Is frugal living the best lifestyle?
Ans: I will not say yes or no because this is not a yes or no question. Life is too complex to quickly categorize it into black or white. One thing for sure is that there are things that will work best for you that are acceptable in the wider world. You alone can find what it is.