I’m the type of person who practices frugality like it’s a religion because I’ve discovered many surprising benefits of being frugal. Being frugal is not only wise, it’s a way of life that has freed me from debt, stress, and worry. Not only am I debt-free, I’m also not tied to material possessions. I live free from the stress of having to take care of maintaining a house or a car or even a pet.
In today’s world, we live in a gluttony of material wealth. We’re unable to let go of things that weigh us down. We mistakenly pursue ownership of things that bring us status and power. But the joy they bring you is only momentary. In this blog post, I talk about the seven surprising benefits of being frugal, which I have discovered by limiting how many material possessions I own.
Table of Contents:
1. I have enough emergency savings to last at least six months
2. I live debt-free, and I do not even have credit card debt
3. I have peace of mind and I am stress-free
4. I am less materialistic
5. I live a healthier lifestyle
6. I have a greater appreciation for what I already have
7. The more I save, the less I want
1. I have enough emergency savings to last at least six months
Everyone should have emergency savings. Many people don’t have enough savings to last them three months. If you don’t have emergency savings, it’s time to start saving now. If you were to lose your job or if your business were to slow down and lose income, you’d be cushioned against bad times until things start to look better again.
If you have trouble saving, take a look at your daily or weekly expenses. Examine where you can cut down your spending. Do you pay for a subscription to an app that you never use? Or do you buy lunch everyday when you could just pack a lunch from home? Do you take an Uber when you could use public transit? These are just some of the ways to save money. It starts with taking an audit of your expenses and cutting down on the ones that are “nice to have” but are not absolutely necessary.
Get into the habit and mindset of saving money. Being strategic about how you spend your money will get you farther in your saving goals, and faster, too. The surprising benefit of being frugal is that it protects you during emergencies when your cash flow is stagnant.
2. I live debt-free, and I do not even have credit card debt
As soon as I receive a credit card bill, I make sure that I pay it immediately. The idea of paying high interest fees on credit card debt is enough to make me think twice about delaying the payment of my monthly credit card bills.
If you adopt the same mindset, you’d have no creditors knocking on your door. Also, credit card debt can pile up, creating a dent in your credit score. Protect credit score at all costs. Your credit score determines how much interest you’d be paying on things like car insurance and your mortgage, and whether you can get that business loan.
Being debt-free saves you from the stress and worry of wondering whether you’ll ever be able to pay back your loans. For example, if you have student loans and are drowning in debt, the first thing you must do is pay it off so you’re not saddled with high-interest debt. The less money that goes to your debtors, the more you can put in your own pocket. No one likes forking over their hard-earned money to someone else.
3. I have peace of mind and I am stress-free
Since I’m frugal, I don’t have to worry about paying off debt and whether I have enough money for shelter, utilities, and food. I don’t lose sleep worrying about it.
Also, if you want to start a family, you must have enough savings to provide for your children. You can’t do that if you’re buried under a stack of bills. Since I don’t have any bills piling up, I can rest easy knowing that I don’t have any financial obligations that can get in the way of providing for my family. And what’s more important than family? Life is stressful enough as it is. Being debt-free is an easy way to lighten that burden. The surprising benefit of being frugal is that it gives you a peace of mind.
4. I am less materialistic
Stuff is just stuff that you will later throw or give away. There is so much waste going into landfills. It’s mindboggling how we can continue to consume and to waste in an endless cycle. Because I am frugal, I don’t buy things that I don’t need. I am less materialistic. This means I throw away less waste, and I uphold my personal value of being responsible for the environment and for the planet.
Consumer spending creates a global problem of waste that ends up in landfills. It’s killing our planet. It might not seem like a lot when one person stops adding to that waste, but when a mass of people collectively say “No” to waste, it can really add up and make a great impact.
In addition, materialism feels empty after a while. You’ve got the latest tech gadget, for example, but after a while, that shiny object loses its appeal, and you’re back to craving the next thing to distract you. The benefit of being frugal is that you care less about physical things, and more about what really brings you joy to your mental and emotional state.
5. I live a healthier lifestyle
Since I don’t eat out in restaurants, I save more money and also live a healthier lifestyle. I will occasionally splurge on a meal, but never more than once a week or three times a month. That hamburger and fries, loaded with calories, carbs, and sodium, does not entice me enough to make me sacrifice my health.
If you get cravings for unhealthy food, replace that unhealthy meal with one that will keep you full. That includes protein and complex carbs that will not spike your sugar level.
I understand that eating out at a restaurant is what people do when they get together. They want to socialize and have a good time. But why not convince your friends to have a picnic or potluck, or cook food together at home? That way, you choose what food you eat and still have the chance to socialize while enjoying a meal together.
6. I have a greater appreciation for what I already have
I feel a lot of gratitude for what I already have, because I’m not constantly trying to replace these things with newer purchases.
There’s nothing that makes you more unhappy than being greedy for things you don’t have. For example, I already have a winter coat that serves its purpose of keeping me warm during the winter. So why would I need a designer coat that costs more but serves the same purpose? Some people shop for designer brands because they feel that it brings them status and makes them the envy of their social circle. But that’s not really the root of the problem. The root of the problem is that they don’t appreciate what they already have.
If there is one way of feeling gratitude, it’s to change how you think about your possessions and to value what you already have. The surprising benefit of being frugal is that you appreciate what you already have.
7. The more I save, the less I want
Savings and want move in opposite directions and in inverse proportion. Meaning that, when I save more, I want less. It mattered less whether I had the latest pair of shoes from Nike or the latest iPhone from Apple. These things won’t make you happy. Besides, at the speed that technology moves these days, the latest and hippest gadget will become obsolete and out of fashion faster than you can say smartwatch. So save more, don’t get distracted by shiny objects, and you’ll find that you want less.
The Final Word
There are a lot of hidden benefits to being frugal. Spend less and save more to unlock the convenience of not being tied to material possessions. Having lived through one or more recessions, the current generation is wiser about how they spend their money. Not knowing what can happen in the economy the next day, or next week, can stress you out if you’re not prepared or if you don’t have your finances in order.
Because of the unpredictable nature of the economy, have ample savings that can cushion you in hard times. Being frugal is not about penny-pinching. It’s about investing in your future and being smart about the choices you make when you spend money. It’s a way of life free from greed, and free from feeling unhappy about what you don’t have.