Is FRUGAL LIVING necessary?

 The first thing that comes to our mind when we read about the word frugal is being cheap or some other words like misery, stingy etc., 

Let us first know the difference between the two words, frugal and cheap:

  • Frugal is a person who makes financial choices with the resources they have like money and etc., and they try to be economical and careful whenever they spend on something.
  • cheap is the situation where the person has a need but he is not willing to spend or not showing interest in absolute necessities .
FRUGAL LIVING:

Frugal living is some kind of a lifestyle where a person acts responsible whenever he tries to take any financial decision or spend money or any other resources .

The whole world consist of one percent of rich people where as ninety nine percentage of the remaining people come from either poor or middle class families. so, money management and planning becomes necessary in such cases. frugal living is one such theory that comes under money management .

SOME FRUGAL LIVING IDEAS:

1.DIFFER BETWEEN LUXURY AND NECESSARY SPENDING: Not everything you buy need to be lavish, rather one should buy something out of necessity. 

ex : a) many people buy costly mobile phones with latest technology even though they have no use for it. there are even some people who force their parents to buy them such things just to show off......

This does not only restrict to mobile phones but also bikes, laptops, and etc.,

      2. MAKING CUTS IN SPENDING: One must know things they need to spend and things they need not to. some daily life applications include buying unnecessary subscriptions even though one does not use it. do not excessively go to movies and save money in such instances. and rather than taking gym or any other membership just prefer natural ways like running outside and home exercises and etc.,

      3. CONTROL SPENDING ON FASHION: Do not always spend excessively on costly clothes and branded items .mostly every cloth has same tenure so, just do not bother buying branded clothes unless it is a official occasion. just prefer comfort over brand.

      4. CAPPING WHAT YOU SPEND: Whenever you are trying to buy something first know your requirements and put a price limit on what you are going to buy.do not exceed the limit , just buy with in the limit .

      5. TRACK YOUR SPENDING: Maintain a regular diary or monthly budgeting so that you can track your expenses. It is better for you to keep receipts of spendings so that you can know your expenses. After knowing the regular expenses you can plan your future spendings wisely.

MERITS OF FRUGAL LIVING;

  • One develops habit of saving for future.
  • Provides options for investment .
  • It allows you to retire early.
  • Risk free lifestyle.
DEMERITS OF FRUGAL LIVING;

  • Some times we may fall into cheap category.
  • It may make us feel embarrassing in society.
  • It is a difficult habit to adopt.

Location: Hyderabad, Telangana, India

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