In this world full of temptations and opportunities to spend why being frugal is something to strive for.
I still remember my first week after arriving in North America. I landed in New York City with my husband and toddler, 4 bags in tow, and the clothes on our back. Having quit my job in my home country, I was unemployed due to lack of a work permit. Surviving those initial 6 months on one paycheck meant I was forced to put my frugal hat on.
I have come a long way since then. Now I have 2 kids, a house, a thriving career, and yes the husband too! But one thing that hasn’t changed is the frugal mindset. Apart from the fact that being frugal has helped me build a life, wealth, and assets in a country where up until very recently I was a new immigrant, I have experienced other benefits.
Mindful Spending
When I am intentional about every bit of money I spend, I make fewer trips to Walmart, Target, and the dollar store. No more finding unused stuff in the basement boxes which were purchased last year on a whim but never used once.
Less Wastage
A big part of being frugal revolves around food. Planning, shopping for, and cooking at home with what is available in the fridge and pantry leads to less wastage overall. According to the stats, In the United States, people waste 80 million tons of food every year, which equals 149 billion meals. They throw away over $444 billion worth of food annually. Shockingly, they waste 38% of all the food in America. I am not one to bring the image of a starving malnourished child to your mind but one can’t help but think of that reading these numbers.
Clutter Free Home
This one is a no-brainer. If you buy only what you need, there is no more of that random kitchen drawer with an assortment of tools and gadgets you will not use for the next 15 years. Oh, and that basket at the entrance that collects all offer flyers and mail? No, that doesn’t exist either because you unsubscribe and clear out mail as soon as you bring it into the house.
Quality Time with Family
When you have a smaller house and fewer things, you automatically spend time with family because where can they go really?
Evergrowing Net Worth
All the money I save I put towards my investments and that’s how I went from a negative net worth to a household net worth of a million dollars in 5 years.
Fewer Chores
I have less of everything and that includes bedding, dishes, and towels so when I wash dishes, and clothes I have only so much to put away.
Lower Carbon Footprint
Having one car for the household may not be practical but we make it work for us. Of course, this involves me being ok with taking a bus to go to the train station to take a train to commute to work. And also, planning the kid’s activities in a way that we can manage with one car.
No High-Interest Debt
Spending less on credit cards means that I can pay off my bill in full every credit card cycle. After all, credit cards have almost 25% interest rates
Simplified Finances
Frugal living makes budgeting simpler since it categorizes the income into broad enveloped to maximize the saving and investing envelope portions.
More Discipline
Discipline not just to spend less, be mindful, and waste fewer resources but also to maximize the worth of what you spend. This could be exercise equipment or the home theatre setup.
Frugal Living is not cheap living. It is just being more present and accountable about where you are spending. Because who doesn’t want to be rich after all?
