“My wife and I own one used car between the both of us,” Kyle Kroeger, owner of shares. So being content and happy with what you have is beneficial emotionally as well.” Downsize to a one-car household “Most of my frugal choices have been because I really love something, like my car, comfortable clothes, where we live. She also says that her frugal choices never left her discontent. The Miata is a great car!”īeck says that the frugal lifestyle choices she makes helped her pay off $147,000 of debt. “At one point early on I considered replacing it with a BMW Z3, but came to my senses and decided there was no point in changing it for a more expensive, costlier-to-repair version of the same thing. “I originally bought the car because I loved it, and essentially kept it for the same reason,” she shared. “That $149,000 is compared to what I would have spent over the years if I’d replaced it every five years like many people do.”īeck says there is no point upgrading if what you have works well. “I estimate driving the same car for all those years has saved me a small fortune - likely around $149,000,” Beck told us. She bought her 1990 Mazda Miata used in 1991 and the car is still going. Jackie Beck, a debt expert, has driven the same car for 29 years and counting. We talked with real people all around the country who make conscious choices every day with their money and time so they can reap the benefits of a frugal lifestyle. There is a large community thriving by choosing a frugal lifestyle.

If frugal living still sounds like living with less and hunting for happiness, think again. This gives you time to decide if you actually want it or if you were saying “yes” to a societal expectation. Frugal living means holding back on buying “wants” immediately. That being said, “wants” should be saved for and planned. “Wants” might be things that bring you value, like that spa trip. Things like housing, transportation, and food. Money should be allocated for “needs” first.

The last characteristic of a frugal lifestyle is about examining spending practices on a regular basis and exercising restraint. Remaining conscious about needs versus wants You’re shifting your mindset to exchange your dollar for something that brings you value. Maybe it’s a new car paid for in cash instead of taking on an auto loan. This could be a vacation instead of a monthly cable subscription. This money needs a purpose and a value assigned to it.įrugal living asks that your money only goes towards what you and your family value. If you’re pushing aside what the talented marketers are telling you to buy, then you’re leaving money in your account. Finding value in every dollar that leaves your account It’s a lifestyle that asks you to be comfortable stepping out of the consumerist cycle and saying no. It’s about driving an old used car or buying your clothes second hand. The latest iPhone, a new car or that slick $200 bomber jacket are grabbing money from your payday fast.įrugal living is about saying no to societal expectations about what is cool or on-trend. Now, it’s about keeping up with everyone - your neighbors, your friends on Instagram, and even millionaire celebrities. “Keeping Up with the Joneses” used to be about what your neighbors had down the street. This is even more present with our phones pinging us about sales and being bombarded with ads every time we scroll through social media. Getting comfortable rejecting societal expectations There are many ways to approach frugal living, but these three characteristics create a framework for this lifestyle. The frugal lifestyle has these three common characteristics You may also hear about frugal living from debt-free communities who are supporting those trying to eliminate their debt once and for all. In general, frugal living is a lifestyle that focuses on saving where you can and spending only on what adds value to your life.įrugal living is connected to major lifestyle choices like minimalism, homesteading, and retiring early. Your Quick Guide To Getting Started With Frugal Livingįrugal Living Is Only Half Of A Bigger Equation The Emotional Benefits Of A Frugal Lifestyle It’s a privileged lifestyle choice that can help you meet financial goals and some say, live a more fulfilled life. Frugal living isn’t about being cheap, it’s about being resourceful and intentional with the money you’re given. That’s because frugal is often associated with its close cousin: cheap. Some of the links in this post are from our sponsors, and we might earn a commission if you click on one.įrugal living: It’s a buzzword dipped in wholesome but smells a bit like Ebeneezer Scrooge.

Frugal minimalist living