8 Nuggets of Wisdom I've Gained by Living Frugally

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When I was in my 20s with an overflowing wardrobe and credit card debt, I thought that living frugally would be no fun, but that it might give me a chance to stop juggling my bills every month and hoping that my car wouldn't break down.


When I was in my 30s and had a house with two mortgages, full of furniture, décor, and stuff for my kids, I thought that living frugally would mean a bit of deprivation, but that it might give us a chance to stop juggling bills, hoping that the car wouldn't break down, and praying that none of us would need major medical care.


When I was in my 40s with an underwater mortgage, five-figure credit card debt, a big car payment, and a cut in salary due to the 2008 economic crisis, I thought that living frugally was a necessity that might help us get back on a solid financial footing.


Little did I know that living frugally is not only great for your wallet, but a way to become resourceful, grateful, persistent, and contented.  Living frugally not only brought peace of mind, but personal growth and happiness.  In short, living frugally made me rich.  Now I can't imagine living any other way.


a closer look



Truths learned from frugal living


1.  We don't need as much as we think.

We live surrounded by ads.  Drowning in them!  So maybe we can't be blamed for thinking that the answer to every need is a trip to the store, or that we'll be happier and more fulfilled if we buy something new.


But when you decide to live frugally, you learn pretty quickly the difference between needs and wants.  You might think you know the difference, but trust me when I say that choosing to cut your expenditures by as little as 10% every month will show you payments and purchases that you can comfortably do without.


Doing this makes you more sensitive to how much extra you have, and helps you break free from consumerism.


2.  Financial freedom is about having a choice.

A lot of people think that a bigger income will cushion us against all financial troubles, and that a smaller income leaves us vulnerable to them.  Of course, a poverty-level income does leave us without security.  I'm not talking about living in poverty.


But living frugally lets you see that security is not so much about having a large income as it is about being able to make choices.  When you spend less than you earn, overcome your debts, and save intentionally, you gain the power to make decisions for your life based on what you value and care about, instead of being a hostage to financial worries.


3.  Debt is a type of slavery.

Living frugally gives you the opportunity to pay off your debts, which frees you from a load that's been stressing you out and holding you back.  Debt limits your choices, because the money you earn today goes to pay for things you bought in the past.  Debt forces you to spend your time and energy trying to catch up, instead of using them to plan for your future.


Once you're living without debt, you won't want to go back to being its servant.




4.  Patience is a valuable lost art.

Our culture is in a hurry.  We want everything right away, ASAP, yesterday.  This is probably one reason why so many of us are in debt – in fact, we're carrying more credit card debt than at any time in history.


But if you want to live frugally, you have to stop making impulsive purchases.  You have to plan, wait, and save.  And this habit isn't just good for your financial health – it strengthens your ability to delay gratification in other areas of your life, too.  Whether it's working toward a career goal, learning a new skill, getting in shape, losing weight, training your children, or deepening a relationship, patience helps you stay the course and reap the rewards of long-term thinking.


5.  Simple pleasures are the best kind.

Frugal living lets you appreciate life's simple joys.  When you're not constantly buying something new, you focus on the wonderful things that don't cost money – birdsong, a sunset, a cool breeze on a hot summer's day.  You savor a home-cooked meal with family, a good conversation, or a productive visit to the library (with three new books you look forward to reading).


One of the great things about simple pleasures is that once you start looking for them, you find more and more to enjoy.  Paying attention lets you pack each day with a lot of pleasure – pleasures you were probably ignoring when you were on the treadmill of work and spend, spend, spend.




6.  Creativity blossoms when we live with limits.

When you don't have an unlimited budget (and when you refuse to whip out the credit card for anything but a dire emergency), you get very creative.  Frugal living pushes you to be resourceful, whether that means restyling old clothes or furniture, or finding free and low-cost entertainment.  You get good at using what you have in new ways, or doing without and solving your problem differently.


This creativity extends beyond finances and shapes how you approach challenges in general.  Instead of throwing money at everything, you become adaptable, innovative, and resilient.  You start seeing possibilities where others only see another shopping trip.


7.  More money doesn't guarantee happiness.

Maybe it's fairy tales that make us believe that the reward for a good life is riches, and the more money you have, the happier you'll be.


But when you practice frugal living, you learn that how you live your life is its own reward.  When you stop chasing wealth and concentrate instead on living the best life you can, you start investing in your own skills, knowledge, health, and relationships.  This is wealth that lasts!


The constant pursuit of wealth and possessions is exhausting, because what you gain will never be enough.  (Even Elon Musk, the richest man in the world, isn't satisfied with what he's already acquired.)  Learning to be contented with less brings true peace and fulfillment.


8.  Gratitude makes every day beautiful.

A frugal lifestyle inspires gratitude because it shifts your focus from what you don't have to everything you already possess.  When you stop comparing and competing for more, you start to notice that you have everything you need.


Gratitude makes us more sensitive to our daily benefits, and opens our eyes to all of the good stuff that might otherwise remain hidden and unacknowledged.  Gratitude makes us more aware and more present, and lets us experience life more fully.


That's worth more than any paycheck.




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