What Exactly Does Living a Frugal Life Mean?

It is hard to give a concise answer to the question on what exactly living a frugal life means. But here are some suggestions:

  • Living a frugal life means always spending less than you earn. In other words, you can’t claim to be living a frugal life if you are spending as much as you are earning (or, worse still, if you are spending more than you are earning).
  • Living a frugal life means always differentiating your needs from your wants, and prioritizing the needs. So it is not a question of denying yourself luxuries. Rather, it is a question of ensuring that the luxuries come after necessities in your list of priorities.
  • Living a frugal life means always creating a budget, and sticking to it no matter what. Take, for instance, a scenario where you visit the prepaid cards portal at www.prepaidcardstatus.com and find that there is some money in your prepaid debit card. It could be money that has been newly loaded onto the card. Or it could be money that was in the card before, but which you had forgotten about. Now as a person who is committed to frugal living, you wouldn’t go on an immediate spending spree using the newly discovered money. Instead, what you would need to do is first sit down, create a budget for the money (giving precedence to needs over wants), then stick to the budget 100%.
  • Living a frugal life doesn’t entail being mean to yourself or to others. It is important to make this distinction – as there are people who have been led to believe that frugal living is about penny-pinching, being stingy, pushing hard bargains… the works. No. Frugal living is just about seeing to it that you spend your money in a properly planned manner. It is also about seeing to it that you are disciplined in your spending, and that you always have some savings for emergencies and for personal development projects.

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