Frugal living is about making conscious choices with our time and our money. It allows us to free up our resources so that we can pursue the things in life that really matter to us. Frugal living is something that each of us needs to quantify and define in our own lives. Unfortunately, many people do not want to consider living a “frugal lifestyle” because they think it means living the life of a miser and never spending a dime or doing anything fun.
I disagree. Frugal living is simply about making better decisions with our money, our time and our other resources. Frugal living provides the framework for us to get freed up financially and achieve our financial goals. More importantly, it provides us the basis for making all of our financial decisions on a daily basis. It is the summation of these daily financial decisions that impact every area of our lives.
Frugal living is also about simplifying our lives. Our worlds are becoming more complex with every passing day. What is consuming your life, your money and your attention and distracting you from the real things in life that are truly important in your life? What can you eliminate or give away that will cut your expenses, free up your mind and simplify your life? How would you live differently if you had more time and more money?
Have some fun and get creative with the concept of frugal living. My family and I have had a blast challenging each other and looking for ways to spend less and still enjoy life. As a result, we have been able to dramatically reduce our monthly expenses without impacting the quality of our lives. In fact, the opposite it true. We have had more fun and spent more time together than ever before. Frugal living is one of the best lessons on money, personal finance and financial literacy we could ever teach our kids.
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