For the longest time, my kids have laughed at me for my thrifty habits. For example, I reuse aluminum foil if it’s in good condition, I turn off lights whenever I leave a room and I won’t throw away leftovers. You could say that I’ve always practiced one of Benjamin Franklin’s suggested virtues, frugality, as outlined in his “Plan for Attaining Moral Perfection.” He says frugality means not spending unless it does good for yourself or others, emphasizing that you should waste nothing.
No doubt we’re all being forced to do some belt-tightening this year with inflation hitting everything from ground beef to gasoline. What better time to take a serious look at where we can cut expenses and find ways to make our dollars go further? So, what do the experts on frugality have to say about practicing better spending habits?
All of them emphasize that frugal habits can be learned at any time and become lifelong practices. In general, they say frugality means not being brand-conscious, planning ahead, repairing broken items rather than replacing them, taking advantage of free or low-cost activities, and avoiding purchases that provide immediate or short-lived gratification. Two more practices are mentioned: shop for second-hand items and cut all waste, which I enjoy. I get a real sense of satisfaction from making things last or finding just what I need at a garage sale or consignment shop.
While some of these approaches might not resonate, you’ve probably already developed your own strategies on how to get what you want to enjoy your life while keeping costs as low as possible. Whatever they are, in the meantime, experts say to keep an eye on some of the budget-busting items you might be overlooking, like pet-related expenses, extracurriculars for your kids, streaming subscriptions, overpriced car insurance, unused gym memberships, and expensive eating and drinking with friends away from home.
P.S. Learn more about frugal tips that can have a big impact here.