But telling little lies to stick to my budget just stressed me out. As challenging as it is, talking about money with friends and family is necessary if you want your budget and relationships to prosper.
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Assuming it is within budget and not outrageous the frugal person will opt for the slightly more expensive flight as the 6 hours savings is worth it. Being frugal means you save money on some things so that you can spend on others.
It is never just about the costs of something but more the value or joy that thing brings you. So for example someone that is cheap will almost always go cheap on everything and everything. So they will always buy the cheapest coffee and book the cheapest vacation.
On the other hand someone frugal may opt for a less expensive coffee option in exchange for being able to stay at a nicer resort for their vacation because these are the things that they most value. Research is your friend and because value is so important, finding the best value is always better than finding the best price.
Sometimes this may result in actually finding the best price but frugal people are resourceful because they will do the research in order to get to that point.
So for example we are currently shopping for a wine fridge. We initially bought a cheap one that has since broken down so now we are looking to invest in something that will last longer. While we were shopping we noticed that prices vary wildly between similar quality models.
So we are doing our research looking for the specifications that we want and trying to find the model with the best price that will give us the quality we want. The first step to being frugal without being cheap is to focus on the value of something rather than the price tag. So for example next time you reach for that off brand ketchup that will end up saving you a whole dollar think about it. Is that dollar worth the experience when you put that ketchup on your burger.
This is coming from someone who is married to a ketchup snob and only loves one brand and that brand alone. In addition to being value conscious it is also important to be intentional. In addition to always trying to find the cheapest prices in the inverse being cheap sometimes can mean being lured by the cheapest price. This called spending and living with intention. So for example if your shopping in a store and see something on clearance. Its a great deal.
The frugal person will look at that item and decide whether or not it will serve them now. While the cheap person and this is soo me , may buy because you know its cheap and they may need it eventually. Being frugal is finding ways to still enjoy the lifestyle you want within your budget. So for example checking out some free and cheap date ideas versus overspending on a night out.
One of our favorite things to do is eat and drink wine. That can get crazy expensive. However, we have learned by frugal by thinking outside of the box. We may opt for an outdoor picnic with wine over an outdoor restaurant. Or we will visit a winery where you can buy wine at cost and bring your own lunch to enjoy on the property.
With a little creativity, you can find ways to maintain your lifestyle while still keeping things within budget and being frugal. There is definitely a slippery slope between frugal living and becoming a cheapskate. When I think extreme cheapskates I think of someone that goes to the point where not only is their behavior potentially harmful to themselves but also harmful to others not to mention unethical. I am talking about the person that buys things, uses them and returns them. I get it.
So before you start putting the office toilet paper in your backpack or stiffing your waiter think about how this action can potentially harm you or others. There is a thin line between being cheap and frugal. At the end of the day whether you consider yourself cheap or frugal you have one goal in mind.
To save as much money as possible and make that dollar stretch. Shoes are a great example of this. I used to buy black pumps for work that were relatively inexpensive. However I noticed that I was replacing them pretty often because I would wear through them in a way that I was unable to fix them.
However, if they prefer traveling to staying home, they may not care as much about home decor and might want their funds to stretch farther in other directions — like first class plane tickets that only they know about. For them, their top vacation priority might be family time over an exotic location. While some may choose to spend less on material goods, they may be making purchases behind the scenes that can lead to greater satisfaction. A study from the University of British Columbia and Harvard Business School found that money can actually lead to happiness — when money is used to purchase free time.
If someone is willing to shell out for gardening or house cleaning services, they may have found a way to make their money really work for them. The takeaway from that study was that when people use money to buy themselves more free time, they have greater life satisfaction. While hiring someone to do your taxes or help with home repairs may not be that flashy on the surface, those purchases may really pay off in the end. To be frugal instead of cheap, the key is to spend your money where it really matters.
While cheapness may appear like a bad quality on the surface, that desire to spend as little money as possible may actually be a coping technique for those with financial anxiety or might act as a tool when dealing with financial struggles. With so much uncertainty in the air, it can be tempting to save as much money as possible. Many Americans chose to save their stimulus checks instead of spending them. After receiving stimulus checks in the first round of aid during April of , about one in three recipients put that money into savings.
For many consumers, making wise spending choices during these challenging financial times may be the right path to take, even if it makes them appear cheap.
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