Becoming rich isn’t just about the dollars and cents, it’s about having the mindset that you are willing to make sacrifices in your life in order to amass more wealth than the average person. One of these sacrifices is saying no to living a materialistic lifestyle and instead practicing the art of frugality. In fact, for most people, being frugal is one of the main contributors to financial success so as such, let me share with you 7 frugal tips I use in my own life to get ahead.
But, before we get into the 7 tips that will help you save more money and ultimately increase your wealth, I think it’s worth asking the question, what is frugality and why is it important? One of my favorite quotes about frugality is the following:
“Frugal living is designing a life that outputs the same level of happiness on a fraction of the cost.”
In essence, being frugal means having the proper balance between your spending and level of contentment and this is an important point because spending any more without receiving more happiness is just plain wasteful. I’m sure you’ve had the experience before where you buy a material good like a new phone or a nice shirt and within a day or two the high of the purchase wears off and you are right back to where you were before the purchase but with less money in your pocket.
And this is an important point because any extra money you spend that doesn’t yield an appreciable amount of happiness will ultimately detract from your ability to save money and use it productively by investing it or funneling it into your business. Sadly, there is a stigma around being frugal. The majority of people allow themselves to be enthralled by the consumer culture and will call anyone who doesn’t spend beyond their means “cheap” or “money tight” but when you really think about it, being frugal just means being efficient and if you ask me that’s perfectly okay! So let’s now look at 7 tips for living a frugal lifestyle!
Tip #1: Adjust Your Mindset
In the field of agriculture, there is something called the Wheaten Eco Scale and the basic idea of the scale is that we all sit at different “levels” along whatever area of optimization we’re after. While this scale relates to people’s involvement in improving the environment it…