5 Benefits of a Frugal Lifestyle

Frugality may not seem to be the right path for everyone. It takes preparation, self-discipline and careful budgeting. While this may seem like more work than it’s worth, the benefits of living a frugal lifestyle far outweigh any drawbacks.

The most commonly cited reasons for living frugally include the ability to retire before the age of 65, and better peace of mind. Here are a few more.

1. Improved health. Living within your means and avoiding debt can significantly reduce stress and anxiety, resulting in better quality sleep. In addition, now that you’re watching your spending more closely, you are probably not wasting money on fast food – a convenience that can easily lead to an unhealthy diet. Someone who is trying to save money on gas may take up biking – another added health bonus.
2. Increased creativity. A frugal person is forced to be resourceful. Rather than relying on a repairman when something breaks down, could you learn the skills and do it yourself? Many thrifty spenders join forces with groups in their community and barter services instead of cash. These out-of-the box problem solvers enjoy a unique ingenuity that can’t be bought.
3. Sense of satisfaction. Being prudent means getting more for less by negotiating better deals. This sense of accomplishment can be very rewarding. A clever penny-wise often enjoys contentment by living simply and avoids the “keeping up with the Joneses” mentality.
4. Environmentally supportive. Those who are economical throw very little away and therefore do not contribute to the waste that piles up in landfills. When you adopt a frugal lifestyle, you can be happy knowing you are doing your part to sustain the planet.
5. Set a good example. Parents that are budget conscious tend to raise children who appreciate the value of a dollar. Frugal families work towards a common goal together, avoiding conflict and arguments about money that plague so many others.

If you’ve been thinking about making some changes in how you save and spend your hard-earned money, consider the pros and cons. You will likely decide that a frugal lifestyle is worth a try.