Most people are reluctant to tread the path of frugality because they already feel secure with their income. Many think that spending all the cash on their payout can give them a sense of worth as they work for it. This is bad reasoning. Being thrifty can, in fact, give more than momentary satisfaction.
What does thrifty mean?
There is a misconception about being thrifty, and is often confused with being stingy. Being thrifty means being mindful of one’s spending habits. This often entails getting the best value for a low cost and spending less on the non-essentials. Stingy, on the other hand, is being miserly, and does not shed some cash at all. Being miserly is in many ways different from being thrifty.
What are the benefits of being thrifty?
1. Living paycheck to paycheck is out of the picture. Being a wise spender means your money is allocated rightly until your next pay out. You won’t be worried at all of starving because you have an ample amount to spend every day. You don’t have any problems with resources because you have a backup.
2. You get to learn how to be resourceful. You know the difference between needs and wants. If you know that a purchase is unnecessary or you will need an item for one occasion only, you find ways not to spend as much as possible. You either seek cheap alternatives or you borrow from family or friends.
3. It builds a sense of responsibility and independence. Knowing how to manage your finances is a skill to be proud of. You are capable of living on your own without the financial assistance of your parents. It gives you a good reputation too as you have no cases of bad debts.
4. The real value of things is more apparent to you. You fairly measure the things you buy and the worth of your money and hard work. Your purchasing mindset is not limited to how people classify you depending on your spending habits.
5. You master the art of discipline. Being able to manage your money wisely can also encompass other life matters. You also apply discipline to your schedule, hygiene, diet, and chores.
6. No one can sway your control. You can’t be easily persuaded with your financial decisions. You are not pressured by other people whether to spend money or not. You are not blinded by false advertising either.
7. Following your dreams becomes more possible. Having the ability to spend wisely puts you just a step closer to attaining your goals. Because your money doesn’t go to waste, you give leeway to achieving your travel goals and other ambitions.
8. You buy more time. Being thrift means bigger saving, which can give your extra mileage for the long run. You can take a long break and retire early if you wish to.
9. Emergencies cannot shake you. Being realistic means your look into possibilities of pitfalls too. You are always ready for mishaps because you have a safety net for cases of emergency or job loss.
10. You battle fewer marital problems. Studies show that the number one cause of annulment and divorce is financial problems. If you are financially responsible, you and your partner have nothing to fight about because you are giving your partner financial security.
11. Needing a sleeping pill is not needed anymore. You can sleep soundly because you can retire for the day without any debt troubles in your mind and you have financial freedom.