One of the common misconceptions about frugal living is that everyone in the community is trying to scrimp and save as if their lives depended on it, hoarding money, and being something of a miserly figure with their cash. But this couldn’t be further from the truth.
There are many times in your life that spending money makes sense — and we’re not just talking about the basic living expenses of food, clothing and utilities. In today’s guide, we’re going to explore how spending can be a good thing for your frugal lifestyle, and why it’s sometimes better for your finances to do so. Let’s take a closer look.
If you think you are saving money by spending only on cheap clothing and other items, you are very much mistaken.
Mass produced and lower quality?
The t-shirts you buy from the dollar store are only likely to last a few washes before they become misshapen, and you have the added ethical problem that they have probably been produced thousands of miles away in another country by — potentially — an underpaid workforce. So, taking clothing as an example, seeking out quality is always better than aiming for quantity. Good workmanship lasts longer and saves you money in the long-term — as well as fitting you much better!
Health and fitness
Spending money on your health and fitness is always worth it — assuming you actually use your gym membership or running machine, of course. Try seeing it as an investment — the healthier and fitter you are, the more productive your performance, and the more money you could earn as a result.
Insurance, protection and security
Cheap locks break easy — it’s a simple rule to understand and can be applied to lots of different areas of your life. Invest in good quality security to protect your home.
Get disaster coverage insurance if you live in an area that experience earthquakes, floods or tornadoes.
Look for the best disability cover to protect you in the event an accident leaves you unable to work — you can visit Insurestat for more details about disability insurance.
And finally, spend a little more protection for your computers, smartphones and tablets to ensure you and your family are surfing the web safely.
Energy and the environment
Cheap white goods might seem like a good idea at the time, but in the long-term, they cost far more than more expensive energy-efficient modern alternatives. While most people will judge their appliance purchases on the price tag, frugal folks will be a little more savvy about it. You should have a good think about how long you plan on owning your appliance, the cost of its operation, and then factor that into your budget. You will find that paying a few hundred more dollars for a more efficient fridge will cost you far less over the entire period of using it – and you will be helping to save the planet, too.
As you can see, sometimes, spending makes sense. Being frugal doesn’t mean acting like Scrooge. Instead, try and see all your spending as a way of protecting you and your household, saving money in the long-term, and doing more good for the environment. Any more tips to add?