A Closer Look at the Frugal Lifestyle
Frugal – the dictionary defines it as sparing or economical with regards to money or food. You’ll be surprised at the money you’ll save practicing a frugal lifestyle. But what’s more, there are hundreds of hidden benefits of frugal lifestyle. It’s quite simply an economical and smarter way to live a quality and carefree life, as Erin Huffstetler defines it. It can be something as simple as having dinner with your family at home rather than going for out to expensive restaurants or just simply turning the power switches off when they are not needed. These are simple yet powerful ways to become economical with your daily life. Let’s look at a few hidden benefits you’ll notice.
Extra Money on Hand
Now, everyone could benefit with some extra cash on hand. Instead of adding to that credit card, a few basic changes can keep money in hand. A $100 steak dinner from a fine restaurant, can taste almost the same (and sometimes much better) with grilling or broiling it home. You’ll save the gasoline, and enjoy the one(s) your with even more. By doing so, you’ll save a great deal and keep the extra money in your possession.
More Money Growing For You
When you have bit of extra money, invest it in stocks, bonds or even a retirement account. At first it won’t seem like much, but it will gradually grow and surprise you a few months down the road. Warren Buffet, one of the richest men on earth, also advocated in his article Warren Buffett’s 10 Ways to Get Rich that people should reinvest their profit or savings rather than keeping it idle.
While adjusting to frugal living, you are focused to look at life in a smarter way. You’ll find yourself coming up with creative ideas to stretch your dollar and develop innovative ways to accommodate your life. Rather than paying someone to change the oil in your car, you can learn to do it yourself. Learning a frugal life teaches you a few new things every day whether it is recycling, reusing or recognizing new opportunities. According to an article from Downthelane, it unleashes your hidden talents when you are building your things with your own hands such as a bookcase from recycled materials stuffed in your shed.
Better Retirement Plan
When you have more savings invested, retirement could come earlier for you. Learning to live more frugal will allow the extra savings to hit that IRA or 401(K) plan. More people can’t believe the savings that happen with smart planning, budgeting, and living a more economical lifestyle. Some even find they can safely and comfortably retire early.
Reduced Carbon Footprint
Holly Johnson, in her article titled “Seven Hidden Benefits of Frugal Living,” marked frugal living environment-friendly and even a means to reduce our carbon footprint. In the USA alone, we generate 251 million tons of trash each year. But when people switch to this lifestyle, they start to reuse and recycle things. This can solve a burning issue for Mother Nature. In addition, people following a frugal lifestyle also cut down their gas and electric consumption and preserve planet’s resources. This is a great benefit for the environment.
Less Stress in Life
Frugal living can even reduce stress, something we all could benefit from. When you realize you don’t need a lavish lifestyle or that you have to spend that extra money on truly unnecessary and expensive items, you start to have a whole new insight to life. A frugal lifestyle teaches you to save, not to overspend. You won’t have the tension of keeping up with the rat race. When you see how satisfied you’ll become with the smaller things in your life, your stress levels will certainly decline, and life will become more enjoyable and relaxed.
These are just a few of the hidden benefits of frugal living that many people notice while learning to be more frugal. Considering these benefits, learning to live this way is definitely worth a shot, and you have nothing to lose. Sometimes a simpler life is a much more rewarding and fulfilling life. Give it a try!