You may often hear frugality is a good thing. Well, yes and no. Stick around as I examine the good and bad of being frugal.
Look, I'm all for being frugal but are we all on the same page here? Frugal means sparing or economical with regard to money or food. While sparing is a great term, economical can be quite subjective. So, let's look at how to live a frugal life on purpose for a purpose. Economical means giving good value or service in relation to the amount of money, time or effort spent. Now, we're getting a little closer. So, what is value? Well, value is the regard that something is held to deserve; the importance, worth or usefulness of something. Deserve, importance, worth; I think we are finally getting somewhere, but where am I going with this? Frugality with money is only useful when you understand what is actually important to you. That is how value is defined. Through this lens, you are able to determine if something is really worth being frugal for; because, let's face it, no one wants to be a hermit who only ventures out on senior-citizen day with their triple coupons.
That's not the lifestyle I'm aiming for and I don't think you are either. So, how do we keep frugality from becoming a toxic, self-righteous state-of-mind?
When you connect to your purpose, everything is clear and you are willing to do crazy things; otherwise, frugality is just an empty shell with no real reason to spend less or more. That is why I believe in setting goals, but not just setting them–eating, breathing and sleeping them. I follow Michael Hyatt's Smarter Goals Framework and I teach clients to take those goals and visualize them.
Maybe you need to take the picture of your dream house and stick it everywhere. Maybe you need to create a paper chain to help visualize breaking the chains of debt one link at a time. Get so clear, you can taste it. Then and only then will you breathe purpose into your frugality and begin to live life on purpose, finding more money to fund your dreams!
Question: Are you frugal but not purposeful in your frugality? Do you need help clearly identifying your goals? Let me help! Contact me today.
Additional Action Items: Come join my FREE Facebook community, the “Strong Together Money Community,” to stay informed and encouraged as you define your goals. Check out my free e-book to gain additional tips on how to save and giving that frugality purpose. Not sure how to break free of that cable bill without feeling like you're missing out? You can cut those costs and still keep your content! For more information, check out my Cable Cutting Academy today!