Being frugal allows me to live very well. I’ve spoken to this topic before but it seems to continuously confuse; frugality is often seen with being cheap or poor. But I believe in spending money when you need to and saving it when you need to – it’s not just buying $700 shoes because you can but it’s not about going without, either.
The Worsted Witch posted the following today which I think sums it all up rather nicely:
From Frugal Luxuries: Simple Pleasures to Enhance Your Life and Comfort Your Soul by Tracey McBride, on frugality versus miserliness:
There is a vast difference between practicing frugality and being miserly. To be frugal is to set higher standards for your thoughts, behavior, activities, surroundings, and possessions. A frugalite (a word of my own making) is one who enjoys comfortable, attractive surroundings and endeavors to transform the simplest foods into a feast. You exult in keeping the bonds of family and friendship alive through simple and elegant entertaining. You enjoy quality accoutrements to daily living, although many frugalites have a (sometimes stringent) limit to their income. Frugalites prefer to make wise decisions on how to spend money and time â€¦ They know that money, saved by wise spending, can be used to enhance their lifestyle, contribute to worthwhile charities, or both.
Born from the Latin word for â€śwretched,â€ť miserliness is the absence of generosity. A miserly person will spend money reluctantly and deprive himself of all but the barest of essentials, for the sole purpose of hoarding money. In my humble opinion, to live a miserly existence would truly be wretched. To wait for â€śsomedayâ€ť is the ultimate futile exercise.
I wrote an article “How to Save Money Shopping that speaks to this.