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Why live frugally when you have money to spend?

Discount stores are a great place to save money.
Discount stores are a great place to save money.
Photo by Spencer Platt/Getty Images

Frugal is fabulous! It is not necessary to be poor to live the frugal life. Living frugally, even when you have plenty of money to spend, is good practice for several reasons, including:

  • It will be possible to save a good amount of money for retirement. What is there was no social security? Or, a pension was taken away?
  • You might want to be a stay-at-home mom or dad when you decide to start a family with your partner.
  • There may be a medical emergency that takes you far from home for an extended period of time.
  • What if you become ill or are in an accident and are unable to work. Not being guarenteed disability, this could be a problem.
  • Or you might be laid off from a job, and be unable to find another job. You might even have to go back to school to learn a new skill, which could take a year or more.
  • Maybe you have plenty of money to live on, but would also like to save for an extended vacation.

There are plenty of other reasons to begin living a more frugal lifestyle, and the key is to look for ways to cut costs that wont be noticed too much, such as using store brand products or buying all your clothes at Goodwill. Here are some more ideas to get you started:

  • Look for second hand furniture. Refinish if necessary.
  • Challenge yourself to save $20.00 a week on groceries, while still eating as healthy as possible.
  • Seek out yard sales.
  • Search out clearance sales if you just shop retail.
  • Reuse items whenever possibles, and sell what you no longer need.

Be sure to subscribe to Bangor Frugal Living to receive all new updates to the column. Please share articles you enjoy on Facebook, Twitter and other social and bookmarking venues. You may contact Shannon any time at shannonlbuck@gmail.com, or by leaving a comment here. Get her eCookBooks Beverages in a Budget and Main Meal Magic for ideas on saving money on groceries.