What It Really Means to Be Frugal?

When most people hear the word “frugal,” they think of money. This is entirely appropriate. According to Merriam-Webster’s Dictionary, the word frugal means “characterized by or reflecting economy in the use of resources.” Economy, in turn, means “efficient use of resources.” For many people, money is the resource that they often find to be in short supply. Therefore, they must practice efficient use of their limited financial resources. However, money is not our only limited resource. 

Time is an extremely limited resource, and, unlike many other resources, time cannot be stockpiled or saved for the future. If you struggle with weight management and enjoy eating, the number of calories you can consume may be a limited resource. Space is often a limited resource. Your home, apartment, or room is only so big, right?

In many cases, taking steps to conserve one resource ends up costing more of a different resource. A business mentor of mine always used to say “Budgeting is nothing more than setting priorities.” Only you know the extent of your own resources, and only you can prioritize them. Efforts to save money very often require more time. Do you have time to spare? If not, it might make sense to pay for convenient products and services that conserve your time.

In my opinion, a truly frugal lifestyle is a balancing act in which the paragon of frugality carefully weighs each decision and makes the very best use of his or her life’s limited resources. What I am really trying to say is that you can be frugal without being “cheap.” You can be frugal and still have fun. You can be frugal and have nice things. You can be frugal and travel. You can be frugal and give generously to the people or causes you care about.

What really matters is how you use what you have.

Here at Frugal Fixes, we aren’t always as frugal as we would like to be. We’re humans and we have made many decisions that we regret. However we like to think that we have learned from our mistakes, and we like to think that we have found and developed some pretty good strategies for making the best use of our limited resources. Our goal is to share some of those strategies with you so that you can improve your quality of life and have fun doing so.

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