Frugal living is gaining more interest every day. Not surprising given the times we’re living in now!
Frugal living is not about sacrifice and deprivation. It’s about controlling your spending—particularly on those things that matter less in your life—so that you can achieve financial freedom & wellness, and decide what actually matters to you most.
In this quiz, we share the basics of frugal living. We hope you'll pick up a few new tips as you consider this lifestyle!
Being frugal is about...
Better money management. When you know how much money you have in the bank and how much money you need to cover your monthly bills, you can begin to make better decisions about your money. When you know where you stand with your debt repayment, savings goals, and investments, you can take charge of your money and make it work for you.
Spending your money smartly. Learning how to get the best deal on everything that you buy is a tenant of frugality. It also means you know when not to shop, and how to hold off on a purchase that doesn't matter to you. Being frugal doesn't always mean being cheap all the time either.
Being creative, entrepreneurial, and scrappy about getting things done. Being frugal assumes you can find ways to do more with what you have, and to learn how to do things yourself (e.g., sewing a patch on a pair of worn-out jeans instead of buying a new pair of jeans). When you adopt the habits of a frugal person, you are in greater control of your spending.
But, most of all, it's about being you. You create your own approach. You decide where you want to live stingy and where you don't.