A widely known phrase says something like, “The poor remain poor because they spend as if they’re rich, while the rich stay wealthy by spending as if they are poor.” From early on, I craved financial comfort and freedom – a dream that initially meant making more money. However, I’m grateful that I learned early on that frugality, rather than higher income, was the key to achieving the financial comfort I desired.
Indeed, earning more money is an undeniable part of reaching my financial goals. I’ve found this to be true from my own experience as my income has increased over time, which in turn has significantly boosted my effort to clear my $30,000 debt. Yet, it’s important to note that merely augmenting your earning capacity isn’t the ultimate solution. Hence, I decided to prioritize frugality, and I’m encouraging you to do the same, and here’s why.
Frugality may seem intimidating if you’re used to spending without care or consideration, but it’s surprisingly effortless once you’ve made the initial effort. A major advantage of being frugal is that it’s flexible and personalized to your individual circumstances.
Earning money through various online options can be alluring but starting up can be quite daunting. You may need prerequisite skills, or the application process might be lengthy and unpredictable. Consequently, you may not start earning extra money immediately. However, by being frugal – that is, by maintaining financial discipline and mindfulness – you can begin reducing your expenses straight away, and this is arguably the easiest way to free up some money in your budget quickly.
Frugality also fosters healthy financial habits. Merely increasing your income without considering your spending tendencies isn’t always a good idea. People often fantasize about what they could do with more money, but my own experiences have shown that sometimes, more money equals more problems. Increased income can escalate bills and responsibilities. Upon realizing this, I immediately leaned into frugality, knowing it would better my financial situation.
Frugality isn’t about ceaseless penny-pinching. Instead, it means being mindful of your spending and aligning it with your values. It encourages creativity and resourcefulness, exploiting available resources as opposed to depending on money to solve problems.
Embracing frugality also steers you towards a simpler lifestyle, eliminating unnecessary stress and simplifying your financial life. It allows you to redefine your priorities, helps you spend on what matters to you, and save for other important goals. But frugality isn’t just about achieving a financial balance; it’s a lifestyle, a foundation that guarantees long-term financial success.
In contrast, earning extra money isn’t always assured. Income sources can become defunct, or motivation levels may drop. But frugality endows you with financial stability, regardless of your income situation – it encourages you to live well with less, rather than having your lifestyle dictated by your income.
While it’s not wrong to aspire towards increasing your income, I hope these insights have convinced you of the importance of frugality as the bedrock and initial step in your financial strategy. If you’ve attempted being frugal before, please share your experiences and the benefits it presented. We can all learn from each other’s personal experiences.
