Why Frugality Will Change Your Life

10 Reasons Why Frugality Will Change Your Life

Frugality is an idea that has the potential to change your life. It might sound too simple to be true, but this idea has allowed me to do many things in my life with very little money. It's allowed me to travel the world, graduate debt free, and move across the country to Colorado.

In this video, I discuss this concept of "frugality," which means carefully managing your money and not wasting anything. I discuss all the benefits that come with spending less and being more conscious of your money.

1. Freedom Becomes Realistic

Money allows you to have more freedom in your life. The truth about money is that it is much easier to save $1 than make $1. When you are frugal and live below your means, freedom becomes more realistic because you need less.

2. Life Can't Hit You as Hard

No matter who you are, life is going to hit you; however, it won't hit you that hard if you are frugal. If you live a lavish lifestyle where you spend a lot of money, life can hit you hard because if something happens, like you lose your job, you will need more money to cover yourself. If you are frugal, life won't hit you as hard because you will be able to cover the expenses.

3. Money Respects You

Money has two personalities: savings and debt. Savings is the personality that respects you and will take care of you. Debt is the personality that does not respect you are will walk all over you. When you are frugal and conscious of your spending, money will naturally respect you more because you won't have debt.

4. Risks Become Less Risky

You need money to take a risk in life, like quitting your job. When you are frugal and spend less, you naturally need less, so your money will last longer. The risk you take will be less risky because your money will protect you in the meantime.

5. Money Goes Further

When you are frugal and are conscious of your life decisions, your money will go further. For example, if you go on a vacation for a week and stay at a resort and spend a lot of money, you might spend $2,000 in a week. However, if you go to a cheaper region of the world and stay at humble accommodations, that same $2,000 could last you for a month. Your money will allow you to do more things if you are frugal.

6. Life Becomes Easier

Life will never be easy, but life doesn't need to be as difficult as we've made it out to be. Many problems in life come from worrying about money. When you are frugal, your life expenses are lower and naturally that takes away some stress that comes with money.

7. You Don't Have to Panic

When it comes to money, there is an entire industry of people trying to profit by making you panic. People talk about recessions, market crashes, and other terrible financial events. However, no one knows what is actually going to happen and when you're frugal, life is cheaper and you don't have to worry as much because, like I mentioned before, life won't hit you as hard. You can block out the noise and not panic.

8. You Become an Individual

What makes someone an individual does not come from what shoes or car they're driving, what makes someone an individual comes from their thoughts, beliefs, and experiences. When you're frugal and spend less money, you focus more internally for identity rather than externally.

9. It's the True Path to Contentment

I don't believe you'll ever find contentment from material possessions. I think you can find enjoyment, but you will never be satisfied. A result of being frugal is becoming content because it forces you to be happy with what you already have.

10. You're Doing It For Yourself

It seems like everyone is doing life for other people. Buying a new car or new watch to impress other people, but the reality is, is that nobody cares. You can waste so much money buying things to impress people, but no one really cares what you have. There is nothing wrong with having nice things, but there is something wrong with having nice things to impress other people. When you are frugal, you spend less because you are doing life for yourself, not other people.

[ElAgustin]

What's one benefit of being frugal?

[cocomuhly]

Frugality does truly equally freedom. I remember just starting out, cutting back on eating out and smaller steps. My bank account got bigger and my waste line got smaller. Now, debt free, with minimal bills my daughter and I can travel when we want and that is what is important to us. Experiences over things any day.

[hologramhouse]

I remember many years ago reading a book called Voluntary Simplicity.
I also love Henry David Thoreau's quote:
"Simplify! Simplify! Simplify!"

[onewomanandsomesongs]

I've been frugal all my life, and because of that I'm comfortably retired. Great video.

[Meghana_Narayanswamy]

6 months into frugal living (simple living)
What once was an empty savings account is filling up with emergency fund. Delayed gratification is at heart. Much more peaceful and focusing more on health.
Life's good. Simple living is the key people.

[ksk]

I gave up a lot of "things" while I was a single mom because my main goal was doing for my son. I probably overdid it with buying things for him to make up for the hours I worked. I never made much money and I wish I had had a mentor or someone who might have explained to me that setting aside even a few $$s from each paycheck would have added up and made a difference. At any rate, I'm almost 70. I don't have a lot of money, but I manage it well; my mobile home is paid for, my car is new and paid for, I have no credit card debt or debt of any kind. Was is difficult ? Yes, sometimes more than others! Was it worth it? Again, Yes! The best part of being frugal for me is being able to pay my bills and not owing anyone anything! Being a minimalist means that my place is easier to clean. For me there are no downsides to being frugal.

[roslinney]

I am living proof that frugality works. Being frugal has allowed me to travel the world (back packing) I also retired at 53 . . Frugality definitely gives you freedom. Loving your channel

[barbaratozzano]

I was raised to be frugal and it is second nature to me. One benefit has been, I have never lived "paycheck to paycheck." I have always had an emergency fund, no matter how little my income.

[NIEMILYFACET]

I am frugal now for just few weeks and l am already feel better. Thank you

[purpledream]

Making one dollar is hard but saving one dollar is easy. Good point!

[rachelhagen]

Frugality has given me the freedom to do what ever i want, my house is paid for, I get to travel and I have no debt

[guesswho]

I am frugal and live on a budget. My wife is the spender and I am the saver always working on the budget. I explain that we must live debt free while she tells me that it cannot be done. We have 5 grandchildren and love buying them gifts. As long as the gifts do not require a credit card, it's not a problem. Excellent videos! Thanks for sharing.

[lindadavis]

I hang clothes on racks in my condo to dry. I wash dishes by hand. I cook meals one day per week and freeze. Lasts a week or two. Lessens electrical use. I have trees and garden flags covering up all windows. Huge Savings. During summer, eat cold foods. Winter, stews and hearty rice dishes. I now recycle what is practical. I repair things instead of tossing out. I lessened disposable paper goods and use cloths to rewash.
I never buy cokes, fast food, or coffees.
I watch for sales and that's all I buy. I vacuum seal grains, cereals etc. I save a lot of money. When I was a young single mother, I didn't have time to do many things. Now it is a creative challenge.

[stopit]

I have no choice but to be frugal now, I'm so behind on so many things especially finances due to being in a daze for over a decade thanks to depression and anxiety. I barely remember most of my 20's & most of my 30's and barely made any progress, it's so hard to think about. I'm working to pivot into a career that will improve my income significantly and plan to continue to be as frugal as I am now. I've never been a flashy person and I enjoy being alone and enjoying simple things. I just want peace and to enjoy my life in simple ways and experience life. It's possible to do the latter without constantly spending

[milicamarshastefanovich]

Frugality is the only way to survive this current life situation we are in. While I was never really frugal, I sure did adopt it in the beginning of the pandemic. I haven’t looked back and I’m weighing my options on how to significantly lower my living expenses. I live in California and rent is astronomical, it eats up half of my salary. Once that part is settled, it’ll be smooth sailing. I dropped Verizon and got Visible for $25 a month, I’m looking into Mint Mobile for $15. I stick to a strict grocery budget, eat at home and make my own coffee. If I can buy Walmart’s brand over a name brand I will, from supplements to body soap and body lotion as well as food. Just being smart with my money. I’m thankful to the pandemic for teaching me a valuable lesson.

[theguy]

I've always been pretty frugal but I will buy something I really want. Now at 55 I have a house and cars paid for and no debt. Along with a six figure income the peace of mind and freedom are priceless. I've recently started buying and selling muscle cars and always negotiate and pay cash.

Yesterday a friend I haven't seen in years stopped by. He is homeless and living in a rusty old van. Made me think about how even small decisions can have a big impact on your life and peace of mind.

[DesertMav]

The biggest lesson I've learned with frugality is to live below your means. I made sure this would happen with my parents and they are living on fixed retirement income and I always move money into their savings every month since they live so much below their means.

[AZ]

I like the challenge of seeing how long i can go w/out buying anything or tapping into my pantry reserves (about 3 months worth) or any savings. It's amazing how creative we become. .. i don't consider myself extremely frugal either, but i try to be a wise steward & still enjoy having conveniences within reason.

[sarahphillips]

yes this! My husband and I started being frugal and I was able to transition to part-time, and he was able to take a low stress job. Now that we dont impulse purchase at Nordys, we are abel to travel regularly and just enjoy life. ANDDD all while making less. This seems so obvious but so many people dont even consider it. Sometimes I think people want to look rich more than they actually want to have money.

[John-gcqk]

Thanks Austin I love your channel. I am 50 years old and have been frugal my whole life, I have never had anyone that would come and bail me out of trouble. After leaving the army I was very close to being homeless at 25.
But today I am a self made multi-millionaire, married with 3 kids, debt free, 28 acre farm, million dollars in shares, and a couple of cool classic cars and bikes, but I still grow our vegetables, raise and butcher our livestock and hunt to put meat on the table.
You are doing a great job educating people that there is another way to live life.
Thanks