8 Life-Changing Benefits of Being Frugal

No matter who you are or how much money you have, your relationship with money affects nearly every aspect of your life.

Being very cheap or overspending causes you to live far beneath your potential. Being frugal is the creative balance between those two extremes.

Learn about the specific benefits of being frugal and how it can make a huge difference in your life.

1. Pay utility bills

You will find it easier to pay your bills when you focus on paying down your debt or eliminating those extra streaming services. You won’t find yourself running from bill collector calls.

Imagine if you only had a handful of bills to pay a month. You wouldn’t have to shuffle things around weekly to make ends meet.

2. Build a money cushion

It’s easier to handle financial emergencies. Frugal living allows you to begin to build a money cushion so that when real, unexpected, and unavoidable expenses arrive, you have money set aside to help reduce the burden without using up your regular income.

3. Improve your skills

You will learn and improve your skills. Let’s face it, when you live frugally, you will need to do more things yourself instead of hiring someone else to do them. You’ll learn new things and gain some potentially marketable skills.

I learned to braid my hair out of a need to save money. Getting it done in a salon can cost between $100 to $300. Doing it myself only costs me about $20 to $25. Now people pay me to braid their hair since I got pretty good doing it after all these years.

4. Save for a dream

You’ll be able to save money to pursue a dream or to take a dream vacation. Every dollar not spent on unnecessary items can be put aside to fund what you want, from a vacation to going back to school for that degree. Make the plan, count the costs, tighten your belt, and make it happen.

5. You don’t have to keep up

No more keeping up with the Joneses! Are you the type of person who spends money on things you don’t need or want just because somebody else has it and looks at you funny because you didn’t have it?

When you decide to live frugally and set your sights on a larger goal, you won’t feel that pressure from your peers to make those frivolous purchases.

6. Working a job you enjoy

Many people work jobs they may not like because they have spent themselves into a corner.

They can’t resign and find something they love because they feel they can’t afford to do that or maybe the work they want to do doesn’t pay as much. Living frugally allows you to reevaluate what matters.

7. Reduce waste

Living frugally helps you reduce waste and help the environment. You naturally choose to reuse or repurpose things instead of throwing them away so you can save money.

Reusing certain items at least twice before throwing them away is going to reduce your waste and reduce air pollution.

8. Boosts your creativity

This is my favorite benefit of being frugal. I like this phrase: Necessity is the mother of invention. Sometimes living frugally means not spending money on something you want so you can get creative to get the things you want or need. You can become an innovator.