Six reasons to be frugal

August 29, 2013 by Agency Reporter 

   

I talk a lot about saving money. I save it with the choices I make every day. Sometimes I conserve just a few pennies but on other occasions, I save considerably more than that.

But why bother? Since you can’t take it with you, why bother to be frugal? Here are six reasons:

1.    To be in control of your finances

Few things are more frightening than having too much month at the end of your money. Disconnection notices, past due bills, phone calls at all hours of the day and night – these can change a person and scar them forever.

I know people who make several times the income I do but constantly field eviction notices, have their vehicles repossessed and their utilities disconnected for non-payment.

They make too much money to qualify for assistance so they complain that the world is out to get them. The application of frugality can help people in this situation to regain control of their financial lives and make them feel better about themselves as a result.

2.    To achieve a goal

I had to do public jobs during the formative years of my oldest two children. After that experience, I was determined to stay at home and raise my youngest daughter. Frugality makes this goal much easier to accomplish.

You may want to have a parent stay home with the kids, take care of an old or ill family member, start a business, retire or whatever – frugality can help you to achieve all of that.

3.  To reduce the amount you have to work

Why give your best to the taskmasters? If you can live on less, you don’t have to work as long or as hard. You can actually take back your life and spend more of it doing what you want to do, instead of slaving away at a job you hate.

4.    To reduce your tax burden

The more money you earn, the greater percentage you are forced to pay in taxes. The self-employed are especially hit hard with this.

However, if you don’t need as much you don’t have to earn as much, effectively reducing your tax burden (and the pain of Tax Day) as well.

5.    To save for something

You may want to save for a home, a vehicle, a special vacation or even retirement. Every penny you can trim from your living expenses can be added to your savings.

6.    For fun

After a while it becomes a game to see “how low you can go” on your expenses. It is a challenge to explore new money saving options and to watch the pennies you save add up.

While at first I resented being forced to live on less, I now consider it a mental puzzle – an enjoyable hobby, I guess you could say.

Source: www.annienygma.com