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Can You Save Money By being frugal And Still Be Happy?

Updated on June 7, 2020
Stella Kaye profile image

Stella runs her business from home and has written several articles on working from home, home finance and entrepreneurial skills

Adopt Some Common Cents Strategies So You Don't Break the Bank!


Will Being Frugal Make You Happy?

Whether being frugal will bring happiness or not is up to you. Happiness is a state of mind that some people never achieve whether money is part of the equation or not. Moderation in all things goes hand in hand with being frugal. Save a little, spend a little and you won’t feel hard done by and you won’t get a reputation for being stingy.

Happiness can be elusive to rich and poor alike; it isn’t something that is totally dependent on money although cash can help you on the road to happiness if you use it wisely. Living frugally won’t guarantee happiness any more or less than anything else but it might help you appreciate what you have and put it to good use.

Providing frugality is self-imposed, it's possible to be happy and live frugally if you have some goal in mind and need to save up for the proverbial rainy day, but when a frugal lifestyle is imposed by others it will definitely make you miserable. It's only human nature to rebel and try to regain those little luxuries that make life worthwhile. Being frugal and managing your money responsibly on a 'first things first' basis can help you become free of debt and thus help you become happier.

Time is Money Too


Have Some Incentive to Save

If you're saving for a deposit on a house, you'll likely have to cough up a twenty-five percent deposit; there's no better practice to train yourself to live frugally if you desire to own your own home. The cash to afford material possessions as expensive as houses rarely comes easy and if it does, people often become unappreciative purely because they've not had to scrimp and save.

Saving for something whether it's a house or a car or a well-deserved vacation will always be an excellent exercise in self-control. You must continually bargain with yourself and rethink your strategies when shopping. You may get some self-satisfaction and happiness from saving a few dollars here and there and you'll realise if you buy a new outfit this week, you won’t be able to afford a weekend away next week. Saving and spending wisely and getting your priorities right is of paramount importance.

Being frugal can thus bring its rewards and lead to a degree of happiness as opposed to allowing yourself to be an incorrigible spendthrift who'll definitely be unhappy when the bank statement arrives.

The Proverbial 'Money Tree'


Frugality Isn't Meanness

Many people mistake frugality for meanness but this is not necessarily the case. Frugal people are economical or thrifty with money; they don't waste on frivolities or reckless and unproductive pursuits. Working all week and saving your money just to splash out at the weekend is irresponsible and certainly won’t bring happiness.

Take only what you need and nothing more. Have you ever gone on holiday and watched people on the all-inclusive option piling their plates with food like there was no tomorrow? Frugality means don’t waste anything or take more than your fair share. You can be happy being frugal and it doesn’t necessarily mean you have to deny yourself a few treats and luxuries now and again.

Self-made millionaires have struggled to get where they are - that’s why they've got there in the first place by being cautious and careful. They've had to be strict with themselves when they were establishing their business, unable to reap the rewards of their labours until their entrepreneurial ventures were entirely successful. Nothing fell into their laps and a lot of hard work and frugality allowed them to eventually reach the point where they didn’t need to be so frugal anymore.

It's All About Balance!


Is Being Responsible With financial Resources Down to Personality?

Personality wise, some people are incapable of saving and live up to their income, while others manage perfectly well on a meagre budget and can even save for unexpected events. Being frugal comes easily for the latter and they'll be happy to shop in thrift and charity shops in search of a bargain or two. Self-deprivation does not have to be the order of the day even on a restrictive income.

It can also make a difference as to your partner's personality. There's often one partner who's irresponsible with money and the other partner has to take control of the purse strings so the household income isn't wasted on petty purchases and the big bills neglected.

Lottery winners have been known to ‘spend, spend, spend’ so that their winnings are depleted in the blink of an eye. The frugal among us will wince at their extravagance knowing they could have done something productive and worthwhile with such a windfall or even doubled it by investing wisely. It all depends on individual attitudes and values. It's like the parable of the five talents in The Bible – some folk will use the money to gain more but others won't do anything useful with what they have already have, even if they don't fritter it away.

He has a Common Cents Strategy!


Don't be An Advertisers Dream

Advertisers prey on the gullible, convincing you that you can't be without the latest gadget or i phone etc even when you know that your old one still functions perfectly well. Don't be sucked in by their seductive sales tactics. You'll soon save money if you don't fall for their spiel - and you'll have more house room too. Think of all the items you've bought which you don't really need and are just cluttering up your cupboards because you bought them on a whim. The supermarket shelves are full of such items that make the manufacturer rich rather than benefit the consumer. Many of these items also have built-in obsolescence so they render themselves quite useless after only a short time - usually the day after the guarantee runs out!

The 'Green' Solution


Great to Be Green!

On a grander scale, adopting a frugal lifestyle can be a positive way to preserve the planet and conserve energy. With the population explosion of the last fifty years, the environment has suffered greatly due to our insatiable demands on natural resources. You can adopt green strategies into your daily life and as well as preserving the planet, you'll be helping your bank balance stay healthy too.

Landfill sites are full of unwanted items that have been bought with hard-earned money. Retail therapy might be fun but restricting your spending on items you really don't need will help reduce the wastage caused by a throwaway society.

'Reduce, Reuse, Recycle' has become a popular phrase to combat the excesses of consumerism.

Money Saving Tips

Should everyone try to save a little for a rainy day whatever their level of income?

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