What is frugality and how can the concept be used to live the American dream?
Image from www.moli.com
The authors of Your Money or Your Life, pointed out that “frugal shares a Latin root with frug (meaning virtue), frux (meaning fruit or value) and frui (meaning to enjoy or have the use of)…Frugality is enjoying the virtue of getting good value for every minute of your life energy and from everything you have the use of.”
Step 6 is about living the American dream by valuing your life energy (money). Before you spend, think about the purchase and revisit the 3 questions.
The authors offered some excellent tips. Most of the tips are common sense, but it seems that most people don’t engage in these kinds of habits:
1. Don’t shop
2. Live within your means
3. Take care of what you have
4. Wear it out
5. Do it yourself
6. Anticipate your needs
7. Research value, quality, durability and multiple use.
8. Get it for less
9. Buy used
10. Follow the steps of this program
The authors also give a list of 101 sure ways to save money. These are really simple things you can do in your life, from paying off your credit cards, lowering interest payments, decreasing medical and transportation costs, changing living circumstances, sharing your possessions, shopping for food, entertaining hobbies and more. Read the book to learn more!
Living the American dream on a shoestring is possible — L and I are doing so right now! Paying off debt and buying less is better for our pocket book, long-term goals and the environment.
For more on this topic, check out the following posts:
- Step 5: Is saving an impossible dream?
- Step 4: “How Much is Enough? The Nature of Fulfillment”
- Step 3: “Where is it all going?”
- Step 2: “Money ain’t what it used to be – and never was”
- Step 1: Your Money of your Life
