For me, when you strip it down, being frugal means making sensible choices about money, such as the cost of an item you may wish to buy versus the amount of use and or pleasure you would get out of such an item.
Buying a £10 game, that you will play a lot and has a lot or re play value is a good use of your money for example. Buying a £80 game, that you only play once, didn't much like and then not sell on, but leave it on the shelving gathering dust is not very frugal at all.
The sum for me is cost + usage= is it worth it.
£180 bike to get you to work that is only 3 miles away is worth it
£20000 car to get you to work that is only 3 miles away is not worth it
The one exception for me is a holiday
I can have a two week holiday in a tent in the UK for probably £200 per person
Or I can have a two week holiday in Japan for perhaps £1500 per person
Both holidays and usually the frugal holiday would be in the UK, but while the cost for Japan is far higher, the experience ( for me) makes the cost worth it, in this instance.
And finally, savings.
My mindset is to set an upper limit on how much money I am willing to save, (usually around a years wages, to protect me should I lose my job) Once I hit that target, I am usually happy to buy experiences for myself or family.
Would love to hear others thoughts and view points.
January 27, 2021 at 04:07AM
