Comments on: Am I Frugal? Why Frugality Is Not My Goal

By: SS4BC

SS4BC — Mon, 21 Dec 2009 06:12:40 +0000

Hmmm….

I don't think I would describe myself as frugal. Or cheap.

Perhaps miserly right now.

I would call myself "determined" – determined to spend as little unnecessary money as possible to get out of debt. And if that develops into something more when the debt is gone, then so be it. I highly doubt any outside observer would call me frugal though. Just… boring.

By: The Asian Pear

The Asian Pear — Sun, 20 Dec 2009 20:45:49 +0000

I think the word "frugal" and "cheap" gets a bad rap. By the definition, it's not bad. It's just utilizing your resources to the fullest extent. To me, that's a virtue – especially in a world where consummerism is seen as good and reducing/reusing seems bad. I think that people tend to just think of the bad connotations when reflecting on what frugality means – using coupons, haggling, buying bulk. As if these are hassles and a status of poorness. But frugality just means not stretching yourself to the brink of over excessiveness – not buying items SIMPLY out of desire and want but out of neccessity.

By: WellHeeled

WellHeeled — Sun, 20 Dec 2009 20:04:11 +0000

That seems like an excellent ratio if you can achieve the level of earnings that makes it possible. If you make $40K a year, your ratio would probably look more like spend $35K and save $15K. If you make $150K a year though, you can spend more – $50K and save way more $100K (tax effect not illustrated here).

I think longer-term income maximization is still the route to go, but maybe in the short-term expense minimization can work.

By: Financial Samurai

Financial Samurai — Sun, 20 Dec 2009 18:53:56 +0000

Honestly, I just strive to make a lot more money than I spend, that's all.

I like the 5:1 ration. If I make $100,000 more this year, I'll spend $20,000 and save the other $80,000 (before taxes to make this illustration simpler).

To nit pick about $5 bucks here and there is a pretty crappy way to go through life. Focus on making more and sticking with a ratio.

By: WellHeeled

WellHeeled — Sun, 20 Dec 2009 04:22:20 +0000

making pillows out of dryer lint and giving them out as presents.

I think this is the funniest comment I've read in a while!

By: WellHeeled

WellHeeled — Sun, 20 Dec 2009 04:21:46 +0000

Deprivation shouldn't be equated with frugality. Frugality isn't a definitive point, it's more of a range…

That's a great way of looking at it! I suppose that was what bothered me about the word – I felt that it was too definite – i.e. there was no middle ground in frugality. What if I am frugal about cars and electronics, but not frugal in eating out? I think that's why I prefer the terms "financially responsible" or "intentional living" – I think those terms better reflect the totality of a person's financial actions rather than "frugality" alone.

By: paranoidasteroid

paranoidasteroid — Sat, 19 Dec 2009 19:51:44 +0000

That's because the crazies have appropriated the word and used it to mean making pillows out of dryer lint and giving them out as presents.

I am frugal about some things, but not about others. I think some things I live with to save money would appall others, and I think the "frugalists" would be appalled at how much I spend on clothes!

By: Moneyreasons

Moneyreasons — Sat, 19 Dec 2009 19:03:07 +0000

It's all a balancing act. As long as you are saving more than you are spending , you're doing great.

I'm frugal, but I still enjoy life (water skiing, waver runner riding, motorcycles, Disney, Hilton Head vacations, etc…). Deprivation shouldn't be equated with frugality.

Frugality isn't a definitive point, it's more of a range… From the Freegans (whom I respect but wouldn't want to partake in their activies), to someone investing more in their 401(k)s to save on taxes…

I'm personally more frugal so my kids can enjoy life a little more. They dress better and do more exciting things than I did as a kid (and that's the way I want it!). Plus, I have to save up for their college expenses (this is a task that takes year and years of saving).

By: Jin6655321

Jin6655321 — Sat, 19 Dec 2009 06:50:17 +0000

I prefer the term "fiscally responsible". Like you, and others, I don't consider myself frugal. I spend way too much eating out, buying clothes, etc. However, I contribute 10% of my income to retirement, I have a 6 month (and growing) emergency fund, I don't have any debt other than my student loan and my car (which I'm on track to pay off a year early), and I don't make extravagant purchases.

I don't consider "frugal" to be a bad or an embarrassing thing. I wish I was more frugal! However, I think it's important to enjoy life. Sure the best things in life are free but I can't live on sunshine, smiles, and hugs. As long as I plan for the future and live below my means, I'm good.

By: Abigail

Abigail — Sat, 19 Dec 2009 02:53:46 +0000

I think that a lot of us grew up with "frugal" being a dirty word because of the consumerist society we're in. That said, I definitely like my material comforts. I don't think I'll ever be as frugal as my mom. She grew up with it in a more urgent sense — the family was frugal because that is what it took to survive. So she's more often willing to go the extra mile than I am. I am fine with buying canned beans, rather than soaking dried ones. I rarely wash out ziploc baggies to reuse them.

And I like my technology more than she does. She doesn't have a TV. Originally, it was to help her avoid distraction while she was back at school for her BA. I am curious to see what will happen now that she's out of school. Let's just say, I'm not holding my breath that she'll get a TV anytime soon.

I like clothes that look nice (as opposed to "nice clothes" which I can't afford) and care more about my appearance. I use makeup (sometimes) and she doesn't. I have necklaces, earrings, etc. Not so for her.

Despite all that, though, I consider myself frugal. Just not as frugal as she is. Still, I'm a lot more careful with my money than a lot of folks I meet. Far more intentional, to borrow your word.

It's all just a matter of degrees, I think. Though I like the idea of calling it something with no negative connotations. Intentional living sounds very sophisticated.

By: Red

Red — Sat, 19 Dec 2009 00:18:11 +0000

I think frugality gets a bad rap. I remember telling my grandfather that I consider myself "frugal." His response? "You mean cheap!" But to me, frugality just means spending the money I earn wisely, looking for discounts when I can and avoiding the excess that seems to dominate American consumerism.