"Being frugal is not being cheap, it is being efficient with money."

▶️ You don't spend unnecessarily high amounts on things.

▶️ You spend on the things you value, and save on the things you don't care about.

▶️ You are self-sustainable.

▶️ You are financially free.

▶️ You give yourself more options.

▶️ You are conscious about your money and spending.

▶️ You establish your future.

▶️ You think about your retirement.

[...]

#frugaltip #frugal #frugalism #minimalism #grownostr #nostr #plebchain #finance #consciousness

Reply to this note

Please Login to reply.

Discussion

By your definition, I am frugal, except on one or two things, e.g. “establishing your future”, being “financially free”…. How to tick those 2 boxes??

Cool! 🤙

Somehow these things interdepend a bit.

Financially free: you shall not fully depend on 1 high income.

1️⃣ Have enough savings to be able to quit any time.

2️⃣ Don't have any or too much financial burdens that expects a high salary from you that makes you unable to move to a new job.

3️⃣ Having multiple source of income. (Side hustle, investments)

4️⃣ Have low expenses.

5️⃣ Don't immediately increase your living expenses when your salary increases.

Establishing your future: you shall plan a head money-wise.

1️⃣ Be prepared for bad times:

Usually we have bad times and good times. In good times we shall think about the bad times in front of us, and make excess savings if situation allows.

2️⃣ Be prepared for job change/career change (even for lower paying career)

3️⃣ Don't immediately increase your living expenses when your salary increases.

4️⃣ Invest in continuous improvement/learning.

One thing is constant, and that is change. So be prepared that your job might be replaced with others.