In this blog, we’ve already defined frugality. Basically, it’s getting the best value for your money. Value could mean quality, saved time, and convenience. In the end, you’ll be the judge of that value.
But after defining frugality, I asked myself this question:
So what?
So what if I save money? So what if I spend less on an item? Does this make my life better? Am I a smarter person because of it? Am I being kuripot for the sake of being kuripot?
It’s probably time to talk about the reasons why I’m frugal in the first place.
I’m frugal because…
… I want to save money to spend it elsewhere. It’s true – I cut corners as much as possible so I can spend my money on other things. This includes the following:
- Travel. I want to travel as much as possible. But doing so costs money.
- Hobbies. I love to read, paint, and build model airplanes.
- Dreams. Learning how to fly a plane is one of my dreams. It’s also one of my dreams to build a house in the province. Of course, if I’m going to turn my dreams into reality, I need to have the resources for them.
- Retirement. Spending my old age relying on allowance from my kids and a measly pension terrifies me. I want to live my later years as comfortably as possible.
To make these things happen, I need to spend money on them. My frugality allows me to save thousands of pesos each month to reallocate into these 4 different things. If I just bought groceries at the convenience store (expensive) and didn’t look for deals and bargains, I’d be able to spend less on these things I really, really want to spend on.
… I don’t think it’s logical to spend more than I have to for an item, unless convenience and time were a factor. If I can buy an item for P30 at the same quality as buying it for P60, then why spend more? It just doesn’t make sense to me, unless the 30-peso item is out of the way and hard to get to.
… I want to spend money on things I want without worrying. It’s okay to spend on big ticket items if you are truly passionate about them (like a technophile wanting an iPhone, or a coffee afficionado spending on exotic coffee beans). However, what’s important is to plan for these things. It would be very, very sad if the things you are passionate about (whether it’s iPhones or expensive coffee) will drive you into financial trouble. These things are meant to be enjoyed, not to make us more stressed worrying whether we have enough money left for bills.
So frugality is NOT about hoarding money and stashing it in a bank somewhere just to add to your net worth. It’s about channeling your resources to things that are more worthy of your hard-earned money. It’s about making independent decisions, and keeping yourself worry-free.
I may lose my job tomorrow, but my frugality has given me peace of mind. It has also allowed me to step closer to my dreams. This, my friends, is why I am frugal.
Why are you frugal? What got you interested in frugality?
I learned to be frugal because it was just a matter of time that I would. Living my 20s was about “living life to the fullest” and now regretting some of that, not all.
Not all because I still value a lot about my life to ensure that their quality is not compromised – like food, health, accommodation – the essentials (or basics).
Like you, I’m frugal so that I can channel my family’s money towards buying our own home. Although I have to say that being for the sake of being frugal has introduced me to investing, which I NEVER imagined I would come to understand at all!
I recently moved to my own apartment, in the city where I’m closer to civilization. Needless to say, a chunk of my money goes to my rent, so not only do I want to be frugal, I need to be.
I’m frugal because I know that money, although can’t really buy happiness, it can buy things that make you happy. In my case, that’s travel (airplane tickets!), gadgets that make traveling more fun and memorable (laptop! camera!).
Retirement, I don’t worry so much about. When you love what you do, it’s hard to think of ever retiring. But it’s always nice to know that you’re covered whatever happens.
…because I experienced earning my own money ;D and I want to invest and save up for my future. It won’t be forever that I have my family’s finances supporting me, so it’s something like an investment.
One more thing is that I want to save up to buy something out of my own money – like an expensive gadget, or to pay for (at least half, maybe) of my dream masters degree in Europe.
Being frugal, most of the time, is for your own good and benefit anyway.
Filipino’s are naturally frugal. LOL. And that’s the best idea kRISTine, invest it somewhere, but save a lot of money first, there are programs online and local where you can invest your money and make it make money by itself. Hmmm that was going to be part of my blog profits program, still fixing it before I publish. From start to finish from a beginner to wise spending and make money make you more money.
I agree that Filipinos tend to be frugal, but there are cases when we are also spendthrifts. For example, a person may collect plastic bags from shops and reuse them as garbage bags, but come payday that same person will treat friends and family or indulge in something he can’t afford. Uso pa man din sa atin ang panglilibre when you get a cash windfall. Also, I know many people whose idea of an “emergency fund” is borrowing from friends and family. In the same way that it’s part of our culture to be frugal, it’s also part of our culture to rely on relatives as “credit lines”. In fact, in some cases, you’re actually expected to give.
And yes, I agree with your thoughts on investing. Learning how to invest your money wisely is the next step after you’ve save up for emergencies and repaid all debt.