Just because you acquire a raise does not necessarily give you cause to celebrate. Many people are still struggling with debt who make an above-average salary. It is not so much what you make rather it is how you spend it. By practicing frugality most of us could save some serious money that would allow us to climb out of debt or save for a down payment for the house of our dreams.
If one wants to learn the art of frugality, then they must understand that the skill cannot be honed without a plan toward saving with a particular goal in mind from the very beginning. Making more money doesn’t end financial stress if you are not predisposed to saving for the future.
Therefore, learning to save is essential if you wish to gain control in your financial life. Unfortunately, society often depicts frugality as something akin to living a miserable life. Certainly there are those individuals out there who could relax a bit when it comes pinching every penny. Still, frugality should be considered more synonymous with financial practicality. Frugality can be an asset if you make it your aim to save for a specific reason, such as buying a house, planning for retirement, or paying for a child’s education.
You won’t be sacrificing a great deal by being frugal if you determine how to prioritize with respect to your budget. By doing so, you can better determine where to save money and where it is better spent. Give yourself a raise by learning the art of frugality. It will never matter how much you make if you cannot put a rein on spending.
For instance, do you really need that extra latte for which you so easily spend $3.00 per day? That may not seem like much. However, if you’re in the habit of frittering away that amount each day, you also have spent around $90.00 for a daily coffee for the entire month. That’s over $1,000 per year! Think about what you could do by foregoing that daily milk and coffee. And, how many of us do not stop with just one cup of coffee? I know that I always get a muffin or a bagel too when I am in my favorite coffee shop. Those expenses can really add up.
There are several instances in our everyday lives like this that can help us learn the art of frugality. Just by sacrificing one item, you can help pay down your debt and open the door to a healthy goal of saving. That’s understanding the art of frugality and giving yourself your own raise.