The "F" Word

With a title like that, you're probably thinking I had a bad day. Don't worry, this post won't be about me venting frustration around the mortgage crisis (although, I could do that). And it's not going to be about me documenting the lyrics of my favorite gangsta rap (although, I definitely could do that too :)). Actually, this post will revolve around the bad word many people associate to the debt free journey. Yup, you guessed it, that word is "FRUGAL"! There's such a negative connotation associated with that word. The first thing that pops into people's heads are words like "cheap", "used", "thrifty" and the association to a person that lives below their means. At least that's what I used to think. I thought that frugal people were just tightwads that had issues because they wouldn't spend their money and enjoy life. I never wanted to be considered frugal because those were the people that never had fun and could be very frustrating to be around. Don't get me wrong, I do know some extremists that probably fit that description quite well. But overall, my stance on frugality has completely changed!

This is what dictionary.com has for the definition of frugal "economical in use or expenditure; prudently saving or sparing; not wasteful". The portion of the definition that I have actually had success with for the majority of my life, is to be "not wasteful". Didn't your parents tell you not to waste stuff when you were growing up? I know mine did, especially when it came to food. I'm sure you remember hearing, "think of the kids in Ethiopia who don't have a fraction of what you have"....or in my case, I specifically heard about the relatives and family friends in the Philippines who lived with so much less than what I was blessed to have. So, I definitely learned my lesson around not being wasteful. But the other parts of the definition escaped me. That's the portion of the definition that I associated with cheapskates. I used to think that people who had to watch how much money they spent very carefully were really poor. And saving, what's that? Why save to buy something when you had the power to get it right away and pay for it later...besides, rich people were good for it. So, there you have it, that was my messed up version of frugal living.

But now I know the truth. The debt free journey can only end in success when you have the correct definition of frugality. I now understand that being frugal means to live within your means, not below. I get that you can be frugal and have everything you need as well as some money left over to pay down your debt or save or invest. Being frugal is a mindset, one in which you should adopt throughout your debt free journey. It's the mindset that prevents you from spending frivolously and it cuts out impulse purchases. In a nut shell, it enables you to become a smart consumer. To be labeled a frugal person is not something you should be embarrassed about, in fact, it's something to be proud of. I'm sure you'll like the company, I've read many books and stories about millionaires who lived quality, frugal lives.

Here are a few things that I have changed in my life to be more aligned with a frugal lifestyle:

• Focused on spending time with people I love as opposed to spending money on things I desire
  
• Returned my leased Infiniti G35 luxury sedan so that I can own my very used Honda Civic (it gets great gas mileage, extra bonus with the way gas prices have risen)
  
• Leveraged taking the bus to work instead of driving everyday (good for the environment and the wallet)


• Reduced my eating out expenses substantially (good for the belly and the wallet)


• Utilized coupons and targeted special sales/discounts (gotta love getting a sweet deal)


• Created and consistently stayed on or below budget (seems impossible at first but gets easier the more times you do it)


• Stopped using/carrying credit and debit cards (Cash Is King)


• Learned to drink coffee at home or for free at work (saves a bunch of bucks from going to Starbucks)


• Paid for vacations/trips in full up front as opposed to "getting to it" later (really makes you realize how much is spent on a single trip)


• Taken care of the stuff I do have so that it lasts (i.e. clothing...it probably helps that I don't grow so I can wear the same stuff for a long time :))
  

I've learned that the "F' word really isn't a bad thing. In fact, as I mentioned earlier, it's essential for being successful in your debt free journey. It's just one of the skills that I've adopted which will be useful forever, even when I'm totally debt free and building tremendous wealth.

So, don't curse the "F" word. Rather, embrace being frugal!