The Benefits of Thrifty Living

June 5, 2008 By Debbie Dragon

Some people consider “thrifty” living to be for people who can’t afford to pay retail, or people who are retired on a fixed income.  The truth is, there are a number of benefits to living thrifty and living below your means, here are 5 of them:

1) Improving relationships.  When you take the time to streamline your life and live more simply, you have more time to spend with your family and friends.  Thrifty living allows families to survive on a single income, and have more time together.  Many divorces are the result of financial stress between couples.

2) Money management for kids.  Many families overlook the importance of teaching their children effective money management skills.  Families who focus on thrifty living are more likely to spend time teaching their children about money- saving it, paying for things without accumulating debt, and the result are children who become adults and understand how to live within their means and live debt free.

3)Thrifty living saves time.

At first, it might seem like planning your meals and taking longer trips to the grocery store instead of frequent, shorter trips might seem like you’re spending more time on these activities.   When you plan out your meals, you’ll always have the right ingredients in the pantry or freezer and not have to run to the store for things you don’t have.  Making meals at home eliminates the drive to a restaurant, waiting for a table, and the drive home.  One or two trips a month to the grocery store don’t take much longer than your regular weekly trip, but you aren’t going as often.

4) An uncomplicated lifestyle.

Thrifty living tends to be less complicated.  You don’t feel the need to keep up with your neighbors and friends in regards to material possessions, and you get used to planning and being patient when you do decide to make a purchase.  Living with a low “overhead” as a family means that when the times do get tough (someone loses a job, becomes ill, etc), you have more room to handle the unexpected change.

5) Thrifty living is good to the environment.

Americans consume about 30 percent of the world’s material resources.  We create about 1,600 pounds of trash per year.  Think about the prepared foods in the grocery store and the packaging involved to make them.  Thrifty people cook from scratch, and create less waste.  Thrifty families tend to have one car instead of two, and use less gas.  Thrifty families tend to take better care of the things they have to make them last longer, or give the item to someone else to benefit from it instead of tossing it in the garbage.

Living a frugal lifestyle offers many benefits in addition to benefits for your wallet. 

Posted in budgeting, family, financial plans, food, frugality in motion, happiness, lifestyle, personal behavior, personal finance basics, relationships, saving money, shopping

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