What is Frugal Living?

Written by Karen Bryan

Frugal LivingTrying to answer the question “What is frugal living?” is hard, as it means different things to different people. For me it’s about finding a balance between getting the most from your money without being miserly, while enjoying life. It’s also about working toward the life you want.

A dictionary definition of frugality is “economical in expenditure, prudently saving and not wasteful”.  I had a laugh at one of the synonyms, “Scotch”.  I assume it means being from Scotland (like me) i.e. Scottish. However, to me, Scotch means whisky.

There are quite a few things you can do to practise frugal living and live on less that don’t have an adverse effect on your lifestyle, but they do take a little time and effort. You can use price comparison sites to quickly find the lowest prices for car insurance, home insurance, gas and electricity, supermarket shopping and hotels. You can save on food, make sure you use your Cash ISA maximum limit to pay less tax, use restaurant discount cards such as the Taste Card and save money on mobile phone usage with a giffgaff sim card.

Once you get in the swing of always being on the look out for ways to save and being smart with money, you’ll start to see how much money you’re saving and frugal living will become second nature to you and you’ll may even become an honorary canny Scot.

You can read more tips in our how to frugal collation.

This article was featured in the Festival of Frugality #299 on the 27 September 2011.