Frugality is a mostly learned habit. Some of us were raised to live frugally out of necessity, or as a result of being raised by parents who were raised by survivors of the Great Depression.
Many of us had to be frugal in medical school and residency just to get make ends meet. I had a negative net worth in my later twenties, and I didn’t like that feeling at all.
When I finished residency at age 30, I started to splurge a bit, but I had a lot of ingrained frugal habits that are alive and well ten years later.
– Save time. I’ve said it before, money buys time. – Be more comfortable (better clothes, sheets, furniture, car). – Be healthier (cheap foods are often bad foods, gym membership).
A cheap person isn’t willing to pay the price of admission, even when the rest of the group wants to go. A frugal person has already scouted out something fun for everyone to do that won’t break the bank.
I still have a mindset that celebrates little money-saving victories, and I don’t think frugality is inhibiting our ability to live a fulfilling life.