Money Morning Routine - August 16, 2024
Frugality is about making thoughtful, intentional choices to maximize value. A frugal person considers the long-term benefits and costs of a purchase, prioritizing quality over the lowest price.
This mindset leads to decisions that may involve spending more upfront but result in greater savings and satisfaction over time. Frugality is about finding the best balance between cost, quality, and necessity, ensuring that every dollar spent is done so wisely.
I always try to align my spending with what truly matters to me. It’s about making choices that reflect your core beliefs and bring genuine satisfaction, rather than simply saving money for the sake of it.
Purchasing things that genuinely enhance your life is the goal!
Cheapness, on the other hand, often focuses solely on the immediate cost, regardless of other factors like quality or longevity. A cheap person might opt for the lowest-priced item, even if it means sacrificing durability or effectiveness.
This approach can lead to more frequent replacements, higher long-term costs, and less satisfaction. For instance, buying the cheapest kitchen appliance might save money upfront, but if it breaks down quickly or doesn’t perform well, it can result in frustration and additional expenses.
True value and savings are not found in the lowest price tag but in the best combination of quality, longevity, and cost. A frugal mindset recognizes that a well-made product or service might have a higher initial cost but will provide greater overall value. By focusing on quality over quantity, frugal individuals avoid the false economy of cheapness and instead make purchases that serve them well in the long run.
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Kumiko Love empowers women everywhere to regain control of their financial lives. An Accredited Financial Counselor with over nine years of experience in the finance industry, she founded The Budget Mom, a community of millions of women on a path to financial fulfillment.
She's also the creator of the wildly popular Live Rich Planner® and Budget by Paycheck® Workbook. Love has been featured on Good Morning America, the Today show, CNN, CBS, ABC and in USA Today, US News, World Report, Huffington Post, Money Magazine, Parents Magazine, the Washington Post, and Real Simple. She lives in Spokane Valley, Washington.
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