Contest - How Frugal are Our Steemians?

I am here to participate in this contest organise by @shiftitamanna in the steem for Bangladesh community, we all have different strategies we use to spend our money, some of us knows how to manage financially while others spend extravagantly on the things that are not necessary. Today I will discuss on the above topic which title: how frugal are our steemians.

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Are you frugal in spending?

Nigeria economy have taught citizen on how to spend their capital or money from cashless policy to economic hardship that country is currently facing. I cut my coat according to my own size, I don't spend beyond my ability because I have family to take care of.

I am into cooperative society where I contribute part of my earning every end of months. I save part of this money to reduce waste and also respond to any emergence situation that occurs.

I also advice some traders to save excessively when the time come they can withdraw the money and spend it on the things that's very important.

How much frugality is necessary in our lives?

Frugality is necessary because it helps us as a humans to plan our future successfully. Their are many individuals who have make it in life due to financial discipline they have when it come to excessive spending.

Frugality assist individuals to economise what we have in order to meet what we want at the right time, many family plans their budgets on a monthly basis which help them to manage little resources they have.

People who dream big spend wisely so that their aim and objective can be achieve and they can also be able to acquire all basics needs of life.

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Tell us 3 tips on how to be frugal?

These are the following tips of frugal I stated below:

• We should not compare our self with rich friends who spend unwisely because we do not know where their money come from, we should always remember the son of who we are, so as not to spend the rest of our life in poverty.

• Piggy bank is considers as the safest method which helps business owner or individuals to save money for the purpose of future use.

• Frugality allows individuals to have a lots of money in circulation, and invest those money on the things that will yield good profit in returns.

What about the Advantages and Disadvantages of frugality?

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The followings are the advantage and disadvantage of frugality:

Advantage

• Frugal helps people to save their money effectively so that such individuals will not end up borrowing money from third party with interest.

• It help salary earn to save part of the money by the time they retire they will use that money to do some business.

• It help people to properly manage the fund and improve their financial status.

Disadvantage

• It allows stingy because you will not be able to help people or support the extend family that need your assistance.

• A person will demand for cheap items instead for such individual to demand for quality items that will last for a long period of term.

• A person will not be able to eat quality food, that's food that contains balance diet. Sometime they can go hungry for the rest of the day.

Conclusion

Frugal is very important in once life because it can helps us to build the better future we have been dreaming for. Those people who have become billionaire today adopt the habit of saving which assist them to run their business smoothly. I will like to invite @rossnenye, @radleking @ridwant and @malikusman1 to participate.

Best regards
@akareen