Contest - How Frugal are Our Steemians?

Greetings beautiful people of this amazing community. Am glad to be here to participate in this contest organized by @shiftitamanna. Thank you so much for this privilege.

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A big thank you to the community admin and MODs for the good job they are doing in ensuring there’s sanity in the community.

Today am goin to be writing this contest on frugality with the following hints given to us.

✅ Are you frugal in spending?

The answer to the question for me is yes. I am very frugal when it comes to spending. Frugality in my own understanding is knowing how to carefully manage money or resources or in other words, a frugal person can be said to be someone who is economical and knows how to manage resources especially money.

I am actually very frugal when it comes to spending. I believe that not every money that comes into my hands are meant to be spent. I have percentages of my money that are apportioned to different things this is to enable me not spend more than is required for each budget and project, such as my tithe, savings, projects, charity and spending. Each gets their appropriate percentage of money and hence it helps me limit spending unnecessarily.

✅ How much frugality is necessary in our lives?

Frugality is very necessary in life. If you don’t apply frugality in your finances or other things, you will become very wasteful. You will find out that you have money coming into your hands but you can’t be able to adequately account for your money.

At the end of the day or month or year, you won’t achieve anything and yet the money is no where to be found. So to make the most of our earnings and resources, we must apply frugality.

Frugality is not just in the area of money, even in other areas like food, drinks, shopping etc. Alot of people are not frugal with food hence they waste food a lot. Or waste money buying things that are not on their budget that is for people who buy at impulse.

✅ Tell us 3 tips on how to be frugal?

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There are so many ways one can be frugal. Some of it includes;

• Ensuring you create a budget for your spendings. When creating budgets, cut your coat accordingly to your size. Buy only things that are within your financial budget. Don’t budget for what you can’t afford.

• Secondly is do not buy things on impulse. A lot of people while going around for their daily activities sees things that seem good to their eyes and they go ahead to but it. Plan your buying. Don’t buy on impulse.

• To reduce cost you can make do with buying used products instead of the brand new ones which may be expensive. There a lot of places where you can buy products that are fairly used but are still very nice and clean and at a far cheaper price than the brand new and they will still serve the same purpose but then you would have saved a lot of money.

• Save save save. You must form the habit of saving daily, weekly or monthly but by all means save. Don’t spend everything that comes into your hands. You must learn to save and invest your savings for rainy days.

• Reduce the way you eat out and spend money on outings. It’s actually cheaper to make food at home than eating out always.

✅ What about the Advantages and Disadvantages of frugality?

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Advantages of frugality

• Frugality will help you to spend less and be debt free. Alot of people are in debt for over budgeting and buying things they don’t necessarily need.

• Frugality will help you to save and build wealth by investing your savings.

• Frugality will help you to spend less when you begin to cut down on things that you don’t necessarily need.

Disadvantages of frugality

• People who are being too frugal may run the risk of not stepping out to make investments with their savings, they are caged by the mentality of hoarding.

• Extreme frugality may get you stuck with old things as the person may not want to spend in getting new things for themselves.

• A frugal person will not socialize much on social media to show off their new acquired things and etc.

Thank you for dropping by. I invite @ruthjoe, @beewrites and @jovita30 to participate in this contest.

My achievement task 1

https://steemit.com/hive-172186/@alexanderpeace/my-introductory-post-to-steemit-by-alexanderpeace-mentored-by-cryptokannon