New Column: Mr. Frugality

Two things have contributed to the start of this article, well, three;

a) I just read the autobiography of Benjamin Franklin
b) I just read a few interesting articles on Frugality
c) I am frugal.

So why not remind myself, and others of how to be frugal? Let's start with a definition of frugal. From Dictionary.com (good for general definitions)

"economical in use or expenditure; prudently saving or sparing; not wasteful".
 
Being economical is knowing where to shop, what to buy, and what you are paying for. it is also about knowing what you need, what you want, and what you can cut back on. Being frugal and economical also means hesitation before paying a hefty price tag. The second part of the definition deals with saving. "Prudence", or caution in one's own interest, helps with saving money by not spending it at other places, and physically saving it in the bank. The third part of the definition, waste, deals with buying things you will never use or need.

I consider myself frugal with my money. I save it up in a savings account (a certain portion of my paycheck diverts to savings), I only buy the things I need (which are usually food, clothes, soap, game subscriptions, bills, etc) and I am stone cold to impulse buying, even with 30% off stickers. Money is left over at the end of the day, and that is OK. This money can be sat on (figuratively) and let grow in a high yield savings account, or a normal one.

I think the next post will go over a budget. A budget is a cornerstone of frugality, and sometimes it isn't easy cutting back on the things you like (it takes will power), but a budget, when followed, will save you (possibly) hundreds of dollars in the long run. Why save hundreds? Those few hundred dollars can go somewhere else, again, like in a HYSA (high yield savings account).