Frugal Person: A Guide to Living a Rich Life on a Tight Budget

Frugal Person: A Guide to Living a Rich Life on a Tight Budget

Frugal person, what does it mean, and how do you define a frugal person?

Are you ready to live a rich life on a tight budget? Becoming a frugal person can help you achieve just that! Living frugally has become increasingly popular in recent years as people look for ways to save money, reduce debt, and achieve financial freedom to potentially retire early (FIRE). 

Let’s explore what it means to be a frugal person, why you should become one, and how to become a successful frugalar as we like to call ourselves.

What is a Frugal Person?

A frugal person lives a simple, minimalistic lifestyle and prioritises saving money over spending it. They carefully consider their spending habits and look for ways to reduce expenses while still enjoying life.

Frugal people are often associated with being cheap or stingy, but in reality, they are simply mindful of their finances and prioritise financial stability over material possessions.

The Benefits of Being a Frugal Person

There are so many benefits. Where do we start? Here is my best reason to become a frugal person.

  • More money for the things you love: When you become frugal, you’ll find that you have more money for the things that really matter to you. Whether it’s traveling, pursuing a hobby, or saving up for a big purchase, being frugal allows you to allocate your money towards the things that bring you joy.

  • Reduced stress and anxiety: Let’s face it, money can be a major source of stress and anxiety. By living a frugal lifestyle, you can alleviate some of that stress by controlling your finances and having a clearer picture of your financial situation.

  • A sense of accomplishment: When you’re frugal, you’ll often find yourself achieving financial goals that you may not have thought possible. Whether it’s paying off debt or saving for a down payment on a house, reaching these milestones can bring a great sense of accomplishment and pride.

  • Improved health: Being a frugal person can have a positive impact on your physical and mental health. For example, cooking meals at home instead of eating out can lead to healthier eating habits, while reducing financial stress can improve your overall well-being. Also, if you grow your own vegetables and fruit, there is an even bigger sense of achievement and potential savings because how much would you pay for organic homegrown food.

  • Helping others: When you’re a frugal person, you may find that you have more resources to give back to your community or support causes that are important to you. Whether it’s volunteering your time or donating money, being frugal can enable you to have a positive impact on the world around you.

  • Increased creativity: When you’re trying to be frugal, you often have to find creative ways to save money or repurpose items you already have. This can lead to increased creativity and problem-solving skills that can be useful in other areas of your life as well.

  • Achieve financial freedom: Frugality can help you achieve financial freedom by enabling you to save and invest wisely. By being intentional about your finances and building wealth, you can achieve your long-term financial goals and have more control over your life.

Challenges of Being a Frugal Person

While being a frugal person can be rewarding, it’s not always easy. Some of the challenges you may face include:

  • Resisting the temptation to overspend
  • Feeling like you’re missing out on experiences or material possessions
  • Dealing with societal pressure to spend and consume
  • Finding a balance between saving and enjoying life

How to Become a Frugal Person

Are you interested in saving money and living a more frugal lifestyle? Here are some simple steps to get started:

Step 1: Understand your Finances: This can be difficult but you must look at your income, expenses, and debts. This is the only way you will understand where you stand financially, where you might be overspending and where you could be saving money.

Step 2: Set Financial Goals: What do you want to achieve with your new frugal lifestyle? For example: whether it’s paying off debt, saving for a dream vacation, building an emergency fund or saving for an early retirement. Set clear reasons to help you stay motivated and focused on your frugal journey.

Step 3: Create a Budget: Make a budget that works for you. Take your financial goals into consideration and be sure to allocate funds accordingly. And don’t forget to give yourself some wiggle room for unexpected expenses and occasional treats.

Step 4: Look for ways to cut back: Find ways to cut back on your expenses without sacrificing the things that matter most to you. This could mean shopping smarter, cooking more meals at home, or finding free or low-cost entertainment options.

Step 5: Make your money work for you: Consider opening a high-interest savings account or investing in low-cost index funds. This can help your money grow over time and put you on the path to achieving your financial goals.

Step 6: Cut Unnecessary Expenses: Identify expenses that you can do without to achieve you financial goals? Think about the things you spend money on that aren’t essential and look for ways to reduce those costs. Maybe you can cook at home more often, cancel subscriptions you don’t use, or find ways to save on your utilities. Get creative and have fun finding new ways to save!

Step 5: Savings Plan: Now you’ve identified where you can cut back, it’s time to focus on creating a savings plan. Consider setting up automatic transfers to a savings account, starting a penny saver, or investing in something you believe in. The most important thing is making saving a habit, even if it’s just a little bit at a time. Remember, every penny counts!

Step 6: Increase Income: Finally, think about ways to increase your income, I know not that easy but there are ways. This could be anything from asking for a raise at work to starting a side hustle or evening work in the gig economy could also be an option. The possibilities are endless! By bringing in more money, you’ll be able to achieve your financial goals more quickly and have more freedom to do the things you love.

Tips to Help You Become a Successful Frugal Person

Want to become a successful frugal person and take control of your finances? Here are some tips to help you get started:

Start small and build up gradually: Don’t overwhelm yourself by trying to adopt a fully frugal lifestyle overnight. Start with small changes, like packing your lunch instead of eating out or turning off lights when you leave a room. Gradually build up your frugal habits over time, and you’ll be surprised how quickly they become second nature.

Find a frugal community for support: Joining a frugal community can be a great way to find support and inspiration. You’ll meet like-minded people who can offer tips and encouragement, and you’ll be inspired by their success stories.

Focus on the benefits, not the sacrifices: Instead of thinking of frugality as depriving yourself of things, focus on the benefits. You’ll be able to save more money, achieve your financial goals, and live a more fulfilling life. When you focus on the positive, it’s easier to stay motivated and keep going.

Be mindful of your spending don’t deprive yourself: Being frugal doesn’t mean you have to deprive yourself of the things you truly value. Instead, be mindful of your spending and prioritize the things that matter most to you. Maybe that’s a weekly coffee date with friends or a hobby you love. Whatever it is, find ways to enjoy it without breaking the bank.

Celebrate your successes and keep your goals in mind: Finally, don’t forget to celebrate your frugal successes along the way! Maybe you paid off a credit card or saved enough for a vacation. Celebrate those milestones and keep your eye on the prize. Reminding yourself of your goals will help you stay focused and motivated.

It’s not always easy, but the benefits of being frugal are totally worth it!


  1. Is being frugal the same as being cheap?

No, not at all; being frugal is about being mindful of your finances and prioritising your spending choices. It’s not about being cheap or stingy. Its spending on the things you see value in.

  1. Can you still enjoy life while being frugal?

Yes, being frugal doesn’t mean depriving yourself of things you enjoy. It’s about finding ways to enjoy life without overspending. Finding pleasure in simple things.

  1. How do I find a frugal community for support?

You can find frugal communities online or in person through social media, forums, or local groups.

  1. Is it better to focus on saving or increasing income?

Both saving and increasing income are important for achieving financial goals. It’s best to find a balance that works for you.

  1. Can anyone become a frugal person?

Yes, anyone can become a frugal person with the right mindset and habits. It’s never too late to start on the path to financial freedom.

Want to start being more Frugal?

Hi from the Frugalar team Louise & James, we want to share our passion for frugality and show you what you could achieve from being frugal and gaining financial freedom.