What is Being Frugal Mean? Why is It Important?
Well, the Dictionary definition is below. But I think it means so much more.
fru·gal (frgl)
adj.
1. Practicing or marked by economy, as in the expenditure of money or the use of material resources. See Synonyms at sparing.
2. Costing little; inexpensive: a frugal lunch.
I actually think that being frugal is more important now than ever. We have seen what wild spending has done to our economy. Especially when many could not afford the material items they were buying. Now I think we can also go overboard with the concept of being Frugal, but I think it is all in how each of us lives our own lives and what economic situation we are in that will determine what being frugal is to us.
I actually think in the thought process of MakingaMillionDollars we have to start thinking a little bit differently. There are good ways to spend money and bad and wasteful ways. Buying a house can be a great way to spend your money. A house appreciates over time or at least we hope it will over the next few years when the market cycle comes back. You can write off the interest paid on your house and get tax money back. You can live in your house and enjoy it with your family. You can also turn around and rent your house out as a rental or investment home.
But, a real expensive car or buying multiple TV’s and electronics can be very wasteful and all of these items depreciate. Now I realize we all have our little quirks and hobbies and many of us are gadget freaks. We just have to have the newest and latest electronics and services.
I will not judge on how people should spend their money. But I will talk about my own situation and how I will become more frugal. In my quest of saving money to in turn be able to invest more in items like real estate, stocks and other investments that will grow in the future I will need to sacrifice certain things to attain my goals. Many of these will be luxury items, going out to eat at nice restaurants and saving more when going on vacations and trips.
I want this website to reflect how I am personally changing to become more frugal and to highlight stories and posts giving you the readers ideas for yourself. I want to at the same time increase my income through my internet marketing. I have a career and job that I really enjoy with a great company. It pays my bills and gives me some great benefits. My internet marketing business has brought me in a good extra income over the last 3 years and helps me have the extra money to save and invest. I will speak about all of these aspects on this site.
Today I will be adding our third major category to MakingaMillionDollars and that is the category Frugal. I will post cool stories and things I learn about becoming more frugal in good ways that will help me reduce my expenses and limit the resources I use. Take care and be Frugal!
