For myself, and I date say my fellow families.com frugal bloggers, frugality is a way of life. For most American’s however, frugality is a reaction to personal purse strings.
The nation as a whole has been cutting back for the past one to two years, and many of them are sick and tired of it. Being frugal is more of a burden than a rewarding endeavor, and they can’t wait until they can get back to their old spend-spend-spending ways.
The reason people are becoming tired of being frugal is that they have cut back to an extreme level and cut spending on everything that brings joy to their lives. While I advocate for avoiding wasteful spending, I know that you still need to look good, eat well, and have fun. No one can survive a prolonged and drastic spending and lifestyle reduction.
The answer to remaining frugal and avoiding frugal fatigue is to keep a bit of balance in your life. I do that in the following way:
Make a list of things you want: This does not include things you need which should go on a separate and more important list. How do you know the difference between a want and a need? Well, replacments for your old worn dress shoes is a need. A second pair of dress shoes in red is a want.
Priortize that list: Since it is a wants list, you wouldn’t prioritize over what you need the most, but what would give you greater satisfaction. You may also want to prioritize based on cost. You can reward yourself with lower cost items, and splurge when you have extra cash with higher priced items.
Set a percentage of your income that can be used for items on your wants list: PersonalBudgeting.com recommends that you put aside 4.5% of your money for entertainment, and 4.3% for apparel products and services. Since I only spend about 2% on entertainment, and about 3% on clothing, I could use 3.8% on items on my wants list.
Always wait at least a month before buying anything on your wants list: Chances are that you will be over the impulse to buy the items after a few weeks pass.
Try to find low cost replacments for items you want: You can get as much satisfaction in finding a low cost replacement for items you want as you will from buying the real thing. To make things better, you will keep more money in your account to boot.
Only buy from the want’s list when there is extra cash: Never use a credit card to buy anything from a your wants list. Credit cards are for emergencies, and a flat screen TV or a pair of boots are not emergencies. I like to wait until my husband or I get a bonus before ever looking at the higher end items on our wants list.
Remember, always retain your frugal ways in all other areas of spending. Remember that by allowing yourself a few want’s you are rewarding yourself for keeping your expenses in order. In addition, you are probably acquiring these wants from the savings you are accruing in other areas.
~Andrea Hermitt writes for parenting (specifically teens), the home blog, and also the frugal blog, and homeschooling at families.com.
Forum thread on Creative Yet Frugal Christmas Gift Ideas