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Frugality Regains Prominence: A Comeback Perspective

I ran from frugality with reckless abandon this year, but frugality has always been a part of my life. I discovered that a balanced approach to frugality and spending is the best way to live a happy and healthy life. And I’m officially adding “Losing Frugality” to my list of top millennial money mistakes. I hope you don’t make the same mistake. Don’t make any decisions until you consider the consequences. Seriously. For as long as I’ve been writing about personal finance, I’ve made a lot of smart decisions about money, but this past year I lost the frugality that has helped me build my net-worth. Making sure you’re investing your money wisely is the most important part of personal finance. And my financial future has suffered because of it.Return To Frugality

I have always been a very thrifty person. One of the most frugal people I have met in my life is my father. This trait has helped me save money and make wise financial decisions, and I am grateful to have inherited it from him. We only buy 1 or 2 new pants every year.

My father passed on his frugality to me through many life lessons. He says it’s important to save for the future so that you can enjoy life when you’re older. I also credit my frugality (and automated savings), as the two greatest factors in me achieving financial independence and becoming a millennial millionaire by the age of 30.

Something changed this past year. It was a year of personal and professional growth. My frugality disappeared. I started buying $50+ bottles of wine instead of the $12 bottles I used to buy. I’m more confident in my wine selection now that I’ve tried different varieties.

I stopped cooking and ordered $75 in takeout on a Wednesday night. I stopped flying coach and upgraded to business class on most flights. I chose the rooms with a view instead of booking a normal hotel room. The view from my room was amazing.

What happened to packing my lunch at home, limiting my grocery trips to less than $50, buying my shoes on eBay, and buying my jeans on sale, all of which helped me become financially independent? I realized that frugality was an important part of my financial journey, but I had to find a balance between being frugal and allowing myself some small luxuries so I could remain financially independent.

How did I seriously spend $12,000 on a weekend in Napa Valley? Even though I could technically afford it, my spending and savings rate has gotten way out of whack and I have abandoned the frugality that has gotten me where I am today.

I had a fun year that included traveling all over the world, an oceanside wedding in California, and buying some cool stuff. I’m looking forward to what the next year will bring. It has gotten out of hand. I have lost my way. I lost the frugality that was better for me and the earth too. Getting back on track involves making more conscious decisions about my consumption habits.

It used to be that I was happy when I took what I needed and left the rest. frugality made me appreciate the small things in life, and taught me the value of living within my means. Not buying the best. It’s important to remember that buying the most expensive option isn’t always necessary. I know that frugality is essential to helping me increase my net worth over the coming decades. I can make sure that my money is working for me by practicing frugality. I see my spending habits getting out of control as I look into the future.

For a deeper perspective checkout the Millennial Money podcast episode on lifestyle inflation and the paradox of frugality.

I spent more money in 2016 than ever before, with my spending rate increasing 134% over last year, and peaking at over $210,000! Yeah, I just pulled these numbers from 

In This Article

How I spent over $210,000 in one year

So what happened? It is a pretty simple story. The story has a message that is important to readers. I spent a lot of money. I don’t know how to budget better in the future. My spending on saving was out of whack. I decided to make some changes and get back on track with my finances. Looking at my

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My Breakthrough Moment

I had a breakthrough last week. If I just took one small step at a time, I could make progress. I need a new bag for my computer. I decided to buy one this week. One to take my computer to my office. I need a bag that is large enough to hold everything I need for work. I travel a lot for my business. Since I spend an unhealthy amount of time in airports, anything I can do to make my trip more efficient or more comfortable adds up to a better travel experience.Tumi Bag

I’ve wanted a The Tumi computer bag could slide onto my roller bag for a long time, but my current computer bag didn’t wear out until this year. The Tumi bag has served me well for many years and I’m glad I invested in it. I started looking at new bags a few months ago.

I would have bought a new bag earlier in the year, but I couldn’t afford a computer bag. I’m looking for a more affordable option that will be just as stylish and functional. I couldn’t do it. It was hard to accept that I had failed. I felt a return to frugality. I knew I had to be more careful with my spending.

I started looking for a deal after setting up an eBay alert. I got an alert that the exact model I was looking for was on sale for $39 on eBay. I clicked the buy button because I was excited to find a great deal. I won the bag after putting in a bid. I couldn’t believe that I had won the bag without any competition, but I was happy when I found out that my bid had been successful. The bag was new. The bag was in good condition when it arrived. It was a simple purchase and it felt good to get a deal. I hope to repeat it daily when faced with the choice to spend or save. I want to save and invest in my future, rather than spending my money on things I don’t need.

I have not ordered take out food since that purchase. I bought a bottle of wine. It was the best deal I could find, and I booked it for an upcoming trip.

I have returned to being frugal. I want to save more money and make better financial decisions. I feel like myself again. I’m so happy to have my confidence back.

What are you doing to stay frugal?

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