Living frugally doesn’t always have to be a lifelong way of living. Some people choose to keep this lifestyle just until the credit card debt is paid off, or until the mortgage is fully paid. For the meantime, one will clip coupons and bring a packed lunch to work. Of course, while you can return to your old ways once your financial goals have been met, you can also choose to continue living a frugal lifestyle. Here are some reasons you may want to consider doing so:
1) You’ll stay out of debt.
Yes, living frugally allows you to get out of debt—but it also allows you to stay out of debt. Apply the lessons you’ve learned during the process of your debt repayment to build up your savings and continue paying off your bills in a timely manner.
2) You’ll be prepared for emergencies.
Being frugal with your money allows you to build up a decent emergency fund, which will come in handy when your car needs repairing, when your pipes are leaking, or when someone gets sick.
3) You can set aside money for your children.
You may have enough to pay off your bills this year, but how about your child’s tuition, wouldn’t it be great to start preparing for college? What about their first home? Put away money for your children’s future, and maybe even for your grandchildren!
4) You’ll be teaching your children an important lesson.
Living frugally will impart valuable lessons to your children. Don’t allow your children to grow up with an unhealthy attitude about money. Teach them to budget carefully, and to avoid making the mistakes you may have made. Teach them to avoid debt at all costs, and to only pay for things with money they’ve already earned.
5) You’ll have more room to give.
When you’re drowning in money troubles, you’re probably paying very little attention to those around you who may need a helping hand. Now that your finances are back on track, you can be more generous to those less fortunate than you. Even simply giving away product freebies or heavily discounted items you buy with coupons to those in need could really make a difference.
Once you’ve learned to form positive financial habits, maintain them. There’s no reason to go back to the way you used to handle your finances. You may never be completely stress-free when it comes to money matters, but preparing for whatever comes your way will definitely give you a lot more peace of mind.
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