In the world we live in today, what consumes our thoughts most of the time is consuming, spending, satisfying our cravings, gratification, etc, or whatever name you call it, it is so easy to spend what we use a lot of stress and time in gathering in just split seconds, the more reason why a lot of us see saving as a tedious task to do. Just like our spending comes to us easily, have thought about being mindful of your finances, even before the income comes, you already have set out plans and goals to achieve that include saving, investing, and the likes, and not only realizing yourself when your account turns red. I know a lot of us are or have been guilty of this at one point in life, spending without a care in the world and later having feelings of regrets on what you should have done right to prevent the crises/ lack you find yourself In.
Have you ever thought about living a frugal lifestyle? A lot of people confuse this lifestyle for stinginess but they thought wrong, it took me living with an aunt of mine who displayed a frugality mindset and even encouraged us as girls, myself and her daughter for me to understand what frugality entails, even though she was rich, she disliked anyone wasting food, being a single mum of 5, with this lifestyle, she single-handedly trained herself and her children through school, and also invested gradually during that period and all of her investment and savings are working well for her. now a professor of computer science, looking to retire in a few years, throughout the years of her struggles, she led an exemplary lifestyle that is worth emulating and I look up to her as a mentor today. I will be sharing with us the frugal way of living I learned from my aunt that made her financially stable today and her generation is enjoying the sacrifice she made, many look at her today and think she comes from a rich background but that Is not true, it took years of sacrifice, having an intentional mindset and living a lifestyle that encouraged saving and not spending all, in fact she will say, spend only when it matters a lot.
1 Home-cooked meal over eat-out
My aunt takes eating healthy very important, and also takes into consideration the cost and satisfaction involved, the only time we eat out is when we attend special events of friends or family members. True to her words, eating out is not only unhealthy and unsatisfying most times, but they are also expensive, if you compare the amount you spend preparing a well-cooked meal at home, especially as families it is cheaper compared to buying that same food outside, worst still it won't even match same quality and quantity. Cooking helps you have a little amount left for saving and leftovers can be refrigerated and microwaved the next day.
2 Buying Generic brands
There was a time she sent me to buy ibuprofen syrup, and when I got to the pharmacy, I was presented with two brands, one had a popular name and was more expensive, almost double the other brand's price which wasn't popular, then I called and asked her which one to pick, her answer was precise and straightforward, she asked me to check their label for the composition, I did, any difference in composition, she asked? No, there wasn't, I replied as I scanned through, the only difference was the brand name and packaging, go for the cheaper one, she answered finally. Of course, the drug worked and my aunt had something to save at the end of the day. I learned a huge lesson that day, sometimes what we spend a huge amount of money on most times isn't the content we need, but the packaging of the content, and which of them matters the most? When the package will always end up in the trash, so next time, choose wisely.
DIY Mentality
My aunt is a computer science lecturer but also engages in DIYs, I've seen her add pleats to a skirt she found boring and short, and instead of throwing it out, she got creative with it, I can't count the number of times doing things myself has saved me from spending unnecessarily, recently, my daughter's school charged us an expensive sum to make a traditional outfit for the pupils, unfortunately, or maybe fortunately for me, I got the information late, a day to the event, and was left with no choice than to make my daughter's outfit myself, not only was it cheap making it myself than buying from the school, my material was better in quality that most parents wished they also did it themselves to save cost.
Negotiate Price
The Nigerian market is one funny place where traders tend to take advantage of their customers, following my aunt to the market, it always amazes me how she was able to slash the prices of goods into two, sometimes three parts, and the trader still sold to her happily, that experience made me feel I've been cheated my whole life not knowing how to use my bargain power, especially in Nigeria market, do you know how much you will save if you know how to bargain price if commodities well. So far I have learned how to bargain and it has been very helpful to me, always have g something left to save after each market visit.
Last but not the least
Budgeting
This is one thing my aunt never joked with, every income she made, expenses and all always went through a budget she had her special book for budgeting, and she always told us to know how to differentiate our needs from wants, when we get upset about her not meeting our want, for instance buying the same kind of dress in another color because a friend of ours got that color, no matter how hard we tried to convince her, she told us it was unnecessary, even though we felt upset then, we know better now as adults why she was so strict about not spending anyhow because you've got the money when saving and investing should be a priority for that money you would have spent on luxury.
Conclusion
Saving through frugality is a holistic approach to personal finance that goes beyond mere cost-cutting. It's a lifestyle, thinking about frugality, my aunt always comes to mind, she always emphasizes intentional choices, mindful spending, and a commitment to building a secure financial foundation. By adopting the principles of frugality, we can not only weather financial storms but also achieve long-term financial wellness and the peace of mind that comes with it. She did it, I can also do it, and you can too.