FREE NEWSLETTER
Go to main Forum page »
On occasion I have claimed to be frugal. But after a bit of research, I’m not sure that is always true. For sure we have avoided debt except a mortgage. Our last car loan was thirty years ago and we never had credit card debt, but beyond that my claim of frugality slips a bit. I think we may just be prudent.
When I read a comment about being frugal as part of living in retirement, my tendency is to assume that’s a necessity to make retirement work. That may not be true at all. Some people live frugally because that is their lifestyle before and after retirement.
But are we on the same page defining frugality?
From ChatGPT: Frugal means living within your means and stretching your money without sacrificing your quality of life.
From Grok: Being frugal means living economically by prioritizing value, minimizing waste, and making thoughtful financial choices. It involves spending intentionally—focusing on necessities and long-term benefits over impulsive or excessive purchases. Frugal people often seek deals, budget carefully, save diligently, and avoid unnecessary debt.
From Gemini: Being frugal is about making careful, thoughtful, and intentional choices with your resources—primarily money, but also time and energy—in order to achieve a long-term goal. It’s a mindset that prioritizes value and purpose over excessive consumption and waste.
It appears considerable thought and effort must go into most spending decisions along with personal habits. Is that correct, is it always fun or desirable?
Below are examples of frugality. I have indicated which of these I think I can claim. As you can see, I am conflicted. Some yes 👍, some never👎, a few maybe at times 👍👎.
I’m surprised DIY as opposed to hiring someone is not on the list. For me avoiding DIY is a matter of survival – definitely 👎
Honestly, the older I get the less frugal I have become. I just don’t care as much. We still live within our means – meaning our pension and social security income which is a natural constraint on spending. My goal is still to maximize the legacy for our children through minimize use of investments. Although we will do so if necessary.
I don’t advocate living any of the adjectives opposite frugal (lavish, spend thrift), but hopefully frugal living is a life choice – and fun, not a necessity.
Gotta go, on our way out to dinner without a coupon, driving my “newer” car, but wearing eight year old shoes.
Frugality is in my bones as much as the often maligned traits of an accountant. I don’t even need to make it a game to be fun. I save there so I can spend here, here being great meals in (or out) with family, hosting parties in our home for friends, and of course my 6th love, behind the husband, sons, and dog–TRAVEL!
To each his/her/their own.
And all should try using the library and public transport, it’s pretty easy to do, plus it’s a wonderful way to mingle with humanity.
Connie and I had dinner at our favorite French restaurant yesterday.
We had wine, escargot, pate’, Bacalao Chowder, Cassoulet” with Duck Leg Confit a Pistachio Crème Brûlée, Caramel Arborio Rice Pudding,
Praline Whipped Cream & Berries
In the process we dispelled the frugal, eating healthy and declining spending in later retirement theories 😎
Unfortunately I used the wrong credit card and instead of 5% back I will only get hotel points, but I can spend them on Amazon.
Living within your income = prudence.
Living below your income = frugality.
I would say you are prudent, not frugal. Since I retired on 40% of my final salary I suppose I could claim to be frugal, although I have only done some of the things on your list. I definitely don’t DIY – I had a yard service and cleaners all the time I had a house. I still drive, although there is a bus stop right outside my CCRC, but I use public transport when I travel.
Well, that kind of depends on your income. I’m retired on 250% of my final salary, and I live way below my income – but I wouldn’t say I’m frugal!
Sounds logical, except when one persons income allows them to live a lifestyle that others earning less would perceive as quite the opposite.
I’m suggesting that what matters is spending in relation to income. I don’t think “frugal millionaire” is an oxymoron. Although you might have a point about a frugal billionaire…. Smaller yacht? No yacht? Only one private island?
Frugal defines us to a T. I have recently stopped getting alcoholic drinks at restaurants as they no longer seem a good value.
Yup, that’s frugal. At times I’d say they add value, perhaps not monetary though.
One of the attractions I discussed with Jonathan about the Philadelphia area is the great number of very good BYO restaurants. It’s a great advantage for a wine lover to be able to bring a nice bottle of your own choosing. I’ve found some in Monmouth county, NJ but not as many.
I don’t think alcoholic drinks at most restaurants have ever been a good value. However, given the thin profit margins and the number of restaurants that fail, I order a non-alcoholic beer and my wife orders a mocktail even though we no long drink alcohol.
The other thing is the attachment to branded goods against like generic products. To me that’s just throwing money away given that retail prices can easily be double for branded FMCG. Sure some things may have a specific taste profile you can’t find elsewhere but what you are really paying for is not superior ingredients – it’s just the enormous amount of marketing they do.
I’m amazed by how many people have the attitude that status somehow attaches to not having store brands in the house.
Aldi, Lidl, Trader Joes, are built on the idea that their generics are as good as the brand name.
I became convinced when my marketing professor on my MBA 25 years ago made a very convincing case for Aldi over regular supermarkets. Essentially he covered all aspects of FMCG marketing and then debunked what you got when you replaced the individual items with the store “promise”. They have long been a major player in continental Europe.
I’ve purchased at Trader Joe’s and Aldi, I’d say some yes, some not so much.
I don’t think that is universally true. I buy store brand coffee and can’t tell the difference, but generic brand batteries don’t last as long. Table napkins are different and paper towels too. Bakery goods vary and some frozen food can be different.
Re: Public transportation. Most people seem to frown when you mention public transportation. Recently, I had a medical situation that requires my neurologist to clear me before I can drive again. I’m in No Jersey with good access to trains and buses. I’ve been using both and, truth be told, have been enjoying it. With my senior discount the fare is dirt cheap and I’ve met so many folks while riding. Last time I used public trans regularly was in high school. It’s been a pleasant surprise. Access to NYC, shopping, etc.
Don’t forget to leave a big tip at dinner!
If you are a regular, it benefits you as well.
When my Friday group walks into a restaurant, we are greeted effusively and shown to our usual table immediately. They remember.
All this time on “vacation” I have been giving 25-30% and handing cash to the server. They are mostly college kids and older women, but in either case my perception is they can use the money.
Some people have to give a thumbs up to all the above in order to put food on the table.
Some people always have less and some people always have more. While there are plenty of truly poor people – too many, I continue to look around at spending habits, the many stores doing fine, but only selling non necessity products and services, houses with outrageous prices, but still being sold. Starbucks packed and more,
I question the validity of the paycheck to paycheck thing for many who claim it.
Yeah from those number of down thumbs you definitely don’t meet most concepts of frugal.
You’ve never had a pre-owned car or taken public transport? Even the most profiligate can probably claim those ones.
My current car had 6,000 miles on it. It was a dealer loaner, but that was by accident. It was only “used” car in a way.
Last time I took public transportation was during the gas crisis in the 1970s unless you count the Moscow subway and London tube.