FREE NEWSLETTER
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!