Personal finance tips that don’t require frugality
Practical tips you can implement right now
In personal finance, using frugality to save money is an obvious option. The less money you spend, the more money you save. You can find thousands of blogs with tips on not buying your espresso at a coffee shop, making your own soap or thrift shopping.
Frugality certainly has its place when managing our money. It is always possible to spend more than we earn, regardless of how high our income. We have seen countless multi-millionaire celebrities go broke because of their insane spending habits.
Nevertheless, frugality cannot be the sole cornerstone of our personal finance strategy. Relying on limiting our expense alone can be problematic.
The first issue is that there is a cap on what we can save. We simply cannot save more than what we earn. The financial goals that we can realistically achieve will be limited by our income.
The second issue is that if we only save, our funds will be reduced when we decide to spend the savings. Due to inflation, the value of money will be lessened when we spend it in the future.
Maybe I have a tendency to be greedy. Or maybe I lack discipline when it comes to money. I admit that I like to have my cake and eat it too.
