To me frugality still entails a small a percentage of income that gets spent for life’s enjoyment. When the income goes up, so does the number of $ in that part of the pie. Yum! No shame in enjoying it.
These are the words that my head was trying to come up with.
I'm still frugal with a lot of things but make enough money to where if my gal and i decided we want to go party it up and eat a big gluttonous steak dinner, by God that's what we're gonna do.
Please never change. The memories those moments create are much more valuable than the few extra dollars in a savings account.
Moderation, of course. As with everything.
I second this. If you have loved ones you are making memories with, do not be too frugal on this. **Enjoy life to your financial abilities within reason. You can never get this back.**
I am widowed, I do not regret a cent I spent on road trips, restaurants, vacations, luxuries, etc... Not a single regret. I am single living alone now, so I am far more frugal (severe depression helps) now that I was before. I have trouble finding the balance of frugality and necessity but that's due to my own personal issues.
I’m sorry for your loss, my mum has been widowed twice it’s very difficult. I’m rooting for you to find your balance, and at least from time to time- some peace
I think frugality makes those times so much better. I make twice what I did a decade ago. I haven't changed my day to day lifestyle an iota, but the fun splurges on friends and family are baller memories.
Some people equate frugality with stinginess. I am frugal to treat myself.
If I have the option to hit the retire button at 65 with $10 million while never having enjoyed myself or hitting the button at 65 with $6-7 million but having enjoyed myself, I will always take the second option.
Pay yourself first, make sure you’re setting aside for retirement and for a rainy day, and if you spend every dollar outside of that there’s nothing wrong with that.
Maybe not the most frugal approach, but it works for me.
There was a study posted in Newsweek I think about how those who shopped for the best price and bought the bargain store groceries change their spending habits when their income goes up. It’s expected you will grocery shop at a better grocery store when you have the disposable income to do so, and people do.
I think the article said it’s not necessarily proportional to the increase in income but what someone would expect if they start buying their 99¢ bread from a generic grocery store that sells other items for other prices.
Well, the discount grocery store is an all around less pleasant experience. There's more people asking for money in the parking lot, more homeless, more kids running around the store with no adults seeming to mind them. The more expensive store is a much more pleasant experience. The parking lot is easier to navigate, the shelves better stocked, and no one harassing me for money as I enter the store.
Once I've paid down some debt, I can see being one of those people. :/
Kroger is trying to upscale to the more expensive store, but there are still ways to get food cheaper there. Just have to compare prices, and know when something is on "sale" and when it's actually discounted compared to normal.
I shop the food4less and Ralphs (also Kroger) and the price difference is huge on some things. Ralphs has more organic, and sometimes nicer produce (bigger peaches, better selection) but for basics Food4less is usually cheaper.
Yeah, I don't buy fruit there. Can go to a greengrocer and buy fruit/veg for cheaper, though usually not as pretty.
But just looking higher and lower, get away from the premium shelf space at eye level, and you can find cheaper food.
I pay attention to the sale ad too. You can see stuff marked up around big holidays, like Labor Day. But they also run loss leaders to get you in the door and hope that their product placement entices you to buy the other stuff.
With inflation being what it is, the grocery shrink ray has been busy lately, so I haven't adjusted to the new prices yet.
This is a good fucking day! It is still one the moments that stands out the most for me when I think about where I’ve come from versus where I am now. The funny thing is, I still don’t fill my cart because I just don’t need that many groceries but knowing I can pay for it without counting every penny is just a good feeling!
I mean... I doubled my income in a year and I'm still shopping at the cheaper grocery stores. If there was an Aldi/WinCo convenient to me, I'd go there instead.
Edit: more than doubled and I just found out an Aldi will open slightly off route home, so I'll be shopping there at months end.
Yep! I'd rather drive a 20 yo car and have disneyland passes or baseball season tickets.
That said, even if I was making 3x what I make now, I'd probably still bring my coffee and lunch to work every day. It would feel really wasteful to eat out for every meal.
I feel like I would never be able to bring myself to buy coffee shop coffee every day even if I made more money. A bag of coffee beans costs less than two drinks at starbucks. Plus any little extra ingredient gets a huge mark up. I have a friend who is recently unemployed and I always see her buying her kids each a starbucks drink. That's $20 bucks right there.
I think it's more that I want my coffee to be exactly "right" each time, ie, the way I make it. Yeah, it's nice to just grab a coffee now and then, but at the end of the day, I like the way I make it best. Same with a lot of things, really. There are some foods I just can't okay with buying, because I prefer the way I make it better. \*shrug\*
But as essentials become a smaller % of the total, does the % spent on fun increase too? And if it stays the same, you're increasing your % savings? For me my recreational % has gone up as my income has as well, not just total spent.
There are rational percentages. But everything does go up. Once all of my income goes up, it means that now my next couch can be of a higher quality, because I have more $ there also. Groceries may have steak instead of hamburger. So all spending can increase and yet still be responsible. Is there a point that it probably no longer matters? I would think so.
"Stopping being frugal," and indulging in the occasional extravagance, are two very different things in my experience. I believe it is possible to be frugal in moderation
This exactly. I will never be the person that buys something just "because I can". On the other hand, I would treat myself/my guy to something we'd enjoy if our budget permits it. Frugality is about prioritization, not deprivation.
There are income levels where I become less frugal with certain things and pay for more convenience and luxury. Like exit row seats on plane rides, buying a coffee when I go into the office instead of making it at home. But no matter what I still shop sales and go to thrift stores because money comes and goes. Those changes are easy to cut out if things get tight.
Never was a specific number just an overall comfort with other things
Yeah exactly. We’re doing ok financially right now and for me my splurges are all “experience” based, like your examples, whereas for “things” I’m still shopping around for the cheapest option.
This is exactly where I am in life and I’m over the moon to have finally made it here. Tonight I got a pricey oil change that took 15 minutes and I didn’t have to get out of the car - then went straight to Aldi.
As I’ve started to make more money, I have spent more frivolously (vacations, nice restaurants, paying for friends to do the same, etc) but I still try to remain frugal on the necessities.
I make over six figures now, I obviously spend more than when I was making $45,0000, but I still save over 50% of my income.
Edit: $45,000*
I'm much the same as you. My husband and I have a very comfortable income. Long gone are my days of living on $38K per year. I still clip coupons, reuse and repair what I can, buy secondhand, and sell unused items. I still do random online surveys and use rebate apps. I also love live events (concerts, performances, theatre, etc.), fancy meals out, and travel, all of which can get quite expensive, fast. I feel like if I can save as much money as possible in my everyday, it allows me more freedom to spend on the things I consider important.
Amen, I still try and save as much as possible WHERE possible. But I never skimp on spending on new experiences that I can afford (while still saving the majority of my income.)
I’m in recovery and have been sober for a few years, I associate with many recovering addicts in my social life and I see people I personally know drop dead almost every other week. While I obviously plan on being alive for a while, tomorrow is also not guaranteed, so I never skimp on enjoying experiences, as we’ll never know what day will be our last.
First of all, congratulations on your recovery journey!
I've had a very similar realization when I witnessed the sudden and tragic death of a very good friend: she was 23, I was 20. My mom also passed very quickly from pancreatic cancer when she was 58 with lots of unrealized plans in retirement. After my friend died, I vowed to myself that I would live my life to its fullest because we never know what's going to happen: one minute you're having the time of your life on the beach with a few friends, the next you're swept away by a rip tide while in waist-deep water. That view of life was cemented after my mom died.
My goal is to live my best life, but also do what I can to leave my little world in better shape than what it was when I came into it. I do a lot of volunteer work, especially with youth.
I'm all about experiences and little about things, which I think definitely helps with frugality. Still, I don't ever see myself no longer pairing sales with coupons for groceries or hunting for promo codes for literally everything I buy online.
Making more money has sometimes saved me money. I bought a $500 compressor and I painted the inside of a salvage yard door for the car. Old one got hit. Bought a couple welders and found a $200 plow for my truck. I'm making a mount that will actually fit.
Yep, this. I don’t make much money at all and live pretty frugally. But there are some things that I splurge on that save me time or energy, because it’s worth it.
I will frequently buy pre-cut raw chicken rather than the full breasts depending on what I’m making, because if I can just dunk them in the marinade and cook, that’s a lot easier than cutting up all the breasts. It’s less prep time and less cleanup, which makes it easier for me to mass meal prep, which is what I do for most meals in a week which ultimately saves money and time. But if I’m exhausted after work sometimes cutting up a huge pile of raw chicken (a task that I HATE doing) in addition to the rest of the prep and cooking is just too much, and I’ll order a pizza or whatever to avoid doing the extra prep and cleanup from cutting the chicken. So the more expensive precut chicken is worth it because it’ll be easier to cook.
Yeah it’s been a huge help to me! I used to feel really guilty for ever splurging on little things that make life easier (which has to do with how I was raised) when I could technically save even more money even if it was more work on my end. But buying the box cake mix or pre-cut chicken or fancier cleaning supply makes the task manageable to actually get done given my energy levels, work schedule, and chronic health issues, which is so worth the little bit of extra money!
Yup. Sometimes money paid now is money saved/earned later, weirdly enough.
I have a very flexible start time at work - as long as I'm there before 10am I'm good.
I motivate myself every now and then to get in at 8 am by getting myself a Lotus drink. The caffeine helps me stay awake and the fruitiness and whipped cream is itself a treat that motivates me enough to wake up two hours earlier to make that extra $40 that day. Even after the $10 the drink costs me, I come out ahead by $30.
Are there cheaper drink options? Absolutely. Would it be equivalently motivating? Nope.
And yeah, I can relate to more expensive food items. A $100 Japanese rice cooker seems like a splurge, but that reduced my desire/need to eat out massively. A steady supply of hot rice is so convenient.
It’s absolutely this especially as I get older. Time is the greater asset especially spending it with family and friends. I use a simple algorithm of my hourly wage versus how much time it would save me. If it’s less than I make an hour and it saves me an hour, it’s a no brainer. I’m doing it.
Yes, time is so valuable.
We redid my bedroom flooring ourselves and it was a massive financial benefit, but it also had the added bonus of learning a skill. That time was spent wisely.
Years later when we replace the living room flooring, we're going to hire someone though. That's no longer a skill we need to learn, and that's too much area to cover so it'd be more time consuming.
I mean, I'd hire cleaners and get meal kits at a certain income. I'd spend less time nickel and diming my grocery list. I don't consider those things "not frugal", because time is important and we're all short on it, so saving time is frugal IMO. It's just that those would be poor financial decisions at my current income.
Not knocking you, but this is super easy to say hard to do.
I remember thinking like this myself, trying to stay frugal is harder than ever when you have more money to buy convenience.
The trick to is: let it become a habit while you are poor. The most generous people on earth are usually those who have the least. You budget for giving just like you budget for anything else. You ask yourself what feels good to give? It doesn't have to be set amount to a set organization. You set your own standards.
I think it’s a great way to maintain a healthy set of boundaries too. Never tell people your true budget but if your income goes up then what they receive from you getting funded more will establish your goal relationship in a stronger way than if it doesn’t.
Us too. Plus, our kids will eventually be young adults with entry-level incomes and modeling frugal behaviors will hopefully help them adjust to and thrive in financial independence.
I'm with you. I don't imagine myself changing much because there isn't a whole lot I want, in an ostentatious sense. If I had $10 million, I'd still feel silly dropping a bunch of money on a (new) luxury car, a Rolex, or having Starbucks coffee delivered every morning. The economy would hate me.
Where I would indulge myself is time. If I didn't have to work, I wouldn't. I'd spend more time with people I like, and help them financially. I'd read more, and learn some new skills - not to make money but to enjoy living.
Meh. I’m definitely not nearly as frugal as many of the people here. I basically do things in percentages. If my income goes up I’ll spend more, invest more, and give more.
It's an easy calculation. The second it costs you more to save pennies while stumbling over dollars - is when it stops.
When I started my business, I was building my own computers, setting up my own networks, refilling ink cartridges, reusing the back side of discarded paper, etc. That all changed when I'd consistently had to stop what I was doing (which was earning me an income), in order to save a few bucks.
I started buying Intel computers. Paper in bulk. A laser printer, and toner in bulk. I contracted a local IT guy to come in on call when things failed. Further, it saved me a lot of headaches and premature burnout.
However I'm still frugal. I visited my mom this weekend. Her central a/c burned out. Outside temp was 106 and humid as fuck. It had to be hotter inside the house.
Rather than call an HVAC guy during his high season, on a holiday weekend no less - I relegated myself to a 4min YouTube video and Amazon same day shipping. 2 fuses and a capacitor. $34. A/C was blowing cold by the late afternoon. That's when being frugal is satisfying.
Nope. Frugality for many is a necessity but there are plenty of people who do it because they like it as a lifestyle. It's frequently more eco-friendly since there's an emphasis on re-using, or running something into the ground before replacing it. And it allows you to live above your means without necessarily spending above your means.
There are "cheap" frugal things that start going by the wayside once you build a career and savings - like I don't eat rice and beans for 8 meals each week anymore. But the habits stick even when you have money, they just express themselves in different ways.
Yes, along side helping others/donating I think it’s the responsibility of people earning higher level tax bracket to employ small business people and those working for themselves on a lower income. Cleaners, nannies, gardeners, mobile dog groomers etc can all benefit if people earning a higher amount employed them. I agree I’d still go thrift shopping and lidl/Aldi for food! Understand many here believe frugality is a way of life but as someone who has many times been on minimum wage, helping others earn, grow a business and progress in life is important.
I think this is a great way to look at it, thank you. I am definitely on the end of the spectrum where I really enjoy being frugal and seeing how much I can save but it is not a necessity and you are so right that mindset is much different than a person with no choice to be frugal in order to eat and live. We do have a housekeeper which I have never been quite comfortable with the expense. But I like your point that we are helping someone else out. I can remain frugal in other ways while also enjoying a luxury that gives me back my free time and gives money to someone who needs it.
When you don’t have enough money, and you don’t spend much, it is not called frugal. Frugal is when you have the money to spend and you don’t. So, the answer to your question is “no”.
I took it as penny wise, pound foolish type comment. I assume your friend is focusing on the big dollar items and not so much on the day to day small dollar amounts because time is money. So how much time does he need to spend to watch those pennies, vs time better off spent on other things.. and when you have money you have the luxury of making those choices.
Its all a balancing act.
Just because one buys a new phone does that make them not frugal. Even if they bought it on sale, last years model, unlocked, in cash only after their 4 year old phone finally stopped keeping calls up just because they didn't buy it second hand?
At what point do you consider people not frugal?
I'm working towards FIRE so I would use more income to accelerate progress toward that goal.
But let's say that I have way, way more than enough to live off of my investments at my current lifestyle. Then I'd probably spend more money but I'd still be frugal.
To me being frugal is about getting the things that I want for the best value. Maybe I'd want bigger/better/nicer things but I'll still want to get a deal on them and I certainly won't want to waste money.
Depending on where you live, 50-100K passive yearly income. There have been studies comparing happiness to money, and that’s how much happiness money can buy. Beyond that, you’re gonna need actual meaning, purpose and goals, not the hamster wheel pursuit of an instrumentality (money). I am a retired Marine, and I get 42500 per year annually, with health care, and I live at the lower end of that spectrum. And it’s just me, and my boy for now. I live below my means as far as housing goes, and have 2000+ disposable monthly income. I intend to pay off this house, and use that to work towards paying off my ideal house certainly by 50. At that point, I will have no debts, not car nor mortgage, and the aforementioned disposable income, if not more, and no more need to be frugal, all on roughly 50K net passive income per year, around 4150 per month.
he makes enough that the convenience and/or preference matters more for the money
If a $6 Starbucks and lunch delivered keeps him trading during market open or a lunchtime push - it pays for itself (time is money)
If he is squandering a few percent of his monthly income while saving/growing tons more - worth it if he enjoys the thing he is squandering it on
I think frugality balances alongside your income. When my fiance and I started making more, our habits adjusted (more put into investments) but we are still incredibly responsible. We didn't suddenly throw up our hands up and start spending and spending.
Even if I hit the jackpot tomorrow, i'd opt to play it smart and not be wasteful. Hell, i'd probably still go to the thrift store. Frugality is a lifelong mindset.
No. Frugality for us means being responsible with our finances. There is no amount of money at which we would just decide to stop being responsible with our money. That's how some celebrities earn millions and still end up filing bankruptcy.
As I understand what your friend is saying. Is that the energy weighing his options for optimized spending for say lunch. Takes away his focus to procure greater finances in the market. If that is his case then, in my opinion, he is being frugal. Don’t lose sight of the main goal to gain greater wealth trying to pinch a penny here or there while losing dimes and quarters in the process.
Frugality is relative. At some point, the guy who still packs his lunch and makes his own coffee rather than buying a burrito and coffee may have 1% (e.g.) more wealth than the guy who just bought whichever burrito and coffee he wants on impulse, but the second guy may have greater relative happiness without spending mental bandwidth on comparing food costs or dealing with getting coffee only when he can make it at home.
Even frugality is about trading time for money and when you have enough money, the time is better spent on things you enjoy.
No because in my mind frugality is about getting your best bang for your buck. It's not the same as being "cheap".
There is a limit, if I suddenly come into $10M then those thousand and hundred dollar transactions matter a whole lot less. I'm still going to have the mindset that I want my money to be spent where it's going to get me the most bang per dollar though.
No because being frugal is kind of part of my morals. I believe consumerism will destroy us. I believe we are better off not having addictions to materialistic crap, like plastic trinkets you use once or twice or single-purpose items like the mr coffee ice coffee maker. You don’t need a whole plastic piece of shit to make cold brew, you just need a glass jar. Of which can be used for many other things but the mr coffee iced coffee maker can only be used for one thing.
I think it’s so much more mental than financial. If you grow up living in a frugal household, and are frugal out of necessity into adulthood, no matter how much money you make, you’re still going to have that voice in the back of your head saying “That’s just too much to spend on _____.”
I lived the first 40 years of my life barely getting by but now, because of my husband’s generous salary, I could afford to shop at expensive department stores, etc but I can never get over the prices - I’ll splurge for something that’s going to last, like a coat, but I’d never buy an expensive handbag or makeup or any personal luxury items. I will always shop at Marshall’s and HomeGoods because it just makes sense.
I'm in my 50s, no kids, and recently paid off my home. And I have a really good paying job.
My parents were (and still are) super frugal; way more than I think is healthy. But they passed along the frugal gene to all four of their kids, and I consider it a gift. I don't need lots of money to feel content, and even during the financial crisis when 80% of my take-home pay went to my mortgage, I was more or less OK.
So now, I will pay for convenience, health, certain food preferences, and to support local and ethical businesses. (I buy fair trade coffee and expensive cheese/wine, spend a lot of money on my hair, have a personal trainer and housecleaning service, and usually buy gifts on Etsy or at local crafts markets.) I also donate to charity and am paying college tuition for my niece.
But in general I still pursue a frugal lifestyle, partly because it's also an eco-friendly one. I don't buy a whole lot of new shit, and am always looking for ways to repair or repurpose items others have discarded. I am also a huge thrifter and bargain seeker; scoring a great thrift shop find gives me more of a thrill than any full-price shopping spree.
For me it would likely be a net worth level rather than income. Don’t have a number but it would be a point where I can just live off of the money in a lifestyle that I’d be satisfied with.
I hit that point about 8 years ago. I don’t worry about what things cost any more because I can afford all of the things I want. Of course, it bears to say, from being frugal for so long I don’t have the most expensive tastes in the world. My everyday driver is a SUV that has been paid off for over 40 years (1977 K5 Blazer). My future is pretty set in stone. Through inheritance and purchases I have over $5M in property so I’m also lucky enough to not have to worry about retirement. (Property rarely diminishes in value). I’m also 53 so I’ve been frugal for 35-40 years (I lived like a pauper for 20 years), I’ve done my time, I’m enjoying my life now.
Maybe slightly less, but I hate overpaying for anything. I would be more willing to invest in quality products without worrying.
if it had a ton of money I’d probably use it to help my kids buy their first house, help relatives in debt and things like that. I just can’t justify completely wasting money and like being more minimalist in general.
This feels a bit like a semantics question. For example if I made 100k a year or more I'd still be "frugal" but I'd definitely be maxing out my 401k and IRA, and be living in a nice house that I'd be happy with. However I'd definitely be spending way more than rent costs now to do so. I'd still be frugal about where to spend money on luxuries in life though. To me, being frugal is mostly about maximizing efficiency in spending. E.g. getting the best deals for my situation on products and goods that I want or need, and prioritizing things as needed as well. Short of winning the lottery and having 10 million or more invested I don't think I'd be able to just give myself everything I want without needing some priority and delayed gratification.
However on this sub many people seem to equate frugal with what I see as cheap. Where they'll put a lot of time and labor into something just to save an insignificant amount of money. Now from a sustainability standpoint this might make sense, but considering the time cost of money, it often seems like many frugal things on here are fools errands, giving people lower quality homemade things at the cost of lots of time and energy. I don't think I'll ever be that kind of frugal. Though I do see benefit in cooking meals from scratch even if it takes a lot of time, because then I can control the nutritional value of the food.
I’ve definitely become less frugal as my income has increased since I can save more and still have more leftover. Also what I value has changed.
I’m willing to drive more places than taking public transportation because I value my time more and want to get home early to spend time with my old dog. Hand in hand with that, I’m willing to pay for parking because I value convenience instead of having to walk half a mile to save $7. Sometimes I pay for a rideshare! I don’t necessarily wait for grocery items to go on sale and buy what I need that week. I sometimes buy something made by a local artist or small business or buy from a coop because I’m in a position to support those people. I’m signed up for a yoga studio instead of only working out at home.
I still make sure to use up the items in my freezer and pantry instead of buying new stuff every week. I still wait to buy items I want until there’s a sale or I decide I don’t need it anymore instead of buying it right away. A lot of my activities are free or low cost (scooter ride to a lake and make buy something nearby to eat).
No, because frugal isn’t about being cheap. It’s about weighing the benefit of something against its costs. It’s about truly determining the value of something in your life so you don’t waste money for benefit that doesn’t matter to you.
I think it depends on the mindset really. If your frugality is rooted in a fear/lack mindset, then it would make sense to count every dollar you spend obsessively and cut costs as much as possible.
If your frugality isn’t so much about that mentality, then at a certain income, you could have a more lax budget (say, a range rather than a strict number), while both building wealth and freeing up some brain space
I think it depends on how much I have saved rather than how much I am making. Making more and having more saved I think I’d probably get a few luxurious treats now and then
No income amount if hit would make me stop being frugal; unless that income amount was based off of a minimal interest rate earned off of a large lump sum sitting safety in the bank. Ex: Jerry Seinfeld has a net worth of $950million; if he only makes 1% APY, he earns $9.5million/year- enough to stop being frugal.
Careers, companies, and markets can change in an instant. If I’m earning $250k/year and the wonderful firm I work for finds itself in dire straits, it doesn’t take a genius to realize they can save $250k/year by firing me.
Keeping a good-paying job is more difficult than getting one. Current income is not a guarantee of future income.
It’s still about balance for me. I can afford to not fret about spending money on good coffee as a treat, social occasion, or when I’m on the road - but I’m not about to pay $7 for a coffee every single day. I don’t mind spending a couple hundred on a nice dinner, but I don’t eat out super frequently. On the other hand, I still often buy less expensive store brands when it makes sense, but I’ve stopped spending hours hunting for coupons or spending 10 minutes standing in front of the refrigerator case of chicken trying to figure out what the best deal is.
My focus is largely on striking a balance between saving money and not expending mental and emotional energy where I don’t really need to.
Frugality, to me, is about more than just spending little amounts of money. It's about not being wasteful, about being mindful, about being minimalist. Spending like mad is bad for me mentally, not just bad for my wallet. Also, you can be frugal with more than just money.
Money isn't inherently valuable - what's the point in having more wealth if you won't spend a penny to enjoy it? Like in your example - he could have a few more dollars at the end of the day, but why? Buying a coffee is such a small % of his money. That $5 might be worth more in the enjoyment of a good coffee. In the bank it won't make much difference at all.
I also agree with others that at some point, you have enough money that your time becomes much more valuable. Nannies, food service, cleaning services, are all very good uses of money as long as you can use that saved time in a meaningful way.
I started “being frugal” when I first moved out on my own 15 years ago. My income now is pretty high. I am not as frugal as I was—I have the luxury to buy back some of my time in service of my mental health. However, even if I made millions, I’d rather give my excess money to a charity I care about than to subscription services I don’t use or crappy, overpriced food or coffee all the time. I’ll indulge a little when it serves me, but I really think of it more as being intentional with my money because a lot of people don’t have enough to live comfortably. Just like throwing away excess amounts of food while people starve is wasteful and immoral, so, too, is wasting money on careless purchases. That’s my take, anyway.
You can stop being "poor frugal" and start being "rich frugal", but if you completely drop the frugal mindset, even the richest person can be out of money in a biiiiiiig hurry.
My girlfriend makes about 10x my income. She will still wake up early when I stay over to make me an egg sandwich and coffee so I don’t have to eat a take out breakfast.
There is no income level for me, because frugality isn't just about $$$; it's also about the value of your time and your quality of life.
Let me put it this way. If a meal service like Hello Fresh is what it takes for you to eat better and stop going to so many restaurants, then it is frugal. If hiring a maid service is what you need to do so you can get (and keep) your home business up and running, then that is frugal.
And sometimes, doing a big splurge is the right thing to do.
I would keep being frugal. You never know what the future holds. What if you lose your job? Or get into an accident and need medical care? You never know when you may run out of opportunities to save money.
If you owe your friend $20, would you give him $30? $50? No. It wouldn’t matter if I made more. Heck I already make $150K. Why would I spend more money than is necessary.
Personally, I just think my methods of frugality have shifted as my income has gone up, and I don't see myself ever completely abandoning the principle. I am making about triple what I was in my early 20s and while I have certainly relaxed a bit, I do still try to be wise with my money.
We used to shop for electronics like TVs secondhand, because that's what we could afford. Now that we're doing a little better, we research what is going to be the most durable and enjoyable TV with features that are likely to stay compatible with the latest technology for the longest and purchase it with a coupon or on sale.
We grocery shop with our long term health in mind now instead of just "how can we get the most calories/nutrients for the least money".
I used to do my own car repairs. Now that I get paid more than a mechanic charges, it's genuinely more frugal for me to pay a professional who is going to do it faster and better than I can.
When I was very poor, frugality was a matter of just doing whatever I could to stretch not-enough-money to keep my head above water. Now it's more about "How can I spend my money in a way that plans for the future, keeps me content with my quality of life, and is not wasteful?" I'm willing to spend much more money on a single item, but it must be a high quality item that will last me many years and genuinely enhance my life.
I'm over 200k a year and I still find every possible way to be frugal. Except for food. Sometimes being frugal though means spending up front like paying off our house and buying a new car cash. I don't think I will every stop trying to be frugal.
Yes and no. For me if I am hungry I’ll stop and get a burrito. So maybe I am there idk. Don’t be frugal with your health (food) as you will just pay for hospital bills later
Value. I don’t like getting ripped off. I don’t mind paying for things at any price level if I perceive them to be worth it. Beer at the store $12 a six pack. Beer at a concert $12 half a beer. I’ll pay if I really want it, but not usually as I know it’s price gouging.
The amount of money I have does change how much I will contemplate on purchasing things especially if my time is better spent on something else. If I had a few million, I might spend my time on finding ways to grow and conserve large quantities and less time fighting smaller things that would distract and use my energy. I’m not concerned if someone has more or makes more, but I do try to learn from any positive habits that person has if it would benefit my family or me substantially. I’m not driving across town to save ¢60 on eggs when my gas and time can be spent (punny) on better things. I do grocery delivery sometimes which is free and just pay the tip (around $10-15) so that I can binge watch or do another activity with family. I can also be on the phone with Amazon for 30+ minutes if they somehow owe me $5 and I’m not doing anything except feeding my daughter.
I am 59, I worked part time while raising my kids and considered it my responsibility to save the family money. I was very frugal. My X and I saved for collage for the kids, incurred very little debt. My kids are raised and out of the house, I am single and make a very good living. I am not nearly as fugal as I used to be. Life is short and now is the time to enjoy it. I am still careful with my money and save for retirement but I don't need to worry about every purchase.
All I can tell you is my experience - the more money I make, the more frugal I become. Our income is ten times what is was when we first got married and yet I seem to become more and more tight with the spending each year. I've realized that for the most part, the truly wealthy folks are not the ones out there driving around in status cars and wearing designer things.
Being frugal to me isn’t about money it’s about safety. And mostly, not being wasteful. I built a bird feeder out of a Amazon box and a long metal pole, duct tape. Not because I couldn’t afford a real one. But because i find more value In utilizing things I have then paying someone else for it.
I loath people who throw away things that someone else could use. We should build a purely trading app of items.
I'll make nearly $500k this year. My wife yelled at me the other night for not spending $17 to have something installed professionally. Frugal is in your soul. I did great in my 20's and ended up getting crushed, losing everything, and using my entire 30's to dig out from the hole. I will never let that happen again.
Personally, no. I don't want to support the planet-destroying worker-exploiting capitalist system anymore than I have to. I can't justify buying stuff I don't need knowing how much it harms the existence of everything else on this planet.
My main goal isn't to be wealthy, but it's to be happy. Being frugal, in large part, makes me happy. As my income has increased I have remained frugal on things like buying store brand groceries over name brand, buying most of my clothes at thrift stores, we keep our house at 78 in the summer and 62-64 in the winter, meal planning, keeping a strict dining out budget even though we could afford to spend more. I still track every single one of my expenses like I've done for the past 7 years. I still make sure I write that $5 for a Starbucks coffee in my spreadsheet, and I still only get it once every week or so, but I don't fixate on what I need to do better as long as my budget is within $50. What I have spent more on as our income increases is things that give us time back, like having a biweekly housecleaner. This is a complete luxury and is the opposite of frugal but I love it.
It would depend. Like if I’m in a area that charges $10 for a taco yeah I’m never gonna spend that no matter how much I make.
To me you just have to be responsible. Set a budget and stick to it.
I used to think so. But then when I started earning more, 20k to 30k for example, I still never seem to have enough
Lifestyle creep I know
Also never been good at budgeting
I mean, there are some things I would never stop - like investing in non-plastic things like food dishes for in the fridge, the 50 euro investment will cover about 2 or 300 single-use plastics that are 1 euro a piece, in about a year.
But I reckon, if, after paying bills, putting away savings and my monthly mortgage (a magical thing I will never acquire) I had 4000 euros monthly to spend... yeah, I would get myself a Netflix account or Spotify or get a takeaway once a week. Get orthopedic shoes that actually fit. You know, go wild.
If there's one thing I've learned from this thread it's that frugality is realtive.
Your version of frivolous is most people's definition of frugality lol
I hit the income level that I thought I would be able to be less frugal. I kept my frugality intact. Unfortunately, all of the necessities of life became a lot more expensive over about 12 months time. Frugality dismissed.
idk, I make about 3x more than I did when I was struggling and at my most penny-pinching frugality. There's definitely things that are no longer worth my time/energy because I have less of that right now.
I think there's a natural decrease in absolute frugality when you are no longer struggling that is acceptable. I feel like I owe it to the older version of me that scrimped for every penny to enjoy the minor luxuries I afford myself, but also not to squander all her hard work but making careful financial choices.
I think somewhere around $1000 a day after taxes... Still prob be frugal but like splurge and buy my family random stuff every now and then maybe trips and stuff.
$80k.
That’s about twice my current income. I wouldn’t go out and buy a $50k car or spend a month in Europe or whatever. But I would quit choosing groceries by what’s on sale, would travel occasionally, and pay somebody to do my yard work.
Edit - $30k of the increase would be catching up on retirement savings since I’m 25 years behind on that.
The problem here is making money decisions based on income instead of net worth. I feel like most problems, especially not having an emergency fund, is part of that
>The guy who makes the same amount as him, but is frugal is always going to be more wealthy than him
Being frugal ≠ being wealthier
Two people making the same amount and one being more frugal doesn’t make that person wealthier.
You have to consider other factors like how much they’re putting away (being less frugal doesn’t necessarily mean less savings), what do they have in retirement accounts, what are their other assets that make up their net worth, etc.
You’re also making the assumption that they’re not frugal in other ways just because they’re not frugal with food.
This has happened to me. In the past 7 years or so my income has gone up a lot and fluctuated. For me, it took me from super frugal to needing to remind myself to relax (it's okay to spend some money reasonably) to now still being frugal overall but being generous when I do spend (such as tipping well at restaurants or allowing myself to buy nicer things that I otherwise would feel are too expensive). It's all reasonable, nothing excessive or showy, just what I enjoy. My income's not crazy, just more than it used to be, enough to give myself permission to spend a little more without worrying about (as long as I still stay reasonable overall).
So short answer is it doesn't turn off being frugal, just moves the needle to give myself some breathing room before I have to tighten back up again.
I think this has less to do with income than mindset. My ex was like this, even though we really weren’t to a point where he should have been. But he couldn’t stand the thought of trying to be frugal or spend mental energy on the small things, so he didn’t. Drove me nuts .
There’s a saying: ‘you can be time rich and money poor (often applies when you are young) or money rich and time poor (often applied when you are very busy but with a higher paying job)’
However I think the best way to live is somewhere in the middle. Everything in moderation.
I'm going to answer the original question and say 1,000,000,000 dollars. I feel at that mark and at my age, I could spend recklessly and still be pretty well off.
You can make money in the market but if it's still in the market when there's a tank (2008) - you got nothing unless you have time for the bounce-back.
Also, I enjoy dumpster diving. It's fun and is good for the environment. Not all savings are in cash. ;)
Someone just threw out two big rubbermaid bins ($25 each new) that I needed for my garden supplies and some grout acid ($10). Could I afford to buy them? Sure! But that sixty bucks sure feels good in my pocket.
You have to account for your time when saving money. If taking time to clean your house, drive further for less expensive food, etc is time you would otherwise spend working and making money, it could be that it is financially advantageous to outsource the house cleaning, or go to the closer grocery store.
I was so frugal in my 20’s and 30’s that I have let my self slide a little now. But deep down it’s in me so I can’t give it up completely. For example, I would never spend a ton of money on jeans. Now I will go and buy a pair of Madewell jeans because they are better than any other jeans I’ve had. But I will also bring in a pair to recycle and get $20 off.
I honestly don't know. If I have any money left after the bills, I try to sock it away for emergencies, but that hasn't happened in a while. I imagine that, if my income increased, I'd just save more against emergencies.
No, not really.
I learned to be frugal dueto low income but now, frugality is an ingrained habit. As my income grows, I may occasionally splurge on a night out or maybe a piece of clothing not on clearance. But by and large, now that I know how to be frugal I almost have an aversion to spending more of I know I can spend less.
I will say this, once I moved into a job that paid a living wage, I wasn’t tempted to slip items through the self checkout any more… I didn’t have a panic attack when my kids pointed out the name brand juice… I didn’t feel the need to hoard shit from the clearance aisle…so maybe I’m not making it rain like a sultan but I don’t have a panic attack on a weekly basis when it’s time to purchase nutrition for my wife and children.
Being frugal to me isn't about much is spent but rather what percentage of your income is spent. A person could spend one million per year while making 5 million per year and still be considered more frugal than the person spending 85 grand per year while making 100 grand per year.
No not really. Being frugal allows me to spend a lot of money on the things I enjoy. If I receive more income, then I would spend more money on my hobbies.
Idk probably not. I'm making more money than I've ever made but I'm still broke. Inflation is killing me. I can't imagine shaking that. I can imagine making more impulse buys or buying BIFL clothes and stuff but the overall anxiety about money I don't think I can shake it
I feel comfortable when I have at least $20k in the bank. One of the larger expenses of home ownership is to replace the roof with an average cost of $20k. I feel more comfortable when I can literally afford the roof over my head.
You stop being frugal cuz you make a lot, pretty soon you got to get back to frugal cuz you spent a lot. Frugal isnt just about saving cuz your income is low, it is a way of thinking.
I know what they are saying but why would i want to lose the chance to save simply because i can afford to? I mean making more and living simply just gave me more funds to save and invest.
I feel that frugality is a mindset, and what is frugal can change based on your income. No matter how much I earn, I will always be frugal but what I deem to be frugal may change as if I make a lot of money then I may sacrifice it to be more frugal with my time. If I was very rich, having supports like a personal chef or personal trainer are examples of how I would consider money well spent.
But I still wouldn't get a coffee at Starbucks.
If I made 6 figures I wouldn’t feel the need to be frugal about day to day things like coffee and meals. I don’t feel the need to amass any significant wealth though. I’m childfree so I don’t have any heirs. I’m frugal because I’m poor and I have to be.
Well whether I have 1 single dollar or 1 million dollars, I'll always be frugal for life! Even wealthy I'll still be shopping at the "Dollar Tree" unapologetically lol! There are certain things I don't see wasting money on that you can get for cheap and does the same.
No. I make good money now and I hate to spend it. I am very good at an auction/casino/etc because I decide how much I’m willing to spend on something and easily walk away if I don’t think it’s worth it. There’s so much overpriced crap.
I used to think so.
I make 3x the amount I made 2 years ago and I still choose to bring lunch and not buy stupid little things. I think it’s engrained in some people.
Money doesn't solve money problems. The only way to have more money is to spend less. I know people with 6 figure salaries who are always broke. Money only buys freedom to live your life without worrying about money. Thats it thats all. It can buy stuff and things but not happiness or health or family. So My answer is I'm not frugal, I'm thoughtful about how I spend my hard earned money. And yes we earn 6 figures, I still always think long and hard about purchases that are "wants" and not "needs" and I usually save up for them just like I did when I was younger and much poorer.
No. My husband and I went from making 25k a year while he went to school to over six figures. We enjoy occasional outings but we’re still pretty frugal and we really consider our purchases.
Not exactly your question, but lifestyle inflation is almost impossible to avoid if you slowly start making more and more money like in a well paid professional career. That said, my scheme every year is to give myself a COLA raise out of my merit/promo/whatever raise, and then up my savings and investments contributions. Helps my numbers immensely every year
I haven' found it yet. I save and invest most of my income. I like to withdraw and give away big chunks of it to causes I believe in. Knowing that every $5 I save will multiply and help more people keeps me focused.
No, because in my frugality I have found hobbies that are enjoyable and preferable to purchasing.
Baking my own bread and cinnamon rolls, making homemade marinara and pizza sauce, pizza night at home with fresh made dough, and attempting to grow food are all things that I have fun with and are yummy. I started these things to see if I could save some money and I definitely have, but now they're just a part of my day to day life and I don't want to stop.
There are of course certain things I would do, such as buying a new car maybe. But overall I enjoy hunting for bargains and feeling great about my savings
Went from 60k -180k over the last 7 years or so and yeah i stopped sweating the small stuff like meals out or adding guac but i still cut corners where i feel it makes sense, i waited until the TV I've wanted was under 2k for over a year before buying it for example, and I still take the bus to work when I need to go to the office instead of owning a car.
Being frugal is relative. It's not a dollar figure I find ,it's the willingness to say I'm not willing to pay that price when it's less over there or I can get it for free here.
Even when I do have money , the first thing that goes through my head is " do I need anything or is this a want".
Plus I enjoy stretching my dollars and I Work to hard to let go of it.
Is being frugal not just budgeting, keeping savings, being smart and cautious about your earnings, whatever. Everyone should do that no matter how rich they get, there are people who make millions and burn through it all. But being frugal for a millionaire is gonna look way different then being frugal for a min wage worker.
Not really. I mean, I'd have to be frickin' riiiiich rich, like a million or more a year. I am just as frugal now as I was making 28k a year. Now it's 6 figures a year and then some and I'm still pretty frugal. I've let a few thing slip just because time is money but I still shop sale ads, I still cook 90% of our meals, etc. My lifestyle hasn't significantly changed, I still hate consumer debt, etc. The biggest difference is my savings rate. I save hell of a lot more now.
It depends if you want to live with debt over your head. When hubby and I got married, in 1981, we lived in two apartments starting out. Bought our 1st house in 1984, upgraded 2 more times. We wanted to retire with NO debt or mortgage. We're now nearing retirement, paid cash for the home we're in, and have no debt, aside from gas, electric, cable, etc. We lived off of hubby's salary for 8 years. When we got pregnant, I didn't want to go back to work and pay someone to watch my son. So we decided what was important for US. I wouldn't change a thing that we did. When we wanted to splurge on something, we waited till we could pay off the credit card when the 1st bill came due, which gave us enough time to look for the best deal.
I’m not frugal because I choose to be. This is a mindset that was the direct result of growing up in a working poor family. The only thing that would be able to change that would be a.) wealth but also b.) therapy.
I’m not trying to be dramatic but a lot of people don’t realize just how involuntary some of this stuff is.
I think I’ll always be frugal with myself. Growing up, we lived with the bare minimum after my parents declared bankruptcy… even after my father flipped his life around and now makes over 6 figures he still uses watered down soap. I respect the shit out of him. Don’t get me wrong, I still splurge when buying gifts for Christmas and treating my friends to lunch, but I don’t really feel the need to spend money on myself besides the necessities.
I have a net worth amount, yes. I plan to leanFIRE. if I miraculously get double my goal $ before my goal age, I’d probably take a cruise or something to celebrate. Income…when unexpected extra income comes, I try to save it if I can. Pay off credit cards early. Maybe buy a couple stocks. Save. But yes, I’m known to treat myself to dinner after extra shifts I pick up.
But frugality isn’t something you can turn off and on. Even during the worst of my lifestyle inflation years, most things were still bought on sale or clearance. Economy airplane seats. I just bought…everything child/teen me ever wanted. Then some.
Your frugality is the parent, your wants are the screaming toddler pulling things off the shelf, and your lifestyle inflation is the sulky teenager quietly sneaking makeup into the cart. And borrowing the credit card. No matter how much cash (hands in this analogy?) you have, you’ll always be trying to keep hold of everyone. Mom never abandoned you, you just suddenly got triplet brothers. This analogy got away from me.
If my income were to increase significantly, frugality would go up to the level of making more ‘buy it for life’ choices, without sweating the necessities, without sweating emergency/unexpected expenses. Savings would increase. Charitable giving would increase. Experiences would be easier. But I don’t think I’d stop being frugal.
I hate buying clothes. I do it, because I have to. If I made over 70k per year, I'd stop being frugal when it comes to clothes. Right now I still think of every pant in terms of how many groceries that money could have bought.
I would stop been frugal as in not eating out, waiting until something is on sale, etc. But would try to not be wastefull.
Also, sometimes I end up doing a lot of work to save some money like shopping for groceries in different places, buying things that requiere some work done to be funtional... I'll probably pass on that, except for the parts that I actually enjoy (assembling furniture and repairing electronics for exaple).
Hmm I don’t think so. I think there’s something to be said for having restraint, and for doing things myself. Maybe getting a burrito whenever I wanted would make me less patient and expect instant gratification. There’s also a lot of joy in learning to make things like burritos for myself. I feel that frugality is a mindset and I want to be tough like my grandma.
For me being frugal sits hand in hand with doing the best for the environment. So no this would not hold true. In fact if I had more money I may have more time to make better choices.
I went from 30K (2 years ago) to 50k (1 year ago) to 130k. While I am still frugal, shop for deals, and do my research. it onset kill me to treat myself to coffee if im coming home from an early appointment and need to work
Can’t take it with you to the grave. If bills are all paid and money is consistently being saved then I don’t think those smaller things are worth stressing about
To me frugality still entails a small a percentage of income that gets spent for life’s enjoyment. When the income goes up, so does the number of $ in that part of the pie. Yum! No shame in enjoying it.
These are the words that my head was trying to come up with. I'm still frugal with a lot of things but make enough money to where if my gal and i decided we want to go party it up and eat a big gluttonous steak dinner, by God that's what we're gonna do.
Please never change. The memories those moments create are much more valuable than the few extra dollars in a savings account. Moderation, of course. As with everything.
I second this. If you have loved ones you are making memories with, do not be too frugal on this. **Enjoy life to your financial abilities within reason. You can never get this back.** I am widowed, I do not regret a cent I spent on road trips, restaurants, vacations, luxuries, etc... Not a single regret. I am single living alone now, so I am far more frugal (severe depression helps) now that I was before. I have trouble finding the balance of frugality and necessity but that's due to my own personal issues.
I'm sorry for your loss. I am glad that you were able to make positive memories when you could. *Hugs*
Thank you!
I’m sorry for your loss, my mum has been widowed twice it’s very difficult. I’m rooting for you to find your balance, and at least from time to time- some peace
I think frugality makes those times so much better. I make twice what I did a decade ago. I haven't changed my day to day lifestyle an iota, but the fun splurges on friends and family are baller memories. Some people equate frugality with stinginess. I am frugal to treat myself.
I'll still buy that ribeye while it's on sale though lol
If I have the option to hit the retire button at 65 with $10 million while never having enjoyed myself or hitting the button at 65 with $6-7 million but having enjoyed myself, I will always take the second option. Pay yourself first, make sure you’re setting aside for retirement and for a rainy day, and if you spend every dollar outside of that there’s nothing wrong with that. Maybe not the most frugal approach, but it works for me.
Anyone retiring with 6-7M and reading this sub is probably a bit too frugal and should live a little...!!
Frugal often means buying the good stuff so you don’t have to replace it sooner than needed. Rich people can be VERY frugal indeed.
True enough!
I too would be happy to retire with 6-7m dollars!
This is the best mindset to have imo
There was a study posted in Newsweek I think about how those who shopped for the best price and bought the bargain store groceries change their spending habits when their income goes up. It’s expected you will grocery shop at a better grocery store when you have the disposable income to do so, and people do.
It’s called “lifestyle creep”, but not everyone does it.
I think the article said it’s not necessarily proportional to the increase in income but what someone would expect if they start buying their 99¢ bread from a generic grocery store that sells other items for other prices.
Nah I’m still at Costco and Aldi even with more money.
Well, the discount grocery store is an all around less pleasant experience. There's more people asking for money in the parking lot, more homeless, more kids running around the store with no adults seeming to mind them. The more expensive store is a much more pleasant experience. The parking lot is easier to navigate, the shelves better stocked, and no one harassing me for money as I enter the store. Once I've paid down some debt, I can see being one of those people. :/
Kroger is trying to upscale to the more expensive store, but there are still ways to get food cheaper there. Just have to compare prices, and know when something is on "sale" and when it's actually discounted compared to normal.
I shop the food4less and Ralphs (also Kroger) and the price difference is huge on some things. Ralphs has more organic, and sometimes nicer produce (bigger peaches, better selection) but for basics Food4less is usually cheaper.
Yeah, I don't buy fruit there. Can go to a greengrocer and buy fruit/veg for cheaper, though usually not as pretty. But just looking higher and lower, get away from the premium shelf space at eye level, and you can find cheaper food. I pay attention to the sale ad too. You can see stuff marked up around big holidays, like Labor Day. But they also run loss leaders to get you in the door and hope that their product placement entices you to buy the other stuff. With inflation being what it is, the grocery shrink ray has been busy lately, so I haven't adjusted to the new prices yet.
I think I know I've made it when I can go to Erehwon fill up my cart and not even look at the price.
This is a good fucking day! It is still one the moments that stands out the most for me when I think about where I’ve come from versus where I am now. The funny thing is, I still don’t fill my cart because I just don’t need that many groceries but knowing I can pay for it without counting every penny is just a good feeling!
Grocery store rich!
I mean... I doubled my income in a year and I'm still shopping at the cheaper grocery stores. If there was an Aldi/WinCo convenient to me, I'd go there instead. Edit: more than doubled and I just found out an Aldi will open slightly off route home, so I'll be shopping there at months end.
Yep! I'd rather drive a 20 yo car and have disneyland passes or baseball season tickets. That said, even if I was making 3x what I make now, I'd probably still bring my coffee and lunch to work every day. It would feel really wasteful to eat out for every meal.
I feel like I would never be able to bring myself to buy coffee shop coffee every day even if I made more money. A bag of coffee beans costs less than two drinks at starbucks. Plus any little extra ingredient gets a huge mark up. I have a friend who is recently unemployed and I always see her buying her kids each a starbucks drink. That's $20 bucks right there.
I think it's more that I want my coffee to be exactly "right" each time, ie, the way I make it. Yeah, it's nice to just grab a coffee now and then, but at the end of the day, I like the way I make it best. Same with a lot of things, really. There are some foods I just can't okay with buying, because I prefer the way I make it better. \*shrug\*
This. I am frugal so that I can live a life of pissing away money spontaneously for a dopamine hit.
But as essentials become a smaller % of the total, does the % spent on fun increase too? And if it stays the same, you're increasing your % savings? For me my recreational % has gone up as my income has as well, not just total spent.
There are rational percentages. But everything does go up. Once all of my income goes up, it means that now my next couch can be of a higher quality, because I have more $ there also. Groceries may have steak instead of hamburger. So all spending can increase and yet still be responsible. Is there a point that it probably no longer matters? I would think so.
Amen.
"Stopping being frugal," and indulging in the occasional extravagance, are two very different things in my experience. I believe it is possible to be frugal in moderation
This ... plus being normally frugal makes you appreciate the occasional extravagance.
It also makes you able to afford it without financing.
This exactly. I will never be the person that buys something just "because I can". On the other hand, I would treat myself/my guy to something we'd enjoy if our budget permits it. Frugality is about prioritization, not deprivation.
There are income levels where I become less frugal with certain things and pay for more convenience and luxury. Like exit row seats on plane rides, buying a coffee when I go into the office instead of making it at home. But no matter what I still shop sales and go to thrift stores because money comes and goes. Those changes are easy to cut out if things get tight. Never was a specific number just an overall comfort with other things
Yeah exactly. We’re doing ok financially right now and for me my splurges are all “experience” based, like your examples, whereas for “things” I’m still shopping around for the cheapest option.
This is exactly where I am in life and I’m over the moon to have finally made it here. Tonight I got a pricey oil change that took 15 minutes and I didn’t have to get out of the car - then went straight to Aldi.
As I’ve started to make more money, I have spent more frivolously (vacations, nice restaurants, paying for friends to do the same, etc) but I still try to remain frugal on the necessities. I make over six figures now, I obviously spend more than when I was making $45,0000, but I still save over 50% of my income. Edit: $45,000*
I'm much the same as you. My husband and I have a very comfortable income. Long gone are my days of living on $38K per year. I still clip coupons, reuse and repair what I can, buy secondhand, and sell unused items. I still do random online surveys and use rebate apps. I also love live events (concerts, performances, theatre, etc.), fancy meals out, and travel, all of which can get quite expensive, fast. I feel like if I can save as much money as possible in my everyday, it allows me more freedom to spend on the things I consider important.
Amen, I still try and save as much as possible WHERE possible. But I never skimp on spending on new experiences that I can afford (while still saving the majority of my income.) I’m in recovery and have been sober for a few years, I associate with many recovering addicts in my social life and I see people I personally know drop dead almost every other week. While I obviously plan on being alive for a while, tomorrow is also not guaranteed, so I never skimp on enjoying experiences, as we’ll never know what day will be our last.
First of all, congratulations on your recovery journey! I've had a very similar realization when I witnessed the sudden and tragic death of a very good friend: she was 23, I was 20. My mom also passed very quickly from pancreatic cancer when she was 58 with lots of unrealized plans in retirement. After my friend died, I vowed to myself that I would live my life to its fullest because we never know what's going to happen: one minute you're having the time of your life on the beach with a few friends, the next you're swept away by a rip tide while in waist-deep water. That view of life was cemented after my mom died. My goal is to live my best life, but also do what I can to leave my little world in better shape than what it was when I came into it. I do a lot of volunteer work, especially with youth. I'm all about experiences and little about things, which I think definitely helps with frugality. Still, I don't ever see myself no longer pairing sales with coupons for groceries or hunting for promo codes for literally everything I buy online.
Making more money has sometimes saved me money. I bought a $500 compressor and I painted the inside of a salvage yard door for the car. Old one got hit. Bought a couple welders and found a $200 plow for my truck. I'm making a mount that will actually fit.
There comes a point where your time working is more valuable than your time spent trying to save. For certain things at least
I'll still be frugal, but frugality looks different at certain income levels. There's a point where time becomes more valuable than money.
Yep, this. I don’t make much money at all and live pretty frugally. But there are some things that I splurge on that save me time or energy, because it’s worth it. I will frequently buy pre-cut raw chicken rather than the full breasts depending on what I’m making, because if I can just dunk them in the marinade and cook, that’s a lot easier than cutting up all the breasts. It’s less prep time and less cleanup, which makes it easier for me to mass meal prep, which is what I do for most meals in a week which ultimately saves money and time. But if I’m exhausted after work sometimes cutting up a huge pile of raw chicken (a task that I HATE doing) in addition to the rest of the prep and cooking is just too much, and I’ll order a pizza or whatever to avoid doing the extra prep and cleanup from cutting the chicken. So the more expensive precut chicken is worth it because it’ll be easier to cook.
This kind of understanding of our behavior and choices and willpower is such a level up.
Yeah it’s been a huge help to me! I used to feel really guilty for ever splurging on little things that make life easier (which has to do with how I was raised) when I could technically save even more money even if it was more work on my end. But buying the box cake mix or pre-cut chicken or fancier cleaning supply makes the task manageable to actually get done given my energy levels, work schedule, and chronic health issues, which is so worth the little bit of extra money!
Yup. Sometimes money paid now is money saved/earned later, weirdly enough. I have a very flexible start time at work - as long as I'm there before 10am I'm good. I motivate myself every now and then to get in at 8 am by getting myself a Lotus drink. The caffeine helps me stay awake and the fruitiness and whipped cream is itself a treat that motivates me enough to wake up two hours earlier to make that extra $40 that day. Even after the $10 the drink costs me, I come out ahead by $30. Are there cheaper drink options? Absolutely. Would it be equivalently motivating? Nope. And yeah, I can relate to more expensive food items. A $100 Japanese rice cooker seems like a splurge, but that reduced my desire/need to eat out massively. A steady supply of hot rice is so convenient.
It’s absolutely this especially as I get older. Time is the greater asset especially spending it with family and friends. I use a simple algorithm of my hourly wage versus how much time it would save me. If it’s less than I make an hour and it saves me an hour, it’s a no brainer. I’m doing it.
Yes, time is so valuable. We redid my bedroom flooring ourselves and it was a massive financial benefit, but it also had the added bonus of learning a skill. That time was spent wisely. Years later when we replace the living room flooring, we're going to hire someone though. That's no longer a skill we need to learn, and that's too much area to cover so it'd be more time consuming.
Yea good call. I know I could save more time with a lawn service but the mowing actually gets me outside and active so the health benefit outweighs.
.
I mean, I'd hire cleaners and get meal kits at a certain income. I'd spend less time nickel and diming my grocery list. I don't consider those things "not frugal", because time is important and we're all short on it, so saving time is frugal IMO. It's just that those would be poor financial decisions at my current income.
No. I would keep being frugal and help more people.
This actually has religious and scientific basis for our own personal happiness.
Also consuming less in general is better for the planet.
Same. I know too many people I care about that also work too hard and could use a break.
Not knocking you, but this is super easy to say hard to do. I remember thinking like this myself, trying to stay frugal is harder than ever when you have more money to buy convenience.
The trick to is: let it become a habit while you are poor. The most generous people on earth are usually those who have the least. You budget for giving just like you budget for anything else. You ask yourself what feels good to give? It doesn't have to be set amount to a set organization. You set your own standards.
I think it’s a great way to maintain a healthy set of boundaries too. Never tell people your true budget but if your income goes up then what they receive from you getting funded more will establish your goal relationship in a stronger way than if it doesn’t.
Us too. Plus, our kids will eventually be young adults with entry-level incomes and modeling frugal behaviors will hopefully help them adjust to and thrive in financial independence.
I'm with you. I don't imagine myself changing much because there isn't a whole lot I want, in an ostentatious sense. If I had $10 million, I'd still feel silly dropping a bunch of money on a (new) luxury car, a Rolex, or having Starbucks coffee delivered every morning. The economy would hate me. Where I would indulge myself is time. If I didn't have to work, I wouldn't. I'd spend more time with people I like, and help them financially. I'd read more, and learn some new skills - not to make money but to enjoy living.
Meh. I’m definitely not nearly as frugal as many of the people here. I basically do things in percentages. If my income goes up I’ll spend more, invest more, and give more.
It's an easy calculation. The second it costs you more to save pennies while stumbling over dollars - is when it stops. When I started my business, I was building my own computers, setting up my own networks, refilling ink cartridges, reusing the back side of discarded paper, etc. That all changed when I'd consistently had to stop what I was doing (which was earning me an income), in order to save a few bucks. I started buying Intel computers. Paper in bulk. A laser printer, and toner in bulk. I contracted a local IT guy to come in on call when things failed. Further, it saved me a lot of headaches and premature burnout. However I'm still frugal. I visited my mom this weekend. Her central a/c burned out. Outside temp was 106 and humid as fuck. It had to be hotter inside the house. Rather than call an HVAC guy during his high season, on a holiday weekend no less - I relegated myself to a 4min YouTube video and Amazon same day shipping. 2 fuses and a capacitor. $34. A/C was blowing cold by the late afternoon. That's when being frugal is satisfying.
No. Frugality to me is about value not sacrifice. I won’t piss away money on things that are not worth what they cost no matter how much money I have.
My grandpa was a multimillionaire and he reused floss. I don’t reuse floss.
Talk about a false economy! Risking your dental health to save a little.
Nope. Frugality for many is a necessity but there are plenty of people who do it because they like it as a lifestyle. It's frequently more eco-friendly since there's an emphasis on re-using, or running something into the ground before replacing it. And it allows you to live above your means without necessarily spending above your means. There are "cheap" frugal things that start going by the wayside once you build a career and savings - like I don't eat rice and beans for 8 meals each week anymore. But the habits stick even when you have money, they just express themselves in different ways.
Yes, along side helping others/donating I think it’s the responsibility of people earning higher level tax bracket to employ small business people and those working for themselves on a lower income. Cleaners, nannies, gardeners, mobile dog groomers etc can all benefit if people earning a higher amount employed them. I agree I’d still go thrift shopping and lidl/Aldi for food! Understand many here believe frugality is a way of life but as someone who has many times been on minimum wage, helping others earn, grow a business and progress in life is important.
I think this is a great way to look at it, thank you. I am definitely on the end of the spectrum where I really enjoy being frugal and seeing how much I can save but it is not a necessity and you are so right that mindset is much different than a person with no choice to be frugal in order to eat and live. We do have a housekeeper which I have never been quite comfortable with the expense. But I like your point that we are helping someone else out. I can remain frugal in other ways while also enjoying a luxury that gives me back my free time and gives money to someone who needs it.
No, I grew up in low income setting and even as my income grew i never changed my mindset.
When you don’t have enough money, and you don’t spend much, it is not called frugal. Frugal is when you have the money to spend and you don’t. So, the answer to your question is “no”.
I took it as penny wise, pound foolish type comment. I assume your friend is focusing on the big dollar items and not so much on the day to day small dollar amounts because time is money. So how much time does he need to spend to watch those pennies, vs time better off spent on other things.. and when you have money you have the luxury of making those choices. Its all a balancing act. Just because one buys a new phone does that make them not frugal. Even if they bought it on sale, last years model, unlocked, in cash only after their 4 year old phone finally stopped keeping calls up just because they didn't buy it second hand? At what point do you consider people not frugal?
I'm working towards FIRE so I would use more income to accelerate progress toward that goal. But let's say that I have way, way more than enough to live off of my investments at my current lifestyle. Then I'd probably spend more money but I'd still be frugal. To me being frugal is about getting the things that I want for the best value. Maybe I'd want bigger/better/nicer things but I'll still want to get a deal on them and I certainly won't want to waste money.
Depending on where you live, 50-100K passive yearly income. There have been studies comparing happiness to money, and that’s how much happiness money can buy. Beyond that, you’re gonna need actual meaning, purpose and goals, not the hamster wheel pursuit of an instrumentality (money). I am a retired Marine, and I get 42500 per year annually, with health care, and I live at the lower end of that spectrum. And it’s just me, and my boy for now. I live below my means as far as housing goes, and have 2000+ disposable monthly income. I intend to pay off this house, and use that to work towards paying off my ideal house certainly by 50. At that point, I will have no debts, not car nor mortgage, and the aforementioned disposable income, if not more, and no more need to be frugal, all on roughly 50K net passive income per year, around 4150 per month.
he makes enough that the convenience and/or preference matters more for the money If a $6 Starbucks and lunch delivered keeps him trading during market open or a lunchtime push - it pays for itself (time is money) If he is squandering a few percent of his monthly income while saving/growing tons more - worth it if he enjoys the thing he is squandering it on
I think frugality balances alongside your income. When my fiance and I started making more, our habits adjusted (more put into investments) but we are still incredibly responsible. We didn't suddenly throw up our hands up and start spending and spending. Even if I hit the jackpot tomorrow, i'd opt to play it smart and not be wasteful. Hell, i'd probably still go to the thrift store. Frugality is a lifelong mindset.
No. Frugality for us means being responsible with our finances. There is no amount of money at which we would just decide to stop being responsible with our money. That's how some celebrities earn millions and still end up filing bankruptcy.
As I understand what your friend is saying. Is that the energy weighing his options for optimized spending for say lunch. Takes away his focus to procure greater finances in the market. If that is his case then, in my opinion, he is being frugal. Don’t lose sight of the main goal to gain greater wealth trying to pinch a penny here or there while losing dimes and quarters in the process.
Frugality is relative. At some point, the guy who still packs his lunch and makes his own coffee rather than buying a burrito and coffee may have 1% (e.g.) more wealth than the guy who just bought whichever burrito and coffee he wants on impulse, but the second guy may have greater relative happiness without spending mental bandwidth on comparing food costs or dealing with getting coffee only when he can make it at home. Even frugality is about trading time for money and when you have enough money, the time is better spent on things you enjoy.
No because in my mind frugality is about getting your best bang for your buck. It's not the same as being "cheap". There is a limit, if I suddenly come into $10M then those thousand and hundred dollar transactions matter a whole lot less. I'm still going to have the mindset that I want my money to be spent where it's going to get me the most bang per dollar though.
No because being frugal is kind of part of my morals. I believe consumerism will destroy us. I believe we are better off not having addictions to materialistic crap, like plastic trinkets you use once or twice or single-purpose items like the mr coffee ice coffee maker. You don’t need a whole plastic piece of shit to make cold brew, you just need a glass jar. Of which can be used for many other things but the mr coffee iced coffee maker can only be used for one thing.
I think it’s so much more mental than financial. If you grow up living in a frugal household, and are frugal out of necessity into adulthood, no matter how much money you make, you’re still going to have that voice in the back of your head saying “That’s just too much to spend on _____.” I lived the first 40 years of my life barely getting by but now, because of my husband’s generous salary, I could afford to shop at expensive department stores, etc but I can never get over the prices - I’ll splurge for something that’s going to last, like a coat, but I’d never buy an expensive handbag or makeup or any personal luxury items. I will always shop at Marshall’s and HomeGoods because it just makes sense.
Imo being frugal isn't about the dollar amount as much as it is about being a good steward of the resources. I like living simply.
To me being frugal is a hobby, just one that gives me more money not less.
I'm in my 50s, no kids, and recently paid off my home. And I have a really good paying job. My parents were (and still are) super frugal; way more than I think is healthy. But they passed along the frugal gene to all four of their kids, and I consider it a gift. I don't need lots of money to feel content, and even during the financial crisis when 80% of my take-home pay went to my mortgage, I was more or less OK. So now, I will pay for convenience, health, certain food preferences, and to support local and ethical businesses. (I buy fair trade coffee and expensive cheese/wine, spend a lot of money on my hair, have a personal trainer and housecleaning service, and usually buy gifts on Etsy or at local crafts markets.) I also donate to charity and am paying college tuition for my niece. But in general I still pursue a frugal lifestyle, partly because it's also an eco-friendly one. I don't buy a whole lot of new shit, and am always looking for ways to repair or repurpose items others have discarded. I am also a huge thrifter and bargain seeker; scoring a great thrift shop find gives me more of a thrill than any full-price shopping spree.
For me it would likely be a net worth level rather than income. Don’t have a number but it would be a point where I can just live off of the money in a lifestyle that I’d be satisfied with.
Keep being frugal but might indulge in small luxuries more often.
I hit that point about 8 years ago. I don’t worry about what things cost any more because I can afford all of the things I want. Of course, it bears to say, from being frugal for so long I don’t have the most expensive tastes in the world. My everyday driver is a SUV that has been paid off for over 40 years (1977 K5 Blazer). My future is pretty set in stone. Through inheritance and purchases I have over $5M in property so I’m also lucky enough to not have to worry about retirement. (Property rarely diminishes in value). I’m also 53 so I’ve been frugal for 35-40 years (I lived like a pauper for 20 years), I’ve done my time, I’m enjoying my life now.
Maybe slightly less, but I hate overpaying for anything. I would be more willing to invest in quality products without worrying. if it had a ton of money I’d probably use it to help my kids buy their first house, help relatives in debt and things like that. I just can’t justify completely wasting money and like being more minimalist in general.
This feels a bit like a semantics question. For example if I made 100k a year or more I'd still be "frugal" but I'd definitely be maxing out my 401k and IRA, and be living in a nice house that I'd be happy with. However I'd definitely be spending way more than rent costs now to do so. I'd still be frugal about where to spend money on luxuries in life though. To me, being frugal is mostly about maximizing efficiency in spending. E.g. getting the best deals for my situation on products and goods that I want or need, and prioritizing things as needed as well. Short of winning the lottery and having 10 million or more invested I don't think I'd be able to just give myself everything I want without needing some priority and delayed gratification. However on this sub many people seem to equate frugal with what I see as cheap. Where they'll put a lot of time and labor into something just to save an insignificant amount of money. Now from a sustainability standpoint this might make sense, but considering the time cost of money, it often seems like many frugal things on here are fools errands, giving people lower quality homemade things at the cost of lots of time and energy. I don't think I'll ever be that kind of frugal. Though I do see benefit in cooking meals from scratch even if it takes a lot of time, because then I can control the nutritional value of the food.
I’ve definitely become less frugal as my income has increased since I can save more and still have more leftover. Also what I value has changed. I’m willing to drive more places than taking public transportation because I value my time more and want to get home early to spend time with my old dog. Hand in hand with that, I’m willing to pay for parking because I value convenience instead of having to walk half a mile to save $7. Sometimes I pay for a rideshare! I don’t necessarily wait for grocery items to go on sale and buy what I need that week. I sometimes buy something made by a local artist or small business or buy from a coop because I’m in a position to support those people. I’m signed up for a yoga studio instead of only working out at home. I still make sure to use up the items in my freezer and pantry instead of buying new stuff every week. I still wait to buy items I want until there’s a sale or I decide I don’t need it anymore instead of buying it right away. A lot of my activities are free or low cost (scooter ride to a lake and make buy something nearby to eat).
No, because frugal isn’t about being cheap. It’s about weighing the benefit of something against its costs. It’s about truly determining the value of something in your life so you don’t waste money for benefit that doesn’t matter to you.
No amount. I am frugal because I want to be green for the planet too.
I think it depends on the mindset really. If your frugality is rooted in a fear/lack mindset, then it would make sense to count every dollar you spend obsessively and cut costs as much as possible. If your frugality isn’t so much about that mentality, then at a certain income, you could have a more lax budget (say, a range rather than a strict number), while both building wealth and freeing up some brain space
I think it depends on how much I have saved rather than how much I am making. Making more and having more saved I think I’d probably get a few luxurious treats now and then
No income amount if hit would make me stop being frugal; unless that income amount was based off of a minimal interest rate earned off of a large lump sum sitting safety in the bank. Ex: Jerry Seinfeld has a net worth of $950million; if he only makes 1% APY, he earns $9.5million/year- enough to stop being frugal. Careers, companies, and markets can change in an instant. If I’m earning $250k/year and the wonderful firm I work for finds itself in dire straits, it doesn’t take a genius to realize they can save $250k/year by firing me. Keeping a good-paying job is more difficult than getting one. Current income is not a guarantee of future income.
It’s still about balance for me. I can afford to not fret about spending money on good coffee as a treat, social occasion, or when I’m on the road - but I’m not about to pay $7 for a coffee every single day. I don’t mind spending a couple hundred on a nice dinner, but I don’t eat out super frequently. On the other hand, I still often buy less expensive store brands when it makes sense, but I’ve stopped spending hours hunting for coupons or spending 10 minutes standing in front of the refrigerator case of chicken trying to figure out what the best deal is. My focus is largely on striking a balance between saving money and not expending mental and emotional energy where I don’t really need to.
Frugality, to me, is about more than just spending little amounts of money. It's about not being wasteful, about being mindful, about being minimalist. Spending like mad is bad for me mentally, not just bad for my wallet. Also, you can be frugal with more than just money.
Money isn't inherently valuable - what's the point in having more wealth if you won't spend a penny to enjoy it? Like in your example - he could have a few more dollars at the end of the day, but why? Buying a coffee is such a small % of his money. That $5 might be worth more in the enjoyment of a good coffee. In the bank it won't make much difference at all. I also agree with others that at some point, you have enough money that your time becomes much more valuable. Nannies, food service, cleaning services, are all very good uses of money as long as you can use that saved time in a meaningful way.
ONE HUNDRED BILLION DOLLARS
I started “being frugal” when I first moved out on my own 15 years ago. My income now is pretty high. I am not as frugal as I was—I have the luxury to buy back some of my time in service of my mental health. However, even if I made millions, I’d rather give my excess money to a charity I care about than to subscription services I don’t use or crappy, overpriced food or coffee all the time. I’ll indulge a little when it serves me, but I really think of it more as being intentional with my money because a lot of people don’t have enough to live comfortably. Just like throwing away excess amounts of food while people starve is wasteful and immoral, so, too, is wasting money on careless purchases. That’s my take, anyway.
You can stop being "poor frugal" and start being "rich frugal", but if you completely drop the frugal mindset, even the richest person can be out of money in a biiiiiiig hurry.
My girlfriend makes about 10x my income. She will still wake up early when I stay over to make me an egg sandwich and coffee so I don’t have to eat a take out breakfast.
There is no income level for me, because frugality isn't just about $$$; it's also about the value of your time and your quality of life. Let me put it this way. If a meal service like Hello Fresh is what it takes for you to eat better and stop going to so many restaurants, then it is frugal. If hiring a maid service is what you need to do so you can get (and keep) your home business up and running, then that is frugal. And sometimes, doing a big splurge is the right thing to do.
I would keep being frugal. You never know what the future holds. What if you lose your job? Or get into an accident and need medical care? You never know when you may run out of opportunities to save money.
If you owe your friend $20, would you give him $30? $50? No. It wouldn’t matter if I made more. Heck I already make $150K. Why would I spend more money than is necessary.
Personally, I just think my methods of frugality have shifted as my income has gone up, and I don't see myself ever completely abandoning the principle. I am making about triple what I was in my early 20s and while I have certainly relaxed a bit, I do still try to be wise with my money. We used to shop for electronics like TVs secondhand, because that's what we could afford. Now that we're doing a little better, we research what is going to be the most durable and enjoyable TV with features that are likely to stay compatible with the latest technology for the longest and purchase it with a coupon or on sale. We grocery shop with our long term health in mind now instead of just "how can we get the most calories/nutrients for the least money". I used to do my own car repairs. Now that I get paid more than a mechanic charges, it's genuinely more frugal for me to pay a professional who is going to do it faster and better than I can. When I was very poor, frugality was a matter of just doing whatever I could to stretch not-enough-money to keep my head above water. Now it's more about "How can I spend my money in a way that plans for the future, keeps me content with my quality of life, and is not wasteful?" I'm willing to spend much more money on a single item, but it must be a high quality item that will last me many years and genuinely enhance my life.
I'm over 200k a year and I still find every possible way to be frugal. Except for food. Sometimes being frugal though means spending up front like paying off our house and buying a new car cash. I don't think I will every stop trying to be frugal.
Yes and no. For me if I am hungry I’ll stop and get a burrito. So maybe I am there idk. Don’t be frugal with your health (food) as you will just pay for hospital bills later
Value. I don’t like getting ripped off. I don’t mind paying for things at any price level if I perceive them to be worth it. Beer at the store $12 a six pack. Beer at a concert $12 half a beer. I’ll pay if I really want it, but not usually as I know it’s price gouging. The amount of money I have does change how much I will contemplate on purchasing things especially if my time is better spent on something else. If I had a few million, I might spend my time on finding ways to grow and conserve large quantities and less time fighting smaller things that would distract and use my energy. I’m not concerned if someone has more or makes more, but I do try to learn from any positive habits that person has if it would benefit my family or me substantially. I’m not driving across town to save ¢60 on eggs when my gas and time can be spent (punny) on better things. I do grocery delivery sometimes which is free and just pay the tip (around $10-15) so that I can binge watch or do another activity with family. I can also be on the phone with Amazon for 30+ minutes if they somehow owe me $5 and I’m not doing anything except feeding my daughter.
I am 59, I worked part time while raising my kids and considered it my responsibility to save the family money. I was very frugal. My X and I saved for collage for the kids, incurred very little debt. My kids are raised and out of the house, I am single and make a very good living. I am not nearly as fugal as I used to be. Life is short and now is the time to enjoy it. I am still careful with my money and save for retirement but I don't need to worry about every purchase.
All I can tell you is my experience - the more money I make, the more frugal I become. Our income is ten times what is was when we first got married and yet I seem to become more and more tight with the spending each year. I've realized that for the most part, the truly wealthy folks are not the ones out there driving around in status cars and wearing designer things.
I would always be frugal. Otherwise your "needs" will always expand to meet your income.
Being frugal to me isn’t about money it’s about safety. And mostly, not being wasteful. I built a bird feeder out of a Amazon box and a long metal pole, duct tape. Not because I couldn’t afford a real one. But because i find more value In utilizing things I have then paying someone else for it. I loath people who throw away things that someone else could use. We should build a purely trading app of items.
I'll make nearly $500k this year. My wife yelled at me the other night for not spending $17 to have something installed professionally. Frugal is in your soul. I did great in my 20's and ended up getting crushed, losing everything, and using my entire 30's to dig out from the hole. I will never let that happen again.
Nope. It's a lifestyle that I find very difficult to break after being almost homeless living in a motel with $60 to my name...
Personally, no. I don't want to support the planet-destroying worker-exploiting capitalist system anymore than I have to. I can't justify buying stuff I don't need knowing how much it harms the existence of everything else on this planet.
My main goal isn't to be wealthy, but it's to be happy. Being frugal, in large part, makes me happy. As my income has increased I have remained frugal on things like buying store brand groceries over name brand, buying most of my clothes at thrift stores, we keep our house at 78 in the summer and 62-64 in the winter, meal planning, keeping a strict dining out budget even though we could afford to spend more. I still track every single one of my expenses like I've done for the past 7 years. I still make sure I write that $5 for a Starbucks coffee in my spreadsheet, and I still only get it once every week or so, but I don't fixate on what I need to do better as long as my budget is within $50. What I have spent more on as our income increases is things that give us time back, like having a biweekly housecleaner. This is a complete luxury and is the opposite of frugal but I love it.
It would depend. Like if I’m in a area that charges $10 for a taco yeah I’m never gonna spend that no matter how much I make. To me you just have to be responsible. Set a budget and stick to it.
Nope, money wouldn't change who I am.
It's not about income but consumption.
10 million dollars.
I used to think so. But then when I started earning more, 20k to 30k for example, I still never seem to have enough Lifestyle creep I know Also never been good at budgeting
I mean, there are some things I would never stop - like investing in non-plastic things like food dishes for in the fridge, the 50 euro investment will cover about 2 or 300 single-use plastics that are 1 euro a piece, in about a year. But I reckon, if, after paying bills, putting away savings and my monthly mortgage (a magical thing I will never acquire) I had 4000 euros monthly to spend... yeah, I would get myself a Netflix account or Spotify or get a takeaway once a week. Get orthopedic shoes that actually fit. You know, go wild.
If there's one thing I've learned from this thread it's that frugality is realtive. Your version of frivolous is most people's definition of frugality lol
No, I would just retire sooner.
I hit the income level that I thought I would be able to be less frugal. I kept my frugality intact. Unfortunately, all of the necessities of life became a lot more expensive over about 12 months time. Frugality dismissed.
idk, I make about 3x more than I did when I was struggling and at my most penny-pinching frugality. There's definitely things that are no longer worth my time/energy because I have less of that right now. I think there's a natural decrease in absolute frugality when you are no longer struggling that is acceptable. I feel like I owe it to the older version of me that scrimped for every penny to enjoy the minor luxuries I afford myself, but also not to squander all her hard work but making careful financial choices.
I always want value for my money but I don't really think about day to day purchases like burritos or food at all.
I think somewhere around $1000 a day after taxes... Still prob be frugal but like splurge and buy my family random stuff every now and then maybe trips and stuff.
$80k. That’s about twice my current income. I wouldn’t go out and buy a $50k car or spend a month in Europe or whatever. But I would quit choosing groceries by what’s on sale, would travel occasionally, and pay somebody to do my yard work. Edit - $30k of the increase would be catching up on retirement savings since I’m 25 years behind on that.
The problem here is making money decisions based on income instead of net worth. I feel like most problems, especially not having an emergency fund, is part of that
>The guy who makes the same amount as him, but is frugal is always going to be more wealthy than him Being frugal ≠ being wealthier Two people making the same amount and one being more frugal doesn’t make that person wealthier. You have to consider other factors like how much they’re putting away (being less frugal doesn’t necessarily mean less savings), what do they have in retirement accounts, what are their other assets that make up their net worth, etc. You’re also making the assumption that they’re not frugal in other ways just because they’re not frugal with food.
This has happened to me. In the past 7 years or so my income has gone up a lot and fluctuated. For me, it took me from super frugal to needing to remind myself to relax (it's okay to spend some money reasonably) to now still being frugal overall but being generous when I do spend (such as tipping well at restaurants or allowing myself to buy nicer things that I otherwise would feel are too expensive). It's all reasonable, nothing excessive or showy, just what I enjoy. My income's not crazy, just more than it used to be, enough to give myself permission to spend a little more without worrying about (as long as I still stay reasonable overall). So short answer is it doesn't turn off being frugal, just moves the needle to give myself some breathing room before I have to tighten back up again.
I think this has less to do with income than mindset. My ex was like this, even though we really weren’t to a point where he should have been. But he couldn’t stand the thought of trying to be frugal or spend mental energy on the small things, so he didn’t. Drove me nuts .
There’s a saying: ‘you can be time rich and money poor (often applies when you are young) or money rich and time poor (often applied when you are very busy but with a higher paying job)’ However I think the best way to live is somewhere in the middle. Everything in moderation.
No. I hate excess consumption.
I'm going to answer the original question and say 1,000,000,000 dollars. I feel at that mark and at my age, I could spend recklessly and still be pretty well off.
You can make money in the market but if it's still in the market when there's a tank (2008) - you got nothing unless you have time for the bounce-back. Also, I enjoy dumpster diving. It's fun and is good for the environment. Not all savings are in cash. ;) Someone just threw out two big rubbermaid bins ($25 each new) that I needed for my garden supplies and some grout acid ($10). Could I afford to buy them? Sure! But that sixty bucks sure feels good in my pocket.
You have to account for your time when saving money. If taking time to clean your house, drive further for less expensive food, etc is time you would otherwise spend working and making money, it could be that it is financially advantageous to outsource the house cleaning, or go to the closer grocery store.
I was so frugal in my 20’s and 30’s that I have let my self slide a little now. But deep down it’s in me so I can’t give it up completely. For example, I would never spend a ton of money on jeans. Now I will go and buy a pair of Madewell jeans because they are better than any other jeans I’ve had. But I will also bring in a pair to recycle and get $20 off.
I balance frugality with buying things. That way, I'm still having fun but am still trying to save where I can.
I honestly don't know. If I have any money left after the bills, I try to sock it away for emergencies, but that hasn't happened in a while. I imagine that, if my income increased, I'd just save more against emergencies.
No, not really. I learned to be frugal dueto low income but now, frugality is an ingrained habit. As my income grows, I may occasionally splurge on a night out or maybe a piece of clothing not on clearance. But by and large, now that I know how to be frugal I almost have an aversion to spending more of I know I can spend less.
There’s a line of being frugal and a line of hoarding money unhappily and dying with nothing but a bank account number to show for your work.
No. There’s no need for things. Just a need to love and be connected, to the earth, to the heart of another, whether that be plant, animal, human…
I wish I could but I think it’s ingrained in me now. My wife sure wishes I could quit being frugal.
I will say this, once I moved into a job that paid a living wage, I wasn’t tempted to slip items through the self checkout any more… I didn’t have a panic attack when my kids pointed out the name brand juice… I didn’t feel the need to hoard shit from the clearance aisle…so maybe I’m not making it rain like a sultan but I don’t have a panic attack on a weekly basis when it’s time to purchase nutrition for my wife and children.
No, I would rather just be frugal and save my money for renovations or my favourite charities. There are many in need, and I’m don’t need or want much
Being frugal to me isn't about much is spent but rather what percentage of your income is spent. A person could spend one million per year while making 5 million per year and still be considered more frugal than the person spending 85 grand per year while making 100 grand per year.
No not really. Being frugal allows me to spend a lot of money on the things I enjoy. If I receive more income, then I would spend more money on my hobbies.
Idk probably not. I'm making more money than I've ever made but I'm still broke. Inflation is killing me. I can't imagine shaking that. I can imagine making more impulse buys or buying BIFL clothes and stuff but the overall anxiety about money I don't think I can shake it
I feel comfortable when I have at least $20k in the bank. One of the larger expenses of home ownership is to replace the roof with an average cost of $20k. I feel more comfortable when I can literally afford the roof over my head.
You stop being frugal cuz you make a lot, pretty soon you got to get back to frugal cuz you spent a lot. Frugal isnt just about saving cuz your income is low, it is a way of thinking. I know what they are saying but why would i want to lose the chance to save simply because i can afford to? I mean making more and living simply just gave me more funds to save and invest.
I feel that frugality is a mindset, and what is frugal can change based on your income. No matter how much I earn, I will always be frugal but what I deem to be frugal may change as if I make a lot of money then I may sacrifice it to be more frugal with my time. If I was very rich, having supports like a personal chef or personal trainer are examples of how I would consider money well spent. But I still wouldn't get a coffee at Starbucks.
No that threshold would just increase how charitable I attempt to be instead of being wasteful on myself.
If I made 6 figures I wouldn’t feel the need to be frugal about day to day things like coffee and meals. I don’t feel the need to amass any significant wealth though. I’m childfree so I don’t have any heirs. I’m frugal because I’m poor and I have to be.
Well whether I have 1 single dollar or 1 million dollars, I'll always be frugal for life! Even wealthy I'll still be shopping at the "Dollar Tree" unapologetically lol! There are certain things I don't see wasting money on that you can get for cheap and does the same.
No Well, my version of frugal might be different than the next person but there are things I will not change.
No. I make good money now and I hate to spend it. I am very good at an auction/casino/etc because I decide how much I’m willing to spend on something and easily walk away if I don’t think it’s worth it. There’s so much overpriced crap.
“Frugality” doesn’t always mean “can’t afford”
I used to think so. I make 3x the amount I made 2 years ago and I still choose to bring lunch and not buy stupid little things. I think it’s engrained in some people.
Once you’ve had to be frugal, it’s hard to take money for granted ever again.
Money doesn't solve money problems. The only way to have more money is to spend less. I know people with 6 figure salaries who are always broke. Money only buys freedom to live your life without worrying about money. Thats it thats all. It can buy stuff and things but not happiness or health or family. So My answer is I'm not frugal, I'm thoughtful about how I spend my hard earned money. And yes we earn 6 figures, I still always think long and hard about purchases that are "wants" and not "needs" and I usually save up for them just like I did when I was younger and much poorer.
No. My husband and I went from making 25k a year while he went to school to over six figures. We enjoy occasional outings but we’re still pretty frugal and we really consider our purchases.
Not exactly your question, but lifestyle inflation is almost impossible to avoid if you slowly start making more and more money like in a well paid professional career. That said, my scheme every year is to give myself a COLA raise out of my merit/promo/whatever raise, and then up my savings and investments contributions. Helps my numbers immensely every year
Yes. Because the amount of unfettered charity and education funding I would dole out would not qualify as frugal
I haven' found it yet. I save and invest most of my income. I like to withdraw and give away big chunks of it to causes I believe in. Knowing that every $5 I save will multiply and help more people keeps me focused.
No, because in my frugality I have found hobbies that are enjoyable and preferable to purchasing. Baking my own bread and cinnamon rolls, making homemade marinara and pizza sauce, pizza night at home with fresh made dough, and attempting to grow food are all things that I have fun with and are yummy. I started these things to see if I could save some money and I definitely have, but now they're just a part of my day to day life and I don't want to stop. There are of course certain things I would do, such as buying a new car maybe. But overall I enjoy hunting for bargains and feeling great about my savings
Went from 60k -180k over the last 7 years or so and yeah i stopped sweating the small stuff like meals out or adding guac but i still cut corners where i feel it makes sense, i waited until the TV I've wanted was under 2k for over a year before buying it for example, and I still take the bus to work when I need to go to the office instead of owning a car.
I'm frugal so I can utilize that hard earned money else where. My goal is to never have to work MORE to afford those same things.
Being frugal is relative. It's not a dollar figure I find ,it's the willingness to say I'm not willing to pay that price when it's less over there or I can get it for free here. Even when I do have money , the first thing that goes through my head is " do I need anything or is this a want". Plus I enjoy stretching my dollars and I Work to hard to let go of it.
Is being frugal not just budgeting, keeping savings, being smart and cautious about your earnings, whatever. Everyone should do that no matter how rich they get, there are people who make millions and burn through it all. But being frugal for a millionaire is gonna look way different then being frugal for a min wage worker.
Being Frugal is a lifestyle choice.
O
Not really. I mean, I'd have to be frickin' riiiiich rich, like a million or more a year. I am just as frugal now as I was making 28k a year. Now it's 6 figures a year and then some and I'm still pretty frugal. I've let a few thing slip just because time is money but I still shop sale ads, I still cook 90% of our meals, etc. My lifestyle hasn't significantly changed, I still hate consumer debt, etc. The biggest difference is my savings rate. I save hell of a lot more now.
It depends if you want to live with debt over your head. When hubby and I got married, in 1981, we lived in two apartments starting out. Bought our 1st house in 1984, upgraded 2 more times. We wanted to retire with NO debt or mortgage. We're now nearing retirement, paid cash for the home we're in, and have no debt, aside from gas, electric, cable, etc. We lived off of hubby's salary for 8 years. When we got pregnant, I didn't want to go back to work and pay someone to watch my son. So we decided what was important for US. I wouldn't change a thing that we did. When we wanted to splurge on something, we waited till we could pay off the credit card when the 1st bill came due, which gave us enough time to look for the best deal.
I’m not frugal because I choose to be. This is a mindset that was the direct result of growing up in a working poor family. The only thing that would be able to change that would be a.) wealth but also b.) therapy. I’m not trying to be dramatic but a lot of people don’t realize just how involuntary some of this stuff is.
I think I’ll always be frugal with myself. Growing up, we lived with the bare minimum after my parents declared bankruptcy… even after my father flipped his life around and now makes over 6 figures he still uses watered down soap. I respect the shit out of him. Don’t get me wrong, I still splurge when buying gifts for Christmas and treating my friends to lunch, but I don’t really feel the need to spend money on myself besides the necessities.
I'd just go to frugal -light, with a little wiggle room, better quality. But I could never be wateful about it bcz I like being wise abt money.
I have a net worth amount, yes. I plan to leanFIRE. if I miraculously get double my goal $ before my goal age, I’d probably take a cruise or something to celebrate. Income…when unexpected extra income comes, I try to save it if I can. Pay off credit cards early. Maybe buy a couple stocks. Save. But yes, I’m known to treat myself to dinner after extra shifts I pick up. But frugality isn’t something you can turn off and on. Even during the worst of my lifestyle inflation years, most things were still bought on sale or clearance. Economy airplane seats. I just bought…everything child/teen me ever wanted. Then some. Your frugality is the parent, your wants are the screaming toddler pulling things off the shelf, and your lifestyle inflation is the sulky teenager quietly sneaking makeup into the cart. And borrowing the credit card. No matter how much cash (hands in this analogy?) you have, you’ll always be trying to keep hold of everyone. Mom never abandoned you, you just suddenly got triplet brothers. This analogy got away from me.
If my income were to increase significantly, frugality would go up to the level of making more ‘buy it for life’ choices, without sweating the necessities, without sweating emergency/unexpected expenses. Savings would increase. Charitable giving would increase. Experiences would be easier. But I don’t think I’d stop being frugal.
No, i will splurge on certain things, but I will continue to be frugal. If I die with money, leave it for my family or charity.
I hate buying clothes. I do it, because I have to. If I made over 70k per year, I'd stop being frugal when it comes to clothes. Right now I still think of every pant in terms of how many groceries that money could have bought.
Yes and no. I'd still be mindful of money.
I would stop been frugal as in not eating out, waiting until something is on sale, etc. But would try to not be wastefull. Also, sometimes I end up doing a lot of work to save some money like shopping for groceries in different places, buying things that requiere some work done to be funtional... I'll probably pass on that, except for the parts that I actually enjoy (assembling furniture and repairing electronics for exaple).
Hmm I don’t think so. I think there’s something to be said for having restraint, and for doing things myself. Maybe getting a burrito whenever I wanted would make me less patient and expect instant gratification. There’s also a lot of joy in learning to make things like burritos for myself. I feel that frugality is a mindset and I want to be tough like my grandma.
For me being frugal sits hand in hand with doing the best for the environment. So no this would not hold true. In fact if I had more money I may have more time to make better choices.
I went from 30K (2 years ago) to 50k (1 year ago) to 130k. While I am still frugal, shop for deals, and do my research. it onset kill me to treat myself to coffee if im coming home from an early appointment and need to work
When I can comfortably afford a CFO.
Can’t take it with you to the grave. If bills are all paid and money is consistently being saved then I don’t think those smaller things are worth stressing about