{"id":1574,"date":"2014-04-30T00:15:14","date_gmt":"2014-04-30T08:15:14","guid":{"rendered":"http:\/\/www.cultofmoney.com\/?p=1574"},"modified":"2014-04-29T17:52:23","modified_gmt":"2014-04-30T01:52:23","slug":"why-frugality-is-overrated","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/why-frugality-is-overrated\/","title":{"rendered":"Why Frugality is Overrated"},"content":{"rendered":"
<\/a>Being frugal is super trendy these days.<\/p>\n Thanks to a down economy everyone is looking to improve their financial situation and frugality seems to be the magic pill to get you there.<\/p>\n But there\u2019s a slight problem with focusing too much<\/i> on frugality. And personally, the hype really bothers me.<\/p>\n Here\u2019s why I think frugality is overrated.<\/p>\n After scoring your first really good deal you\u2019re hooked. It may have started at the thrift store saving money on a pair of your favorite jeans but then, the addiction spreads.<\/p>\n Next thing you know you\u2019ve got every grocery store\u2019s ad scattered across your kitchen table, you\u2019re clipping coupons like a mad person, and you\u2019ve just bought all the ingredients to make your own soap, laundry detergent, cleaners, and toothpaste.<\/p>\n You\u2019re scooping up all the best deals, because, hey that\u2019s frugal people do, right? You have a stockpile full of diapers because one day you\u2019ll have a baby and that baby will need diapers\u2026. You start heading to the store the second it opens and with coupons in hand you clear the store shelves.<\/p>\n You become obsessed. And you might even become greedy.<\/i><\/p>\n All you can think about is saving money. You\u2019re thrilled if you can shave $10 off of your grocery budget each week.<\/p>\n You eat, breath, and sleep saving money.<\/p>\n You\u2019re so caught up on saving a dollar here and a quarter there that you completely miss the big picture.<\/p>\n Your financial situation is what prompted you to learn more frugal ways but at the end of the day being frugal is only going to get you so far.<\/p>\n Saving $100 a month by cutting your costs is great, but it\u2019s not life changing.<\/strong><\/em><\/p>\n Yes, frugal habits are needed to build the financial life you want but by only focusing on saving money and not focusing on earning more money<\/a> you\u2019re missing a big part of the equation.<\/p>\n Contrary to what some personal finance gurus tell you skipping your morning coffee isn\u2019t going to make you rich. And if you like coffee why skip it?!<\/p>\n You need to take a step back and look at the overall picture of your personal finances. Cut expenses where you can by doing things like finding cheaper car insurance, lowering or eliminating your cable package, moving to a cheaper area, or selling your car.<\/p>\n Once you put the core elements like these into place you won\u2019t have to worry about saving fifty cents on toothpaste or buying diapers for your future children.<\/p>\nFrugality Becomes an Obsession<\/h2>\n
You Fail to See the Bigger Picture<\/b><\/h2>\n
Moderation is the Key<\/h2>\n