Frugality and minimalism aren’t deprivation

By | 26th February 2017

Being-frugal-isn't-deprivation

A common misconception is that those who follow frugality and minimalism are somehow depriving themselves.

As I discussed in ‘what is minimalism‘, there are no minimalism/frugality rules that you must adhere to – it’s different for everyone as they will have their own interpretation. Just as retirement doesn’t mean not working ever again.

It is not that you don’t buy things, but rather you weigh up the value of them before purchase – perhaps using something similar to the ‘fun vs cost scale‘ I talked about.

Being frugal doesn’t mean that you always buy the cheapest thing – but rather that you buy things that give the greatest value for their cost.

A chap online confused frugality and minimalism with a monastic lifestyle, but that is not the case.

Make-sure-to-calculate-the-cost-vs-value-of-your-purchases

Work out if the extra cost is worth it to you.

The value you obtain from spending more decreases the more you spend.

While an £8,000 car is certainly better than an £800 one, is it ten times better? Probably.

But is an £80,000 car one hundred times better than an £800 one? Unlikely.

Is a £35,000 watch one thousand times better than a £35 one? Nope.

It is a calculation that you need to make personally for every purchase – but it shouldn’t be a restriction if there is something you have always wanted or if it is a particular pursuit of yours.

As long as you are making the choice yourself, and not being swayed be unrealistic advertising, then you are free to choose as you wish.

Perhaps you are into photography as your main hobby, in that case a £3,000 camera may indeed be better for you personally than a £300 one. But you would spend time making sure the extra cost was justified.

If cars are your bag, then you could indeed be a frugal minimalist driving a sports car perhaps. You would have spent a long time picking the particular model and would know full well all the costs you were getting into beforehand.

Whatever you choose, frugality and minimalism are just taking the time to value precisely what you are spending and the benefits it will bring, to make sure they measure up.

In some cases you might be seen as ‘cheap’ by those who always have to have the latest shiny thing, but if the item you choose meets all your requirements, why would you spend more for minimal extra benefit?

After building up 17 years experience in industry and practice, James started his own business from scratch in 2006. He now helps others to do the same, while minimising both the risks and costs. James is dual qualified in tax and accounts, and has won multiple awards for small business. In 2014 he was invited to Downing Street, as one of the Small Business Saturday 100 winners.

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