Right now, I'm in a stage of life where I'm reflecting on my own behaviour, habits, reaction approaches, nature and beliefs. Unlearning the frugality approach that we might have passively picked up. Not letting frugality take over, by default. Summing up, I propose reevaluating our approach towards handling money. Looking at potential gains, beyond the initial investments might be particularly tough.Ī type of behaviour also called 'penny wise and pound foolish'.Īnother thing I observed about this type of behaviour is that it is born out of fear and even scarcity. Invest in yourself, in money generating systems, in a better lifestyle. Third, there are chances you might never learn to invest. Soon you'll start to think it's you against the world. And if saving is all that you're gonna do, then there are high chances of the 'victim mindset' kicking in. Moreover, spending on things we love brings a lot of joy. You might discover there's no need for haggling over everything. Approaching our finances from a strategic place, rather than a place of scarcity puts us in a much better position. Once you've set up a financial system for yourself, which by the way everyone should, you can afford to do it. Second, frugality robs you of the pleasure of guilt-free spending. Besides, putting the effort in creation rather than saving will get your desired goals.Īlso, have you ever seen anyone building wealth through frugality alone? What you might need is another source of income or a raise in your existing one. If building wealth is what your goal is, you can't achieve it with this approach. By no amount of magic will you be able to save more than that. If 10,000 rupees is what you earn, you can save only that much. But what's wrong with this is, you are feeling accomplished as if you've built some wealth, even when you haven't done anything. So, this behaviour in itself is very addictive. Which is caused by a shot of dopamine being released in the brain. And I'll tell you why.įirst, whenever you are successful in saving money, irrespective of the amount, it gives you a small high. So, trust me when I say this, it won't do you any good as a default action.
Besides, no matter how much you and I try, we won't be able to root it out. Frugality will always have its place, a very important one in fact. I'm not discounting the approach as a whole, neither am I questioning its existence. Legend of my frugal behaviour goes around.īut after so many years of semi-unconsciously practising this approach, I have come to this not-so-sudden realisation that frugality is misleading. My friends and family know my love for frugality. And now, it is ingrained in my behaviour. I can't say this for everyone, but I grew up with this approach. The first thing we want to do with our money is to save it. A lot of us, including me, have a default approach towards money.
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