Cutting monetary costs are not the only benefit of these thrifty habits
Some folks need more incentive than simply a lower price tag to practice frugality. Thrifty habits often come with additional benefits, aside from lower cost.
Below you will find some of the dual benefits of common cost cutting techniques. Use this as a means to continue to motivate yourself on why you chose the financial independence lifestyle.
1. Cutting Cable... or just reducing the monthly services
The cost implications of this are obvious. Paying $160 per month just to watch a few games or occasionally flip on the hunting channel? Why not see if you can reduce how much TV you watch by eliminating the channels you barely watch, or even cutting cable altogether.
Some will make an argument that they get great benefit from watching a certain sports team or having access to a certain movie channel. That is entirely your business, not mine.
What I am suggesting is seeing if truly assessing this habit from more than just a monetary cost perspective really yields a positive return on your happiness.
Remember, time is life's most precious commodity. As far as we can tell, it is a fixed commodity for all of us. Consider that, according to the BLS, the average full-time employed American still finds enough time to watch approximately 2 hours of TV per day! Unemployed Americans watch nearly twice that at 3.8 hours per day. This is alarming! Think of all you could be doing if you reduced, or even eliminated, the TV watching habit.
Consider the following additional benefits of cutting/reducing cable, aside from cost savings:
2. Joining a public library
Save money on books and movies. This one actually lends back to our first idea, cutting cable. Stacking these habits would be an excellent idea for maximum benefits of the frugal lifestyle.
There are many free events at the library. Some events at our local library include, but are not limited to:
For those with a family, most public libraries have dedicated areas for children. This can be a great alternative for children to learn and socialize instead of watching TV or playing games on a device.
3. Learn how to DIY
You control the costs because control the inputs.
Aside from controlling costs, think about how DIY might further impact you in the following ways:
Frugality is often about Dual Benefits
Again, as we highlight in "what is frugality", being thrifty is often of great value to those of us leading a life aimed at financial independence.
These dual benefits are an excellent way to continue to properly value our cost saving efforts beyond dollars and cents.
The more you understand about why you have chosen frugality, the easier it will be to stay on track over the long term.
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Dr. Jon is a physical therapist by day, and a dedicated frugalist by night, deeply enthralled in the thrill of "pinching pennies" and investing the margin.