Frugality seems like a harmless enough topic.
You want to save money; you cut back on your living expenses.
But some financial experts point out that frugality can be limiting.
They argue that frugality can actually detract from more important financial goals.
At Two Cents, we cover a lot of posts that include some pretty standard personal finance advice.
However basic this advice may be, not everyone agrees with it.
And that’s okay, because sometimes, traditional advice is worth questioning.
Our bedrock is frugality, and it’s high time we made friends with the wordand the practice.
The authors then define what being frugal really means.
You could focus on far more important things, like automating your money or negotiating your salary.
Sethi talks about “big wins.”
And it has one big flaw.
Nearly everyone that earns more automatically spends more.
For this reason, regardless of their incomes, many families seem to have exactly enough to get by.
It made more sense to give up the candy bar.
Most Americans are running to burn up candy bars.
For instance, I love coffee and beer more than almost anything.
Giovanisci adds that a frugal mindset can also fail us when we fall for money-saving gimmicks.
That time could be better spent earning, instead of trying to save a few bucks on little things.
If you are going to be frugal, aim for the big wins.
His point is similar to a topic we’ve written about before.
When you do earn more money, don’t automatically give in to the temptation to spend it.
InYour Money Or Your Life, the authors say that frugality, actually, is that balance.
Frugality is something like thatnot too much, not too little, but just right.
It’s a clean machine…that magic wordenough.
Frugality cuts back on the spending side; earning more stretches the income side.
