The term ‘Cheapskate’ is not always thought of in a good light. However, in light of the economy and the need to consider your future financial situation, becoming a cheapskate is not an unreasonable goal to set. Whether you call yourself cheap, thrifty, frugal, or financially smart doesn’t really matter. What does matter is that you are proactively saving cash or knocking out your debt so you can have a good future down the road.
There are plenty of reasons to become a Cheapskate today but here are 5 for you to consider upfront in case you have doubts about the benefits of living cheaply.
5 Very Good Reasons To Become A Cheapskate…
1. You’ll Save Money
Many people complain they don’t have enough money to make ends meet let alone put cash away for the future. Think again! By finding the cheaper route to get what you need (and sometimes what you want), you will have more accessible cash to dump into your savings. A few dollars saved can add up to a huge sum over a few years’ time. Don’t discount a dollar saved whenever possible. It can have a lot of power throughout your lifetime.
2. You’ll Eliminate Debts for Good
The more cash you save buying things or not buying things, the more cash you’ll have to allocate towards your debts. The more efficient you are at eliminating debts for good and incorporating frugality into your life, the less you’ll have to worry about new debts arising in the future.
3. You’ll Learn Financial Lessons Daily
There are a plethora of tips and tricks available these days to help you become a Cheapskate. The subject of frugality has really gone mainstream in the last few years as more and more people are looking for ways to save. You’ll learn that you are not alone and that living a frugal, cheap lifestyle can be a fun adventure and not a journey of torture.
4. You’re Stress Will Decrease Exponentially
By saving more, eliminating your debts, and having cash in the bank to fall back on, you can decrease your levels of stress on a day to day basis. No more collection calls. No more fear of overdrawing your bank account. No worries about having your stuff repossessed. You can live more relaxed now and likely suffer fewer health problems as a result of extended stress.
5. You’ll Learn to Love Your New Life
Change is not always easy but adapting to a Cheapskate lifestyle can be enjoyable. You’ll learn so much more about yourself, your abilities, and the benefits of financial stability than you would continuing on as you have been. You can connect with other Mr. Krabs in the world and continue to improve your frugal skills. Best of all, you can enjoy a life free of financial burdens and suffocating debts.
What about you? Would you consider yourself a Cheapskate or a Cheapskate-in-Training?
Funny you should post this today… I just this morning posted about that word -cheap, or cheapskate – and how I think we need a new one to describe living on less! The negative associations of words like cheap an frugal make it feel like a bad thing, don’t you think?
I guess I`m a secret cheapskate, I save money on whatever I can, without other people noticing it..
I definitely agree with the destress reason. We just paid off my student loan, and it felt amazing to not have that hanging over my head anymore. The sense of guilt and dread is not worth it for most things.
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