Frugality. It’s a word that strikes different people in different ways. For some, it’s a refreshing way to get more value out of your money. For others, it conveys a sense of cheapness or of self-denial. For yet others, it’s just a way of living.

If you’re reading this article, you likely have some interest in the idea of frugality, so let’s start right off by clarifying exactly what we mean by “frugality.”

Frugality is usually defined as “the quality of being economical with money or food.” In other words, people who practice frugality are trying to get the most value for their money in all of the things that they do. It’s a powerful strategy for personal finance, no matter what your goals are.

Being frugal vs. being cheap

One of the biggest problems that people have about frugality is that they perceive it as cheap. It’s important to think of frugality…

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