The topic of money doesn’t come up that much, being a social taboo and all, but when you have to explain your spending habits as a frugal consumer it can create a few odd looks and perhaps a judgment by your peers as being cheap. Being frugal it’s safe to say that, you’re in the minority… Most people do not save the majority of their money, cut cable television from their bills, or enjoy watching their account balance grow and eventually snowball. Personally I have more fun saving $100 than spending it at the mall, which makes me odd in America. However, even with my frugal ways there are ways to explain it so that you appear to be “normal” and not a money weirdo.
For me, the idea of frugality isn’t something that necessarily gets me excited, but it is a means to an end. Saving for the sake of saving doesn’t serve a purpose if you don’t plan on using that capital for a future spending. Just look a Buffett who recently encouraged fellow billionaires to give away half their savings. Having a lot of money is great, but if not used, what’s the point?
That being said, most of us are frugal because we either don’t want to work as much or we’re saving for something down the road. I’m the latter of those and have goals that relate directly to my balance sheet. Being able to live off passive income, purchasing real estate, owning a piano bar, and being able to donate to charities I think are worthwhile (oceana is my favorite) are things that require such money. So if you’re like me you’ll most likely have big goals that need funding. Those goals make you unique and create a pretty cool story. Some may say that working towards those goals is inspiring and since no story will be exactly the same, sharing your story will help share who you really are and what you care about most in life.
When sharing your story and what you’re working towards it becomes not so much an issue of being cheap, but an issue of priority. Do I want to go to the bars this weekend or should I save my money for something I find more worthwhile? These are the decisions you face each day and most people fail because they don’t have a compelling story to continue them on the track of working towards their life goals.
So when someone calls you cheap, or asks about your frugality don’t simply say I don’t like spending money. Tell them that you’d like to accomplish your life goals which are directly related to who you are and what you stand for in life. Purchasing that new car or coach purse means that you’re one step further from accomplishing the things you want in life. By sharing your story and your compelling reasons you become a lot more interesting and may even convert a spender to a fell frugal consumer along the way.
How do you explain your frugality to others when they ask?
What goals or compelling story do you have that drives your frugality?