I'd say there's sensible frugal - say not buying more fruit until you use the fridge full you already have at home - and miserable frugal, like a guy I once met who ordered the cheapest food on a menu, even if he didn't like it very much.

This is exactly how I try to do things in my life when it comes to saving money. I always look for the deals at the grocery store and stock up when I can. I also have no problem with buying generic items, which can be a problem for some people. You would be very surprised to learn just how much money you can save by making smaller switches, and you don't have to be the crazy coupon lady!

I have to agree with FrankN that living beyond your means to encourage earning more money is a dangerous philosophy. I don't know any successful people who have employed this tactic on their respective roads to success. To me, being frugal means having the ability to prioritize and stay focused when it comes to finances and I think that's a very good thing.

Being frugal doesn't mean that you never spend or live. It simply means that you don't spend on stuff you don't need to and that you do what you can to stretch your money. Some of the most frugal people I know are also the most wealthy. They live well but not excessively.

I would argue that living "just a bit over your means will force you to look for ways to earn more money" isn't the best approach to live as well as accumulating wealth. I agree it can certainty incentivize you to look for ways to earn more money, but it is because you have to and you are already spent that money. That is a dangerous game that can bite you in the ass if you are not careful. I would recommend many other alternatives to incentivizing you to earn more money.

I do agree that being frugal in every aspect of your life is just plain silly. I am a frugal person by nature though. I like to make sure that I am getting the best deal that I can on the items that I buy. I use coupons on items if I can find them. I also use savings websites to book vacations and hotels. I see nothing wrong with that.

Mary Tomkins wrote: The term "being frugal" can surely conjure images of a penny-pinching, never-splurging kind of lifestyle - not having any fun for fear of spending a few dollars.

Of course there has to be balance - save where it makes sense so you have some cash left for the good stuff. My personal example is that I always stock up at the grocery store when things I normally buy are on sale and fill up when gas is cheap. But when it comes to outfitting our home or getting gear for our family's many outdoor activities, I like to buy quality (but not top-of-the-line) items. And I have nothing against resale stuff in great condition.

I do the same.

I look for deals or coupons on only things that I regularly use. I also receive a deals magazine in the mail once a month and take a look at what local grocery stores and other places have on sale, including restaurants. I also only entirely fill up my gas tank when gas is cheap (unless I am on vacation of course). Most of my driving is local, short runs, so I don't need to pay for gas when it is at it's peak.

Rob101 wrote: This is of course just my personal opinion, but frugality has aways been a ticket to mediocrity in my opinion. One thing is to never go overboard with what you spend and what you earn, but constalty lookig at what you spend and always trying to save every cent possible is not the best approach. I say try to live just a bit ver your means and this will force you to look for ways to earn more money.

That is truly the way to success.

I must say you have conveyed alot in very few words.

The term "being frugal" can surely conjure images of a penny-pinching, never-splurging kind of lifestyle - not having any fun for fear of spending a few dollars.

Of course there has to be balance - save where it makes sense so you have some cash left for the good stuff. My personal example is that I always stock up at the grocery store when things I normally buy are on sale and fill up when gas is cheap. But when it comes to outfitting our home or getting gear for our family's many outdoor activities, I like to buy quality (but not top-of-the-line) items. And I have nothing against resale stuff in great condition.

Certainly I feel if you spend most of your time clipping coupons, and then end up buying some of those items that you otherwise wouldn't, would be counter-productive. However, living with common sense, such as buying a more fuel efficient vehicle if you have a long commute is a great example of being frugal.

This is of course just my personal opinion, but frugality has aways been a ticket to mediocrity in my opinion. One thing is to never go overboard with what you spend and what you earn, but constalty lookig at what you spend and always trying to save every cent possible is not the best approach. I say try to live just a bit ver your means and this will force you to look for ways to earn more money.

That is truly the way to success.