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Frugality

Being frugal in the consumption of consumable resources

  • 6 min read
  • 3 chapters

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Through Social norm, Barter and Consumerism

In behavioral science, frugality has been defined as the tendency to acquire goods and services in a restrained manner, and resourceful use of already-owned economic goods and services, to achieve a longer term goal.

Strategies

Common techniques of frugality include reduction of waste, curbing costly habits, suppressing instant gratification by means of fiscal self-restraint, seeking efficiency, avoiding traps, defying expensive social norms, detecting and avoiding manipulative advertising, embracing cost-free options, using barter, and staying well-informed about local circumstances and both market and product/service realities.

Frugality may contribute to health by leading people to avoid products that are both expensive and unhealthy when used to excess. Frugal living is practiced by those who aim to cut expenses, have more money, and get the most they possibly can from their money.

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