Almost everyone who has gained knowledge and experience on debt management or personal finances have one thing in common to preach and suggest, and that is 'frugality' as it became a recurring theme in all debt related websites and information sources. One would never fall short of articles and essays on how to cut down one's spending and the importance of savings and frugal living, to fight off the debts and credit outstanding. Nevertheless, frugality is the most important keyword to fight off immediate debts at hand, as promoted by most debt settlement companies and debt management firms and advisors.
No one can deny the simple fact that the more frugal you can live, the quicker you will be from your ongoing debt problems. But something that struck me regarding the matter is what happens when the debts get over or expire? If the goal behind being frugal is to pay off the debts, then should we still continue with the same frugality for the rest of our life? In that case can't we allow or afford ourselves some small luxuries! After all, at some point or other we should get back to the normal living mode and stop being frugal to the extreme point! And here lies the trick of drawing a line between frugality and luxury, which acts as a balancing point of saving and spending. As some argue the point that, one earns and invests to not just save for the future and family but also to enjoy life and be able to pay for one's desires and demands.
It is definitely understandable that one should be habituated of a frugal life. This attitude helps in some extent to remember past blunders and to save one's future from recurrence of debts and deficiencies, but that surely does not mean that one must lead a monk's life of forced poverty or extreme modesty. Thus a fine balance has to be maintained between your short and long term financial goals and your sources of income, which means saving your hard earned money does not imply that you should live a pauper's life, sacrificing all enjoyments and luxuries which you deserve to get in one life.
No one can deny the simple fact that the more frugal you can live, the quicker you will be from your ongoing debt problems. But something that struck me regarding the matter is what happens when the debts get over or expire? If the goal behind being frugal is to pay off the debts, then should we still continue with the same frugality for the rest of our life? In that case can't we allow or afford ourselves some small luxuries! After all, at some point or other we should get back to the normal living mode and stop being frugal to the extreme point! And here lies the trick of drawing a line between frugality and luxury, which acts as a balancing point of saving and spending. As some argue the point that, one earns and invests to not just save for the future and family but also to enjoy life and be able to pay for one's desires and demands.It is definitely understandable that one should be habituated of a frugal life. This attitude helps in some extent to remember past blunders and to save one's future from recurrence of debts and deficiencies, but that surely does not mean that one must lead a monk's life of forced poverty or extreme modesty. Thus a fine balance has to be maintained between your short and long term financial goals and your sources of income, which means saving your hard earned money does not imply that you should live a pauper's life, sacrificing all enjoyments and luxuries which you deserve to get in one life.
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