What does "frugal" mean? It means being economical and avoiding waste. "Practicing or marked by economy, as in the expenditure of money or the use of material resources; or "economical in the use of money or resources; thrifty". Frugality and the art of frugal living is the:
- acquiring goods and services in a restrained manner, and
- resourcefully using already owned economic goods and services, to
- achieve a longer term goal.
As Wikipedia puts it: "Common strategies of frugality include the reduction of waste, curbing costly habits, suppressing instant gratification by means of fiscal self-restraint, seeking efficiency, avoiding traps, defying expensive social norms, embracing free (as in gratis) options, using barter, and staying well-informed about local circumstances and both market and product/service realities."
Personally, frugal living means being smarter with money management (budgeting in advance how much money I would spend and save and knowing in advance what I can afford and what I can't afford); it is about smarter spending (knowing when the sales are on, shopping at thrift or $2 shops, using coupons and rebates and possibly stockpiling goods when buying in bulk maybe cheaper in the long run); it is about living resourcefully and creatively (you can change your oil yourself, reuse plastic bags, repair and repurpose jeans).