The frugal ways of life do not always connote depriving yourself of the finer things in life. It merely tells you to careful of what you are spending and to what end. The focus of using your financial resources is more on important areas and needs of life than on lavish extravagant expenditures. You are encouraged to spend wisely on things that will be useful in the long run. There will be a definite use for all of these in your life and not remain as an easily forgetful expenditure that could not be redeemed in any way. Wasteful expenditure is very often a commonplace occurrence in modern life with all the available options and attractive offers. For the same reason there is an important need to put a hold on this so that you can concentrate on the more important areas of life.
Life has far more pressing needs that need to be taken care of. Your frugal ways of handling money will also mean that you have timely payments ready for insurance premiums and savings deposits that earn you attractive incentives and high rates of interest. There are special plans for investments in the form of security bonds and shares which is also a profitable avenue for good returns for your money. You need them to ensure that there is no want in future even if you are unavailable or incapable of earning in the same way as the present. There will be nothing to stand in the way of your children’s education and the safety of their lives.
Medical emergencies are common and can occur anytime. Whether it’s you, your spouse or even your child who is in need of treatments and medication or even specialized medical attention the presence of a medical insurance with benefits will be of use. You will need to make frugal plans of arranging your monetary expenses so that such policies can be bought in time and their insurance premiums paid as well. Only then can there be certain mental relief that all will be taken care of at any time of need. In the same way there are similar plans for education of your children that are available. This will enable them to pursue higher and expensive courses of education for a better future.
However for all of these you may have to miss out on some extravagant ways of life – liquor, cigars, expensive clubs and restaurants to name a few. With a consistent effort at frugality you will be able to enjoy quality of all these preferences you have but with less in numbers; the result is that restriction will take care of several important necessities of life which will give you greater satisfaction and mental peace.
For some of you with lower incomes and sudden incapability to live up to professional standards the presence of these planned savings will go a long way to maintain happiness within the family; there will be no change affecting the good cheer of the family.