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Encyclopedia

From Wikipedia, the free encyclopedia

Frugality is the practice of

  1. acquiring goods and services in a restrained manner,

and

  1. resourcefully using already owned economic goods and services,

to achieve a longer term goal.[1]

Contents

Strategies for frugality

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 cost-free options, using barter, and staying well-informed about local circumstances and both market and product/service realities.

Philosophy

Frugality, in the context of certain belief systems, is a philosophy in which one does not trust (or is deeply wary of) "expert" knowledge, often from commercial markets or corporate cultures, claiming to know what is in the best economic, material, or spiritual interests of the individual.[2]

Different spiritual communities consider frugality to be a virtue or a spiritual discipline.[3] The Religious Society of Friends and the Puritans are examples of such groups.[4] The basic philosophy behind this is the idea that people ought to save money in order to allocate it to more charitable purposes, such as helping others in need.[5]

There are also environmentalists who consider frugality to be a virtue[6] through which humans can make use of their ancestral skills as hunter-gatherers, carrying little and needing little, and finding meaning in nature instead of man-made conventions or religion. Henry David Thoreau expressed a similar philosophy in Walden, with his zest for self-reliance and minimal possessions while living simply in the woods.[7]

See also

References

  1. ^ John L. Lastovicka, Lance A. Bettencourt, Renee Shaw Hughner, Ronald J. Kuntze "Lifestyle of the Tight and Frugal: Theory and Measurement", The Journal of Consumer Research, Vol. 26, No. 1. (June 1999), pp 85-98.
  2. ^ Child, Hamilton: "How to Succeed in Business," Gazetteer and Business Directory of Ontario County, N.Y., for 1867-8, Page 91 e.g. H. Child, 1867
  3. ^ Austin, Richard Cartwright: "Environmental Theology", Page 169. Creekside Press, 1990
  4. ^ Mecklin, John M.: "An Introduction to Social Ethics, The Social Conscience in a Democracy", Page 254. Harcourt, Brace and Howe, 1920
  5. ^ Watkinson, William L.: "Frugality in the Spiritual Life", Page 7. F. H. Revell company, 1908
  6. ^ Swain, George Fillmore; "Conservation of Water by Storage", Page 26 e.g. Yale University Press, 1915
  7. ^ Thoreau, Henry David: "Walden", Page 184 e.g. T. Y. Crowell & co, 1910

Quotes

Up to date as of January 14, 2010

From Wikiquote

Frugality (also known as thrift or thriftiness) is the practice of minimizing waste. Frugality can be related to the idea of being conservative or conserving money.

Sourced

  • But as they all say if we sell our home what will we have for it, money, and what is the use of that money, money goes and after it is gone then where are we, beside we have all we want, what can we do with money except lose it, money to spend is not very welcome, if you have it and you try to spend it, well spending money is an anxiety, saving money is a comfort and a pleasure, economy is not a duty it is a comfort, avarice is an excitement, but spending money is nothing, money spent is money non-existent, money saved is money realised...

Unsourced

  • Frugality is founded on the principle that all riches have limits.
  • Frugality may be termed the daughter of prudence, the sister of temperance, and the parent of liberty.
  • The world has not yet learned the riches of frugality.

External links

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