Frugality is the practice of
to achieve a longer term goal.
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.
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.
Different spiritual communities consider frugality to be a virtue or a spiritual discipline. The Religious Society of Friends and the Puritans are examples of such groups. 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.
There are also environmentalists who consider frugality to be a virtue 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.
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.