Two days before Christmas may seem like an odd time to write about the wisdom of frugality. If you are typical you’ve been anything but frugal lately with all the Christmas shopping. You may be traveling or others are traveling to see you. Unless you’ve spent beyond your means and plunged yourself into debt to celebrate Christmas a bit of spending on gifts is certainly not unwise.
As you pay off those credit card charges in the coming months (hopefully sooner than that) it may be a good time to reflect on being frugal for the new year. There are many practical reasons for being frugal: saving money, building long term wealth, avoiding a materialistic lifestyle. There is also a basic and sound wisdom in frugality.
The SimpleDollar.com recently posted a review of a book, The Wisdom of Frugality: Why Less is More – More or Less by Emrys Westacott. The author is a philosophy professor and has written about how philosophy looks at frugality. Westacott writes:
“This book is really a philosophical look at frugality, written by a philosophy professor. The book tackles one seemingly simple question: why do people perceive frugality as a virtue, and why do people equate it with good living and happiness? That’s a thread that has appeared in writings for thousands of years and almost always taken as a given, but why? Even more interesting, why do people rarely follow that advice? Why is simple living and frugality often perceived as being outside the norm?
Westacott digs into those questions with rigor and insight, coming up with a lot of interesting conclusions. He digs into the difference between happiness and contentment, asks whether or not extravagance is really a path to lasting joy, and what the impact of frugality is on the broader world as compared to contentment.”
Philosophy is about learning to live the good life. Being frugal can be a part of that. Read the rest of the review here and give it some thought. Being frugal can be the smart thing to do. It can also be the wise thing to do.
Learn how to manage your money, eliminate debt and build wealth in my book, Your Financial Success.Wishing you well,
Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.