Compelling Reasons To Be A Cheapskate
Being a cheapskate drives certain people nuts. In fact, sometimes we can even drive ourselves crazy.
We’re not talking about being an extreme cheapskate, which can be unhealthy too, like the other side of the spectrum. But being cheap has its rewards that make life even easier and more rewarding.
Let me show you the benefits and reasons to become a cheapskate. You’ll see that it is in fact, an awesome way to manage your money.
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1) You’ll Save a Ton of Money
The number one reason, and the no-brainer result of being a cheapskate is that you’ll save a ton of money.
It’s amazing how quickly money disappears when we find ourselves buying small things here and there. Putting that into reverse will help you save money quickly.
Who couldn’t use a couple of extra grand in the bank?
2) You’ll Have It When You Need It
Another good reason to live the life of a cheapskate is the money will be there when you need it. Not just the small purchases, but the big ones as well.
That includes emergencies. No one ever knows when they’ll have to pay for an unexpected hospital visit or pay for a new alternator.
The good news, when you are a cheapskate, you probably already have that amount of money set back for situations like this.
3) You Won’t Waste As Much
Being a cheapskate also doesn’t give you the option of wasting so much.
Take eating out for example. A cheapskate might stick to the dollar menu or find a great deal for cheap, and make sure that they don’t waste any of it.
The same can be said about buying extra toys and clothing that you don’t need. That way of living isn’t a part of their thought process.
A cheapskate uses what little they have and doesn’t splurge on anything more.
4) Thriftier is Better
A cheapskate will tell you that being thriftier is simply living better. You make do with what you have and aren’t constantly chasing what is the newest and best.
When it comes to buying a car, they look at what they can get out of a vehicle that they will pay far less on. Not only are they avoiding a 6-year car loan, but also the interest that comes with.
For additional thrifty ideas, check out these frugal living tips from the Great Depression Era that’s still relevant today.
5) Eliminate Debt Quicker
Choosing to live the life of a cheapskate can also help you get out of debt quicker.
You’ll be able to pay off student loans or your house payment at a considerably quicker pace because you’ll be able to put more down each month than just the bare minimum monthly payment.
This saves a huge amount of interest. Not to mention, being debt-free offers a comforting peace of mind feeling that can’t be replicated any other way.
6) You’ll be Less Stressed Financially
Who doesn’t need a little less stress in their lives? You might even sleep better too.
Dialing back your spending habits will not leave you worrying about how you will make ends meet. You may even feel a compounding effect.
The less you spend, the less stress you feel, and the less you’ll end up wanting in general. This is especially pronounced for someone who is currently an impulse spender.
7) Retirement Will Be Smooth Transition
We all would love to retire handsomely and not have a worry in the world. After all, you’ve worked your entire life.
The cheapskate will live minimally now, and be able to live like a king or queen when they retire. You’re perspective changes on what you “need” in order to be comfortable.
This is a perfect situation for retirement since over 20% of Americans aren’t saving for retirement at all and 48% are saving less than 10% towards retirement.
By the time retirement comes around, a drastic lifestyle change will have to occur. If you’re already a cheapskate, then it will be less shocking.
These are several reasons why being a cheapskate is so awesome. Does this convince you to change your spending behavior a bit?
If you’re a cheapskate, tell me how you have lived a better life without spending as much?
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