Frugality

But Is Cheapness Good?
Is this obsession with saving dollars and cents really worth all the effort? The advocates of scrimping are unequivocal. Cheapness increases profitability, they say. It keeps companies slim. It puts cash in the bank for future growth. And it gives businesses an advantage over their spendthrift rivals.

But if that’s bad news for would-be cheap artists on either coast, the final lesson from the cheap hunt is worse: If your company doesn’t work this way now, it probably never will. Older companies with ingrained bad habits will find it difficult, if not impossible, to slim down. Admire Fastenal if you will; not every business can emulate it.

So the advantage goes to the start-up. “It’s easier to do this up front than to try to dismantle an organization halfway through its maturity cycle,” says author Woolf. “When you ask an overweight man to run a four-minute mile, you’re asking an awful lot.”

The Cheapest CEO in America, Business Insurance Article | Inc.com.

Being frugal does not mean that you are being cheap. I always believe that a dollar saved is better in your pocket or account than the other party. There is no shame in negotiating if you can get a better deal, be it at street side shopping or at your workplace. Remember, if you don’t ask, you might not get it. At the worst you might get a big ‘NO’.

Being frugal is a mindset thing and it is easy to get into the mindset while you are comfortable with your circumstances. It certainly gets hard emotionally and psychologically  when you are forced to be frugal because of your circumstances. This is true even you are an individual, a small company or a big corporation.

How do you get started on being frugal? There is no one right or wrong answer and it will depend on you, what you want and where are in your life. Here are some points to get you thinking.