Bangalore: Does the thought of being called frugal make you feel vaguely insulted? Does thinking of giving up some­thing you want, make you just want to run out and buy something? Are you confident that you can be frugal and not be afraid to spend money? A frugal lifestyle requires a lot of work, time and patience. It definitely overtakes your life. It is a rewarding way to live. At time you would have criticized the notion that saving a few bucks here and there really affects your net worth, but it is true to a certain degree.

There are many reasons why people practice frugality. Aside from the direct benefit of saving those couple of dollars, they pinch pennies when:

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They don’t believe in living life beyond their means. They would prefer using the old pair of shoes instead spending a huge chunk of their income in buying one. They don’t buy new unless they absolutely need it. They don’t prefer the big label brand clothing as it is much more expensive than regular clothes. Each week, they try to spend a little less than the week before.