At Solo Living we’re interested in exploring different approaches to how we spend and in turn, how it affects the way we live. In this first article, we look at frugal living and suggest that while we may think being frugal means simple living, it just so happens that they are two very different things.
The inflation rate in the UK hit a high this year, marking the first time the rate has risen above 2013 figures. It’s a bit of a triple whammy, with wage growth simultaneously slowing and the recent rise in interest rates. As a result, more of us are looking at new ways to cut down and save money with people turning by choice, towards a simpler lifestyle as a long term goal. With frugality currently being a hot topic amongst savvy shoppers, we may well be adapting to and adopting the concept. Frugality is reasonably defined as being “sparing, thrifty, prudent or economical in the consumption of consumable resources such as food, time or money, and avoiding waste, lavishness or extravagance”.