Be Frugal But Know What You Are Willing To Tolerate
As a single mom on welfare, found myself buying things based on the cheapest price. If I did not have money for more quality then I settled for what I could afford.
I am now much more aware of this mindset as I look back on my journey on my welfare to wealth trail.
When I am buy a frying pan that my food does not stick to and it will continue to be an non stick pan for a long time. That is what reminds me of my mindset. I have found cheap cookware will have a non-stick effect for only about three months. When I have spent a little more money on a quality frying pan, it seems the non-stick effect last for several years. In the long run the high priced item is actually more cost effective. I now have less tolerance to the cheap items because they require me to re-spend for the same item, create waste and takes away my time for the important things in my life.
This principle also applies in business. Hiring the right vendor because the quality of their work is more effective verses going for the lowest priced vendor really is the best way to go for greater profit margins. There are things we can be cheap with in business just make sure you are not confusing cheap for frugal! I do not need to buy fancy clipboards for the staff when I know they will get broken, written on or lost. I buy the cheap pens for orientations because people walk off with them all the time. This is being frugal for my business sake. I will pay for greater service and products because in the long run they save me time and money.
Being frugal is being aware of when to be cheap and where to spend a little more for quality. This awareness helps me to move my mind from a welfare (scarcity) mindset to a wealthy (abundance) mindset. It is not about the money! It is about doing what is best with the money that you have. Be outrageous and buy something fancy or special when you have prepared and saved for it. And for the regular basic purchases, be more aware of the right products and services verses the cheapest products and services. Decide to have less tolerance for the cheap and more awareness for the quality.