Have you ever been called ‘Kanjoos’ just because you spend your money wisely? Terming a person Kanjoos (miser) is just one way of stereotyping frugal people and the crux of it lies within our society because we don’t understand the difference between these terms.
Kanjoos V/S Frugal
Miser and Frugal are synonyms to greedy and responsible person. Though the term frugal may have a different meaning for different people, both these terms are as similar as they are different. You can be a frugal person without being a miser but a miser will only think about his needs and may or may not spend his money wisely. If you are cutting back on trivial expenses to save for future or because you don’t feel the need to spend; then you aren’t a miser because you are making smart financial decisions. On the other hand if you are reluctant to spend because you want to hoard money for happiness, then that makes you a miser.
A frugal person won’t refuse invitations for dinner and other fun activities, they may not even mind paying for you once in a while but a miser won’t do these things. Alternatively a frugal person may even be a minimalist who doesn’t like a materialistic lifestyle and prefers to live within his means whereas it can be the opposite for a miser.
People who chose to be frugal don’t necessarily compromise with the quality of their life; they choose to be minimalistic with their money and are vocal about their life choices.
By now you may have probably figured out if you are a Kanjoos or a frugal person. If you are frugal then you need to know that being wise with your money is not a bad thing. In fact it can be really healthy for your financial well-being.
You save money
Being frugal obviously saves you a lot of money as you cut back on unnecessary expenses. Frugality makes a person more wise and responsible and encourages them to think before making decisions. It also inculcates the habit of saving money.
You will be prepared for a financial emergency
Naturally you will save a lot of money by being frugal and this can allow you to start creating an emergency fund which can back you up during any sort of emergency. Alternatively if you don’t have an emergency fund then even your normal savings can help you out, but it is recommended to create an emergency fund as it is an important aspect of financial planning. With KyePot group savings app, you can choose how much you want to keep aside for how long and you also get monthly dividends. See how KyePot’s group savings plans stack up
You are saving the environment
Being frugal is not only beneficial financially and mentally, but it is also beneficial for society as a whole. The less you spend the fewer products you buy. This can reduce the amount of wastage substantially and promote healthy living. So you are not only helping yourself but also helping the environment.
Less stress for mental well-being
The less materialistic life you care about, the less you will worry about living one. Living a simple life can increase your peace of mind and have a positive impact on your family. Sometimes not caring about what other people have, comparing yourself with them and being less greedy for it can increase your confidence and bring in a positive mindset. Of course you will have cravings for things and it’s okay to splurge once in a while, however think before making any decisions.
So is it okay to be Kanjoos? Well maybe, if it works for you, but it is definitely okay to be a frugal spender. The pros of living a frugal life is more than its cons but this opinion can differ from person to person. So be a proud kanjoos as long as you know the limits.