Being poor gives you a chance to live more wisely and creatively.
Being poor does not have to imply living under the poverty line. It can mean being low income, middle class, or wealthy and choosing to live frugally. To avoid confusion, there is a difference between frugality and cheapness. Being cheap takes a self-centered approach to money; it is the unwillingness to spend money when it should be spent, especially on other people. Being frugal is prudent spending. And here are its benefits:
- It gets your creative juices flowing. Everyone can learn to be creative when it's necessary. When you have spending limits, you tend to be resourceful, inventive and work with what you have. Instead of buying an $80 nightstand, one might take an old and unused boom box, cover it up with a fancy cloth and turn it into a nice table at no cost.
- You become less materialistic. Since being frugal is weighing the costs and benefits more carefully and planning out what you buy or don’t buy, you think more about what matters. You tend to ask yourself: Do I really need this? Are the shoes really worth $100? Will it give me happiness in the long term? Is it wasteful or extravagant? Will it add to my credit card debt?
- It makes giving more meaningful. Being cash-strapped might mean baking cookies to give as gifts. This means you’re putting more time into the process and the recipient appreciates it more. For the wealthy opting to live frugally, giving may be more generous because there is more cash to spare. Frugal living is not only cutting spending and saving obsessively. It is wise and planned spending, which includes giving.
- You learn to be more appreciative. Constantly assessing what’s important or not and refusing to become a slave to possessions causes you to be more appreciative of the gifts you receive. You also take advantage of the fact that the best things in life are free. Instead of going to concerts or theaters, you have a picnic at the park and realize the beauty of God’s creation.
- You use your brain and feet more. When you go out to purchase something, you don’t just accept the price that’s thrown at you. If the price doesn’t match what you’re willing to pay, you move on to the next rack or store. Like a strategic game, when you finally find an item for the least amount of money costing double elsewhere, you won the game by searching and thinking your way around. At other times you have the leeway to bargain at vendors, allowing you to put your negotiating skills to use.
Everyone can learn a trick or two from the frugal “poor,” who think rich. Since it is wise and planned spending that is not centered on greed or selfishness, it’s a boon to all.
The copyright of the article Benefits of Being Poor in Personal Budgeting/Finance is owned by Annie Suh. Permission to republish Benefits of Being Poor in print or online must be granted by the author in writing.
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