How to Live a Fulfilled Life Financially


How to Live a Fulfilled Life Financially

I recently read Your Money or Your Life, an insightful book about personal finance. I have read the book about a decade ago, but a decade is a long time so I decided to read it again to refresh my memory.

There is a concept that is emphasized again and again in the book. That concept is frugality. The book says that frugality is the key to living a fulfilled life financially and I agree with it.

What does it mean to be frugal?

Here is the definition given by the book: being frugal means having a high joy-to-stuff ratio. Being frugal is not about having a few possessions. It’s not about finding the cheapest stuff out there to buy. Instead, it’s about getting as much value as possible from your possessions. If you get a lot of enjoyment from something you own, you are being frugal. But if you barely use it, you are not being frugal.

This definition sticks with me because it makes me realize that I’m not frugal in some cases.

The most obvious example in my case is with books. I love to read, and because of that, I buy a lot of books (mainly e-books these days). There are many of them that I haven’t read, though. According to the definition above, I’m not frugal. I have a low joy-to-stuff ratio when it comes to books.

Fortunately, there are some other areas where I do better than that. With clothing, for instance, I rarely buy new ones. I prefer to just wear what I already have.

So what can we do to become frugal? Here are some tips to increase your joy-to-stuff ratio:

1. Ask Yourself: Will I Actually Use This?

Before you buy…


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