Living below one's means is a way to ensure economic stability. There is nothing wrong with choosing to make your money last longer. The old saying, "It's not what you earn, it's what you keep." has a wealth of truth in it.
My favorite way of being frugal is buying quality products and making them as long as possible. It reflects Buffett's advice, but I first learned it from my mom. For example, I have a 2002 Toyota Celica with about 275,000 miles on it and it still runs great. I have a friend with a 2006 Pontiac Grand Am with 97,000 miles on it and it breaks down enough where he currently is looking for a new car. I'm fortunate that I spend less on gas than he does (we compared), I spend less on repairs (my car hasn't broken down at all...knock on wood), and I don't need to look for a new car yet. Buying a quality car has saved me a lot of money.
Here are some other ways I save money by being frugal, hopefully it helps you:
- Use coupons (I got a free burrito at Chipotle today!)
- Buy paperback books instead of hardcover.
- Buy food that is on sale (usually, it's in season).
- Pack a lunch to work instead of eating out. (It's cheaper and usually healthier.)
- Buy in bulk (especially if it's on sale).
- When shopping, I check out the clearance section first. (I sometimes find what I'm looking for there.)
- Bundle services for a discount. (I pay only $50 a month for DirecTV and DSL internet.)
- Eat at home before going to watch a movie. (Have you seen movie theater food prices?)
- Share whenever possible. (It's GREAT for dates.)