Steemit friends, how are you all? Hope you are all well by the grace of Allah. I am also fine by the grace of Allah. Today, I will participate in the new contest from Steem For Bangladesh brought by the Honorable Morderator @shiftitamanna. The name of the contest is "Contest - How Frugal are Our Steemians?" Thank you for bringing the contest to us.

Image Design by Canva

Frugal is necessary in everyone's life. I am a living example of how dire the effects of not being frugal can be. I have lost all my idle business because of not being frugal. Also, in the current economic turmoil, there is no alternative to frugal. Today's questions about frugal through the context I will try to answer.

Education doesn't happen without being pushed. Today I am forced to be frugal after being pushed too much. I have a job. I run my family with my salary money. Here I have to be very frugal. I have to take care that my expenses are more than my salary. No. I have to budget my monthly expenses that way. So I play the role of a frugal when it comes to spending.

Source

Being frugal is essential in our life. As the saying goes, if you are not frugal, the treasure of the king will also be exhausted. And I am a person with a low income. I must be frugal. Every person should understand his income and save it for the future.
On the one hand, we have to meet all our family needs, on the other hand, we have to take care of the future. All this has to be managed by making a monthly budget. We should not spend recklessly. We have to understand the importance of needs.
In this way, we can be frugal. If we are not frugal, various financial complications will be created in the present and future. It is very difficult to deal with these problems. Therefore, it is necessary to be frugal in our life.

Pixabay

Everyone is frugal using different methods. It depends on their income. I am mentioning three methods from my point of view.

• Preparation of monthly budget: -
  This is a common method. Through this method, a list of total expenses against the total income of each month should be made. Then the expenses should be identified separately which are emergencies. Then the less important items should be identified. Now try to avoid spending on the less important items. Staying. This is how you can be frugal with a budget.

Source

• Prioritizing Savings: -
  One can also be frugal by setting aside a certain amount of money from the monthly income and making a budget with the remaining money.
• Giving importance to individual needs: -
  We have to spend various things every moment. We have to consider how important this cost is. If the cost cannot be denied, then we can be frugal by not spending the said cost or reducing the cost.

Source

Frugal has many advantages and disadvantages. Discussed briefly below.

• Advantages: -
• Being frugal keeps spending consistent. Stability is maintained in the world.
• Saving for the future is much easier when you are frugal.
• It is easy to handle any unexpected expenses when they arise.
• Being frugal reduces human suffering.
• Planning for the future is much easier if you are frugal.

Pixabay

• Disadvantages: -
  If you are frugal, sometimes you cannot meet all the needs of the family. As a result, there is turmoil in the family.
  If you are frugal, it is often not possible to attend social events. This can lead to dissatisfaction in the society.
  Since frugal belongs to a limited expenditure, it is not possible to shop on a whim.
  Frugal often leads to human chaos.

Pixabay

Everything has its positive and negative side. But being frugal in everything is definitely necessary for us. So, I will give importance to being frugal and we all should focus on this.