Frugality
Overview
In behavioral science, frugality has been defined as the tendency to acquire goods and services in a restrained manner, and resourceful use of already owned economic goods and services, to achieve a longer term goal.
Common strategies of frugality include the reduction of waste
Waste
Waste is unwanted or useless materials. In biology, waste is any of the many unwanted substances or toxins that are expelled from living organisms, metabolic waste; such as urea, sweat or feces. Litter is waste which has been disposed of improperly...
, curbing costly habit
Habituation
Habituation can be defined as a process or as a procedure. As a process it is defined as a decrease in an elicited behavior resulting from the repeated presentation of an eliciting stimulus...
s, suppressing instant gratification
Gratification
Gratification is the pleasurable emotional reaction of happiness in response to a fulfillment of a desire or goal.Gratification, like all emotions, is a motivator of behavior and thus plays a role in the entire range of human social systems....
by means of fiscal self-restraint, seeking efficiency
Efficiency (economics)
In economics, the term economic efficiency refers to the use of resources so as to maximize the production of goods and services. An economic system is said to be more efficient than another if it can provide more goods and services for society without using more resources...
, avoiding traps, defying expensive social norms, embracing cost-free options, using barter
Barter
Barter is a method of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money. It is usually bilateral, but may be multilateral, and usually exists parallel to monetary systems in most developed countries, though to a...
, and staying well-informed about local circumstances and both market and product/service realities.