How To Keep Your Friends If You’re Frugal | Mad Money Monster (2024)

If you’re anything like us, you have embraced (or are on the verge of embracing) frugality. We absolutely love our selectively frugal lifestyle because it forces us to make smart money moves while allowing us the freedom to spend money on things and experiences that we value…like road trips across the country. Unfortunately, though, frugality can be a roadblock when it comes to keeping friends.

5 Tips To Keep Your Friends If You’re Frugal

So just how does someone keep their friends while embracing frugality? We tested the waters on this one and came out on the other side with the same friends we had before jumping the frugal fence. If you’re looking for some pointers to ensure you keep your friends after frugality, read on for 5 quick tips.

1. Don’t Turn Down All Invitations

The first thing you need to do to make sure your friends don’t scatter to the wind after you announce your commitment to frugality is to NOT turn down all invitations. Your friends are going to be supportive and want to hear all about your new lifestyle and they’ll likely be genuinely fascinated and want you to succeed.

They’ll also turn right around and ask if you want to go check out the new Vietnamese restaurant that opened up downtown. Trust me when I tell you this, they’re not doing this on purpose to sabotage your success. They just don’t expect their life or their relationship with you to change just because you decided you’re going to adopt frugality.

It’s important, though, to not turn down all invitations when offered. Do that and you’ll get to stand by and watch your friends drop off your radar one by one. Before you know it, you won’t have any idea what’s going on in the inner circle anymore.

Fortunately, you have options. Frugality doesn’t mean you have to sit at home without heat or A/C reading library books by candlelight – even though that sounds pretty awesome.

How To Keep Your Friends If You’re Frugal | Mad Money Monster (1)

2. Suggest Frugal Alternatives To Spending Money

One of the easiest ways to maintain your friendships and not spend as much money as you used to is to suggest frugal alternatives when an invitation to attend a concert or football game rolls in.

You’ll probably be surprised at how quickly your friends agree to something a little less pricey. You might not realize it, but they probably aren’t happy with the amount of money they spend on fluff either. They might not be ready for full-blown frugality, but they’re probably going to be just fine with a less expensive entertainment option.

Never underestimate the power of a backyard BBQ or game night at your place.

I’ve had great success with suggesting cheaper options to my friends. For instance, my one girlfriend and I used to always meet out for dinner and drinks. Two hours later we both had a good time and we were both $50 lighter. Ugh. After adopting frugality, I often suggest we just hang out at her place or mine and maybe grab some fast food.

Yes, we still go for dinner and drinks – occasionally. Going out every few months instead of every few weeks makes a huge difference in our bottom line and we’re both happy to save the money. It’s been a win-win. Woot!

3. Brunch And Coffee Never Go Out Of Style

Remember, going out doesn’t have to mean you’re dropping a ton of money. Brunch and/or coffee are trendy and probably always will be. Why not suggest hitting up a new coffee shop or meeting for brunch instead of trying the new sushi restaurant?

Again, unless your friends are secretly wealthy, they’re likely going to be happy with a less expensive alternative.

4. Remain Active And Involved

Forget frugal, go for the gold! Go for FREE. What do I mean? I mean, when your friends text and want to go shopping, tell them you’d rather go check out the rail trail on your bike but need a buddy. If you can successfully substitute shopping with exercise and fun, you should probably start a frugality blog of your own. 🙂

But let’s just say your friends aren’t having it and they’re still hitting the outlets, no problem, you can either go along and spend minimal money, or you can skip it and get together next time when they’re doing something a little less spendy.

As long as you remain active and involved in the lives of your friends, they’ll remain active and involved in your life, too. Remember, texting and calls will keep your friendships fresh and they don’t cost a thing.

Other articles you might like:

  • Frugal Hacks For A Fabulously Fun Weekend
  • How We’re Achieving FIRE/FIOR Through Selective Frugality
  • What To Do When You Realize Frugality Won’t Make You Rich
  • Shifting To A Frugal Mindset Has Given Us Options. Tons Of Options.
  • Frugal Eats For Our Workweek
  • Proof You Can Royally Mess Up With Money And Still Retire Early
  • 9 Money Hacks That Took Us From The Poorhouse To The Penthouse
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How To Keep Your Friends If You’re Frugal | Mad Money Monster (2)

5. Spend Money If It’s Warranted

Now, if you’re just starting to embrace frugal living you might want to go full force and not spend a dime on anything that isn’t going to ensure your immediate survival. And while that can be commendable and really propel you in the direction of saving tons of money and reaching your financial goals at lightning speed, it might not be the smartest thing to do for your happiness.

I know, I know, you’re likely sitting there shaking your head wondering how that couldn’t be smart if you’re reaching your goals and leaving everyone else in the financial dust – well, that’s kind of the point. You’re leaving everyone else in the dust, including your friends.

Although I love frugality and you love frugality, not everyone is going to jump on the frugal bandwagon. I’m certainly not suggesting you give up your more spendy friends unless they subscribe to your school of financial thought. Instead, try to find a happy medium. You might not be able to say YES to every invite out to dinner or the movies, but saying yes here and there means you’ll keep your relationships and most of your money.

Well, there you have it. Hopefully, this quick and dirty list will ease your mind. If you do it right, your friends won’t scatter when you embrace frugality. And if they see you benefitting, they might even embrace it with you!

How To Keep Your Friends If You’re Frugal | Mad Money Monster (3)

How To Keep Your Friends If You’re Frugal | Mad Money Monster (2024)

FAQs

Is being frugal good or bad? ›

Being frugal is not a bad thing. It only becomes an issue when it is taken to the extreme. I believe that everyone should have some sort of "frugality" as a part of their life, but you must be smart about it.

Why am I extremely frugal? ›

In the modern-day, many children who have experienced their parents lose financial security can adopt extremely frugal habits. Excessive frugality can also be especially appealing when we are victims of confirmation bias or a pessimist financial mindset and are not aware of it.

How to get out of frugal mindset? ›

The easiest way to reduce your frugal habits is by making more money and achieving certain stretch goals. It's when you buy things with money you don't deserve (trust fund, inheritance, lottery, using a credit card, your spouse's income, etc) that your conscience may start making you feel terrible about your spending.

How do I live extremely frugal? ›

12 Tips for Frugal Living
  1. Choose quality over quantity. ...
  2. Prioritize value over price. ...
  3. Use credit wisely. ...
  4. Declutter regularly. ...
  5. Use a budget to guide your spending. ...
  6. Know the difference between wants and needs. ...
  7. Be a savvy consumer. ...
  8. Prioritize your values.
Oct 17, 2023

What is toxic frugality? ›

Frugality is the practice of being wise with money and avoiding wastefulness. It's a virtue that many people admire. It fosters responsible financial habits and can lead to a more sustainable life. But there's a darker side to frugality that can be detrimental to our quality of life. This is known as “toxic frugality.”

Is being frugal attractive? ›

The self-control of savers makes them seem sexier, study finds. If you're looking for love, show your thrifty side. It will reassure that potential mate that you're responsible, sensible and healthy. Plus, they'll find it sexy, new research suggests.

Is extreme cheapskate a mental disorder? ›

The American Psychiatric Association defines frugality as a symptom of obsessive-compulsive personality disorder (OCPD) when someone “adopts a miserly spending style toward both self and others.” Extreme frugality is an amplified version of that, and it often involves viewing spending as a bad thing no matter how much ...

Why are some rich people so frugal? ›

Many wealthy individuals grew up with little or nothing, and the thought of returning to that state is a powerful motivator. So they hold onto their wealth with a death grip, even if it means being cheap in other areas of their lives.

Is extreme frugality a disorder? ›

Fear of spending money or excessive frugality is sometimes known as Chrometophobia, a Specific Phobia related to money. Fears about spending money may also be involved in obsessive-compulsive disorder (OCD).

When someone is too frugal? ›

Living frugally is generally seen as a good thing, but there's such a thing as being too frugal. Some people who embrace the frugal lifestyle go to the extreme and either sacrifice their quality of life or miss out on opportunities in an effort to save money.

What kind of behavior makes you frugal? ›

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.

How do you know if someone is frugal? ›

They budget carefully, allocate a predetermined portion of their income to savings and investments, and do not exceed it. They save up for big purchases, prefer to buy with cash (as opposed to credit), and keep an emergency fund for times of need.

Is it smart to be frugal? ›

It helps you be more value-minded when spending, increases your satisfaction with simple pleasures, and helps you grow wealth at a faster rate! But, like so many good things in life, frugality can reach a point of diminishing returns.

How to be frugal and still have fun? ›

Practical Ways to Save Money: Groceries
  1. Shop the sales. ...
  2. Look for liquidation stores. ...
  3. Split a meal & check for specials. ...
  4. Look for family meal deals. ...
  5. Opt for takeout. ...
  6. Buy prepared food. ...
  7. Look for discounts. ...
  8. Make your own.

How can I live frugally but happy? ›

You can achieve financial stability without sacrificing happiness by aligning your spending with your values and making mindful choices. Embrace the simplicity of frugal living and discover that true joy often comes from experiences and connections rather than material possessions.

Is frugal positive or negative? ›

For example, think about the words frugal and miserly. Both denote tending to save money, but frugal has a more positive connotation and suggests a person is careful with money, while miserly has a more negative connotation and suggests a person is cheap or stingy.

Is frugality negative? ›

While being frugal has gotten a bad rap, frugality is not a dirty word. On the contrary, it's a valuable skill for building wealth. Frugality is the attitude and mindset of saving more and spending less.

Is being frugal and being a miser? ›

Being frugal is a good quality of a person who doesn't want to waste food. On the contrary, one who doesn't want to spend money on oneself or others is a miser. There are certain things in life as not to waste anything unnecessarily is a good and healthy habit.

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