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Frugality is the practice of being careful with money and resources, avoiding waste, and spending wisely.
In Depth
Frugality means making thoughtful choices about how you use your money to achieve your financial goals. It's about getting the most value out of every dollar you spend, rather than simply spending less. This approach often involves prioritizing needs over wants, seeking out good deals, and maintaining items to extend their lifespan, all with the aim of saving money and building wealth over time.
Example
By practicing frugality, Sarah was able to save enough money to make a down payment on her first home within two years.