Is Living Frugally Our New Norm?

Frugal living is a phrase that seems to have taken off in recent years. Probably as a result of the downturn in the economies in the western world but perhaps also in response to the realities of our lives and the shifts there have been over the last couple of generations. Jobs for life and guaranteed pensions were the norm not so many years ago yet for those entering the workforce now and many others these are things that sound as though they come straight out of history books. Unfortunately all this has come along at a time when there has been a rapid expansion of debt and a seeming willingness and acceptance that a high level of debt is the right thing to have. Even with the banks becoming far more choosy about who they lend to, individuals and businesses, the opportunities to pile on debt have never been greater. And when people see whole countries doing the same why would they think it's unusual?

The fact is that having large debts over long periods of time is far from normal and is completely debilitating. It becomes a habit that spreads to friends and family members. If we want to change a habit for a better one we need to break that old habit and start living the new one - and we need to do that for quite some time before it become second nature, our new habit. So, yes, live frugally while you pay off your debts and do all you can to increase your income and when those debts have been repaid you may well ease off on your frugalness, or you make not - but at least you will then have the choice.