Frugality is a word that image-loving Jamaicans generally despise. In our minds, the word is synonymous with cheapness, which is, well, not part of the national DNA. In our minds, cheapness connotes miserliness. It means buying the lowest-priced items without a thought about quality. It means buying no-name-brand sneakers at Walmart. It means using food stamps to buy groceries. It means, in short, tackiness.

But it’s time for us to rethink this concept of frugality. Living frugally does not mean buying one-ply toilet paper and buying cereal that comes in a see-through generic bag usually found on the bottom supermarket shelf. Living frugally is really about making conscious decisions about getting the most out of the money you’re willing to spend, as against what you’re willing to cut back on, that is to say, the things that are less of a priority for you.

There has never been more of a time, to my memory at least, when there has been such an outcry of people complaining about economic hardship as these last few weeks. Which isn’t surprising, given that the inflation rate, as at February, was running at around 10.7 per cent, up from the customary four to six per cent range.

It’s time to start living frugally.

What does frugality mean?

Frugality is not about penny-pinching and deprivation, or doing things that rob you of any joy in life. Frugal living is a choice to prioritise the things you enjoy, as against the things that are not that important, in order to reap the goal of financial freedom down the line. Especially in challenging times like these when your financial goals are under serious threat. Let’s face it, there is so much volatility and uncertainty in the market right now. This is especially a real concern in light of Putin and his war in Ukraine, which, some pundits think, is threatening a global recession.

Runaway inflation, which isn’t just happening in Jamaica, is causing many people today to be leery about achieving their financial goals any time soon. Do you find that your disposable income is no longer being quite as disposable and that, increasingly, you’re being forced to go into your savings for day-to-day expenses? The good news is, by being mindful about choosing how to prioritise spending your money, you can still achieve your goals of buying a home, becoming debt-free, further education or even retirement.

Here are some practical tips on how you can start right now to embrace a frugal lifestyle:

Budget: Although we’ve been constantly speaking of budgeting, perhaps you’ve been ignoring this advice. It’s not too late to create, and begin sticking to, a budget so that you can get a handle on how your money is being spent. Make sure that, as far as possible, this budget is cash-based. Avoid using credit cards where you don’t have to.

Transportation: Save money on gas costs by carpooling with people from your office. If you live with family or roommates, go with one car. How often do we see a family of, say, four driving separate cars to church? Also, maybe consider trading in your SUV for something more fuel-efficient.

Housing: If you’re single, and renting in a tony part of town is becoming onerous, there’s no shame in looking around for accommodations somewhere not as fancy. Also, for older singletons who are maybe widowed or divorced and who have homes that have become difficult to maintain on a fixed income, house-sharing can be a practical solution for not only splitting the bills, but also companionship.

Cable and other subscriptions: Do you have cable subscription as well as online streaming services like Netflix and Amazon Prime? In addition to a monthly New York Times subscription? If you add up these four costs it might surprise you to find you’re easily spending $15,000 each month on them. That’s almost $200,000 a year. Do you seriously have this kind of money to burn?

Food: Start taking lunch to work with you, even two or three times a week. You don’t have to be vegetarian or vegan to go meatless, which you can do a couple days a week. Buying less meat when you grocery-shop saves a ton of money, what with meat prices steadily increasing over the past few years. Remember when an entire chicken cost $400? Now you can’t get a tray of chicken parts for that price!

Bottom line

These tips can be a springboard for you to come up with other ways to live frugally in other areas of your day-to-day life. Remember, living a frugal lifestyle does not mean you can’t enjoy your life. It just means that by being intentional about spending your money you are committing to cultivate a lifestyle that helps you to live below your means, especially important in these turbulent economic times, so that you can enjoy debt-free living and still meet your financial goals.