Despite having a six-figure income, many individuals embrace frugality as a lifestyle. Let’s hear from them why being frugal is still important to them. And also the impact it has on their lives

A user asked, Being frugal while on a 6 figure income – why do you do it? and here is what they have to say:


1. Preparing For Financial Setbacks

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Unexpected job loss can happen even to those with high incomes, necessitating the need for financial preparedness.

“I had a six-figure income and then was hit by a job loss. I’ve rebounded from that and am doing well again, but it makes sense to prepare, just in case.” said one.

“Exactly. Looking at my salary now tells you nothing about my long-term financial stability. I’ve been laid off so many times; I have years of unemployment/underemployment to make up for.” shared one.


2. To Achieve Early Retirement

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Prioritizing frugality and saving for retirement allows for early retirement and the ability to choose when and how to work, leading to increased personal fulfillment and freedom. 

“Because the money I save now will allow me to retire early and work at my convenience instead of being dependent on an employer. I found early that what makes me the happiest is free time and family get together. So I’m working toward that.” a user said.

“Same here. For the past 5-7 years, we have been high contributors to retirement 25%+. This year we will finally max out all available retirement vehicles 401k, HSA, and IRA. The early 40s; if we stay on track, we can retire on my 50th birthday, will I? Maybe, maybe not, but it will be my choice.” another added.


3. For Raising Kids

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Raising kids can be financially challenging, but practicing frugality can help ease the budgeting stress and provide a better future for them. It’s essential to instill wise financial habits from a young age. So, every little effort counts.

“I have one kid, and it’s still hard. I cannot imagine the budgeting stress with three.” another added.

“My dad is a doctor and sent all his kids to college on his dime, but he is like a “turns every light off to save electricity” and “invites you to pee after him to save a flush” frugal – because he grew up like dirt poor with seven other siblings for us because we live in CA.” said one.

Read: To All Frugalists: 11 Expensive Items That Save You Tonne Of Money And Pays For Itself


4. Poverty’s Impact

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The impact of poverty can leave lasting effects on financial habits and mindset, making it challenging to break free from frugal habits.

“I have lived in poverty. The habits that you develop are hard to break. I always buy sales or used. I buy in quantity. I buy the meat with the yellow stickers. You don’t know when you will need that money.” shared one.

“I was raised very poor. I am 60, still in the mindset that I am poor.” another said.

“I grew up poor and was homeless or close to it for the first ten years of my adult life. I probably won’t ever be able to retire because I didn’t start earning a livable wage until much later in life. Still, I’m determined to build up a buffer at least and hopefully pay off my house so there’s less to worry about as I age.” another added.


5. Avoiding Lifestyle Creep Mistakes

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“Because “lifestyle creep” is decimating people and being frugal allows you to make responsible once-in-a-while splurges.” said one.

“I was raised in a working-class but comfortable family. Out of college, I got a “professional” job, looked at the number I was making, and thought, “I can do whatever I want.” I was making more than my dad ever did. I didn’t have a family to support. And then I remember when my friends were all planning an awesome trip. I looked at my bank account and went “oh… I can’t afford to go.”

That’s when I became way more frugal. Why am I spending my money on things I don’t really care about and then not be able to spend it on things I want to?” another said.

Read: Frugal Alert: 10 Simple Frugal Tips To Save Thousands Of Dollars


6. The Joy Of Mindful Spending

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Mindful spending brings joy and fulfillment by prioritizing experiences, hobbies, and healthy choices over material possessions. 

“As I’ve aged, I don’t desire “things” nearly as much. I have a few hobbies that are around the physical acquisition. I collect and read limited edition hardcover books. Still, I do so because I enjoy the experience – I am not an investor and desire only to hand them down to my kids when I pass, and I spend on video game hobbies, keeping the computer up to date, etc.

But I get a silly amount of joy at being frugal and healthier in buying fresh vegetables, unprocessed meats, etc., and cooking healthy for my family as a hobby. It is a game if you will save the maximum amount of money, which keeps my emergency funds. As you get older, you find uses for that emergency money, have no doubts! The peace of mind this gives me is significant.

Being frugal is a lifestyle choice; it doesn’t matter how much money you’re working with. Try to think of them decoupled from one another.” a user said.


7. Building Wealth Through Frugality

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Frugality can be a powerful tool for building wealth by prioritizing smart spending, saving, and investment habits. It allows for long-term financial growth and the potential for becoming a millionaire.

“My uncle made six figures many years ago. My Aunt worked but would buy old tables and refinish them. They’d use them for a while and maybe get another used one. He usually didn’t buy new vehicles. He never took his cars in for maintenance. He carried his builder’s license on the side and usually had a backhoe next to his workshop. He’s probably a millionaire now.” said one.

Read: 15 Unskippable Frugal Hacks That You Should Know And Try


8. Frugality Gives Peace

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Frugality brings peace by promoting mindful spending, avoiding unnecessary purchases, and maintaining a simple lifestyle. It can help ease financial stress and provide security and stability.

“I don’t believe in buying things just because I can. I prefer to live and question every purchase I make. This brings a lot of peace to my life.” said one.

“I grew up poor. There was a lot of food instability and fear of not making rent. I’ve tried to keep my lifestyle inflation in check. It took a LONG time to get to, and can all he went in an instant. Small houses, old used cars, and Walmart groceries all help me have peace of mind. I make 110k. My husband makes 130k.” another said.


9. Because Spending Doesn’t Buy Happiness

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Because spending money indiscriminately won’t buy happiness. I agree with everyone else here: having savings and living under my means ensures that I have the money needed when rough times come around. Life can be hard enough; I like the security of knowing I can cushion hard times or leave a bad job when necessary.

More than that, being frugal daily ensures that I can afford the things I really want and that have actual value and not waste money on appearances and things that don’t actually serve my life. I’m not living my life in service of padding the pockets of someone with a good marketing team who tells me I need a bunch of useless junk.” share one. 


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