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Many believe that being frugal is fashionable in tough economic times. To be sure, the topic gets a lot of coverage in the media, and on blogs. Nevertheless, the idea of being frugal is a way of life for many that know the value of money.

If you’re a frugal traveler, you’ll be looking for cheap flights and cheap hotels so your travels are done with an eye toward efficiency. If you’re looking for a life partner, you’ll be mindful of how he or she views and handles personal finances, as this is often a source of disagreement.

From a general perspective, a frugal person is interested in spending their money where it spends the best because they understand the value of money. They know what it can buy, so they focus on making it provide good return. If given a choice, those with a frugal mindset would invest money in a tool instead of spending it on a toy.

Appreciating the value of money is one of the key distinguishing factors of a frugal individual, and this can be a good foundation for accumulation of wealth and achieving financial freedom.

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About Clair Schwan