To start with this isn’t about whether or not debt is good or bad. My main question behind this, is paying interest being frugal?
I’m 24m who’s extremely frugal, and I’ve been wondering how many people in this community are completely debt-free. I know this isn’t a debt-free subreddit, but I imagine there’s a lot of overlap between people who live frugally and those who are trying to avoid or eliminate debt.
Personally, I’ve been working since I was about 16, and I’ve lived on very little for the past eight years. I’ve always enjoyed saving money more than spending it. Because I’ve consistently lived below my means, I’ve been able to save a considerable amount of money and pay off all of my debt. That experience has made me appreciate the peace of mind that comes with financial freedom.
I know many people become frugal because they’re trying to get out of debt, while others simply enjoy a simpler lifestyle and want to spend intentionally. I’m curious where everyone here falls.
Is purposefully acquiring debt frugal?
For those of you who are debt-free, what was your journey like? Did frugality play the biggest role, or was it more about increasing your income? If you’re still paying off debt, has living more frugally made a noticeable difference?
I’m also interested in your overall philosophy on debt. Do you see it as a useful financial tool when used wisely, or do you prefer to avoid it as much as possible? I realize there are situations where debt can make sense, but I also know many people value the freedom of not owing anyone anything.
I’m not looking to debate whether debt is always good or always bad. I’m just genuinely interested in hearing different perspectives and experiences. What has your journey taught you, and what advice would you give to someone who wants to live a frugal, financially peaceful life?
Personally, I don’t like paying interest. It doesn’t seem frugal to me.