Why Nobody Tells You How to Fund Your Frugal Lifestyle

 Why Nobody Tells You How to Fund Your Frugal Lifestyle

By Winston C. Ikekeonwu PMP

© Copyright 2025 Winston C. Ikekeonwu PMP. All rights reserved.

You’ve probably read of a recent report from the Money and Mental Health Policy Institute. Out of almost 5500 people who had struggled with mental health issues, 86% of them admitted that their financial situation worsened their mental health problems.

That’s not all. 

According to the same report, people with depression and debt are about 4 times more likely to still be depressed 18 months longer than people without any financial issues.

Even if you haven’t read the report, you’ve probably experienced some anxiety while trying to balance your personal budget from time to time. I know I have. Paying bills is a part of life that none of us can escape. And thinking about paying bills isn’t always exciting.

You may be wondering what this has to do with you. After all, you’re reading this to find out more on how you can maintain a frugal lifestyle. Why do you have to read about stats about mental health and money?

And that’s the point.

You see, it's easy to list out tips and hacks on how to save an extra 15 cents on your next cup of coffee. It's easy to show you 27 ways to save money when you buy your next car. It's easy to suggest a list of apps to help you build a saving habit so you can easily watch your wealth grow.

But all these tips and tricks avoid the purple elephant in the room: how are you going to save any money when there is none coming in?

If we don't find a practical answer to this question, we risk wasting our time forever spinning our wheels and going nowhere fast.

Here is a hint: there are no easy answers.

Some financial gurus may suggest that the answer to any financial challenge is simple: make more money.  But doesn't making more money involve investing more of our time and resources?  Can we really build a healthy frugal lifestyle if we are always hustling and grinding?

If we want to be real, the honest answer is no. 

Like I said before, there are no easy answers. (Anyone who tells you otherwise is probably trying to sell you something.)

I’ve found that being honest with myself has helped me make needed changes in my lifestyle. Of course, I’m far from perfect, but just thought I'd share some lessons learned that could help someone else on a similar journey.

First, I had to define what being frugal meant for me. I'm not sure I agree with some common definitions I’ve seen of what some people call being frugal.

Once I got comfortable in my skin, it helped me realize I could still be frugal without having to become a starving monk or something.

Another tip that helped me was defining how much income was “enough” for me. Nothing difficult really. I just calculated the bare minimum I need to take care of my bills without being homeless. 

I was shocked when I first figured out this income number because it was amazingly LOW. 

Turns out I didn't really need a 7-figure income to live comfortably and cover my essential expenses. (Sure, you may not call me the “ambitious” “driven” type, but that's a story for another article altogether.)

Once I had a clearer idea of my minimum income target, that helped me make better decisions on the sort of opportunities I can be involved in. And the “opportunities” I can ignore, no matter how tempting.

And with better opportunities came better career and business relationships. I’ve always found it more productive to collaborate with people of like minds. Much better than the alternative of eternally trying to convince people who “know everything”.

With more mutually profitable relationships in my life, it became easier to have a lifestyle true to my values. Sure, in the process, I had to set new boundaries with some old friends and completely part ways with others.

And I’m still in the process of learning and growing. Like I said earlier, I haven't figured out everything. I’m always on the lookout for information and resources to help me get better at building a frugal lifestyle that makes sense for me 

In conclusion…

You’re the best person to define your own frugal lifestyle. No one can do it better than you; there are no shortcuts. Start where you are today and be completely honest with yourself.

I recommend you ask yourself better questions. Questions like:

• What does a frugal lifestyle really mean for me? 

• How do I intend to spend my time daily?

• What part of my daily routine can I invest to earn the funds I need to support my desired lifestyle?

• What's the minimum income I need to sustain my desired lifestyle?

• What sort of business and career opportunities can I realistically fit into my schedule without risking burnout?

Finally, according to the World Health Organization, 1 out of every 8 people on earth today is battling with some mental health challenge. While several factors affect our mental health, many studies show a clear link between financial stress and how we manage our emotions.

So please don't be hard on yourself if you slip up at times on your journey of maintaining a frugal lifestyle. Everyone makes mistakes. We all live and learn. Forgive yourself for any mis-steps and apply the lessons learned in the future.

Hope this helps you on your journey. Thanks for reading this.

About Winston C. Ikekeonwu PMP

Winston loves making new friends and sharing real, honest tips on better planning and financial freedom. You can check out his growing store of ebooks and resources here