M is for Money

Poor frugality, misunderstood and maligned. Often mistaken and mixed up with miserly or cheap, it’s got a bad reputation. If someone calls you frugal, is it a compliment or an insult? I’m not really sure. So how did the concept of rational and responsible consumption become so derided? Is it because consumption without consequence is part of the American fairy tale? I think it’s too late to save frugality, the damage is done. It’s time to come up with a new term to takeover the frugal fight.

What is Frugality?

Frugality is difficult to define, it’s a relative term. There is no master list of frugal choices to guide you, instead it depends on your personal needs and available resources. How can you most efficiently use one limited resource - money? Price is only part of the equation, sometimes the most expensive choice is also the frugal one. I learned the hard way with a toilet seat. Items that break too easily are merely cheap, not frugal. Ultimately it’s a value judgment you have to make, you weigh the benefit you get from a purchase against its cost. One person’s frugal is another’s frivolous, everyone has their own definition.

Who is a Frugal Person?

We can’t all be Bill Gates, our bank accounts are more limited. We may not be able to fulfill all our needs and desires, given what we have. A frugal person uses their money wisely, balancing their wants and needs versus the funds available. A frugal person is conscious of what is important to them.

A frugal person:

1) Does not spend money mindlessly
2) Does not buy things they don’t need
3) Does not overpay for items they do need

A frugal person will often choose less over more, realizing that more stuff does not lead to a richer life.

What is a CoCo?

We are all consumers of resources in varying degrees, be it food, housing, clothing or whatever else. Frugality is about the choices we make, do we consume a lot or a little? Do we have the resources to support our consumption? A frugal person is a conscious consumer, aware of each purchase and how it fits with their lifestyle and goals.

CoCo = Conscious Consumer
CoCo = Conscious Consumption

I’m a CoCo, I weigh the cost and benefit of purchases. I ask myself whether I can afford the things I want. I am aware of how my spending affects my long term goals for a family and the future.

The CoCo Revolution

For the first time in a generation, consumers are awakening to the choice before them. The CoCo Revolution is one of awareness, self-awareness. It’s about taking control of your finances. It’s not anti-consumption, it’s opening your eyes and doing the math. It’s about financial honesty, living within your means. It’s consciousness.