VESTAL, N.Y. – Transcript of the Lesko Financial segment that aired on August 26, 2020, on Fox 40 News at 10 pm.

Andie:

With recent financial challenges,  some families have resolved to live a more frugal lifestyle…but what does that mean? Greg Lesko of Lesko Financial says it’s more than just cutting costs. Greg…

Greg:

A large number of blogs have sprung up over the past few years offering tips on how to be “frugal.” Being thrifty is an old-fashioned concept that at first appears out of place in our consumer-driven society. But households that have been hit by COVID-related income loss are rediscovering a lifestyle their grandmothers probably understood well. Frugality can include everything from a minimalist life to evaluating how luxury purchases align with your conscience, one definition says: frugal people know the value of their time, happiness, health and overall well-being.

Beyond simply spending less, frugal households aim to add value to life. A family could cut cable or streaming services so they can enjoy more time together and save money. But they could also end up splurging on a family vacation to bring them closer with unique experiences. There’s also a big difference between “frugal” and “cheap.” Cheap means always going with the lower cost without considering quality or value.

One way to become more frugal is to be less consumer-driven. That means not buying stuff just for the sake of accumulating more, or to follow the latest fad or to keep up with others. Frugal people tend to shop for higher quality items that last longer and they also comparison shop to get the most for their money. One other good way to incorporate frugality into your finances is to identify what truly gives your life meaning…and to make money decisions based on those quality of life values.