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The Rise Of Frugal Living Amidst The 12% VAT: Understanding Its Distinction From Minimalist Living
Tuesday, 31 Dec 2024
The call for frugal living has gained significant traction on social media as a response from netizens to the proposed increase in the value-added tax (VAT). The planned rise in VAT to 12% in 2025 is perceived as an additional burden on the public.
Frugal living is a lifestyle that emphasizes prudent spending and minimizing expenses by prioritizing needs over wants. The objective of frugal living is to manage finances efficiently, avoid wastefulness, and save more for a more stable future.
It is important to clarify that adopting a frugal lifestyle does not imply living without anything. The essence of this lifestyle is to live economically by focusing expenditures solely on essential items. This principle extends beyond mere money-saving; it also involves leading a simpler and more conscious life, concentrating on what truly holds value. For instance, smart shopping can include utilizing discount vouchers, purchasing quality second-hand items, cooking at home, reducing unnecessary subscription services, engaging in do-it-yourself repairs, automating savings, and investing for the long term.
Frugal living also prioritizes the acquisition of high-quality goods that are durable and can last for many years. When seeking enjoyment, individuals are encouraged to take advantage of low-cost or free events, such as local festivals, open concerts, free exhibitions, libraries, or museums.
Distinction Between Frugal Living and Minimalist Lifestyle
Before the rise of frugal living, there was a trend advocating for a minimalist lifestyle, which gained popularity in the early 2010s. While both lifestyles share a common goal of economizing to achieve a more prosperous life, their approaches differ slightly.
