prudent acquistions

Frugality lives next door to simplicity and they get on well as neighbors. Being frugal requires wise resource allocation and convervation. These are some questions that should be asked before making a purchase:

1) Will possessing this item bring happiness that offsets the cost?
2) Is the price fair and competitive?
3) Can I realistically use this particular size or quantity?
4) Do I need to consider the opportunity cost of this purchase?
5) What are the costs of ownership that occur after the purchase?

There are other things to consider, as well. For example, are you spending waaaay too much time thinking about this? There is a difference between frugal and cheapass rigid.

The notion of frugality does not stop once something has been acquired. Rather, the focus shifts toward conservation. For durable items, this usually amounts to prudent maintenance (e.g.: oil changes for an automobile). For consumables, it is often a question of proper storage and apportionment. There is much that can be said on this topic, but it will be reserved for future discussions.

In the interim, ask yourself this question: Is it frugal to purchase a 9 pound container of oatmeal?