Frugality beyond a point does not help

A significant portion of literature on personal finance is devoted to the benefits of frugality. Being frugal is good, something we should all aspire to be. However, while aspiring to be frugal one must keep in mind that frugality in itself will not solve all our personal finance woes. Frugality only works in specific scenarios. Hence, one must review our financial condition carefully and be open to considering approaches other than frugality.

Strategies to manage different income and savings scenarios

At times we could go into denial about the fact that our current financial situation may be an outcome of poor professional choices which is leading to poor income and hence a difficult financial situation. In such scenarios frugality can only ameliorate a bad situation. The only way out is to look internally and review the poor professional choices we have made which lead to a poor income.