Key Concepts

What is Austerity? – Is it Asceticism, or Miserliness, or Parsimony, or Frugality, or Thriftiness? Perhaps we should first understand what Austerity is NOT!

1. Asceticism:- Severe self-denial of social life and of all comforts by doing without what one does not have or having, but forsaking it all. Can even include self-mortification. This is obviously NOT Austerity and is not for social people.
2. Miserliness or Stinginess:- Denying to oneself and to others the ordinary comforts or even necessities of life, for the sake of hoarding. Even this is obviously NOT Austerity and again is not for social people.
3. Parsimony:- Excessive and unreasonable saving just for the sake of saving. This too is NOT Austerity and once again is not for social people.
4. Frugality:- Saving by exercising economy, by wise and sparing use and careful administration of the means at one’s disposal. When exalted into being a virtue to be pursued for its own sake, becomes the vice of Parsimony. Within limits this is good but only reflects a slight touch of Austerity.
5. Prudence:- Prudence that plans and providence that acts – is looking far ahead and sacrificing the present for the future, saving as much as may be necessary for that end. This too is good but it is only a part of what Austerity is.
6. Thriftiness:- At once earning and saving with a view to wholesome and profitable expenditure at an appropriate future time. This too is good but again is only part of what Austerity is.

Now let us try and understand what Austerity really is – it is exercising strict Frugality, well short of Parsimony, incorporating the concepts of Prudence, Providence and Thriftiness.

Austerity – It can best be described as living within a Budget without really reducing standards. Austerity is a principle which is admirable and those who properly practice it worth emulating.

The Operative word here is ‘Properly’, because Austerity is much more than mere cost cutting. Austerity is an attitude of mind that leads you into managing better with less. Practical Austerity must not be confused with ascetism or doing without – that is for ascetics and not social people.

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