THRIFT Meaning and
Definition
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Thrift is a noun that encompasses the concepts of frugality, economy, and careful management of resources, particularly money. It refers to the practice of being prudent and mindful in spending, saving, and investing money and other resources, with a focus on avoiding waste.
In terms of personal finance, thrift implies a lifestyle characterized by conscious decisions to limit unnecessary expenses, prioritize needs over wants, and work towards long-term financial stability. It involves maximizing value and making wise choices to stretch and make the most of limited financial resources.
Thrift can also refer to institutions or businesses that encourage saving and provide financial services to help individuals manage their money effectively. These institutions often offer savings accounts, financial counseling, and affordable loans.
Furthermore, thrift can extend beyond just finances to include other areas like time management, energy consumption, and environmental responsibility. This broader sense of thrift emphasizes the importance of conserving resources, reducing waste, and embracing sustainable practices.
In summary, thrift embodies the principles of being economically sensible, avoiding extravagance, and making well-informed decisions to ensure the efficient use and preservation of resources, particularly money. By practicing thrift, individuals can enhance their financial security, reduce waste, and contribute to a more sustainable and responsible society.
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A thriving state or condition; economical management in regard to means or property; economy; sparingness; frugality.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
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Etymology of THRIFT
The word thrift comes from the Old Norse word þrift, which means prosperity or success. It is derived from the verb þrifask, which means to thrive or to prosper. This Old Norse word was later borrowed into Old English as þrift, maintaining a similar meaning of success or prospering. Over time, the word thrift came to be associated with the concept of careful management of money and resources, leading to its modern definition of economical and prudent use of resources.
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