One of the most direct ways to change your life? You need to change your attitude.
No one else is responsible for what happens to you but you, so you can either complain about the things you don’t like in your life or you can set about changing them. Not surprisingly, this directly relates to the state of your finances.
If you’re tired of living paycheck to paycheck, having your phone regularly cut off, or making excuses to skip dinners with your friends, then you can use these seven habits to take control of your money situation and live a happier and more frugal lifestyle.
Habit One: Be Proactive
The first habit to develop is to take responsibility; if you fail, you have no one to blame but yourself. Regardless of how you were raised or how you were treated at school, you can choose your behavior now. Being proactive means understanding that YOU are in control of your day-to-day interactions, and thereby, the direction your life takes. This is in stark comparison to a reactive person, who is often affected by their environment and will find external sources to blame for their behavior. For example, if the weather is good, they’re in a good mood, but if the weather is bad, it affects them and they blame the weather for their bad mood.
[Here are 6 action steps to take when you feel financially vulnerable.]
What most people forget is that though you can’t control the stimulus, you can control your response. One of your most important choices is your words; the language you use is an effective indication of how you see yourself. If you use proactive language, such as “I can” or “I will,” you’re starting with a more positive attitude than someone who uses language like “I can’t” or “I have to” or “If only.”
How to be proactive for effective frugality:
- Take the first step. You cannot take control of your finances until you make the commitment to do so; the more you ignore the situation, the worse it will get. Instead, take a long hard look at your finances — your budget, debts, income, and expenses, and try to understand where your money is going and where you can budget better. (To help you out, here are 25 ways to pay off your debt more easily.)
- Tell people. Using proactive language to vocalize your hope of being more financially responsible not only helps you crystallize your goal, but it can also help you avoid the peer pressure that makes budgeting and frugality hard. If you explain to your friends and family that you’re trying to live a more frugal lifestyle, they’ll be less likely to pressure you into one more round of drinks or another dinner out.
- Listen. Listen to yourself and to the reasons you give each time you make a purchase outside of your budget or decide not to put spare money into your savings account. Taking the time to stop and listen to the reasons you give yourself for spending more than you earn will give you the opportunity to hear just how shallow many of those reasons are. This can stop you from making purchases that impede your goal of effective frugality.
Habit Two: Begin with the End in Mind
Those who are effective in achieving their goals are able to envisage their desired end result in spite of the obstacles. Effective people adhere to this habit based on the principle that all things are created twice; there is first the mental creation, then the physical creation. The physical creation follows the mental creation the same way that a building follows its blueprints.
If you don’t visualize what you want, then you’re at risk of other people and external circumstances influencing your life — because you’re not influencing it yourself. Instead, begin every day and every task with a clear vision of where you want to go and how you’re going to get there. Make that vision a reality with your proactive skills from habit one.
How to visualize effective frugality:
- Define your goal. There are many ways to live a frugal lifestyle, and you need to decide how frugal you want to be. Do you want to be debt free, build a savings account of a certain value, or live on one income in a two-income household?
- Decide how you’re going to get there. This will again draw on your budget, but you need to be aware of the obstacles that are standing in your way. These may be literal obstacles, such as credit card debts, or they may be obstacles you’ve identified in your behavior. An example of a behavioral obstacle would be spending $10 every day on junk food on your way home from work, because you’re starving. Instead, you could be packing an inexpensive granola bar to keep you going until dinner. Or, do you find that when you go shopping with your sister, she always helps you justify a frivolous purchase, when you could leave your credit card at home?
MoneyNing Tip: Make sure your goals are SMART!
Habit Three: Put First Things First
Knowing WHY you’re doing something is an incredible motivator in helping you transform a mental creation into an actual physical creation of your goal. Ask yourself what the things are that you find most valuable and worthy to you. When you put these things first, you’ll be organizing and managing your time around your personal priorities to make them a reality.
For many people, it’s hard to say no, but this is exactly the skill you have to learn to keep your goals as your first priority. While we are constantly told we can have it all, in reality, having it all is really about prioritizing what is most important to YOU to have, and then focusing on that.
How to put effective frugality first:
- Recognize the effects of your finances. You may not dedicate as much time as you should to managing your finances and practicing frugal principles because you feel there’s always something more important to be doing — whether it’s work, taking the kids to soccer practice, or getting ready for dinner with the girls. If your finances aren’t under control, however, and you’re regularly spending more than you earn, then they’re having a negative impact on every other aspect of your life, from your work to your family and friends. You need to recognize that being frugal is your first priority.
- Just say no. It’s easy to spend more than your budgeted amount each month when you’re worried about missing out on a dinner with friends, feel as though you have to cater a birthday party for your son and 50 of his closest friends, or don’t want to wear the same suit to a work conference two years in a row. If you recognize that you don’t have to take on everything and that it’s okay to say no, then you’ll find you’re more in control of your spending and your budget.
Habit Four: Think Win-Win
Most of us are taught to base our self-worth on comparisons to others and competition against our peers. We think we can only succeed if someone else has failed. We’re also taught that there’s only so much pie to go around, so if you get a big piece, then someone else is missing out. When you think like this, you’re going to feel like nothing is ever fair. As a result, many of us retaliate and take the pie before someone else can take it from us.
Thinking in a win-win mindset allows you to see mutual benefits from all of your interactions. By doing this, you’ll see that the pie tastes even better when it’s shared. If you can approach conflicts and problems with a win-win attitude, you’ll be able to express your ideas and feelings with courage, while still maintaining consideration for the feelings and ideas of others. When you have an abundance mentality, you’re able to see that there is enough for everyone, and that by balancing your confidence with empathy, you can achieve your goals while helping others achieve theirs.
How to create frugal win-win situations:
- Recognize that you don’t always know the full story. As you aim to implement frugal principles and stick to a budget, you may often find yourself thinking “it’s not fair.” It’s not fair that they get to go out to dinner. It’s not fair that they get a new car. It’s not fair that they get to go on vacation, and I don’t. Take the time to realize, however, that you’re only seeing a small part of the finances of your friends and family who seem to “have it all.” And though it’s hard to watch your best friend take a dream European holiday, or your brother buy the car you covet, you’ll get there, too — if you manage your finances frugally. And the best part? There will still be plenty of holiday destinations and fast cars when that time rolls around.
- Understand the difference between possessions and net worth. While your friends and family may seem to have a fuller lifestyle because their house is bigger or their car is newer, you need to consider that it could just be a facade covering their mountains of debt. True wealth is not measured in possessions, but in assets. When the value of your assets is greater than the amount you owe on mortgages, car loans, and credit card debts, then you have a strong net worth and are truly wealthy. By trying to live a more effectively frugal lifestyle, you’ll be able to achieve true wealth, rather than just a life full of stuff.
MoneyNing Tip: When building wealth, remember to look at the big picture, too.
Habit Five: Communication
At its base, communication is the desire to be heard and understood. Most people will listen with the intention to reply to what you’re saying, rather than to understand what you’ve said. To effectively communicate, you need to first understand. If you communicate with the sole intention of being understood, you may ignore what others are saying and miss their meaning entirely. Don’t just wait for your turn to talk; pay attention to what people are trying to tell you.
How listening can help you be effectively frugal:
- You are not the only person in your life. Chances are you’re married or in a relationship, have friends or children, or all of the above. As a result, you’re not the only person being affected by your decision to live a more frugal lifestyle. To be effective in your goal of frugality, you need to be able to listen to and understand the goals and behaviors of the other people in your life, too. Consider how effective your frugality would be if you were taking packed lunches to work and avoiding the afternoon coffee run, while your partner was going on shopping sprees during their lunch break. Instead of living a more frugal lifestyle, you’d really be saving on one end and spending on the other.
- Understand the goals and needs of others. While it’s important to explain your desire to live more frugally, it’s also important that you understand the goals and needs of those around you. This way, you can find a way to be more frugal without them having to give up all of the things that are most important to them. You can’t know what those things are unless you listen.
Habit Six: Synergize
Interactions and teamwork are some of the most important ways you can learn new skills and more effective behaviors. Synergizing is the habit of creative cooperation — working as a team to find new solutions to existing problems. Synergy is not something that just happens. It’s a process where you bring all of your personal experience and expertise to the table, enabling more effective results than those you would have been able to achieve individually. The whole is greater than the sum of its parts.
When you have genuine interactions with people, you’re able to gain new insights and see new approaches to your problems — ones you might not have thought of before.
How to synergize for effective frugality:
- Look for new ways. In a society that excels at consumerism, you’ve probably already realized that you need to find new ways of doing just about everything to be frugal. It’s easy to buy your lunch every day, but it’s more frugal to pack it. It’s easy to drive to work, but it’s more frugal to take the train. It’s easy to buy a new cocktail dress, but it’s more frugal to make one.
- Surround yourself with other frugal people. To be successful in your quest for frugality, surround yourself with like-minded people. Find people who are where you want to be by joining online frugal-living forums, striking up a friendship with a fellow coupon-cutter, or starting a sewing club. When you’re around people with the same goals as you, you’ll be able to share ideas and learn from each other.
MoneyNing Tip: Learn to embrace the positive influence of saving money.
Habit Seven: Sharpen the Saw
You’re the greatest asset you have on your journey to achieving the lifestyle you want, so you need to look after yourself physically, emotionally, mentally, and spiritually. Taking the time to renew yourself in these areas of your life will give you strength to maintain the previous six habits, which are essential for your success.
How to frugally renew yourself:
- Physically. By eating better, you’ll feel better. Take it another step further and start your own vegetable patch, which will save you money at the supermarket and be healthier for you. Exercising keeps you fit and healthy, and it doesn’t cost you anything to go for a walk, ride a bike, or skip rope in the backyard. To rest your body, you don’t need to go to a day spa; you can simply relax in the tub at home.
- Emotionally. Interacting socially with others allows you to make meaningful connections, and it makes you feel good. This can be achieved by chatting with the woman at the coffee shop or by calling your mom once a week.
- Mentally. Exercising and expanding your mind through learning, reading, writing, and teaching can be done frugally. Visit your local library, or volunteer at a school or retirement home to teach others a skill you may be taking for granted.
- Spiritually. Spend time close to nature and expand your spiritual self through meditation, music, art, or prayer. Take a quiet moment to center yourself and empty your mind before going to bed. Or, go for a hike and be grateful for the beauty of nature surrounding you.
Frugality doesn’t mean having to give up all the luxuries and things which make you happy. Don’t get burned out by developing habits one through six without taking the time to renew yourself. Frugality is something you want to develop and maintain for the long-term. Follow these seven habits, and you’ll be on your way to becoming a highly frugal person.
Do you consider yourself a highly frugal person? How did you get there?
This post was originally written by Alban, and a parody of the amazing book, 7 Habits of Highly Effective People. He’s a personal finance writer for Finder.com.au.
Editor's Note: Did you know about the service called $5 meal plans? For $5 a month, they send you recipes of delicious, healthy, yet cheap food that costs just $5 a meal.
Several of my friends signed up and they are able to eat at home more because the instructions are easy to follow, making everything convenient. The deal also comes with grocery shopping lists, which saves them so much time. Check it out yourself by clicking here and you too may be able to save more and become healthier at the same time.
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Waffle and twaddle!
To be at the mercy of our grate goverment and police force, It is a sad fact that the govermant needs to relize that there punishments and sentinces in Australia need up dating ,with jal’s filling up with driving and drink driving affenders the govermant is not looking at the real reason behind it!!! Such as people like my self “YES, i once was a fuck up” and had to learn every thing the hard way, but to make money i need a lince to axces my work and to loose it because i missed out on signing for the one point for 12 months because i was working up north for 12 weeks is not on every other company has a call servis or emails you but not the govermant that would involve thinking. So now im on a 2 year suspended sentince with a 2 year loss of licnce , doing my best to keep my head above watter because i can not get out to where all the boilermaking work is and trust me ive tried to many of a time its about time that the govoment pulled there heads out there asses and took a look at what’s going on.
This is a really great article, but please have someone edit before you publish. It’s full of run-ons. Many sentences are so long that they could easily be turned into three sentences.
It was a big shock to me to realize that companies that offer credit cards and department store credit cards, don’t actually care whether it is wise or unwise for you to own their cards…..as long as you make the monthly minimum payment, they will keep upping your credit limit, until you have the potential for thousands upon thousands of mountainous debt riding in your wallet.
Realize that just because a credit card company is operating with “legal”
permission, they are complete scavengers, and would be very happy to take your last penny and then hold you as an indentured slave for the rest of your life.
To all the young people who are being offered credit cards in college or upon graduation, have the wisdom to resist debt and you will be 5 thousand steps ahead of everyone else. Have the wisdom not to date or marry someone who will pressure you into a debt-ridden lifestyle. Make it clear from the start that you don’t believe in debt and are not going to use debt to buy things you can’t afford. Use your smarts to buy from unusual sources where prices are below typical retail and you won’t owe anyone a penny.
Debt free living gives great peaceful night sleep. God bless.
Recycle and pick up crap off the side of the road. Where I live, we are picking straws we saved from our drinks bf (before frugality) set in. One can get money from the cans. I found a diamond encrusted pin that says “trust in me with all thy might and this will serve as a nite lite”. I cashed it in and made big money. With the profit I went and purchased a used treasure finder. I find stuff all the time, and picking up can tabs is a good way to exercise. I will offer more tips soon, but remember if you have water on the knee just buy some pumps at goodwill.
It is not surprising that people struggle with these concepts throughout their whole life and that most of us do not subscribe to them. It’s not because we don’t want to – it is because we are not taught how.
What we are told is to just-do-it countless times but we are not given the fundamental skills. In fact, most are never given any basic instruction on this thing called life let alone taught how to maneuver through it.
Over the past three decades, I have taught myself a process that works brilliantly – I have taught it to many people – clients and others with the same outstanding results. These details are shared in my books – If it’s to be: It’s up to me, Sex in the Boardroom, Back from Hell. My most recent book is called Breathing’s good, which details how I stopped asthma and other related health issues from destroying my life and that of two other generations in my family.
The habits of the highly frugal people? I thought this was about frugal people who have the same habits like… When one offers to buy them a dinner they say, oh, you don’t have to, or you shouldn’t have, or we should go dutch treat. These people will allow themselves to be treated but will never treat no matter how many times they are treated, or they will buy you a coffee, but they would never say, listen, thanks but I will pay my own way – they will always accept.
If they go out with a group for Chinese food, for example, they will not eat for at least a day and then eat everything in sight. If there is a potluck, they will bring a medium bowl of white cooked rice and then ask if there is any of their rice left over for them to take home. I could go on, but you get the idea.
Oh, yes, and the guy that always stops for a designer coffee that he take in hand to a BBQ or party for a grand entrance and drinks and eats everthing in sight and never ever brings any foods or drinks.
What people fail to realise is that the marketers out there are after your dollar to get you to buy things you really don’t need. And because some of the major things include a ‘decent’ house/unit and/or car, we think we need the best/ biggest and often have very little collateral behind us in terms of a deposit and so have to borrow the rest at exorbitant interest rates, ie sell our souls and the rest of it. But if we lowered our sights a bit and said, OK, I can’t afford the $400K house, I’ll get a $200K one, we’d be better off. We all have to live within our means, not be greedy.
After all, our children and grandchildren won’t give a damn if we live in a mansion or a bungalow or drive a clunker or a Mercedes, and if they do, we’ve taught them the wrong values.
I find it so sad that the banks offer great big mortgages to young couples because they see both hubby and wife are working and that their credit
can handle a big fat mortgage. but The bank is not operating with any good will or common courtesy for that couple. If that couple decides to have children and either the wife or hubby stops working to raise the children full time, they may find it more difficult to finance that big fat mortgage and wind up with the sad situation of being forced to downsize or force both parents to work full time and put the kids in a daycare that they really don’t want to go to.
It is unfortunate that banks are looking out for their own bottom line. I suppose it comes with age or maturity to be able to maintain your own bottom line first and not trust others or other institutions with your financial well being.
Avoiding debt and using some of your income for prudent investing as per Derek Foster is an option. People without financial educations can still read and understand
Derek Foster’s books. I recommend them.
His website is stopworking.ca
God Bless.
This is a really good post. Thanks for the good job writer. Hope I can learn from this post and will be a very good frugal person. I like to live with real wealthy life. I think everyone has right to save their own money.
I’ll be frugal with my comment. “We hold these truths to be self-evident”
It’s a useful piece to spread the word, all the same!
“By eating better you will feel better and if you start your own vegetable patch for example you will be able to save at the supermarket and will be eating better at the same time. ”
People who never garden always write junk like this. I routinely spend money on plants, seeds, fertilizer, new soil etc, not to mention water. I spend days tilling, planting, weeding and hauling compost. Then I harvest several dollars worth of carrots and tomatoes. Growing your own food is a full time job. Spend 15 minutes buying vegetables at the supermarket or farmer’s market (veggies are cheap!) and then use the rest of your time to have some fun.
To LIAM: I fully understand why some people may be disillusioned with investments, particularly with rich bankers remaining rich while many investors lost out. But the reality of it all is whether we have a long term view in life, or a short term view. Although my kids are young, I often ask them what they want to be one day. Of course their ideas change a lot, but when they are crying when I say no to buying an unneccesary toy, I remind them they I am saving money so that one day they can become what they are dreaming of. This frugal approach has hit home in the mind of my son, who now comforts himself, commenting that he can live without that aeroplane toy, because he would rather one day learn how to fly them. The same principle can be applied to anything we buy. The challenge is not to give in to a short term temptation to spend, but to be realistic, and to set a motivational goal. For example, I want to retire one day in a house I own. In order to reach that goal, I need to have basic vacations each year, so that I do not burn my savings on a higher life style. However, I will include in my budget a special vacation every 5 years to look forward to. So I think if we build a balance into our financial plans, we can plan for the future without being miserable now, knowing that along the way, we will enjoy a little bit, but when the time comes to stop working, there will be sufficient to sustain my family for another 20 years. PS….concerning brokers making money out of my investments…..I dont have a broker, because I invest directly from my laptop. And you dont have to struggle to find decent companies to invest in. The NYSE caters for companies from all over the world. But the best advice I ever got was that it is not about TIMING, but about TIME IN……cash in your bank account, or money in a fixed deposit really does nothing. Your money should work as hard as you do, and for that there is no better place than the stock market.
And this is why 75% of my retirement money is in stocks, and has been for 7 years. I saw the good years, and now am seeing the down side of the market, but I stayed in and am hoping the market continues to climb. My retirement accounts, by the way, are not money I need to live on. They are what I hope to leave to my children and grandchildren, or maybe help put grandkids through college. I worked beyond 65 yrs old so I could have an adequate retirement income.
The U.S. dollar isn’t worth anything since Richard Nixon took it off the gold standard. Now the Federal Reserve can print money whenever they want or feel fit to help the economy. Its not even a government process! The printing of money raises inflation, raises our taxes and makes our lives so enjoyable.
Let me ask all of you this. Whats going to happen with everything you save in a 401K or other investments when the rest of the world won’t except the U.S. dollar. Just some food for thought.
I wholeheartedly agree with you Jamie. Investing is really useless. You never win and your investment broker wins e.g. if the stock goes down, he still gets his commission and when does the stock ever go up???? At the same time, I just can’t get used to being in debt. I just don’t know.
I am really surprised to read that being frugal is of any interest in the US. Are you not the country with one of the highest national debts and the highest private household debts in the world? And exactly this is called “american way of life” ……
Anyway: A lot of good comments in this discussion, but I missed one especially. Look at yourself, observe yourself, try to find out what really makes you happy. Many of you will recognize that it is not consumption that makes you happy for a longer period. That`s it !
If you think some words sound strange in this comment please excuse me. I am german ! 😉
As an avid reader of self-help literature such as this, i have come to realize that most of this stuff is pie-in-the-sky blather that doesnt apply whatsoever to our daily lives. I am 42 years old and never purchased a stereo, a tv, or a car less than 15 years old. I have worked fairly dilligently and have never taken a day off work without a good reason. Saving is a joke and investing appears to swallow your money along with your hopes. I’ve come to the rather bleak conclusion that if a person doesnt do what they want for themselves- i.e. get a flashy car and an expensive lifestyle, fueled by completely unaffordable debt, that you will have foolishly missed out on that fun, and for what?…..nobody else forces themselves to be ‘frugal’….why should I?….personally ive had it with just surviving. Finding happiness based on the fact that ive managed to work hard and be only somewhat in debt is getting old….screw it….bring out the credit card and bring on the glitz!
One thing I think that is keeping people from saving money in the one place they could probably save the most is eating/cooking at home. I wonder if a lot of people eat out because they don’t really know much about cooking. Those of us of a certain age have been cooking since we were young, but I’m afraid the younger generations never really took much interest in cooking, and so feel that is not an option for them. I know even some of my peers (and I’m well into my senior years) never really learned to cook. It’s not as difficult as some people think. I would like to see more cooking classes for beginning cooks. I wonder how many people reading this feel like they wouldn’t know how to make a home-cooked meal. Anyone?
I learned to cook at age 9 through a 4-H program and my mother’s guiding hands. Cooking classes can be expensive. I have found MANY videos on You Tube and on recipe sites that even explain the difference between “mixing” and “folding” ingredients. A simple “how do I …” in the search bar will get you the answer. I have found chart of equivalencies and substitutions. I’m not familiar with many types of cheese but have found the definitions and pictures of them. I’ve even found instructions on making a few. I’ve researched freezing foods and ingredients.
The cooking classes you refer to are on the Net for free. I’m afraid some people use the excuse that they never learned to cook to simply run through the drive-thru. My DDIL couldn’t boil water when she and my son got together. But now she cooks up a storm, having learned from my son, her friends, and researching on the Net. In fact, she made the most scrumptous pumpkin roll I’d ever eaten. (I just texted her for the recipe!) She even has Christmas cookie baking marathons at her house. So if they want to eat healthy and economically, they all know how to use the Net and can learn through all the free information.
I’m a senior, too, but can gladly report that I don’t know of anyone my age who doesn’t know how to cook — and bake. Maybe it’s a Midwestern — farm — type of thing. My main problem was learning NOT to cook for 4 teenage boys and my husband and I when I became a family of one! lol
So many words, so little content.
To the Author of this article,
This could be a good article if it were more accurate, at least on one point. You claim “it’s more frugal to make a cocktail dress than to buy one.” That is factually incorrect: the cost of the materials for making clothing by hand has become astronomical. It would cost me at least $100.00 to turn out a middle-end version of a cocktail dress. However, I’ve purchased lovely cocktail dresses from quality consignment stores for $20.00. Heck, even Ross & TJ Maxx sells some for less than $40.00. Please keep your comments realistic. It stopped being less expensive to make ones own clothing by hand many, many years ago. This was already true 31 years ago when I sewed my own prom dress because I didn’t care for the selections offered in stores at the time. It took dozens of hours and the materials were nearly $100.00 back then. Have you seen how much a metal button costs now? It’s up to $25 for a good quality one. It’s far more economical to buy a shirt with good quality buttons on it from Goodwill, remove the buttons and toss the shirt, than it is to buy new buttons from a fabric store.
Signed,
Former Dress Maker
I agree! This article is not well researched in regard to making clothing. Sewing and making clothing is very expensive. My very multi-talented mother used to sew, but discovered how much less expensive it was to buy good quality clothing from secondhand stores, and more importantly, as she has to work full time, how much time this saved. For the many mothers who must work full-time, buying from used clothing stores is the most economical way to buy clothes for a family, and to possibly save a little money for groceries.
Well to be honest, I disagree; Time has no value to those with lots of it; at a time when I did not have a job, I found I could make my own clothing (forty years ago) much cheaper than buying things. It did not matter if a dress took 12 hours to make: but to find $80 for a dress – there is disaster, and – it never could be done. Throughout my children’s childhoods I both made their clothing AND bought from charity shops. I made 6 pairs of shorts for my 2 year old. They were good fabric and very well made; I passed them on to friends, and for many many years after I was overjoyed to see these shorts on other babies I had never met! Believe me, those K-mart clothing never lasted through baby No. 1 – but my clothing was around for ten years or more. Now that’s frugal and was utterly rewarding.
I thought the same thing, Loki.
Frugal people are a pain in the backside.
Why anyone would want to glorify them in this way is beyond me.
In a world without money they would be simply regarded as autistic.
Soulless devoid of redeeming character traits and guaranteed to make the world a less enjoyable place these zombies should stop wasting Prana and move on.
Ok heres my top 5 tips on how I save cash.
1. To instantly warm up your hands I find farting on them is great.
2. If your obese try standing outside your local mcdonalds and refuse to leave until they give you a free big mac.
3. To save money on water bills , offer to look after your neighbours home when he/she goes on vacation and have several baths whilst he/she are away.
4. To save buying toilet roll ask the Jehovah’s witnesses for more of their free magazines…they will only be happy to oblige.
5. In order to get free shoes visit the local mosque (if there aint one near you there soon will be) and choose from the vast amount they have on display.
ok kids there you have it….every little bit helps..
Hugh
This made me laugh. Always good to have a chuckle. You are so bright though, I bet you know of ways to REALLY save money. To each his own I guess. Funny anyway.
Nice rip off of Steven Covey. Thief!
This article is a bad attempt to turn the topic of frugality into a mental exercise using a few positive thinking principles. Look here Alban, you are the blind leading the blind!! I hope you didn’t get paid for writing that!
Now, folks — Let’s have seven _real_ habits of authentic frugal people, such as:
1. Use things over
2. Multiple uses for the same thing
3. New uses for something that save somewhere else (garbage bags, grocery bags)
4. Live in moderation
5. Live simply without complications
6. Save more than you make
7. Don’t carry debt
Beautifully condensed! Well-said.
How does one save more than you make?
Spend less than you make! Figure it out, Einstein!!!
Einstein?………You can’t save what you don’t have, which would be more than you make. You can save what you make……not more.
I wish to add some specifics to your good sugggestions because I agree the article is not concrete. My suggestions do require you to keep careful track, however, because unfortunately it’s a MUST nowadays.
Here’s some things I do:
8. Each time you use your debit card, tuck the receipt in the check register, & when you get a minute, enter the amount and deduct from the balance so there are no surprise NSF charges.
9. DO go to the bank and sign the “opt-out” form so that your debit card won’t be OK’d if not enough funds and then they charge you.
10. Keep a ledger and write down each time you use your charge card so you are not surprised when you get the bill and can plan to pay it off, or at least make a real payment much beyond the minimum due.
11. Cook at home!
12. Do not store too much food. Shop daily or every other day for just what you need. Fresh fruits & vegetables are cheap compared to restaurant food.
13. Check bank balance every single day on-line.
14. Don’t let these big companies rip you off for late fees. If you are charged a late charge or inadvertently receive an NSF charge, go in and speak for yourself, explain, and request it be excused. For example, Chase allows for one late payment (under 30 days, that is) without a charge.
15. If you enjoy wine, as I do, there are wonderful deals. I found some great Chardonnay at Kroger’s for $2.99 a bottle. It’s called Bay Bridge. They also have it in a Cabernet Sauvignon.
16. No impulse buying when shopping at department stores. If you think you MUSt have it, walk out and think about it, romance the item, and then figure out how to pay for it. Chances are you will not go back for it!
If I think of anything else, I’ll let you know.
Thanks for this post. All good ideas, most of which I do, but not all.
Whoa! I thought this was on how to save money. I’ve picked up two side jobs and realized I can do without the following: Cable TV ($60 x 12 months = $720); Gym membership ($59.99 x 12 months = $719.88); Trading Smartphone in for regular cell (no data plan) $29.99 x 12 months = $359.88). Right there, I’ve saved $1799.76 withouth even trying. If you say you don’t have money, look at what you’re paying for. There are things you can live without in order to save, and/or pay off debt.
Great article of course and it resonates because common sense like this just ain’t so common anymore, is it. And how did that happen?? And Alli, agree wholeheartedly with your comments. The problem with the world today is the intolerable condition of man. We suffer at our own hand then blame the world. As the saying goes, things are destined to repeat themselves if we fail to learn from our mistakes.
I agree with David that the writer of this article is verbose and uses lots of unnecessary words.
To Corrine,I believe Blake Baird is right by asking you about work?
Malaysia is much like California. The government keeps giving and giving and simply taking care of every aspect of life of the majority race so why should they learn to be frugal? Most of them have financial problems because most of them take loans for everything,even when buying household items like the tv,furniture or fridge. Even though they have the best,eat well,drive big cars and own homes despite doing very little work,they still face financial problems at the end of each month. They have a tendency to drive bigger cars than they can afford and to spend beyond their means. They don’ need to save because the government takes care of their children’s education from nursery to post-graduate levels. Most of them are in government service and many are corrupted to the hilt!
This was a very enlightening read for me. It showed me
1) that the US Constitution is not just about the physical order (Spinoza) but also the spiritual aspirations of a people.
2) that the frugal people who succeeded, willed it so, planned it so, being physically very orderly, “I saved $5.00 a month”.
This suggests philosophically that the road to spiritual aspirations attainment is paved with physically getting your life in order. All this stuff about helping people is in the spiritual aspiration world (liberals maybe?). All this stuff about living frugally is the physically ordered world (conservatives/Republicans maybe?) and the differences is not the road (Constitution) but which end to start.
Government responsibility?? We the PEOPLE,(as in government for the people) in order to FORM A MORE PERFECT UNION we will establish JUSTICE, we will insure DOMESTIC TRANQUILITY, we will provide for the COMMEN DEFENSE, we will PROMOTE the GENERAL WELFARE we will SECURE the BLESSINGS of LIBERTY for ourselves AND OUR POSTERITY do ordain to establish THIS CONSTITUTION for THE UNITED STATES OF AMERICA. Does any of this sound familiar??
I just bought a Tommy Hilfiger suit in Marshalls for $80(Tag price $350) I only had to spend $16 to have the hem of the pants taken up, a shirt and tie for $15. Presto! I look like a well dressed dude for $111. I already had a couple of good shoes.
For those of you who want specific suggestions on being frugal, I find Clark Howard very informational.
I love watching him. He gives very good advice. I read this article because I need to become more frugal, spendthrifty and just plain more responsible. I am a disabled mother of 2 daughters living on a fixed income and I receive $52 in foodstamps a month. I was getting $180 for the 3 of us but because My Daughter is a fulltime student away at college, they cut us down to $52 and they cut her off of Tenncare when she turned 19 this year, which I have never heard of that before. I tried to explain that she still comes home every other weekend and that I still have to take care of her even though she is not technically living with me. You hear all the time that 21 is the cut off age if you are a full time student. Well the government is making it very hard on families that try to better themselves. Its like they do not want you to get off of govenrment assistance. Now if she gets pregnant she can get on welfare and foodstamps then the government will make sure shes taken care of. She cant get help because she doesnt live with me for 9 months out of the year but they are not allowing her to get help on her own for those 9 months shes out of my home. She plays sports for the college and her work study goes to her tuition. Oh they will put her back on Insurance if she accumalates medical bills. How crazy is that. We tell are kids to go to school, get an education, and get a good job. Not to get pregnant and have a kid so the government will send you to school for free, give you foodstamps, wic, welfare, housing, oh and the insurance you need for you and your baby not to mention the money they spent for you to have the kid! Sorry I got off track. Anyways, I love to watch him but I am afraid that I am one of those parents that feels like their kids should have things like the shiny new cell phones. I want sooo badly to be able to be frugal and responsible thats why I read this article, which did not help me at all. But I live month to month and im broke and in the Negative at the beginning of every month. And it is my own fault! I have to take the blame for it. I have kept my daughters into sports since they were 4 years old and let me tell you, It is very expensive to do this. You have tournaments on weekends, away trips, equipment and fees, etc… But this is the one thing that I will not give up!!!!! This has kept my girls out of trouble and in school with very good grades. I have wonderful girls and they have wonderful friends and teammates and I say that keeping them occupied with sports has been the reason I have such good girls. I have a couple of years left with my youngest daughter in school and the sports but I need to be prepared for when she goes off to college. Not like I was for the first one.
PS. I said I am to Blame so I dont need any smart comments about what or how I am irresposible but I do welcome some suggestions on how I can get out of this slump and become more frugal with what I have. but with them cutting me down on my foodstamps brings me even more into the negative because now I have to spend the $130 in cash for what they took away in my foodstamps. Any suggestions
sorry that didnt look that long when I was typing it. lol
I was just venting for the most part. I am fine with them cutting me off of the foodstamps, I would love to get away from the government assistance anyways
You have taken responsibility sounds to me like your on your way
Edit! Edit! Edit! C’mon, you who repeatedly fail to edit your widely-read copy–EDIT all those words, for the love of God.
I’m lost… How is this article a parody?!
It’s not. It’s just an overly-wordy, under-practical hodgepodge of ideas under the unoriginal framework of Covey’s habits. (and #5 is incorrect.)
If people are looking for more concrete tips on getting out of debt or living more frugally–try FlyLady’s The GOOD Book.
Another good book is Financial Makeover by Dave Ramsey
I don’t disagree!
I was fortunate to be able to put my 3 children through private (nondenominational) primary; secondary, and undergraduate education. 2 of the 3 went on to get MA’s at UT/Austin, and I was still able to retire at age 58.
I paid off my last mortgage (in Dallas) in 1991. A mortgage was the only debt I ever had. Sold that house of nearly 25 years in 2004; paid cash for my next two; one I still own and have no plans to sell nor leave.
I used to use coupons in the US and would carefully scrutinize the (mostly grocery) ads for bargains.
My one car was purchased new in June 2001.
That said: I travel internationally 3 or 4 months a year – if I told you where in 2011, you might think I was a personal friend of Insane Hussein, but I do house swaps and use http://www.luxurylink.com – next trip is to Italia for 2 + weeks – Ravello; Venice, and Tuscany next week. 3 luxurylink properties there. Often 50% package discounts.
Buen viaje!
Ciao
La dulce vita my friend! You earned it. Financial peace of mind if priceless. Enjoy your travels.
Very well said, I might add get into a coupon forum and learn from others the art of couponing and refunding. refundsweepers.com or even refundcentscom are good places to learn frugalness from others and get coupons and refunds.
This new economy has us all trying harder to make our dollar stretch!
Notice that this article is about habits and behavior ie. who we are vs. what to do
People who are frugal think differently because they are different. You’ve heard of the Depression-era generation and their attitudes towards money. Compare that with Americans of today where after experiencing several decades of a booming economy, low interest rates, and rising stock and housing values, we just cannot imagine what it’s like to do without.
We think hardship is when you don’t have an i-Phone, not eating out, or heaven forbid… public transportation!
Everyone complains how bad the economy is but when you go to any popular restaurant or the mall, it’s packed. We are bombarded by the media’s free promotion of Vera Wang worn by some celebrity or $200 Nike’s from a multi-million dollar ballplayer. And we wonder why the federal government is technically bankrupt.
Amen Jeff…..We need to change our way of thinking. Stop being afraid of change. Stop being afraid of what people might think.
It is amazing how in this economy you can look at most sports venues and they’re sold out.
“Regardless of how you were raised or how you were treated at school you are able to choose your behavior now.”
DING DING DING we have a winner!
Goes for school life, home life, wherever. Also applies to living within your means (or not).
I was unemployed from 2008 until 2011. 3 years. When I lost my job I was completely debt free. With my savings I paid my mortgage and all my bills every month during that time. I am debt free again today. Why? Because I never lived within my means. I lived below my means. That said, I always saved 25%-30% of my paycheck every month. I bought a small house, even though I was qualified for one three times the size. I even drive a German car, but pre-owned. I do love good food, I travel a lot and I like expensive quality clothes. It is possible to have this life style, as long as you always pay your bills off every month and put the rest in savings, Roth IRA, etc.
I sleep well every night. If you have debt, it is your own doing. Period. Everyone can be debt free. Everyone. Adjust your life style and you can make it.
Well said, good for you. If everyone looked out for their best interests instead of trying to be like someone else, there’d be financial crisis.
People don’t realize that money is a form of energy. Your attitude towards money largely determines whether you have it or not. It is important to let it flow – both in and out and that means generosity towards others. Also it is important to treat money and yourself with respect. This means complete honesty in all financial dealings. Never try to take financial advantage of someone else (or the government), steal, or cheat on your taxes. Live within your means – don’t try to be phony. Who cares if you drive an old car? Honestly – people really don’t care. It’s better to just be who you are. Always pay yourself first, at least 10% of your gross earnings, before any of your other bills. Be generous to others, but not to a fault. It is generally true that as you sow, you shall reap. You will find that if you have been generous in the past you will find an unexpected source of financial resource flowing to you in a moment of need. If you treat money as something that is severely lacking and hard to come by, you will find that it is exactly that. If you *know* you will have it when you need it, you *will* have it when you need it. Wealthy people for the most part are not afraid to take risks with money – and are not afraid that it will not flow back to them. Even Donald Trump was technically bankrupt not so long ago. But that didn’t stop him from earning it all back. This attitude about money has helped me. I started on my own in the world with no money in the bank and some student loan debt to boot. Most of my adult life my husband and I have lived on one income (to raise children) and/or at least one of us was unemployed for periods of time. However, after 21 years we now have a net worth of over $1mm and our house is nearly paid off. Prudent financial planning, generosity, lack of interest in flashy material things, and respect for money does pay off – I can personally vouch for this.
I have found many frugal folks to be cheap and shelfish and do little sharing.
Usually the last to pay their share of a bill!
I watch what things cost and willing to help others but with friends I am alwys willing to pay my share or pick up the bill.
But screw me once and I am finished with them when it comes to cash!
The key to getting out of debt is focus, focus, focus! I am STAYING out of debt by having taken a 2nd job that pays off my portion of my daughter’s student loan each year. Yes, it makes for LONG days, but there is a definite goal in mind and will end in a reasonable time, 2 1/2 more years. Also working as much as I do I do not have time to spend money. I know several other parents who are taking this same route to get their kids through school. I also volunteer at a local theater venue and at our Civic Center and get to watch the shows for free after ushering or greeting, so I do not feel deprived of culture or community contact.
Loan Arranger – You have described what is great about America. Shame there aren’t more folks with your character and drive. Reward is not a Mercedes but the joy of making life better for future generations. My mom did the same coming from the depression and dustbowl and I tried to take her lead with my 2 sons. I didn’t have to start as far down the road as you but close and I love the struggle and the results.
Corinne: I apologize for speaking down to you in my last reply about your need for MONEY. Please have the person who had to write your comment read this to you.
Gosh, I do think this is the most polite comments section I have ever seen! 🙂
This is a free country and we are free to be as smart, fit, educated as we want or not. The problem with social programs is that the more freebies one gets, the harder it is to want to move away from them. In California, the welfare department has a staff of thousands and they even advertise how one can apply for food stamps. If you pay people to stay home and have more kids, what’s the incentive to get a job?
Food stamps is not enough to feed me, I’m starving, and I have no kids. In California most people have tons of money to buy whatever food they wish and go to restaurants. I need MONEY, in addition to food stamps, HELP!! Being poor really really sucks. I need teeth to eat, I need lots of money for a huge debt that the unjust court slapped on me and will put on even more, HELP!!!
Geez, Corinne, I can understand you need money, since that is all you mention. No where did you mention WORK. Try it. I leads to money. Another solution is for you to move to California. Of course, if things are so great in California everyone would move there now, Corinne, wouldn’t they?
Teach our children that having “things” are not important. It’s actually rather special not to. We may not think our own values are making an impact but I keep trying. “Things ” don’t make anyone happy. Being a sole parent, I taught my children the most important lesson without knowing it. I simply had no money for extras, no credit cards, an old car, which often let us down. I worked school hours so I was there for collection. Sometimes we had to walk home as I had used the petrol budget for that week. They were so excited about walking home – it made their day. In Kindy they used to wave and tell people in the street that they were walking home. I never had tantrums in the supermarket. If my son was playing with a ball or picked up a toy, my daughter to say to him. Do you really need that and he would say no! and put it back. They worked part-time jobs through school. Saved some, spent some, even taught their friends to safe and not waste their money if they wanted to see something of the world and have choices. I don’t think I could have done this had my circumstances been different. We all want our children to have what they need – as young children they worked out for themselves the difference between need and want. They are now hard working students. Living life to the full – they travel and still save! They are the most generous when it comes to birthdays and christmas. There is a lot to be said by saying NO to our children, the rest they work out for themselves. I have no doubt they will always be able to take care of themselves, be kind and have a lovely life. e
I too was a single parent from the time my children were small (3, including one with serious physical and mental challenges). We could barely afford food. I always used to think to myself that I had given my children something no amount of money could buy – first-hand knowledge of what it was like to be really poor. By the time my son had finished all his therapies, I went back to work, after 5 years not working and living on welfare. We scrimped and scraped by and somehow managed. I preached good grades and college to them from the time they were small.
They both graduated national honor society, and both went on to college. They both studied business/IT, worked one and sometimes 2 jobs, and got some scholarship help. They both took out student loans to get through. I made sure they understood that by no means were these “gifts”. These loans were to be paid back as soon as they graduated, and that they could not expect to have much for the first 3 years after they graduated, as they would be paying off their student loans. They paid their loans off – on time.
They graduated and got very good jobs. Today they both have beautiful homes and excellent incomes. I don’t think either has forgotten where they came from, or what we went through.
Sorry by not been agread with you Miss Ellie ,We all want our children to have what they need, but we do not provide so they can learn the means between want and need ;as a child i miss all things other kids have as my parents allways frugal and i never got a bike despite on my childhood was no internet and all toys a litle fela can have this days ,so yn order to be kind and have a lovely life i say a child showld have any toy he wants when he will gow up wil be his turn to buy his son toys for a happy childhood(soory for my poor english)
The greatest gift you can give your children is the gift of knowledge. Especially the knowledge of finances. Giving them the toys they want isn’t going to teach them anything for the future. But give them the knowledge of financial discipline and they have that for life. It’s kind of like the saying…….Give a man a fish, he eats for a day. Teach a man to fish, he eats for life.
First – frugal depends on where you are in life – financially, socially and geographically. Each of us has his own situation and what may be frugal to me may be profligate to another and cheap to a third person. The big city professional’s idea of frugality is going to differ substantially from my midwestern small town idea and that is going to differ from a farm family’s idea and the retiree living only on social security is going to have a different set of values altogether. Wolfie offers a glimpse of the big city professional who finds the idea of giving up social parties and gardening to be cheap and incredulous, while I find the idea of grocery store veggies bland and have never enjoyed socializing much at dinner parties or soirees. She isn’t wrong, I’m not wrong – we are each right in our own world – each of us has a definition of frugal written in light of our own circumstances. In light of that step-by-step directions for frugality would be an exercise in futility – what would apply to me would seem nonsensical to her, or cheap, and would perhaps appear too “spendy” to someone on a tighter budget. It is the general principles of frugality that remain true, whatever your economic or social plane: 1. do not waste 2. investigate before you invest or spend 3. get the best quality you can afford that will do what you require at the best price you can find 4. only buy what you truly have to have not what you want to have 5. time can be as valuable as money – this depends on your situation – professionals especially – so be sure you are including the cost of your time when you figure an item’s cost (or what it may save you)If you have more time than money just reverse the process – can you save money by spending your time? 6. Are you being frugal or are you being cheap? Cheap is mooching off friends instead of paying your fair share, cheap is buying junk instead of quality, cheap is skipping a niece’s birthday party so you can avoid buying a present. Frugal is nothing more than being smart with your money and not wasting a dime when you can avoid it and always seeking the most value for your expenditures whether you are making 12,000 a year or 250,000 a year. Cheap is just being mean and stingy, with yourself and others. Cheap and greedy and two sides of the same rotten coin.
By the way – leave the politics out will you? I know rich liberals and dirt poor conservatives and vice versa – frugality has nothing to do with it. Politics and frugality – well there is nothing to talk about there because they are never found in the same sentence together whether you are democrat or republican.
Chuck your absolutely right.
Politics shouldn’t be a part of this. If we all became frugal and self dependent, and learned the power of compounding we could spark the economy on our own.
To everyone,
Stop listening to what the politicians are going to do for you and go out and make it happen for yourself.
I was 38 years old, disabled, and found myself single with an annual income of $7200. I had never handled the finances and had to learn fast. Most important, I learned to pay myself first. I put $5.00 in an envelope each month. That was savings. It was vital that I got into the habit of saving money, even if I had very little. It was discipline. I didn’t have a tv. I got a library card and discovered a whole world in books. I had no credit cards (I had never established credit in my name) so I only bought what I could pay for. I found that second hand was not always junk. I was partial to Ralph Lauren clothes and Jones NY. I bought them at the Salvation Army (yes they are there, in new condition, but you have to really look). I dressed very well for almost nothing. I bought a new Ralph Lauren suit for twelve dollars. I never buy things just because they are popular. If I don’t LOVE it, I don’t buy it. I don’t buy anything to impress other people. Nobody’s opinion is more important to me than mine. Fast forward 20 years. The house I bought is now paid off. I paid cash for my new Prius. I have substantial money in the bank. I’ve been to Europe and Asia. I have no debt. I don’t spend money on nonsense. I prioritize spending based on what is good for me, not what other people may think. I can now afford to shop at the Mall. I don’t. I still go to the Salvation Army and have added Goodwill to my shopping sites. This is doable. Don’t discuss it with other people. They’ll tell you it’s impossible. It’s not.
Great advice Fancy.
The whole discussing it with other people is true. There is so much negativeness out there and it drags you down so easily. We need to surround ourselves with positiveness. With that good things happen.
Never buy or do something out of desire – buy or so something out necessity. Your will have a more productive and happy life.
Good info, thank you!
Read “The Antichrist” by Nietzsche, all you conservatives will find he said it all for you over a hundred years ago.
Rule #1: Don’t shop at an Apple store.
Rule #2: Don’t use your budget to justify spending on stuff you don’t need. “I have a couple dollars left in the budget this month, therefore I can buy this worthless piece of crap!”
Rule #3: Assuming you have no other debt, pay off your mortgage ASAP. When I did this 15 years ago, suddenly I had $600 more (or whatever it was) of disposable income every month. (Most of which I saved.)
Pay cash for everything you can. Shop, leave store, return later to buy the item. Keep a stash to blow, waste, squander to reward thrift.
Remember: your labor is your life, and frugal living lets you live some of it as you wish.
Blake Baird.
I say we save but not at the expense of depriving ourselves of things we may need. We never know when we will be called to our permanent home in the skies. I say save and enjoy yourselves at the same time. We never know when our maker will call us home.
Still looking for that day, but am here to help people also before I do.
The best way to save is not to spend – fold it and double it, then put it back into your pocket. Keeping a note of daily expenditure is something I used to do when I first had a mortgage aged 20. It was a bore, but necessary. I lived on meatloaf then.
Libraries, home-made sandwiches and pop for picnics, visiting friends and taking home grown vegetables/jams/pickles/cider is always nice.
I go to Charity shops in posh areas where people throw out perfectly good things – An Aquascutum mac for £30 which would be £350 in store. The fact is I like to give, but I have very little, so I adopt frugality in order to be able to give.
My car is 11 years old and I love it – it sparkles and only now and then lets me down – I’m recycling it so I keep a cycle in the boot.
I dog walk for a neighbour who lets me use her wireless internet. I swap clothes with friends who are about the same shape as me. We use vouchers and 2 for 1 meal tickets from Groupon. Life is for living and not for worrying – if you are really worried about debt, seek professional advice fromm Citizens Advice. I’ve known two people who committed suicide because they were at their wits end over debt. The World has enough for all of us – and I think its a pity we all dont share more. There are brownfield sites that would make great veggie patches if only the council would allow it. I would like to see the councils planting fruit trees in parks so people could help themselves to apples and plums as they walked; the blossoms would enliven any spring day. Its a beautiful world and we need to remember we are only here for a short while. Try turning off the computer and going outside for a bicycle ride!
That is a nice idea Lozza but you would have people picking all the fruit for free and then setting up a fruit stand on the other side of town, charging people for the fruit they picked for free. Some people ruin it for everyone. I could understand if they Had to do this to survive but I would be willing to bet that the owner of the fruit stand already has a nice hefty bank account. i used to work for a company that made products like SunIn, BullFrog sun screen, Mudd face mask, Garlique, and many more things. They would allow the workers to take home the products that were Not upto par, for what ever cosmetic reason. That all stopped because you had people setting up at Flea Markets selling these very same items at just a small discounted price. So the company now actually pours the liquid items out and destroys the others. Everyonce in a while they will have a day that they will allow the people to take home a couple of items from the defected area. Do you know how Expensive BullFrog sun screen is? I hate that they ruined it for us
At the house I lived in, we had an elderly couple who had chickens, we used to give them our vegie scraps and in return they gave us their eggs and did a spot of house- and dog-watching. Now that’s neighbourly.
I think the author should have taken his own advice. Instead of being frugal with his words, he is profligate, general and boring. I’ve never seen so many words used to convey so little information. Seven habits of highly frugal people could have been a meaningful checklist of how to avoid wasting money when money is tight; instead, it’s a great demonstration of how to go into verbal debt very quickly.
‘verbal debt’, don’t you mean ‘verbal diarrhoea’?
I LOVE THIS! I do these things all the time, and now I’m starting to see the long term benefits. I’m going on Holiday for a Month, and will not fall behind on a single bill.
I don’t understand many of the negative comments about this article. The article is simply advice for those who have no clue about why they never seem to have no disposable month after month.
This article is nothing but a bunch of generalities; nothing specific has been said to give someone a real nail to hang his/her hat on. Why not say, “Check the prices at two or more grocery stores; some of them are much more economical for the same product.” Or, “Dress up that old suit with some new accessories, like a scarf or an eye catching blouse.” Or, turn off the lights when you leave a roomk for more than a few minutes.” These are real, easily doable ideas that will give the would be saver something concrete to comsider. Get off the high hat platitudes!
Louigi, I totally agree.
For the first half of my life, I was too insecure to display frugality and made many unwise decisions. Then I realized that the people I respected most…my parents and a favorite Aunt and Uncle were gracious, but up-front frugal. Despite “we can’t afford that”, it did not diminish their lives, nor the love and respect that they received from me (and others). So I started thinking, first “what would they do?” and it worked.
I’ll pass along one of their favorite sayings:
“Use it up,
Wear it out,
Make it do,
or do without.
YOU FORGOT HABIT #1: TIPPING A SHITTY 12% AT RESTAURANTS.
Especially if the service is likewise, eg me paying the equivalent of $A27 in Montreal in 2005 for two burger-sized containers of salad. Crap service, too.
I learned the value of a dollar, at the age of 10. I learned that to help others and myself, I have to be able to communicate with individuals. I am elated that I’m pass the point of worrying what others have to say about who I help and when I choose to do so.
I can be more frugal, in my OWN way, since it doesn’t cost others anything and it doesn’t cause me to be disrespectful OR inconsiderate towards others.
Hospitality is inviting friends/family over and not expecting them to cover the bill. I pay very CLOSE attention to my surroundings (people), to see if they are there because they care OR because they’re there to see what they can get. If I learn that it’s the latter they seek, then I kindly remove myself from that setting and never return.
GRACE is sufficient for me. For once I comprehended what it means, ALL of my worries were over.
THANK YOU JESUS!
There are some good points here but, I think the best message is to respect money, I buy the best quality of items either new or used, but I look after them so they either can last forever or a very long time, this way I don’t waste money, too many people have no respect for possessions only what they paid for them because they never relise the hard work that went into getting them in the first place, I do not buy Birthday Gifts or X-Mas presents for anyone and do not receive any either that way we don’t end up with something we don’t need.
So in that respect I am happy, but I still have the best things I ever wanted.
Love your ideas but I’m concerned about copyright usage. I don’t see you give any credit to the author Dr. Stephen R. Covey.
Here is and old Yankee adage ” Buy it new, wear it out, fix it up, throw it out”. This may or may not apply here completely, Will Rogers once said “The quickest way to double your money is to fold it and put it back in your pocket”.
Isn’t that “Use it up, wear it out, make it do or do without?”
Very good ideas….however, these ideas are not original from the author. Almost word for word these were copied from Steven Covey’s book titled something like, Seven Habits of Highly Successful People.
Why would anyone need a book to teach them to live a happy life with money? Everything I’ve read should have been taught to you by your parents. This is all common sense people. Wow!
I definitely could have used a good book when I was young. I would have saved more than I did when I was young. I actually saved a bit to purchase a home. Not all parents are investment savy. Thank goodness for the books which I discovered later in life and then with the advent of the internet my knowledge increased.
Kathy it is true that these things should have been taught to us by our parents. Truth be told not everybody has parents that were fiscally responsible. If we didn’t have books to read, to learn from those that have lived it, we would be in a very sad state. If we don’t strive to change these habits, our society is in big trouble.
Just remember life is about continuous learning. We should always work to make ourselves better people.
LIsten we should have been taught by our parents, but it doesn’t mean we listened. So a book is great way to augment what we “should have” learned
I am glad that everything Kathy knows she learned before Kindergarten
My parents sold me when i was a baby and my adoptive parents kept me for a slave. Wadda ya do in a case like this? I learned to work four part time jobs. One is in the food business so I don’t have to purchase any meals except on the weekends, then I date to get free food. Another job takes care of insurance. Another one is a swap for housing. And last one is for pin money. My only regret is that I will never be able to own a pet.
Check out the cost of owning a pet for a year. There was an MSNBC article on that topic just last week. I don’t remember the figures but I know it was more than I can afford to spend on an animal. I think of an animal as an expense somwhat like that of a child — constant feeding, grooming, and medical needs, not to mention the medical emergency. No, thank you very much. IMHO, if someone has a pet and complains they can’t make ends meet, I can’t feel any sympathy. They have no right to own an animal if they can’t afford to care for it. Oh, I can just hear the animal lovers coming at me now! I love animals. I just don’t want to live with any, and can’t afford to do so, any way.
Wolfy Mozart… Veggies from the market taste the same as from the garden? You have obviously never tasted anything from your own (or anyone else’s) garden. There is absolutely no comparison, and you can keep the pesticieds, thank you!
If you’re struggling to live on the interest from CD’s, and you want something safe, try looking at Charitable Gift Annuities, which you can get from some nonprofit organizations. If there’s a community foundation in your county, they can probably do it. You make a donation (even of real estate but continue living in your house), get a tax deduction, and you get income until you die. You can even do it with a spouse so they still get the money if you die first. They pay a higher interest rate than CD’s and the amount is fixed, so it doesn’t go down even if the market does. They work for some people, they might work for you. Here’s a good explanation about it: http://en.wikipedia.org/wiki/Charitable_Gift_Annuity.
After you make out your shopping list, make your first stop at a Dollar store. Some things won’t be acceptable to you, but you will be surprised how many pretty good food and cleaning items compare well to what the big chain supermarkets carry. Check things out. Greeting cards, wrapping paper, paper products compare well if you aren’t terribly picky.
I shopped at a Dollar Store yesterday, specifically for spices and herbs. They are only a $ as compared to $3 – $6 at the grocery store. I found their paper products to be as fine in quality as a department store. They also had “activity books” for children — again, only $1 — which meant my $ for my grandson and granddaughter’s gifts had more buying power. Heck, for the price of one I can afford to mail one to them now and then and still spend less than I would at Tar*** or Wal****.
I needed shaker containers to hold the spice mixes I’ll be making. Buying a pair of glass salt and peppers shakers brought the price down to 50 cents per new shaker. I couldn’t find them cheaper on line! I was one happy camper leaving that store!
Living frugally is something pluggers do. We struggle to conserve, reuse, and make the best of our resources while businesses and government try to come up with new schemes to dip deeper into our pockets. In order to win this battle, one must be self confident enough to do without status symbols and designer labels, able to entertain oneself simply, and be very resistant to advertising. Also, one must love the game of finding the best deal. I also think that we all spend too much money on things that have short “shelf” lives, things that end up in some landfill instead of being treasured, cared for, and passed on to our kids. We all need to curb our impulsive buying habits.
Linda: You think like I do. Never thought about the short shelf life aspect, but it’s a good one.
Since when is bringing your lunch to work or school, frugal? Fruit i.e. bananas, Oranges, Apples are very inexpensive and very good for you, a bottle of water might cost you 15 cents. In a machine it might be $1.50. Being frugal is only common sense, a small coffee and a doughnut may cost you $2.15. Just compare what you get in the Supermarket for the same price. It is not rocket science or brain surgery. People in the USA just don’t get it. They are spoiled and they pay the price.
Liam, you are exactly right.
I have found that what is wrong today is people are in too much of a hurry. Instead of packing a lunch they stop at McDonalds. It’s fast and convenient. They wonder why the nation is so obese. If we could just slow down and take a few minutes to pack a lunch, we could save money and become healthier. There honestly is nothing valuable in a value meal.
If you want to learn to be frugal and have the time of your life, read “The World’s Richest Busboy” by J.J. Brito. It is very inspiring travel memior of a guy who travels the world on a busboy salary, you really can do anything with the right attitude!
Suzy, I followed your advice. I purchased the book and started reading it. Maybe midway through I will find it exciting. Thanks.
Great article but I did get a bit lost in there about the middle. Good examples. In my attempt at frugality, I found it necessary to resist the criticism of being “cheap”. Do I glare at them or try to explain my existence with limited finances.? Why do I keep the thermostat low? Why do I buy used clothing and sometimes look in people’s trash when I spot a treasure on the street while driving by? I try to explain that the item I just acquired for free may have taken me 4 hours to earn using the labor and wages method. It might be a piece of furniture or used lumber. Recycling isn’t just giving newspapers and cans to the municipal dumpster; you can be on the receiving end. It is indeed a happy transfer of wealth; something saved from the landfill and for free! You would be shocked to know what some people throw away! Just drive around the wealthy streets early on garbage day! Wealth is all its various forms is all around us and ripe for the picking like apples off a tree. I try to always be “cheap” which forces me to be creative….frugality is an art form!
I wholeheartedly agree with this philosophy R.J.
My brother is a garbage collector. He’s had both residential and commercial routes. On both types of routes, he’s seen waste that isn’t waste. Often the residential customers put their “good stuff” on the top, knowing that many of the collectors will make good use of it or give it to someone who can use it. Sometimes it’s toys, sometimes clothes. On time it was a brand new paid of name brand tennis shoes — just his size. He threw them in his cab with a big smile on his face (so he said). At a commecial nut company, a 5 gallon pail full of chopped mixed nuts was his for the taking. The pail was marked by the company as “etible”, but it just wasn’t usable for them as the pieces were smaller than their chopped nuts standard. My brother shared them with his neighbor couple with 4 children and health issues, and friends and family. Unfortunately I lived too far away or I would have been the happy recipient of chopped nuts for baking and eating for at least a year! Darn! He knows that I’m a frugal person and said if I lived closer, I could run my car behind his truck and fill it full by the end of only one route! I would have done so, keeping only what I could use, and donating it to other family members, friends, or a charitable organization.
I haven’t had to explain myself because all of my family and most of my friends are frugal living people, too. The other friends respect my choices. And even if they didn’t, I doubt I’d “explain” and simply answer their query with a “Why not?”
This posted article by Guest Contributor is none but a bare work of a person I can label as a Plaegearist on the ground that his ideas and even most sentences, if not all, are clearly copied, both in words and in spirit from the Book by the same title ” Habits of Frugal People” by Stephen Covey. Guest Contributor should have stated that he merely has quoted the author. He should mention the author and annotate his work. This article is piracy on the copyrighted work of Stephen Covey. I suggest that article writers should be owners of the ideas they are posting or espousing. If not, then annotation is a must! Or does this author invite future legal problems? My simple reminder, please. Peace! Merry Christmas!
TR Rao: It depends on what you call “losing”. Markets go up and down, and with patience, even the worst “crash” will turn around. However, if you are losing money due to investing in companies that are going bankrupt, then the problem lies with your investment decisions. One can even be frugal when deciding on where to invest, because when greed enters one’s investment decisions that common sense is often compromised.
The tips of 7 Habits of Highly Frugal People are quite impressive and easy to follow.But how about some tips to a person who lives much within the means and at the same times continuously loses trding in Stocks. Please advise.
Regards—T.R.Rao
A wise man once said: Don’t invest more money than you can afford to lose because investing is a gamble. Wise man = Buffet!
Some years ago I was a member of a hiking club in California. On the way to the Sierra trailhead we arrived at a small former mining town. The leader of our group loved to eat in restaurants and there was a “Basque” restaurant in the town. We all went into the restaurant, but I could see from a quick look at the menu it was too expensive for me. I had observed that the town firemen were holding a picnic and BBQ event on the outskirts of town, so I got up and excused myself. Back at the picnic site I had the best home made apple pie and ice cream I have ever had.
Returning to the restaurant, I sat on a bench outside and waited for my group to emerge. A woman came out of the restaurant to smoke a cigarette. I explained to her that my friends were inside, and that the restaurant was too expensive for me because I was on a budget.
“Oh, I am sure your friends would have loaned you the money for the meal,” she said.
It became evident to me then that many people have no idea what a “budget” means.
Sorry, Shakylegs, but what you did was CHEAP! I’m sure it was NOT the intention of the town firemen to feed every person who happened to come through their town that day. Many towns have volunteer fire departments, and hold events such as you described in order to meet the townspeople. Even if they were a paid department, it was paid through taxes, of which you contributed nothing, nada, zilch! I haven’t seen a menu in a “nice” restaurant that didn’t have an appetizer section, where prices are lower than the entree section. Having been in your shoes, I’ve ordered from it — more than once — thereby staying with my group and enjoying an eating experience with them. Few restaurants charge for regular water. That can suffice for a beverage. Going to a freebie picnic of which you cannot possibly be connected to the organization is not being frugal. That, my good man, is the same mentality of those who live on handouts rather than handsup.
My uncle has mastered almost all of these techniques. He is the most frugal person I know. He never buys anything he doesn’t need and never buys anything new. He grows his own food and eats sparingly, doesn’t drink, smoke or gamble, and is in perfect health. He does all his own mechanical and household repairs and maintains all his possessions beautifully. After a modest career as a public school employee, and some hard work on the side, he has no debt whatsoever and has over $6 million safely invested in Treasury bills. He is also the saddest, loneliest person I know. Making frugality his number one goal has given him a life without spontaneity, generosity, whimsy, compassion, or any of the zaniness that makes life interesting. I pity him.
It’s pretty obvious he did it wrong. He should have allowed himself some pleasures in life, and helped out his family, or those less fortunate. That alone brings its own joy.
mary, yours is the only post that compelled me to reply for I believe it to be the most poignant. I thought I was reading one of the greatest “Living Frugal” success stories of all times, until I got to the end. Come to think of it, I think it is one of the best “Living Frugal” lessons of all times. Balance is important in all aspects of life. It’s hard to imagine what’s worse: Being a spendthrift and having very little security which creates a lot of stress in one’s life (and, perhaps, the life of loved ones), or being completely frugal and not even realizing that there could be more to life than simply being. Instead of living life through the words of others, sometimes you just have to put down that book, step off the porch and let life happen to you. Even if it means spending a buck or two. Thanks for reminding us that while it’s necessary to live within our means, it’s equally necessary to live a little.
AWWW. THanks
I would have to label the guy one cheap b@stard!
That is known as miserliness – it is not frugality; think “Scrooge” from Dickens’s A Christmas Carol – he sounds EXACTLY like him. What your uncle needs is a Significant Emotional Event; which is what Scrooge had when he was shown by the ghosts how his life is, and how it could be if he became generous.
Frugality is of course a good goal but like all good things, it is good in moderation. Think of the good your uncle could do to those who have to cope with uninsurable diseases and illness, to those who have to give up their own lives to caring for their elderly parents or dreadfully ill children.
No. 8: Dumb luck. It’s amazing how being in the right place at the right time can make such a huge difference. And of course, you have absolutely no control over this whatsoever. Best just to accept your own reality and be at peace with it. It’s important not to miss life while striving for brass rings other people tell you about.
Accept your own reality? You choose your own reality.
Found It !!! Thats what i had been looking for scrolling till i saw this comment before closing this article…….Totally realist, you said it !! All SAID in so few words…..
Thank You
SeB
1. No golf
2. No gambling
3. No skiing
4. No Amazon, go to your public library. If you are patient, they will order any book you desire.
5. No carbonated beverages, water is free and no one needs the sugar or chemicals
6. No candy bars.
7. Get free checking & plan ahead for no fee ATM’S.
No Red Sox, Celtics, Bruins, or Patriots parking
Jonathan Young-Who isn’t using public services? Who is abusing public services and thinking they are getting away with something? Self-sufficiency is something that helps to serve us, keeps us on our toes and such. We will probably all need a hand some day, accepted, but very few of us (percentage wise) need a handout everyday. I hope you could agree with this.
“8. Frugal is not the same as cheap. Frugal will plan to spend big bucks when and where big bucks are warranted.”
Here is the lie for it will never be warranted because the mindset allows nothing of the kind to be warranted.
Frugal: it is either expensive or it is free.
There is a difference : frugal : being careful how to spend money
Cheap: expect others to pay for your wants or needs, also define as selfish.
Greed: Is a sin. You only think of yourself even if your neighbour was sick and staving your attitude is to bad, He is not my responsability.
Read the article as well as most of the comments; frugality is a nice way of saying cheap. What a bunch of BS!! Start a vegetable garden? Really? Where I live? With all the time I have to dig in the dirt? I have news for you it is cheaper to buy veggies at the supermarket and your quality will be just a good as homegrown, even better as state-of-the-art pesticides keep the bugs away, and you’ll get them year-round! Tell people you are frugal! What about just saying “no thanks”. And it tells folks that you do not want to participate financially when we get together at all; that you are a mooch. You’ll stopped being asked out. Don’t get involved with contracts! Well then I suggest you get one of those pay as you go cell phones. And while we are at it huck the tube out! This way you can read more! Of course you’ll NEED internet access – how do you expect to get that without a contract? I know, mooch off your employer at work and complain when you are caught slacking. Birthday party for your five year old son – great! Try 5-6 friends and not 50, but break his heart and tell him he cannot have a party because his folks are being “frugal” and it will help him later! If he’
Frugal people are the type Madoff scammed billions from!
Why, because he was offering higher than normal returns on investments and counted on greed to lure in his prey.
I’ll never forget one frugal geezer on a TV news show back east a few years back bragging about how he always fixes things and saves his money and always buys used and always sends in coupons for rebates etc. and how he got this check for $10 or something plus a free credit check so he promptly cashed it in only to kick in the clause on the check that states he now gets to pay for 3 or 4 self credit rating reviews at like $50 a head!! Here is this bozo complaining about getting scammed on TV!! This is frugal: serving Mammon and not God.
You misunderstand the difference between frugal and cheap- cheap is always buying the cheapest frugal is buying what you want/ need and not wasting any of it. Also your example of the guy with the free credit check shows him NOT being responsible ( by not reading the fine print) which is really the main thrust of the article .
Wow, Wolfie! You’re being quite nasty here aren’t you? Looking down your nose so to speak – you comment about 5-6 friends verses 50 at your 5 year old’s party tells me a lot about your social class – my child would be thrilled with 5 or 6 close friends and overwhelmed by 50, most of whom she’d barely know, not to mention we could hardly afford that large a party. That you can says that you are in higher income bracket and that is great – frugality means different things to different classes – but do you throw your money at the first caterer that makes an offer or do you get bids? Do you seek the best party your money can buy and set a budget for the day’s entertainment or blindly spend whatever the cost? Frugality is merely being wise with the money you do have, whether that is a lot comparably, or a little.
Likewise, if you don’t garden, or don’t want to garden, you still want the best tasting veggies don’t you, grown organically when possible, and as fresh as can be? When it comes to foods, frugality may be more about being choosy in nutrition and quality than money alone. If you have the means to be nutritionally frugal then I’d suggest seeking farmer’s markets and organic vegetables in season. All the taste and health benefits of a garden without having to “dig in the dirt”. Who said you have to tell people you don’t want to participate financially? Only if you don’t want to participate! Being frugal does NOT mean being cheap or mooching off your friends! I go to a Chiefs game and tailgate party every fall with my buddies – it costs me more than I can really afford, truth be told, but I save all year so I can go because I enjoy it sooo very much, and the game, my friend’s company and the annual tradition is worth every penny! You know, I’ll bet if I claimed poverty, they’d pay my way but what the heck kind of friend would that make me? A damn cheap one! Frugal means saving so I can afford this once in a while luxury without disrupting my life or ruining my finances!
Get a grip and get off your high horse Wolfie! You sound like an uppity ol’ nag…
Well put Chuck. A good thing to do is to set goals. If you know your child wants a party, then you need to set aside for it. If you want to retire comfortably, then you set aside for it. Personally, I used to have a problem with money burning a hole in my pockets. Its called selfishness. It wasn’t fair to my wife or my kids. Then I started reading more and found out that to be truly happy, you need to make the environment around you happy. That meant doing things for my wife and kids, because when they were happy, I was happy. Now I put that money away for things in the future, not necessarily just for me but for my family. It makes me feel good to know that we have money for a family vacation, or a romantic getaway with my wife. It also feels great to know that if a major emergency comes along. We are covered.
Wolfie…..It comes down to a choice. You either keep up with the Jones’s or pave your own way. Just remember. You don’t really know how in debt the Jones’s are, but you do know your own situation.
I’m with Phil on this one, he’s got it figured out like I do.
Simple, is awesome. Having time for family and reading out on the patio cannot be replaced by possessions and trips and lots of “i have this, i have that” – – too bad so many people will realize the value of time with family, and doing things they love, too little, too late!
Great, fun article to read.
Really good article, being a successfully frugal woman I believe the advice given in this article is sound. Too bad more people won’t read it.
From the time I was young it was very simple-the more money I made the more money I spent. Bigger house, nicer car, more toys. When I turned 50 it fnnaly dawned on me that quality of life mattered and that I could make more(work harder) or spend less(be frugal). Now I am 60 and less than a year away from retiring thanks to my frugality-what a peace of mind.
Did you try saving any of it, paying off your big house or big car?
No, why would you.
Had you started that early you would have had your peace of mind and been retired earlier.
This can all be boiled down to a mindset of:
FIRST: make money or save money.
Second: everything else comes after rule 1′
make money AND save money…I don’t understand the ‘or’…you can’t save what you don’t make.
This article heading is TOTALLY MISLEADING. It doesn’t detail 7 habits of frugal people, it’s a motivation piece about how to be self aware and all that crap and that will help you be frugal. It was supposed to be about REAL frugal people who were studied and their interesting, important, specific, human, habits written down, or so I thought. Instead, we get strategies and concepts that are totally useless. Who hasn’t read this crap before? ENOUGH. There was enough of this motivational BS a year after it became an industry, in the 80s I would guess. Who needs more of this?
Until an article is written with human observation, personality, detail, and message, it shouldn’t be labelled like it is or published in any form.
Are you frugal? Can you please detail out what makes you so? Let’s start our own study. I am frugal because I am what the artile suggest you should be…self aware and respionsible.
Yes it is a motivation piece, so here is my method.
I am retired and try to live on my Social Security income. I am very frugal, but do low cost travel to Europe and Central America. So I do have a “life.” Here is how you do it:
1. Make a complete list of your monthly expenses.
2. Make another list of your priorities and the expenses associated with them.
3. Using your two lists, make a judgement call on what can be cut. Some likely items: That second car. Eating at restaurants. Coffee at Starbucks every day. Frozen & TV dinners. Liquor. Smoking. Cancel your exercise club membership. Evaluate your current and future life insurance coverage. Get rid of your Credit Cards – change to a Debit Card. Stay away from the mall. On the night out with your buddies, have just one drink (for yourself) and no food.
That is just the start. There is a lot of free stuff if you look for it. The Library for instance. I keep a journal of all my daily spending, then total them up each day and enter my: Cash on hand $. Spent $. Balance $ (from the previous day.) This way I keep a close track of my money and spending.
Good Luck
shakeylegs, your suggestions for living frugally are almost amusing to me. I and my partner live on Social Security/disability. We haven’t eaten in a sit-down restaurant for over a year, we make our lunches and take them with in a cooler for shopping or dr. appointments. Our van is old enough to drink (21 yrs. old, LOL) and we don’t drink alcohol or smoke. We don’t have nice clothes, but we try not to dress like “Walmart people”. Your life sounds pretty snazzy to us, sir.
Yes, this article is a big disappointment, a waste of time. I’m glad someone said it.
This article sounds like regimentation which is
required for the military mind…. not for normal
Humans…… I say forget it and live according
to your means….. Humans don’t need meat so
eat like a mensch and survive…..
This only works if you are single or if your partner is in total alignment (not likely today given divorce rates). Try replacing some of those “I” statements with “We” statements and you have a whole new ball game.
Amen, NotProvided! Every payday, I put $100 in the savings account, and he took $120 out. I’d save $5 a day by bringing my lunch, and he’d blow $10 a day eating out. It took every bit of frugality I could invent just to keep us afloat as he did his best to sink us financially. At one point, I came across a bill for a credit card with interest rate over 30%, and his excuse was “I needed another credit card and this was the only one I could get.” No, no one NEEDS another credit card; just rein in your spending to match your income. And then he wonders why he’s an ex?!
Thank the Lord I saw this before getting married. Now I can hope to have some wealth before taking the leap.
I’m with you KC,
I secretly put $100 a week in savings account, bring my lunch to work EVERYDAY, walk to stores instead of driving, use coupons religiously and pay cash always. no spending splurges on anything!
My husband, on the other hand…
Buys breakfast (although I pack one for him) and lunch everyday. 2 packs of cigarettes, lottery tickets beer at the bar after work, has maxed out credit cards (highest rates I’ve ever seen) and pays for expensive things because “he needs them!”
I am truly frugal but my husband is seriously emptying our accounts and doesn’t really care about the bills. He always say, ” you take care of it”.
I am trying to convince him to be more responsible with money management because frankly, it’s killing me! 🙁
I understand what you mean. I try really hard to eat breakfast at home and take lunch to work. But then I end up spending most of my income on my family because they are always find themselves in jams and need my help……and I mean always 🙁
One of the things that I learned early on was that every adult has to be responsible at some point in his/her life. I think that the best gift that you can give your family is the truth. Be honest and simply tell them that you can only afford to take care of one household. Furthermore, share your wealth of information to empower your family. Believe me it is such a great feeling to witness someone flourish in life when they never thought that it was possible.
Honestly, allowing another’s plight as an excuse for shelving your own goals is not a benefit to anyone. I wish you the best and hope that you find the courage to be a leader rather than a caretaker.
Well put.
By helping out all the time, no lesson is learned. In all honesty, that is what is wrong with America. The government keeps helping everyone out and they just expect it more because government is always there to give them something. We should be looking for Hand ups not Hand outs.
Give him a choice – the things or a divorce. And then stand firm.
I had one like that, too. He went golfing, taking his three sons along, while I went to work. When he was working at over-the-road trucking, he spent his pay check before he earned it — on more golfing and strip joints! And, yes, I know this because he told me! He probably wonders why HE is an ex, too. LMAO
This is longwinded BS. The way to be frugal is to be mindful. Simply think about what you actually need. Learn to love anticipation. At Christmas, I always loved the anticipation and the beauty of the decorated tree with the packages underneath. I liked that more than actually opening the presents. My favorite moment at Xmas was the night before Xmas Eve, when all was ready and waiting. It was a moment of stasis.
When you love anticipation, you winnow out what is important. If you wait, plan, anticipate, you give yourself time to discover whether or not you want whatever more than you want the cash.
Otherwise:
1. Learn to want what you need… not need what you want.
2. Don’t necessarily chase bargains. Buy what suits your needs. If you don’t need a camera with all the bells and whistles, go for the simpler one.
3. Don’t get involved in contracts – One of the biggest blood-suckers of people’s finances are those cell phone and cable contracts. Those contracts mean that you have no control over that expense because it is what it is. With your electric bill, you can use less electricity… same with the gas bill.. or gasoline… but like rent or a mortgage, those monthly contracts are an expense that is there whether the money for it is or not.
4. Do NOT waste food.
5. Have a junk drawer or even a junk closet, where you shove all the odds and ends that can be reused for something. It is something that your Depression era grandparents knew well. If you already have something that will do, you don’t have to buy it.
6. Learn to say NO to your kids…. and tell your kids why…. “We cannot afford that.” When kids learn what that means at a young age, as I did, you are well on your way to creating a person who will be frugal… who is mindful.
7. Do not fall for the “one upsmanship game” of friend.
8. Frugal is not the same as cheap. Frugal will plan to spend big bucks when and where big bucks are warranted.
I’m solely to blame for my economic woes? Really? Then I should blame myself
for the collapse of the 5-6 per cent interest on my CDs that used to get me by nicely but which has now collapsed to almost nothing? What a bad boy I am!
This article is a generic crock full of stale, off-the-shelf nonsense right out of Readers Digest.
And who made the choice to buy those CD’s? Take a little responsibility here! And you are not alone in your investment losses.
How exactly can one individual “take a little responsibility” if the conservative investments drop due to interest rate changes, the aggressive investments drop due to financial market shenanigans, and cash loses value due to inflation?
In such an environment, responsible behavior and good judgment are not protective.
I think whenever placing your money anywhere, it is one’s own responsibility to know the risks/possibility of loss in whatever investment position you choose. Only cash is 100% safe. My philosophy is, don’t place any money anywhere that you can’t afford to lose. What I invested in my small mutual fund is money I do not need to live on. The money I must protect is always kept it cash, and available to me.
To Mary… the point was that the conservative CDs, essentially cash, were getting a person by nicely. But now that is getting less than inflation. So even cash is a poor investment. Now what does one do?
Methinks the advice in the article is for those who didn’t have the foresight to invest in the first place….ya think?
Mary some people just don’t understand personal responsibility. It is from growing up in a liberal society. And i am not blaming the liberal society it is still the individuals responsibility.
In the 80s I was getting 10-12% on CDs. Some were getting more. We should get together and talk about the old days and how mean the world is, while life and opportunity pass us by. In other words, shut up and grow up.
Yes, you are to blame. You knew the rates were headed to or at zero and did nothing but grouse. At the same time there are/were industrial bonds in the range of four to seven percent with little risk to principle and still with possible growth beyond the interest! You failed to educate yourself or even call for guidance. Shame!
So change your investment mix to get a better return, or go get a job if that is not enough. You have options but you would rather pretend you have no control over your life and whine and complain about the universe being unfair. Since you are retired, don’t you think it is high time that you grow up.
Great comment and you’re absolutely right.
Figaro, your personal economic standing is the reult of your personal choices. There is no way around that, and will never improve unless you admit it (as the article says take responsibility).
Mary Carpenter, cash may be safe from looting, but it is not safe from inflation. At this time, there are no conservative vehicles that return at a rate higher than that of inflation. Which brings me to my next point:
Wendy, while it is true that if your investment vehicle has a variable rate or is in any way subject to ups and downs in value, you have taken a risk and really have no right to complain should it not go as you had hoped, Figaro is not responsible for inflation or its effects.
Every American, no matter how frugal, feels the sting of inflation.
My definition of Frugality is simple. Follow the daily diet and in the evening just take fiber not meat or sweets.
Stay healthy and save as much as you can.
Good tips. For the past year my husband and I have worked out every morning and it has made a huge difference in how we feel (and look!). Our blood pressure has dropped and so has our weight.
I live frugally here in Ireland. My tips are bringing water with me. Having a top of the range lunchbox. Never getting a loan and saving cash. Buying organic food not growing it to manage my time better. Always knowing how much money I have in the bank. Not drinking, smoking or eating in resturants. Buying things secondhand. Not wasting money on cars. Taking care of the animals I own because it is the work of a good herdsman. Staying in elite fitness because it feels so good. And always learning and reading each day while appling knowledge to solve problems.
Great frugal tips. I especially love your tip on taking care of the animals you own and staying fit. Learning and reading every day is also a great tip. Thanks.
So you drink and smoke and eat alone; four-legged friends not withstanding?
Walk to the pub and have a pint or two now and then and you’ll find this thing called ‘human interaction’ worth more than all the euros you have stashed in the peet.
Of course you do have a computer and internet connection so you are half way there.
Read it again, “name.” He said “Not drinking, smoking…”
Thanks Peter! Maybe you can write us a better article! Be well.
This publications strikes me a very verbose collection of a few simple ideas:
1. Be mindful
2. Think Ahead
3. Make alternate plans if the first ones don’t work.
Now, I realize that the kind of people who bought the book or think this summary of it included here is very useful are probably the kind of people who have difficulties following the ideas above without lots and lots of hand-holding and explanation, but the rest of us find the kind of endless and repetitive explanation of some basic principles that this book represents to be tedious, boring and hardly worth the time to read.
Agreed Arnold. I was sort excited when I saw this article. For some reason, I thought it would be very detailed with some suggestions I hadn’t seen before. I certainly was wrong, wasn’t I? I found it painful and almost a complete waste of time to read.
And that could be reduced to “Be mindful.” Which could be reduced to, “Be.” Which could be reduced. In other words, a quiet mind is the foundation of frugality.
This is a great article. A few years ago we experienced a financial hardship when the medical bills from pregnancy started rolling in. It was a very tough time for us. Now with our new frugal lifestyle I have learned many skills to keep the costs down. I was the youngest girl in the family and never really had to do much; except school work;) Really enjoyed your article.
Frugality obviously doesn’t just apply to material things as most people would think, though I suppose it plays a huge part.
Simplicity in so many ways becomes more and more important to me I find as I get older, and I feel more contented. Twenty years ago, I wanted everything in terms of material things. Now, that no longer interests me, and I am amazed by that “had to have it” attitude I had when I look at certain items and do some cleaning out. Certainly I like nice things and what I have, but it’s much less emotionally and mentally exhausting not feeling that way anymore.
Well once you get old enough that seems to be common. I retired because I was laid off and saw no job prospects, hadn’t secured the level of economic security I wanted, but I have managed to craft an affordable lifestyle and I don’t miss having extras. I have enough food, I’ve got some good medical care thru the VA, my home is pleasant and I love sitting on my patio reading. Most of all my son and grandchildren now live near me and it’s trite but true that nothing is more important than family. I wouldn’t mind more but I can’t really imagine a much better life.
I’m with you Phil!
Job prospects for us older folks are close to nil . . . I also love a simple life, and am VERY comfortable and VERY happy sitting out on my patio reading and taking time to smell the roses. As I said in my ‘main message’ reply, we’ve got it figured out already, and it’s too bad so many people will realize too little, too late, the value of time with family, and taking time to do things we love.
Agree totally Lauann.
Bravo.
I agree totally, for too many of us, are materialistic.
Material things that we think have so much value, really doesn’t have any VALUE, at all!
This is how God wants us to feel and we will, IF we FIRST, seek the Kingdom of Heaven, THEN, ALL those things will be added to us!
how do i send this to someone on fb?
You copy the link then paste it on their page.
Nice work. I love the concept of Living Simply so that others may Simply Live. Many self-made billionaires like to give back to the community, but you don’t need to be a billionaire to gift 10% of your income to charity; just start by shaving 10% from your normal expenses and allow someone somewhere to breathe a little easier because you cut back.
Well put!
You have the same concept as I, for this is what I call REAL, hospitality!
It feels great, when I can be hospitible to a visitor and not have to complain/blaming them because I failed at being a great impressionist.
PS: My advice to you: ALWAYS be WATCHFUL of people who appears to be around you for sometimes, you’re tested to see what they can get away with, if showing real hospitality is a part of who you are/your character.
It canm be tricky sometimes and taken for granted.
PPS: Nothing is more classier than gracefully excusing yourself from golddiggers.
“The purpose of our government is to protect the people,” No it’s not. Only in a literal sense from invaders and wars. Out of 100 people in my office, 70% full well knew they had scam mortgages, no money down, overvalued properties and adjustables coming due in 36 months. About 5% took any action at all. Your liberal thinking is the problem. Nanny states create dependent incompetents who think it’s absolutely miraculous that making a shopping list and not using credit cards saves money. Eyeroll. Be self sufficient in all ways, including freedom FROM the government.
Alli, self sufficiency is a good idea, but you don’t have to take such a contemptuous tone with those who have not yet gained your state of enlightenment. Were you never a fool? Should all self-help articles be banned because everyone should already know everything? Have you never taken advantage of a government program? Did you buy a home without a federally guaranteed loan? Did you never attend a public school or use a public library? Are you really unaware of how full of yourself you have become?
Alli , good point and I agree 100%. Jonathan young , We do all make big mistakes (put me at the top of the list of this category) . However , when I do , it is wrong to “play the victim” as a large percentage of Americans do. And it is wrong to place blame on others. “Psychologically” if we always blame others for our errors, there is no reason for us to change and therefore improve our circumstances. I have had to be brutally honest with myself and only then was I able to make needed changes. Start with the man or woman in the mirror. Give up on the “victim” mirage.
I completely agree with everything you said about taking responsibility for your own decisions and mistakes adn learning from them. We do tend to play the victim and place the blame on someone or something else for our bad choices.
“‘Psychologically’ if we always blame others for our errors, there is no reason for us to change and therefore improve our circumstances.”
This is true, but psychologically if we blame ourselves “too much” for our errors there is in a sense no real motivatation to change either, because it kind of gets into a dead end of blaming ourselves for past errors (and you can’t change the past!), hating ourselves for not being perfect and so on. That stuff doesn’t lead to any constructive changes.
JR, neither does continuing to blame others and taking all you can from the Government.
The “I’m not responsible, god made me and/or Satan made me do it but I’m not responsible” doctrine stem from the pretend christian propaganda to entice more pretend christians for their donations. The politicians, of course, readily adopt pretend christianity and using the “I’m not responsible” doctrine is a favorite mantra. Businessmen are experts at declaring their “I’m not responsible” and the economic collapse provides a great example. Along with the politicians, “don’t know how this happened, but in chorus the politicians and business chante “we’re not responsible”. The fact of the matter being that this economic collapse was/is planned before Bush took office. The change in bankruptcy laws in about 2005 which made bankruptcy more difficult for individuals and easier for corporations was a warning sign of the forthcoming economic and financial collapse. In the meantime the chant of “I’m/Were not responsible was/is orchestrated by the government, business, churchianitites and trumpeted by the MSM. 90% of christians are believers in the false doctrines.
My mother taught me and my siblings that everyone is responsible for their own actions, and (unless someone held a gun to their head) we should be ready to suffer the consequences, good or bad, for everything we did. It’s very sad so few other parents taught their kids this concept.
People need to approach buying things asking themselves “can I afford this” vs. “does SOMEONE ELSE think I can afford it” (meaning the creditors). If people don’t know if they can afford something, they need to figure out how much they earn and how much they spend every month so they know what they can afford. There are tons of books that will help you figure out your financial situation, most of which you can borrow for free from the library. If you are struggling to pay a $1,500 mortgage, why would you ever think you would be able to pay twice that for your “dream house” just because the bank said you could afford it? Same goes for those obscene credit card balances you have because you want the latest phone, TV or computer, you don’t want to cook meals yourself, and you’ll pay 10 times what you should for a certain brand of jeans or handbag.
What you call blaming yourself “too much” is just what the grown-ups call taking responsibility for your own actions. Learn from your mistakes (and successes too) and move on, THAT is what will lead to constructive change.
{“Psychologically” if we always blame others for our errors, there is no reason for us to change and therefore improve our circumstances. }
This is right on!
“… if we always blame others for our errors …”
Sometimes this is the case. People can be a bad influence.
It is rare that we can change them, so alter your routine, and don’t see them, either at all or at least meet them in different circumstances.
And if it doesn’t work out, try yet a different approach!
Robert C. You have lost your mind. If a bad influence talks you into something it is still 100% your fault. If you are to weak minded to be able to think for yourself it is your fault not mine or the bad influence. Chose your friends more wisely.
Sometimes we are to blame for the nasties that we experience, just as we can sometimes take credit for our achievements. Sometimes, others are to blame for screwing us, as many others, too, should get credit for our successes.
The problem is that in North America, if I succeed, ” I did it!”, but “the teacher/mom/dad/ system failed me”.
Jonathan – You are right. I have known a number of conservatives, who hold these views. But in their own lives, they are ALWAYS willing to take from the government and benefit from these programs. My mom’s husband – a long-time Limbaugh fan – tried to lock my mom away in a welfare-supported hospital so that he could change her will and basically steal her inheritance. He has his own estate, which is larger than hers. He just wanted more money. I’ve known others, too. They are terrible hypocrites, full of contempt for the poor and liberals, but always willing to make a buck at someone else’s expense – even at the expense of family. For them, the highest value is money – and THEIR personal freedom. It is not the freedom of others or the freedom of the whole society that matters to many of them. i don’t mean to generalize, but I am weary of them and their attitudes. I am a life-long progressive, on the other hand. I try now to take nothing from the government at all costs and do whatever I can to legally take care of the needs of my family. Alli and people like this should understand that people in America are poor and dependent to a large extent because of structural and ideological problems within the social and political system. This government aggressively and intentionally kills jobs and education and seeks to profit by imprisoning the poor. Blaming the attitudes of the poor for present circumstances is not very enlightened, really.
All, I want all of you to remember that in a society we all pay a price for mistakes of others. The sick drive up the premiums for the healthy, the ones who took on the bad loans cause values of our houses to fall and the ones who invested with bad banks caused our 401k finances to fall and in the end without proper regulation those who make money off of those who don’t know better or don’t make the right decision go on destroying society and country with impunity. You wouldn’t allow a killer to go free even if the victim shouldn’t have gone alone on a dark street, then why let bankers and lenders who helped our society fall and how will you hold them accountable without a “nanny” state that creates laws and enforces them?
And therin lies the problem. How do you create the balance needed to drive commerce and encourage people to work and live lives that make net provision to the state in an honest and socially responsible way, yet at the same time have a benefit system that helps the most vunerable people in society. Essentially it comes down to personal responsibility and accountability which are ever decreasing elements, no win no fee legal claims, where there’s blame there’s a claim makes people think that no matter what it’s not thier fault without realising that, except in occassional genuine misfortune, it’s all thier fault! The system of having different parties that respresent opposite ends of the principle spectrum has historically created balance. When things shift to far to either side a new government is elected which pulls it back. However, with less and less genuine difference between the main political parties (at least here is the uk) the ability to create balance by this means is lost and all that is left is society being driven by decisions based on winning small minority voters rather than providing for the masses.
It is a problem that is beyond me!
“i don’t mean to generalize, but I am weary of Them and their attitudes.” (capitalization mine)
Yes, and my mother is a lifelong progressive who is constantly living on the edge of her means (and beyond), has spent all of her retirement savings (that she could legally spend, luckily some was in a state pension beyond her reach), and she is now taking in foster children to supplement her social security. (Yes, it has nothing to do with helping the kids. She’s has said as much.) She is and has always been “the victim” (her words) of the financial machinations of others, even though her children told her again and again “don’t get another credit card” and “don’t take out another home equity line of credit.”
In her mind, because she was in a low-paying profession, she had a right to get all of the money and all the things that she could when she could get them. She now has a 2% mortgage on her house (thank you Obama Administration) and is still underwater. She spent all her social security this month on Christmas presents for a baby (who won’t appreciate them). How can I not blame her for being poor? It’s her own fault.
That’s not how it works with everyone. If an elderly person has a lot of money put away for retirement and are then put in a “home” because of aging, the “home” takes ALL of your money, not what they need to pay their expenses. Then they tell you how much of your own money can be spent on personal items that elderly person needs. Then when they die, you get NOTHING back – they keep it. Most people I know do this to protect assets – but still pays the way for their family member. Yest people scam everything they can – but not everyone. These generalizations as well as blaming others for your own problems just makes everything chaotic … leaving it up to those who plan to suffer by paying more.
Patricia:
Both conservatives AND liberals are equal opportunity offenders.
I could tell you about two wealthy liberals who told me that their daughter received Pell Grants….after they bought her a half mil condo to live in while she went to school.
I can also tell you about “poor” colleagues who used every federal/state program for the poor and wore gold jewelry and fingernails and traveled to casinos on a regular basis in various states.
We need oversight of federal programs to avoid abuse of programs meant to help the needy.
Please give an example of how the government seeks to profit by imprisoning the poor.
Patricia I feel you have things wrong. Giving poor people welfare in the long run destroys peoples lives and futures. Why should i try to better myself when the government gives me everything i need. I don’t know the answers but just giving handouts reduces accountability.
Astull, speaking as one of the so-called “poor”, I can tell you that the government does NOT give me everything I need, but a small (under $700) S.S. disability check and less than $200 in food stamps. Now, tell me how to live on that. I have a saint of a landlady who hasn’t raised my rent in 14 years, and that helps. If I were well enough, I would jump at the chance to improve myself, work for myself or at a job. Your easy judgement shows that you haven’t really met many people like me. Thanks for listening.
Jonathan you are so naive. Ultra liberal thinking oppresses people – keeps them in poverty, teaches them to blame and take. The problem really is the people here on this blog are enligtened and want to learn and to do better for themselves and society – it’s those who blame and take that don’t care, you won’t see those people reading this blog, going to the library to read free information, taking advantage of things that are free to better themselves in the long run, etc.,
As for self help articles (and listening to are ridiculous media outlets) are confusing and doesn’t always give correct information. You have to educate yourself – read many different opinions in order to make your own … and that’s just not happening in main stream America.
It is naive to think that “people owning their lives” will change anything in the US. The structure and fiber of this economy is to make the poor even poorer–to take advantage of laws created to make the banks/Wall Streeters/real estate companies allowed to lie. Because it was essentially lies that assessed all these “poor” people’s homes to qualify for the loans they got–many assessments were paid off by the company financing the loans.
The trouble with angst-ridden liberals is they are always trying to change the world. Try running just your own life instead of everyone’s. It’s amazing how well that works.
Annie i hate to disagree with ya but, I didn’t sign their loan papers and it’s not my fault or responsibility that they did’nt investigate what they were getting themselves into.
Thanks, Jonathan! Couldn’t have said it better myself!
Way to go Alli,
I am from Canada, the land of entitlement.
Our government is so bloated and out of control it makes yours almost look good.
Government does not want people to do anything for themselves.
The more the government can do, the more it can justify its existence and the more it can tax and control you.
Being self-sufficient is not being “full of yourself”.
It is simply being responsible and accountable, the way far too many choose NOT to live.
Silly little twit; I bet you haven’t refused health care, that is paid for by you and your neighbours throughout the whole country; and taken advantage of an education from childhood and beyond, I bet you drive on the roads, which are paid for by you through the government; Yes of course we should be “responsible” and “accountable”; that’s our job, and yes, to pay taxes for thing we cannot do for ourselves, such as the things I have said but also for other thing; a justice system to help you when you need it, a clean water system, O the list is endless. Think! We NEED a strong government (I don’t like Harper either) and we need much better regulation of the Securities commission. Yes we do have an entitlement in Canada; an entitlement to pay our taxes and to reap the benefits of the governance. The police to stop you driving drunk, or to help when you are wronged. O for goodness’ sake. Grow up. And the same goes for you too, “Alli”. Eye-roll. Thanks Scorpion!
Elizabeth Berry, learn to be accountable and to direct your own actions and stop making up your fallacious excuses for why the world is to blame for the results of your own actions.
Jonathan, people all make mistakes. The difference is that people like Alli LEARN from those mistakes and change their behavior so they do not repeat them, where as people like you blame other for their mistakes and are doomed to continue to repeat making the same bad decisions.
The rest of your post is just nonsense. Public schools and libraries are services that we all paid for through our taxes. Being self sufficient and responsible for yourself does not mean that you have to go and live like a hermit in some hut in the wilderness. You are just making excuses to avoid the truth that you are responsible for your choices and their results. Stop being a dependent child, or as Alli puts it, a liberal nanny stater. Grow up and start managing your life.
Actually, dear boy, “The purpose of our government is to protect the people,” is exactly correct. Some would say that it’s the only legitimate function of government. The police don’t like to protect people from themselves because it drives away business. Your post is so full of cliches.
Job of the police is not to protect people from themselves – they are here to attempt to protect legal abiding citizens and to prevent crime – unfortunately by advertising common sense.
The police do not have a mandate to ‘prevent’ crime–only to clean it up afterwards. If they choose to be proactive about prevention, they can do that, but various court cases have found that if a crime is about to be committed (such as honest, law-abiding citizens about to be mugged/assaulted), they don’t have to do anything until after it has happened.
The Police are paid to “show up” …
The government’s purpose is NOT to ‘protect’the people. If it were, we’d have our own individual protectors assigned to us all the time….I would be ‘assigned’ to a family because I’m in the Army. The government’s purpose is to maintain order, so society can function.
The average Jane should have the same advantage that the rich have as a tax deduction: whenever the rich want a new law to serve their purposes, their attorneys craft it or rewrite an older one and usually guide it through the Congress. If someone gets a bill through that they don’t like, they and their buddies get together with their attorneys at a resort (another deduction) and figure out a way to punch holes through it that the average Jane knows nothing about. If we all had the best attorneys out there helping us find the loopholes, we’d have the secret advantage of the rich. It’s NOT an even playing field. Also, they have stopped mentioning that an estimated 25% of income taxes are not collected e.g.from drug dealers, prostitutes, pimps, one man operations, etc. A sales tax would catch them
Look up ALEC. They are the group that unfortunately writes most of the laws for voter suppression, anti-abortion, no fair wages for women, etc. It’s a terrible organization.
I fail to see how government action creates citizens who are incapable of making shopping lists.
Spinoza: (dredging this from memory from something I read recently): The church (religion) looks after your mind, I think it went, and the government is to protect your physical body: rules of the road, etc. food regulations, etc. And that man was a Thinker/Philosopher; This is very important and why the two should be separate. So – when it works the way it should, the government looks after the roads, the rivers, the sick; education, all things we need to have done for us, so we can continue to get up each morning to do the things we need to do to survive. So this article is correct in that, and take a look at those places where the government does not do that for the people. Happy now?
Really? You read this excellent advice about FINANCES and you make it a political rant against liberals?
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