Tuesday, October 7th, 2008
If I were to sum up my philosphy on frugality in three statements they would be:
- Begin from a mindset of abundance
- Know where you are going
- Saving money doesn’t require spending a lot of time
Begin from a mindset of abundance (or Count your Blessings)
In times like these, frugality is easily motivated by fear: The future is uncertain, the job market is shakier than we would like, money is not as easy to come by. Even with all that, most people who are reading this blog are abundantly blessed with more than enough to survive.
Frugality often takes on a miserly personality when not tempered with counting your blessings. Rather than hoarding out of fear, recognize that you have enough already and save to increase personal security. Ultimately, hoarding out of fear is a failure to trust God’s provisions. On the other side of the coin, saving and being frugal is part of being a responsible steward of all that He has given.
It probably sounds a bit nit-picky, but the take away lesson is that living in fear is no life at all.
Know where you are going (Set goals)
Why do you want to save money? At different points in our lives, B and I have lived frugally just to make ends meat, cut back on expenses so we could buy some toys, saved for a down payment on a house, and currently, we are saving towards having an emergency fund of 3-6 months of expenses.
I am a big fan of financial guru David Bach’s idea of values based spending. The basic principle is to know what is important to you and spend your discretionary income on those things rather than spending it without thinking. Tell your money where to go, don’t let the neighbors spend it for you as you try to keep up with the Joneses. Right now, our goal is to continue saving on that down payment and to build a 6-month emergency fund (I am amazed at how being pregnant has activated my security gland. Seven months ago I was not too concerned about getting that emergency fund in place!)
Saving money doesn’t require spending a lot of time
We’ve all read those frugal tips that include baking everything from scratch, spending hours and hours planning your couponing shopping strategy, spinning your own yarn, weaving your own cloth, and sewing your own clothes–you know exactly what I am talking about. While none of these things are bad, you probably had the same response as I did, “Who has time for this stuff?!?” My goal in being frugal is to save the most money with the least amount of time. As for baking my own bread and sewing my own clothes–I only do it because I enjoy it.
What do you think should be added to my frugal philosophy? Why are you saving money right now? Do you have a frugal tip to save time and money or a hobby (like sewing) that you enjoy and helps your family live a bit more frugally? Leave a comment and let me know!
October 8th, 2008 at 2:51 am
I needed this. Sometimes I get caught up in “making a good deal” and miss the goal entirely. Shopping is not a game, but sometimes I seem to try to make it one. I will put off purchases for too long waiting for a low, low deal before I purchase. I also buy things when they are not needed now, but I think later on I’ll be glad I bought it at such a “savings.”
Cleaning out my garage for a yard sale I’ve found so many duplications … bought because they were cheap, but I didn’t put them in place to find when needed.
Thanks … your philosophy will certainly help me.
October 8th, 2008 at 7:23 am
Love it! And I completely agree—the media has dictated to us what we should like and want . . . but is that what we truly like and want? For example, I love books. So if that’s my love, I can detach from the other things and be happy to buy a new book every month. One gal in ministry said that she didn’t care for nice clothes, but loves her dogs, so she spends her extra money there. I think it’s all about knowing what you love, what brings you joy, and focusing on that without spreading yourself thin by chasing after every whim. Thanks!
October 13th, 2008 at 10:25 am
Yard sales, thrift stores, and going out of business sales are tricky. There is always something you “just have to have.” When I think back, I have more regrets that I bought when I should have saved than I do that I saved when I should have bought.
With all the good deals, it’s easy to forget that storing and maintaining extra stuff has a price too (both in money and in time).