I find it funny, as a frugal living practitioner and student, to see how people react to economic hardships. Instead of planning for them, which is what I do. Many people start to be poor-mouthed and then hunker down as if they are avoiding incoming missiles. What is the reason? Did they live “high on the hog” and then get scared?
Many times, this is exactly why they react as they do.
Others are just following the media hype and listening to the soundbites. It might be time for a change in our approach, to something more rational and in tune with the idea that financial self-reliance is possible.
This is what I do all the time, not only when the economy turns bad. It works for me.
Earn as much as you can
Save as much money as you can
Meet my needs first and foremost
Take the long view
Invest in me first
Spend carefully on your wants
Never try to buy happiness
Don’t ignore the media, especially TV.
What is the end result of all this? First and foremost, I save money. Money is a resource. It’s like having all the money you can buy. You keep it wherever you want.
I do not have to change my behavior, even if the economic situation changes or is perceived to have changed by others.
Third, I don’t catch the wave like so many people have seen in our families, businesses, and government. Programs and spending grow with no limits, but when money is tight, everything gets pulled back, just like a turtle pulling its ends inside its shell. All of them go into an austerity mode, until someone tells them it’s okay to “go back in the water again”, and then they can play loose with finances.
To me, frugal living means living a simple lifestyle. It’s not trendy. It’s a sensible way to live your life so you have peace of mind about my financial situation. Are you ready to succeed? These three quick quizzes will help you determine if you are suited for a life of frugal living where money is the main focus.
Many people would be shocked at how little they can make if they live a frugal lifestyle at the beginning of their careers.
What’s not to love about some well-deserved financial security? It beats playing “catch-the-wave” over and again.