All my adult life I’ve gone through bouts of frugality. When money got tight, I pulled in the belt. When things seemed to get a bit better, I would revert back to my wasteful ways.
The older I get, the more I realize that if I had kept up with my frugal ways during the times of plenty, I wouldn’t have to worry about not having enough during economically difficult times. One thing that most self-made financially successful people have in common is that they didn’t change their spending habits when money started coming in. A prime example of that is Warren Buffet. He still lives in the same house he purchased for $31,500 back in 1958.
Wealth is In the Fragments
“When they were filled, he said unto his disciples, Gather up the fragments which remain so that nothing be lost” John 6:12.
Many times we tend to let the small stuff go and concentrate on the large things. For example, a small leak under the sink is something to put off until a later day, when it becomes a full-fledged problem. Purchasing that Starbucks coffee is only a few dollars a day. Not sealing the small gap in the window during the winter because it’s only a small gap. These things all add up in the long run. Calculate the cost of your Starbucks habit on a yearly basis. $2 to $3 a day 2 or 3 times a week can cost between $208 and $468 a year.
One ounce of prevention is worth a pound of cure. The good thing is that very small changes over a period of time can translate into wealth (and health).
The Proper Mindset
The current economic crisis has forced even the most wasteful consumer to consider adopting certain aspects of the frugal mindset. My hope is that when the crisis is over, we continue to be mindful of our spending and our waste. As we continue to gather up the fragments we keep making strives towards financial health. There is a reason the popular motivational book is entitled “THINK and Grow Rich.” It’s all about having the proper mindset.
Why this Blog?
I, too, like so many of my fellow citizens have made poor decisions which have lead me to where I am right now. As I work towards redirecting my spending to enjoy a debt free life, I thought I’d share some of my financial victories. Hopefully, you’ll feel inspired to share your victories too. Together we can become debt free and enjoy life.
(This post is a transplant from my soon to be defunct The Dollar Fights Back blog. Check out this post for more info on the transfer. )