Why are you frugal?

[VFK57]

My parents provided me with all necessities but could not give me what some of my childhood friends had (fish tank, camera, watch etc) so I started to save on my lunch money. By the time I was close to finish a HS, it was very clear to me that if I want something I need to work hard and save in order to get it. My frugal ways of life style had developed. My wife had similar conditions at her childhood as well. I think that it was because of this part of my character what allowed me to retire early when I could not continue with highly physically demanding, well compensated job.

 

[cyber888]

Wow, so at $200K a year, you'll be paying a huge amount of tax, compared to your $10K/year salary.

That's a lot of tax going to Uncle Sam, probably $40K-$50K going to taxes

I fondly remember my mom saving each paycheck to buy a piece of Ethan Allen furniture (on layaway). Or packing lunch (extra for friends) when mom and dad went golfing. So many little stories, but adds up to dad retiring at 47.

I happily live on $10K/year, but soon at 4% SWR, it will be ~$200K. Thanks to parents for planting the seeds of frugality.

 

[cyber888]

A lot of times, I only order the appetizer as a meal, because it already gets me full. Like a plate of Calamari gets me full when I go to an Italian restaurant. And when I go to a Vietnamese restaurant, ordering 3 appetizers like Shrimp Roll, Fried Tofu, and Fresh Veggie roll already gets me full. And yeah, Dimsum in an authentic Chinese restaurant ... a few plate of those, and who needs a full course meal

But now I have money coming in from several sources that is much more than I need, so not so frugal anymore (i.e. I actually order an appetizer now! LOL)

 

[NW-Bound]

"Money is much more exciting than anything that it buys" -- Mignon McLaughlin

I'm not frugal per se...

It's just that my money seems way better than anything it could buy !

Really, how could that be? Can't eat it, drive it, wear it. Can certainly give it away. That must be your end game?

You can count it, admire it, the number on your laptop screen. If you invest it right, you can watch it grow.

 

[old woman]

My parents lived in the great depression. We grew up with no excess money and our parents talked about money to us. Some of my earliest memories are about money. At 7 my dad was injured at work so we went to work picking green beans by the pound so I was earning pennies a day to me a dime was a lot of money. Soda was a dime in the fields but I couldn't let go of an hour or two income for a soda. My parents talked about shopping telling us we could have bananas if we found them for 10 cents a pound or mom saying she wasn't paying 10 cents a pound for potatoes. I heard mom complain about not being able to afford a dress because one of the kids always needed shoes. Then I learned about interest income, free money for having money in the bank. That is when I dreamed of fat bank account supporting me without work I was still a preteen. Now I have about a million invested and don't want to spend it because I love getting free money. I can spend on things I value and try to spend a little more but still look at the prices on everything I buy and decide to not spend when I don't get value.

 

[aida2003]

You are just like my sister. My candy would be gone within a day or two. Then I would hope that she'd feel sorry for me and hand over some of hers. It didn't work.

HAHA, this sounds like my kids now, but the sister does feel sorry sometimes and gives her brother, but it must be a trade or he must do something in return.

 

[Rustic23]

We buy Great Value brand, rather than Name Brand, if the quality has been proven similar. Is that frugal, or just common since? On the other hand, a friend, buys Name Brand always as he believes quality is always better. Here again, is paying for over quality, non-frugal? i.e. name brand razors that give 10% longer life, at 20% more cost and same shaving experience.

 

[Ronstar]

I'm not nearly as frugal as my parents and grandparents were. I'm somewhat impulsive and occasionally go crazy and buy something stupid.

 

[jkern]

I don't know how I became frugal, I just know that I don't like to waste money. I don't mind spending money as long as it is an efficient use of money. Also, I don't mind buying more expensive items (car, furnishings, home upgrades, etc.) as long as I really really want them and I get satisfaction from owning them. I don't like to spend money on things that have very little value to me and almost no effect on my life or happiness. Frugal not cheap!

 

[Chuckanut]

My old grand pappy used to say " I would rather spend a dollar on something I enjoy, than 25¢ on something I don't care for". He was referring to cigars, but I think his point is well said. Being frugal means getting a good deal on something one truly wants, needs, enjoys, etc. It does not mean buying a 25¢ cigar that is unpleasant to smoke.

 

[Lawrence of Suburbia]

I was a spending maniac/would-be rock star until I hit age 30. Then I got a day job; my father finally took me aside and twisted my arm in no uncertain terms to save at least 15% of my paycheck into the 401k. It became a habit (now 20%) and I learned to "get by" on the remainder. No cable, no Internet, no fancy restaurants, no Porsche ... vacations are maybe once every 2-3 years at a friends' condo in Mexico (i.e., free excepting food & airfare) ... but sometime after I'm 66 or so (hey, I started saving late) I shall have "early" retirement; in a sort of genteel poverty. But I will say good-bye to the minimum-wage job in (hopefully) about three years ...

 

[Markola]

Elbata resurrected this 2016 post on a different string today, and I re-read the whole thing, uncovering the sources of others’ frugality habits that were either deeply ingrained from childhood or learned along the way in pursuit of appealing goals, like ER.

I’m in the latter.

Lately, with DW now semi-retired and my j*b in doubt and abundant free time sheltering at home, I’ve been doing some spring cleaning on the budget. I’ve found and cleaned enough accumulated dirt that semi-retirement seems in reach for me, too.

So, for me, it is entirely a learned behavior: “Nurture” through books and observation of others vs. “Nature”. In these times, at age 54, I thank my younger self for developing my frugality Spidey Sense.

How is your own Frugality Super Power helping you weather the choppy seas of Covid19?

 

[eytonxav]

I am a product of growing up in a blue collar household, with parents that lived through WWI, great depression, WW2, etc. I was the first in our family to be college educated and would generally say I have been frugal and conservative with my money for my entire life, except when it came to cars and putting the kids through college

 

[samm]

Delivering the morning paper as a kid. I got a morning paper route was I was 10. Before then, I simply bugged my parents for whatever I wanted and had no idea where money came from (other than parents).

Delivering papers taught me the value of money and made me think in terms of the amount of time it took to earn... so I managed spending carefully. I delivered for 4 years: the lessons have lasted a life time.

 

[audreyh1]

I’m no longer frugal. Retired long time, older.

 

[Nemo2]

In the 1970s, although not Jewish (many/most of us in the weight room weren't), I used to work out at the Toronto WMHA........my mantra was reinforced after hearing, (and this is true, not a Buddy Hackett line), one little old lady say to another "Never pay retail"......in other words "Don't piss your money away".

I don't need much, and I have it.

 

[6miths]

Hearing some familiar things. Definitely tried to impart the 'never pay retail' on the kids. Also, 'you save 100% on something you don't buy'. Also had the morning paper route starting at 11 - so hated March!! Parents worked to be middle class. Grandparents had families during the depression and WW2. Never saw the point of having too many things and really seeing the anchors they can be now.

 

[Octogirl]

I love reading this thread !

I consider myself to be frugal, in part because I don't like wasting $$.

Like others, DH and I prefer to save $ on monthly bills, etc so that we can spurge later on travel.

I grew up as 1 of 6 kids and we all have different spending habits.



I am openly proud of my frugality with my only sister. We love to discuss the deals we found at a thrift store or gently used items found at curbside .
Some of my friends are not frugal, and like to talk about all the clothes, etc they bought. But they have to keep working to sustain that lifestyle which is not for me.


DSis and I learned from our parents to buy "good value" real estate, fix it up ourselves, and supplement salary with rental income.

 

[tdv2]

I feel like for me it is hard wired...I always had a save some for later mind set. DW is the same and we don't waste anything. We are however enjoying the fruits of our labor....trying to blow some of the dough.

 

[Jerry1]

I wouldn't consider myself frugal, but I did come to a place in life where I gained perspective. Sure, I'd like more stuff that money could bring, but I realize that I'm good. When you are honestly satisfied, it's not hard to stay in that place and for me, that place is pretty darn good. I could spend more and I could have made more, but I like the decision I made to relax, save money, retire and live out my days in a level of peace and quiet that just doesn't require a lot of money. Of course all discussion of money is relative, but I live below my means and when things like what happened in 2008 and is happening now, it pays off in that I can still search my soul and come to accept that I'm okay. Far less stressful way to live.

 

[Rianne]

My mom was very frugal and my dad was spendthrift. Two very opposing views of money, I do not know how they stayed married for so long. Dad almost drove family to bankruptcy, mom saved us. That is why I'm frugal. I saw from a young age the benefits of being frugal. On the other hand, my brothers learned from my dad and are spendthrifts as well.

 

[Bamaman]

My wife's father was a railroader making 2x a normal salary for the 50's, however he drank up all the $ in honkey tonks. They lived in a tiny apartment with 5 kids in 1 bedroom. One chicken would feed 7 people--for 3 meals. A treat was getting a hot dog on a bun--once a year. No sugar was in the house. No car, no phone, no television.

I was son of a utility company worker, and he was raised in The Depression. We never hired anything done. We fixed plumbing, did electrical work and built a house. My mother went to work to put my sister and me thru college. My parents were just the greatest people, and so were their friends that raised me.

We lived well enough, but my wife and I remain frugal which allowed us to ER. Our luxuries are European travel, a inherited lake house, a RV in the mountains and a nice home. We saved enough to raise our 8 year old granddaughter that we have custody of.

I'm proud of my sister and her husband's success. But I don't agree with her having a personal Learjet to fly grandkids to rock concerts and vacations in the islands. She's had to live with a functioning alcoholic who refuses to retire. And she's miserable physically at age 73 after having one too many skiing accidents.

 

[COcheesehead]

Having parents who lived through the Great Depression, over thinking every expenditure was ingrained in me as a child.

There are degrees of frugality though.

I probably spend more on things I value (travel, eating out, cycling, wine) than others on here would, but in relation to my assets, its still a small amount.

My wife gets mad at me when I overthink buying new underwear.

 

[SheitlQueen]

I was raised by parents who lived through the depression. They were frugal, and instilled that in all three of us kids. Even though I have more than enough to last me my life time, I am still frugal. It's a habit I haven't been able to break. Maybe when I get even older and realize it's okay to open the purse strings.

 

[Amethyst]

We are not frugal when it's something we really want. Many would consider us spendthrifts in certain areas. Yet, frugality in other areas has allowed us to indulge the occasional spendthrifty urge.