Why are you frugal?

[W2R]

I come by it honestly. Hereditary....Scots Presbyterian background.

+1, to all of that including the Scots Presbyterian background.

I was brought up by Great Depression era parents, as well. My mother was such a penny-pincher that she wouldn't even buy fresh any vegetables because she might buy too many, and then some of them might spoil. That was a bit much for me, but most of what she did was sensible. She re-used EVERYTHING. I could go on. She was a sweetie and taught me a lot of useful life skills including how to live on very little and reuse things.

For most of my life I have been frugal, although I don't know that I fit into that category any more. I have been trying to loosen the purse strings a little in the past few years, and even bought a nicer house last year. Variety is the spice of life, or so I'm told.

 

[FreeBear]

Well, I'm the son of educated immigrants from a 3rd world country. We joke that our native country's largest export is folks seeking their fortunes elsewhere.

My parents worked hard and smart here in the USA and gave me a good education, both college and the school of hard knocks. They taught me that to succeed I would have to do what most people couldn't or wouldn't do. They taught me about financial freedom and the sacrifices needed to get there. They taught that success was different from just stuff and "bling".

I am forever grateful. Thanks Mom and Dad!

FB
Class of 2015

 

[Dawg52]

+1, to all of that including the Scots Presbyterian background.

I was brought up by Great Depression era parents, as well. My mother was such a penny-pincher that she wouldn't even buy fresh any vegetables because she might buy too many, and then some of them might spoil. That was a bit much for me, but most of what she did was sensible. She re-used EVERYTHING. I could go on. She was a sweetie and taught me a lot of useful life skills including how to live on very little and reuse things.

For most of my life I have been frugal, although I don't know that I fit into that category any more. I have been trying to loosen the purse strings a little in the past few years, and even bought a nicer house last year. Variety is the spice of life, or so I'm told.

Pretty much the same here. My parents were very frugal. I'm living large compared to them. Compared to other people......not so much.

 

[pjm-7]

It must be inherited. Both parents were Depression Era. There were seven kids in mom's family and dad was a street kid who quit school at 12 years old. Even though both were college educated professionals they were both extremely frugal. Always kept a strict budget and reused things until they fell apart.

I just back from a week in Ohio to move dad from his senior apartment to a special care unit. At almost 95 he still saved things he might need (paper clips, pens, small cans with lids, chop sticks, aluminum foil, etc.).

 

[ERD50]

I am frugal because I am not a billionaire
...

I am frugal because I want to become a billionaire, and then I will no longer have to be frugal!

More seriously, that's actually kind of true. I always saw being frugal (I'll define that as being careful to spend wisely, not necessarily depriving oneself in any great way), as a way to have more to spend in the future. Not just $ for $, but saving now helps provide leverage so you can spend more than the $ saved in the future.

Partially by investing and hopefully beating inflation in the long run, but also in many other ways. Having a great credit score means a lower mortgage rate, lower insurance. Having an emergency fund means being able to handle emergencies w/o doing something drastic (like sell the car you need to get to work). And having $ saved means one can take advantage of opportunities.

Living frugally can mean taking advantage of a company match in a 401k, etc. Over time, all these things add up in a big way.

And to the OP's question - I think it can be both or either. I've actually had people tell me they learned the value of frugal living from my example. DW and I have seemed to instilled it in our kids. But it might be something built into a person's DNA to some degree?

-ERD50

 

[YVRRocketSurgery]

The answer for the missus is simple. She considers it a game to get great value and spend as little money as possible.

I'm generally not overly frugal but I save because my goal of retiring early. I want to save more than enough for retirement because similar to Marita40, I have this fear of not having enough/running out of money in retirement. Financial security is really important to me too.
One thing that's helped is that I've been giving more scrutiny for "some" of my purchases on whether it will pass the "make my life more enjoyable or more efficient" test.

 

[kcowan]

I have friends that are retired and rich. They got rich by being frugal. Now they are ridiculous. We tell them to spend their money to make their lives easier. My Scottish roots helped me amass my current stash but now I am determined to enjoy it!

(They have upgraded their wine selections! But they still refuse to pay for above standard accommodations in PV for 6 weeks when they visit. They only have one heir and he is rich on his own.)

 

[bingybear]

DW beat it into me.

 

[cat wrangler]

Being frugal was a necessity when we were just starting out. Now, it is a habit. Clipping and using coupons for groceries and eating out (which doesn't happen often), growing a garden, planting 'productive' plants for landscaping.

 

[splitwdw]

Taught by parents and learned. As children, we were all required to save a portion of allowances/gift money. When we got jobs in high school, we had to save a portion of our salaries. Some sisters learned to save and others didn't. I am a saver and frugal in a lot of areas but do splurge for vehicles. Top of the line F150 and corvettes, Danmar.

 

[Elbata]

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.

 

[EastWest Gal]

I haven't been frugal enough for my current reason: the more stuff you have, the more your stuff owns you.


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[Lucantes]

I have always been a saver. Mostly only purchased what I need. At some point in life, I came to the mentality that a dollar spent now, meant I would have to work for a dollar longer later in life.
Then, I came to think of purchases in "do I want that widget now, or do I want to work xx weeks longer?"
I am frugal because I am do not want to work forever. The reason why I work so hard now, is not because I am a hard worker, it's because I am lazy... At some point (very soon), I no longer want to work.

+1 (bold is mine).
Fits me to a "T"!
Never had much so never needed much and I am lazy and want to check out of the game as soon as I can.

 

[kneehigh]

My dad and I went fishing for the day's sustenance. It was a good day when we caught enough to feed the family. This taught me at a young age, to use only enough of your resources to keep you alive and store the rest for future use. So I grew up being content with very little and still found maximum joy in life experiences.

 

[hnzw_rui]

+1 (bold is mine).
Fits me to a "T"!
Never had much so never needed much and I am lazy and want to check out of the game as soon as I can.

Lol, I'm pretty lazy too. That said, my savings goals are aimed more towards financial security/independence due to fear of not being able to work once I'm in my 40/50s (health issues, need to take care of parents, etc) or of pension getting cut or needing long term care.

My grandmother only had ~$15K/year combined SS and pension. While that was mostly enough for her to get by, her children had to pitch in for any unbudgeted expenses (e.g. hospital bills, etc). She worries about money quite a bit and I hope not to be in that position once I'm older since I don't plan on having any kids (and even if I did, I wouldn't want them to shoulder that burden).

The tricky part is balancing my goal of financial security with consumption smoothing.

 

[davismills]

My parents were children of the Great Depression and they were my greatest influence regarding frugality. Heck, I even turn people's lights out when I visit in their home. Embarrassing sometimes.

 

[easysurfer]

My parents were children of the Great Depression and they were my greatest influence regarding frugality. Heck, I even turn people's lights out when I visit in their home. Embarrassing sometimes.

That's funny about the lights.

 

[REWahoo]

My parents were children of the Great Depression and they were my greatest influence regarding frugality. Heck, I even turn people's lights out when I visit in their home. Embarrassing sometimes.

Although I avoid turning off lights at other peoples homes, I did inherit the "turn it off when you leave the room" mentality from my parents. Now that we've converted to CFL and LED lighting I'm fully aware it saves very little money, but emotionally unable to resist flipping off that switch...

 

[garyt]

I'd say I was born that way to some extent. My sister is a big spender and has tons of debt, other than a house and car, I've never owed anything.
I'm frugal because I don't want for much. I don't need a fancy car, big house,expensive clothes, newest TV. I don't feel I'm missing anything by not having those things, so it's easy to be frugal.
BTW, I think there's a difference between frugal and cheap (I know some people think I'm cheap). Frugal people just don't like to waste money, cheap people won't spend a dime no matter what. My wife and I take nice vacations every year, we don't care, you have to enjoy life. I'll grab the check if we go out with friends. I spend money on my nieces and nephews. I just don't waste money on things that aren't important to me.
My wife and I live by the saying "We'd rather DO things then have things"

 

[rayinpenn]

Parents divorced -
1) we ate but it usually was modest fare - franks and beans
2) didn't always have money for the oil burner
3) always in fear of the next shoe to drop

I wanted to be able to live financially fear free.. I learned it was better then I had hoped.


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[MichaelB]

Yup, another one that likes to turn the lights off and close the doors others leave open. I think it's a virtue, but one that does seem to irritate some other humans. It's not the money, it's the sense of easily avoided waste.

We are 5 siblings, our financial habits are different and can't easily be explained by genetics or upbringing. I don't know what it is, but sure am glad that thoughts like "save now", "rainy day" and "what if" have always figured in my decision making.

 

[Midpack]

Yup, another one that likes to turn the lights off and close the doors others leave open. I think it's a virtue, but one that does seem to irritate some other humans. It's not the money, it's the sense of easily avoided waste.

+1. Some of my friends shake their heads at me and say 'what do you care, you can afford it (being wasteful).' Not the point at all to me, but I don't preach/argue.

 

[kcowan]

My wife and I live by the saying "We'd rather DO things then have things"

+1
Build memories and not warehouses!

 

[kcowan]

I am a saver and frugal in a lot of areas but do splurge for vehicles. Top of the line F150 and corvettes, Danmar.

Nothing wrong with that if your are fair to DW!

 

[Senator]

I am a saver and frugal in a lot of areas but do splurge for vehicles. Top of the line F150 and corvettes

Nothing wrong with that if your are fair to DW!

I would guess that a F150 is for his wife, it's a good passenger vehicle to go to the grocery store with.

He would likely get a F350, Diesel. A real truck (like mine). 2017 coming soon.