What's your money-saving "why"?
This question is a mainstay in the Meet a Reader posts, but I thought it would be an interesting one to pose to all of you! That way, even those of you who don't want to do a whole interview can get a chance to share the motivation behind their frugality.
My money-saving "why" has shifted here and there over the years, depending on my circumstances.
At times, I have been frugal because it was an absolute necessity; any non-frugality would have been a quick ticket into debt.
And sometimes, I have been frugal in an effort to create more margin and more security for the future; after a lot of years of scraping by, you need to work to make progress on things like retirement savings.
Why am I currently motivated to be frugal?
Well, my financial future has a lot of unknowns in it right now, and this next phase of my life is going to look a lot different than I thought it would.
Also, my current financial situation has endured some big changes; for instance, this year I suddenly became responsible, on my own, for a rent payment that is twice what my mortgage payment was.
Plus, I want to stay in school and pursue my dream of becoming an R.N., and that's going to require money.
I also want to:
- have a cushion for unexpected expenses
- prepare for an eventual retirement
- be able to help other people financially
- be able to help my kids financially
- travel to see friends
And frugality is going to assist with all of that in a variety of ways.
For instance, frugality will help me to have more money available to travel, and my frugal skills will also help to keep my travel costs down because I know how to get cheap flights and cheap lodging.
I want to accomplish my financial goals without being miserable
I want to manage all those things listed above without living a lifestyle of deprivation. And that requires frugality.
If I want to furnish my home and make it beautiful without spending a bunch of money, I can rehab free furniture.
If I want to eat delicious food while keeping my food bill down, I can cook at home.
If I want to wear stylish clothes without spending a bunch of money, I can shop clearances and buy things on eBay.
Frugality makes a rich life possible, even on a budget.
I think I'm always going to be motivated to be frugal
Even if all the above motivations were taken away, I still think frugality just makes sense. I don't want to be wasteful or consumption-oriented no matter how much financial cushion I have.
That's why in the "What would change if you won the lottery?" post, I said that I'd maintain a lot of my frugal habits even if I did have millions of dollars.
But, I'm not gonna lie: having this change of life circumstances has given my frugal motivation a little kick in the pants. There's nothing like a little necessity to act as a frugality stimulus. 😉
What about you? What's your motivation to be frugal?
P.S. In case you're new: here's a post about the ways my life turned upside down this year.
I'm motivated to be frugal so that I can spend money where I want to (like travel!), and not spend mindlessly on things that aren't as important to me!
@Emily U., This is such a good point. It brings me great pleasure to know that I spend my money mindfully. Not always frugally, but if I spend a lot it's because I've decided to.
I'm not sure why I'm frugal. Living within my means has never been much of a challenge, which probably says as much about my means as it does about my frugality.
Some of it is that I hate waste. That includes food waste, not reusing things, single-use products, and paying more than I have to (but there are limits to how much work I'm willing to put it to save money).
Some of it is to conserve a useful tool against further need. It's part of my emergency preparedness as much as a week's worth of water is.
Some is as an exercise in self-control because if I don't apply reasonable limits to myself, who would?
Some is to avoid becoming a spoiled entitled person and to keep the pleasure that comes from occasional indulgences. If I buy ice cream every time I shop, then ice cream is no longer special. I ran into this problem as the pandemic wore on: I ran out of nice things to do for myself.
And some of it is so when I do want to spend money, I can do so. I'm doing that in spades right now, as I buy a new house. It's more than I need but just what I want.
@WilliamB, your comment "Some of it is that I hate waste" really resonated with me! I hadn't thought about it, but a lot of what I do avoids wasting money, food, and time. Good point!
I don't want to take money for granted...and I did for many years. These days I want to be grateful for the money that I have and I want to show that through HOW I spend it.
To have choices. So many physicians are terrible with money and fall prey to the golden handcuffs of a big house, fancy car, globe-trotting family vacations...but I chose this profession for all kinds of noble reasons AND the selfish reason that I would have a high enough income to have choices. While right now I have a relatively low income*, I know that once I finish my training, we can do things like own a modest home in a mid-sized city and not work 60 hours a week; I can spend a lot of time with my kid(s) when they're young.
*Fun fact! The resident physicians who work 26-hour shifts and run the medical services in the hospital generally make less than minimum wage. We work so many hours that it adds up to a living wage...if you don't factor in how much debt we carry. We're a privileged group, but money tends to be tighter when you're in your 20s and early 30s. We currently live a more frugal life relative to many of our friends, especially because we have a young child (i.e. daycare and other sundry expenses.)
@Meira@meirathebear,
I completely relate! I’m in my 50s, went to medical school a long time ago, and chose family medicine based on the people I would be serving ( not the salary I would be making). I worked 100 hours a week for my 3 years of residency (I think it was $2.25/hr), then 60 hours a week ( and made 80k a year). I had a lot of debt, now paid off, and my husband stayed home with our kids full time when they were young. We bought an inexpensive house and were frugal so that I wouldn’t have to work more. The debt is paid off, and I have paid for a total of 5 college educations between my 2 kids, my degree and my husband’s undergraduate and graduate degrees.
Now, I make a comfortable living, I work 80% time, I’ve got a great nest egg, and have had the money to travel a bit and redo our house bit by bit. I don’t have all the things a typical doctor would have— and that is just great. I do have the ability to walk away from any job that I don’t like and to work less than full time— this is more important to me than anything else.
@Meira@meirathebear, as the wife of someone on the other side: YOU ARE DOING AWESOME.
AWESOME, I say.
Residents often get hosed and are under-appreciated and underpaid for their time and expertise. So: I see you, and I appreciate you, and thank you.
@Jen, Thanks for sharing! I resonate so strongly with the idea that we can have anything, but not everything. Like you, I value flexibility. I feel like the cultural message for doctors is that you'll be RICH and can afford EVERYTHING, but the reality is that tradeoffs need to be made.
@Molly, haha I appreciate your kindness. Residency is really a family affair, isn't it? My husband is so affected by my job; we had to move cities when I matched, he had to relocate and find a new job, he has to take care of the baby alone when I'm on call, he does the lion's share of the housework...it's really all hands on deck!
I feel such a twinge reading these comments. Was getting ready to take the MCAT when I became disabled and eventually gave up because I just wasn't well enough to train. Sigh. I wanted so badly to be a surgeon.
@Rose, I have been thinking about you and this comment this week. I hope the path you ended up taking was the right one for you.
I like nice things but I hate waste--food, money, clothing, and so on. I try to DIY everything I can, because that's how I grew up.
The way I grew up, if cereal got stale, it was crisped up in the oven again, not thrown out. You gardened fruits and vegetables, as well as foraged, because that's just what people do. Tubes of things were cut open and scraped out. My parents often built their own furniture; heck, my mother built herself when she was 71 spice cabinet when she couldn't find the one she wanted shortly before her stroke. Painting, decorating, auto care, handyman things, my parents even retiled and plumbed their (one) bathroom. (I will say, growing up in a family of six with one toilet made me determined to have a larger house when I got older.)
My living room carpet cost me $4000, but I've had it for nearly 30 years, and it still looks great after two babies and innumerable puppies. (Quality wool cleans well and a busy William Morris design hides stains.) My antique furniture is valuable, but unlike other furniture it will only be more valuable in the future. I believe in taking care of my good things and my children were always taught to respect things. I dislike when people buy cheap junk--and I don't mean used, I mean cheap--because "the kids will just destroy it anyway."
I tend to buy fewer and better clothes and shoes. I'm very tall (six feet) and not easy to fit. That said I'm right now wearing Old Navy linen pants for around the house. My son is also into high-quality clothing, while my daughter, the artist, wears mostly thrifted overalls.
However if I won a billion at Powerball all bets are off. Ha!
@Rose,
I am so much with you in regards to "The kids just will destroy it" - I also taught my kids to respect nice furniture and the china and real silverware on a daily basis.
Like I grew up with "eat at home like at the king's castle - so when at the king's place you can eat like at home".
(Translated from German. Hope I got it right)
@Rose, I second the "We CAN have nice things" sentiment, and I make a game out of finding what I want or better for less. Our house is filled with Craigslist and Goodwill furniture, most solid wood antiques, the most expensive of which was $50. While we're never having kids by choice, we are pet people, and the antiques have survived the cats far better than the few cheap store-bought "until we find something better" pieces ever did!
Oh yes, one toilet is no fun. I don't necessarily need two full baths, but two toilets make life a lot less frustrating!
I'll give a condensed version of the one I gave in my Meet a Reader: I've always been frugal. But my current motivation is that I'm a retired senior with a spouse in a nursing home--and the long-term care insurance money for him won't last indefinitely. Again, I don't mind dying broke; I just don't want to live that way.
When I started reading your blog, back in 2010, I was frugal because I’d just been laid off and we were down to one salary. Shortly after, I realized how close we were to being able to live off just my husband’s pay. My motivation became being able to live my dream of staying home with my then toddler son. Now that our income is more comfortable, I save money to not have the stress of living paycheck to paycheck. Having some extra money in the bank, for retirement, etc. helps ease my mind.
I was raised to be frugal, but 'keeping up with the joneses' and lifestyle creep when I was in my 30s and early 40s shaped my purchasing habits. A few years into my 40s I got divorced. I hadn't worked for 16 years and had been a stay at home mom since he didn't want me working with men who might steal me away from him. I left the marriage with a small bit of savings and my share of equity from the family home (since he wouldn't move out despite being the one who took up drinking again and getting DUIs and then continuing to drink and put our family in danger...hence, I was the one who 'left'). Anyway, I all of a sudden had a 'lack' mentality. I started accumulating things like clothing, business clothes, extra pairs of shoes, etc because I kept thinking about what would happen when that savings ran out and I was going to have to provide for myself or afford clothes or shoes, etc. I got a job making barely over minimum wage and realized I had a serious learning curve. No recent work experience with the modern tech world really put me at a disadvantage.
Fast forward 8 years to today and I have found myself in debt. I was able to buy a condo for my son and myself and put a roof over our heads about 3 years ago using some of the savings and taking a bit out of an IRA (bad idea, but I do have A LOT of equity now so I don't regret my purchase). I have increased my salary by more than 60% and have built a career for myself which I am proud of. But, it's time now for me to get a handle on the debt. I want to pay off my car loan, pay down the remaining 10K in credit card debt, and find more financial freedom. Once I get a better handle on those things, I need to focus on my retirement funds and really put more money away for savings. I am so far behind for my age but I don't regret leaving that marriage with barely nothing to show for it. I have my sanity and peace now and that's all that matters.
If I won the lottery, the first thing I'd do is pay off those debts including my home. Then, I'd probably invest in property, find a good financial advisor, and maybe treat my family to a family vacation somewhere fun!
@Bonnie, You should be very proud of yourself for doing so well and being so strong for yourself and your boy.
@Rose, seconded!
I am motivated to save money for emergencies, to be able to buy things I want and need, and to build our savings. Plus, I find being frugal fun, if that counts for anything! Also, my husband and I don't have huge incomes, so it is in part necessity as well. It is so, so rewarding to have frugal wins also. It feels so darn good.
I'm frugal partly because it was bred into me from birth by some real penny-pinching parents so I can't make myself waste money on things that don't count in the long run. Mostly, now, it's because I'm living on just my salary while paying the additional expenses for the nursing home and medical care for my husband. Plus, I'd like to still have some money left when I retire!
I will spend on people, things or experiences that are important to me, but I will still try to find a way to save money on them.
I practice being frugal so I can splurge on experiences and things that are memorable. So I will fly on a budget airline but visit a beautiful city and treat myself to a wonderful meal.
I will drive a 14 year old car so that I can have the money to buy music equipment for my teens. My goal is to be financially independent and hopefully retire with a paid off home and good retirement savings.
When I am blessed to get a bonus or financial blessing, I put most of it in savings but take a piece for something fun
@Jen Martinez, This made me chuckle because I won't fly a budget airline but I will stay in a cheap hotel. So nice to have choices.
"Frugality makes a rich life possible, even on a budget." So very well said, Kristen.
The why of frugality for us is that we wanted to have a safe, comfortable home of our own and send our child to college without drowning in debt. We have often had to be black-belt frugal because we have had, even with health insurance, a lot of medical debt over the years.
Being homebodies who don't like to shop and enjoy making things is a big boost to frugality. 😀
Our "why" is a matter of security, both financial and emotional. We are debt free and intend to stay that way if at all possible. That's despite several big medical scares over the years and the life-long changes (prescriptions, appointments, diet, etc.) required by them. Neither my husband or I have ever made a lot but we've always made a point of living off only one income as much as possible and putting the other income to work for savings, unexpected expenses, etc. We want money for what matters to us and try to minimize and optimize everything else via our Goodwill clothes, second-hand furniture, mid-life-crisis-aged cars, etc. When shopping for our first (and probably only) house, we purposely sought out one that was exactly what we could afford outright--that is, NO mortgage! It's on the small/perfect side to keep utilities and taxes low to help us future proof against *emphatic gesture at everything.* My husband finds it deeply amusing that we're future-proofing in an 1890s house, but it really does perfectly embody our frugal-thinking-outside-the-box! 🙂
@N, I first read "mid-life-crisis cars" and thought, yes, I do want that aqua Mustang! heh.
@Rose, lol An understandable misreading, but I really do plan on throwing my beloved ride a 40th birthday party in a few years. 😛
@N, Don't blame you. When my beloved minivan was carted off by the junkers after 300,000 miles, I felt like I was sending a favorite horse off to the dog food factory.
When I was young, I worked at a large well known magazine publisher. My co-workers were always broke on payday. I did not want to live like that. I subscribed to the Tightwad Gazette newsletter and was taught about investing from a friend I knew at folk
dancing.
I married late, started a family late and retired early. In the twilight of my life I get to take my kids to school bring them home and totally enjoy every minute I have with them.
Frugality is in my DNA, but not because I want to save money, but because I want to minimize waste and consumption. A wonderful side benefit of that desire to minimize consumption is the ability to save money. This has allowed me to stay home with my kids their entire childhoods. When my life took a turn like Kristen's, I had enough money to start over and make the life I wanted. Now I'm happily remarried and we own our own company, thus allowing us to work for ourselves.
Frugality gives you options.
@Jeana, frugality does give you options. In the classic, “Think and Grow Rich” by Napoleon Hill, the first rule is to save as much as possible so you can take advantage of opportunities when the present themselves.
@Bee,
this seems like a really small thing, but yesterday I was in Costco and noticed the dental sticks we buy for our dogs were on sale. I didn't need dental sticks but I bought a box because a $6 savings is a good thing. I felt really grateful that I had the room in my budget to take advantage of that sale.
I grew up in a household that had just enough resources, but couldn't squander. That's how married life started as well. It's habit. We've also used thriftiness to bolster savings for a few huge splurges like international travel, and a second hand speed boat. I don't mind living a simple life 95% of the time to be able to indulge 5%. College for my kids was an essential goal, and no doubt, thriftiness made that possible. Good luck with your dreams!
I was not raised to be frugal at all, and there was not a lot of money to go around growing up. It was always "we don't have money for that." And the talk of money was taboo. So I had no idea how to save money or be frugal and started looking for blogs to help when I stumbled upon Kristen.
I am a little older than Kristen and I'm looking to retire and not have to worry about money. But then again, the future makes me nervous and with my money history, I have to tighten my belt, so I'm always looking for money saving tips and ideas.
I’m dedicated to frugal in order to be more giving in fact I’m almost giddy when I can give to someone else. There is need all around us and saving in one area frees resources to meet others needs. Plus the inner joy I have becomes an extension to others: a joyful heart is good medicine.
Trying to get 3 kids through state college without any debt for them or us.
That's a tall order. Good for you!
While I never thought we were poor, my parents had 8 mouths to feed so we did not ever have a lot of "stuff" so we made due with what we had which wasn't a lot. I still remember the huge blocks of Velveeta like cheese and powered egg we use to get.
When we first got married we lived paycheck to paycheck.
I have never been a material person so my treasured non-human items are my dogs, my laptop and my iPad. I was frugal enough to keep my kids toys in hope of grandkids one day (which I have 2 grands) so other than picking up toys from Goodwill I don't buy much other than groceries. If I could get hubs to quit buying things with motors we could retire. Lol. He grew up a lot different than I did, his family had new cars, motor bikes, travel trailers most every year & they and 2 homes. I would rather do things than buy things.
I think I was just born to be frugal, and lucky for me I am. Due to that we should be able to retire soon.
@Mar, I loved that government cheese back in the 80s! As a broke college student, it helped keep me fed.
I'm frugal because I was raised that way 😉 When my parents immigrated from Scotland, we only brought the belongings that would fit in a trunk. We came on the boat. They bought a lot of things at auctions and rummage sales, and stretched every penny. Now decades later the little house they bought as a fixer upper in Michigan is our summer home. They lived without debt and taught us not to be penny wise and pound foolish. I carry their lessons with me, and even though I have a credit card (they never did) I pay it off each month. Donna
@Donna Wilson, I learned a lot from my mom, too. A child of the depression, she started out with nothing and is now doing very well! I would like to set a good example for my kids, too. Ditto on the credit card, which for me just functions as a money tool. (:
I save money so I don't have to borrow money from anyone ( bank/ people) as they'll control your life when you're in debt.
My financial goals have changed over the years, but frugality has helped me accomplish a great deal. As I approach retirement, I want our overall financial position to be as strong as possible. However, I find the current economic environment challenging. It both frightens me and motivates me.
I also think that I’m frugal because I was taught to be that way. Although I try to make good financial decisions, I think a lot of my frugal behaviors are deeply ingrained. I see these same behaviors in other family members too.
I was extremely fortunate to grow up with everything I needed and most of what I wanted. My parents, children of the depression, were able to give us this gift by planning every expenditure. They simply did not make impulse purchases. My father was an architect and he carefully planned our home and furnishing. My mother carefully planned meals and our wardrobes. Consumer Reports was consulted whenever a major purchase was made. There was little waste. In turn, I learned to spend that way. After all, I can’t spend that same dollar twice.
I really didn’t understand how odd this was until I was an adult. It has presented challenges in married life. My husbands upbringing was exactly opposite from mine — a bit chaotic. We’ve helped one another to each be a bit more reasonable.
I'm having to be even MORE sensible about money because we're all suffering inflation and I'm on a fixed income. I still have other sources of income (selling vintage stuff, selling on ebay, merchandising) but those are not predictable enough for security. Because of a change in relationship status, I'm having to replenish my savings account so that I once again have six months of living expenses in the bank. Finally, one of my goals this year was to completely stop buying "fast fashion" -- cheap knit tops at Walmart or almost anything at Old Navy -- and to start sewing for myself. I know how, I have the machines, I can do it. But someone joked that I'll have to learn to knit, because when the socks wear out I'll need replacements.
I never really liked stuff. One man's misery causing deprivation is another's happy place I guess. Having sustenance and covering, we will be content with these, and a few things are needed or just one are ideologies I admire.
I want to have a happy retirement. I have seen so many people who have nothing in their later years, and I don't want that to be me. I figure that all the little money saving changes I make now will pay big dividends later, when I am finally able to retire. I am 57 now, and have had this mind set for a while now, and I think it's working. And, besides, why pay more for something than you absolutely have to? That's just crazy talk! LOL
I have a progressive disability, so I am very aware that my high-earning years are limited. I'm frugal now so I can compensate for the (very) low-income, high-expenses years that are coming my way.
I, too, was raised with a dad who grew up having to be very frugal and it carried over into our family. When I left in my divorce, I had access to old family furniture (what I hear is called brown furniture now!) which I loved because of the memories. I’ve noticed that often when a household is cleared out, most people already have the stuff the need. Being on my own, I’ve had to be more aware of finances.
I am frugal so that we have options. I always think about the opportunity cost of the dollars we spend: my 2009 minivan with 174k miles is having issues - it’s currently in the shop for the 3rd time this summer for AC issues, starter and power steering are going, has a leaky engine valve etc. My dream vehicle is a hybrid, AWD minivan, but those are $50k right now, even used (or close enough to not incentivize buying used). It occurred to me that even though I *want* a hybrid minivan and see the environmental value of that choice, I don’t *need* that, and found that I could buy a good used AWD minivan with the features I otherwise want under 60k miles and save $20k … which could then go toward a new fence or new windows for our house. Reusing already manufactured materials is also environmentally friendly, and would allow us to accomplish other goals sooner.
There's a world that is hurting and without Hope. I want my life to be part of bringing Hope to those hurting. I want to bless others close to me and around the world so that they get a glimpse of a God who loves them and can say, "Maybe, if there are people who love me this much, there is a God who cares." And that's honestly the driving reason for my frugality.
@Dorinda, Beautiful!!!!
@Dorinda, Love this!
I am not as frugal as in the past maybe, but I believe we should be good stewards of what we have, whether it's a lot or a little. We're retired with a comfortable income as long as we don't go crazy. So we are still somewhat frugal and save where we can so that we are able to splurge on things that are important to us - travel, visits with family and friends, able to help others, and so that our resources don't run out before we do. We've downsized to a smaller home, so we don't need a bunch of "stuff" that takes up space we don't have. We are deliberate in what we buy and never buy anything full price.
I have really enjoyed reading this blog over the years and gleaning some great ideas from Kristen and others for ways to save.
My parents and grandparents talked constantly about how hard they had worked and then the soviets and the nazis stole it all, and the end result was that when I went on my own I spent wildly because it could all be gone tomorrow. If banks are closed, your job disappears or is given to someone else who is aryan, and your property can be taken away by the new government, what is the point? I was frugal during college and grad school but once that was over, I lived like there was no tomorrow because there might not be (which also explains how hysterical I get when I read about the US possibly heading toward civil war. These people must be insane, or at least totally ignorant of what that means...) When I met my husband I was in serious debt. Before we married, we sat down and talked about goals, including finances. He was the one who proposed living on one salary so that we could both retire by 50, with all debts including the mortgage paid off. We were on our way and then each of us got a catastrophic illness---not the nazis stealing everything, but inadequate health insurance and a for profit health care system (I do not believe health care should make a profit for shareholders. To me, there is something immoral about making stock gains by charging as much as you can to care for the desperately ill). We started from the bottom yet again, each time. The only thing that saved us was that we both had advanced degrees in fields where we could make six figure salaries, so we were able to climb out of debt each time. We still reached our retirement goal, but we still do the odd jobs to keep our skills up and not get too lazy. We remain frugal now because I don't want to have to go back to work (not that anyone would hire decrepit me) and because over the years I learned about the damage that consumerism does to the earth and I want to do my part to leave a smaller imprint on the planet. I am a VERY anxious person by nature and having a financial cushion reduces my anxiety. But old fears are hard to control---we have much of our savings in gold. Easily portable and always in demand as my grandmother told me about sewing her small amounts of real jewelry into her dress hems. My California surfer boy husband is so sunny and optimistic that he had to work to understand why I saw monsters around every corner. But he learned---when we married his gift was gold coins so I could run away from him if I ever decided he was a monster.
@Lindsey, Funnily enough (or not so funnily), I rewatched "Schindler's List" last night. I hadn't seen it since it came out 30 years ago because it made me cry so hard. Yes, as a history major in college, who took classes on Nazi Germany in German, whose senior thesis was on the Russian Revolution, when pundits talk about civil war in the US now I roll my eyes. They don't get it. They really do not.
@Rose, Right, they are like 8 year old playing Capture The Hill with their wood rifle relicas. Somehow they think they will be in charge when it goes down, but the foot soldiers are not the ones in control and by the time they realize that it is too late. They won't be sitting in their comfortable recliners, they will be living among cinders waiting to see which faction finally triumphs and it may not be the one they want. Meanwhile, farewell to the things a wealthy country can do, like medical research.
Interesting comments. Best thing on the internet today.
I think I'm frugal by nurture, not by nature. That itself could be my "why". But, supplementally, as a freelancer married to a farmer and with five kids, practically anything could negatively affect our household economy. So frugality is really the only option. Luckily I'm good at it. I would like to be as good at making money as I am at utilizing it well. But then I would have to care a lot more about money (like as a motivating factor) and that's not in my nature, either. Conundrum.
Talk about digging deep …. I see money as a proxy for my time and energy and a good tool to have to help resolve a crisis.
Mostly though, for me, having money is protective. I grew up in a poor household moving from crap apartment to crap apartment (bio dad walked out when I was 8, didn’t pay child support, mother got minimum wage job). The utter vulnerability of the situation was my motivation to get an education and become economically self-sufficient.
I have a strong DIY ethos and have been environmentally conscientious for many decades but until recently, I have been focused on the inputs while working a stress++++ career. Now, I am starting to think about retirement and while I have secured an above-average post-retirement income that only works if the outputs also work. So, I am now in full bore paying off mortgage mode and exploring ways of keeping my expenses within my future means while maintaining some fiscal flexibility to do the things that I feel are important.
I'm from a large family, so frugality was always part of our vocabulary.
It really hit home for me when I was diagnosed with a rare cancer when I was about 21. Through an amazing set of circumstances, I survived with my finances intact, and happily, the rest of me, too.
For me, Financial Security = Freedom.
The cancer I had had a "propensity to recur", which is pretty darn scary to an early twentysomething.
I deliberately created a plan to enjoy all the todays and save like heck for the tomorrows I hoped to be granted. I wanted to travel, I wanted to own my own home, I wanted to spend time with those who are dear to me, and I wanted not to have to worry about finances, should cancer ever come calling again.
That was over thirty (whoops, forty) years ago. I'm reaping the rewards of those efforts in ways I never dared to dream, and life is so, so good.
@Dicey, Thank you for sharing your wonderful story!
At this point in my life, I’m frugal because it’s part of who I am ☺️
For many years I was frugal to save money, pay off school loans, pay for our son’s adoption, and pay for our cars, and help our son with his future college expenses.
- I’m 55, and plan to transition from full time to part time this year. This is a quality of life decision that’s now an option for me. For this I am very grateful
- I want to give generously to those in need
- I want to travel (again). I haven’t done much the past 3 years, however I plan to start up again this Spring
My motivation came from both good and bad situations I observed in my family. I saw some of them make poor financial choices and suffer the consequences. Many years ago, when I realized I was headed the same way, I got scared and changed my tactics and habits to get out of debt and build savings so I don't have to panic in an emergency situation now. I also realized that even though my parents would help me if I got stuck, they would not always be alive to do so and were trying to teach us to be self-reliant for good reason.
I saw how my parent's frugal ways allowed them to build a solid enough financial base that they could live a good, simple, happy life and be able to help others as well. We didn't grow up wearing designer clothes, taking lavish vacations, buying the latest gadgets, but we made a lot of wonderful memories in a house full of love. They made sure we had a good education so we could support ourselves on our own. They proved that you don't need a lot of money to be content, but to spend it carefully and wisely on what's truly important. They are both passed on now, but Mom and Dad, no worries...the kids are alright!
I’ve always been frugal and a saver. I remember saving quarters and filling up a cardboard sheet from the bank when I was little, taking it to deposit into my savings account when it had 40 quarters in the little slots. I had a paper route from 11-17 years old and saved my profit. Today I’m married to a spender and wasn’t as frugal as I should have been when our sons were young. We are extremely behind on retirement savings, and I tuck everything I can I into our savings account.
I think for me being frugal is about having a sense of control. It helps me to reframe life in terms of choices. I can choose to save money for things. I can choose to not spend on something I don't value. I can choose to work fewer hours and in a lower paying job that I find meaningful. Etc. Being frugal helps me to have more choices.
@Becca, your words echo much of what I was just about to write. For me, money is directly linked to control — having it, saving it, determining what to spend it on.
I save money so I can sleep at night, not worrying about how to pay the bills. Also, my grown children are all very responsible with money but if they need it, I want to be able to help them. AND as you get older, you want options for staying in your home rather than being forced to go somewhere else.
My first motivation is security, and also to not be a burden for my kids: My mom, who raised me as a single mom, didn't have much money for many years, then she made a better salary for the last 15 years or so but never really invested any of it, and she`s not frugal by nature, so now at 70 she is still working part-time, with no pension plan eighter. I don't know what her future holds but I have a sure feeling this will fall on me, financially and emotionnally and, quite frankly, this makes me mad because we don't have the best relationship but she's still my mom so I feel responsible of her to some extend. I don't want to do the same to my kids.
It`s also an emotionnal security to know that I have zero debts and a cushion for hard times, if it comes to that. And to know that I should be able to retire before 70!
The main why’s for me are for stability today and hopefully flexibility for the future. With a spouse who has an entrepreneur most of the last 15 years, income has gone up and down and all over the place - living frugally helps to minimize the impact of that volatility. While we are in a more cash-positive situation, we are saving as much as we can, to have options around being able to move or take a different job down the road. Beyond that, I am really motivated about using the limited resources on this earth wisely - only buying what I need and buying secondhand whenever possible. It’s so easy to fall into American consumer culture, so it’s helpful to have a strong ethic of frugality to combat that.
I am frugal so that I don't have to worry about money. I work in health care, where we see the intersection of financial insecurity/poverty and poor health. I never want to have to worry about paying for my medication or paying for aide service when I age.
I am also frugal for the good of society. If I take too many "pieces of the pie" there will be less for others. It is also better for the environment, which is important to me and our future generations.
I am frugal to teach my kids financial responsibility. Financial stability is never guaranteed and frugality helps cushion this reality.
I am also frugal because it's fun. It's a challenge to me and also a source of pride (growing your own vegetables, making beautiful meals, etc).
I feel like my finances have been on a roller coaster all of my life. Poor, then not so poor, back to poor, repeat. Hubby and I had 6 years in there where we had two incomes, the kids were getting grown, and we had disposeable income. Then that cushy world ended because he died. {no one talks about financial loss when it comes to grieving a spouse} I have had to change my ways and its still a work in progress. My goal is to simplify this life I am living so that I can stay in my current house, which is a little big for me, but comfortable, safe, large enough for family gatherings, and still very full of stuff. To that end, I will be selling a vehicle and some property. I am also going part-time, which sounds counter productive, I know...but there is a quality of life issue to be addressed as well!
Frugality was the norm growing up on the edge of poverty. When I got out on my own I went a little credit card crazy and extreme frugality got me out of debt, and then became a way of life. I joke that frugality is my hobby - combining sales/coupons/cash back apps to get the most out of grocery budget, stockpiling loss leaders, thrifting for what we need and potential resale, and always trying to find the best deal when we need to buy new. All of this is fun for me!
We were able to retire early while we still have kids at home, and while there's plenty of wiggle room in the budget now, we do our best to avoid lifestyle creep and continue to live on less than we make. I never want to tied to a 40+ hour a week job again.
My husband S trade is mainly done outside so weather always played a major part in our financial well being. I learned to be frugal early in our marriage. Hubs grew up super frugal. I looking back my folks were not wasteful but we never felt deprived. It became a habit &then late in life we bought a new house so a new mortgage. But being frugal allowed hubs to retire early to help raise a granddaughter after her mom went back to work after a divorce. It allowed my to retire after major health crisis and still pay off our share of a huge debt. Even with good insurance 20%of 1/2 million is 1 heck of a lot. We continue to live well in retirement
The older I get, the more I want to share experiences with my family. I want to spend my money on any opportunities for connection, rather than paying for all of life’s necessities. I love all the tips and posts.❤️
I use white vinegar for cleaning ,sometimes combined with bicarb. I was my clothes on a low heat washing programme with bicarb. and a squirt of concentrated floral disinfectant. (for a soft bug free wash). I never buy new books and always pass them on to charity shops of friends. I add lentils and chopped vegetables to most meat dishes and I make all my own soups etc.
I have saved lots of money so that I can have holidays, lots of budget buy clothes and still have money to give to the needy even on a low income.