Frugal but also big spender at the same time? (national, items, value)
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I agree that choosing the big stuff wisely will make the largest financial impact, but most truly frugal people have already done that while also tackling the small stuff. Frugal people don't like to overpay and won't go heavily into debt because we want something whether the item is large or small. Someone who isn't naturally frugal who finds themselves in a financial bind may make the mistake of going after savings on small items rather than large items, but frugal people attack both.
We're mindful of our spending but don't deprive ourselves of the things we really want. We don't fall into the trap of always buying the cheapest and we also don't fall into the trap of believing that more expensive always equals higher quality. We spend on the things we value but don't waste money on the things we don't. Combined savings on little things can really add up over the years.
In my experience in life and in forums I have seen so many frugal people drop the ball when it comes to compounding those dollars saved .
A dollar saved may be a dollar earned but without good compounding it will always be a dollar ....many are so enchanted with the dollars they save that they can’t seem to invest in much for fear of losing it .....
The reality is they could be a lot less frugal and better investors and have so much more at the end of the day.
In fact you see very few from the frugal forum here ever in the investing or personal finance forum
it's common. people tend to be more frugal about thins they dont care about, and less about things they care about. If you absolutely love starbucks coffee you'll splurge on it more than someone that doesn't like coffee or tea, and wouldn't even drink free coffee at work. The examples go on and on.
I am like the OP: I hate waste and am careful with money. I reuse and recycle like crazy, I fix things if I can rather than replacing them, I wear my favorite clothes until they fall apart and I don't mind driving an older car. But I will gladly shell out the shekels for things that matter to me or improve my quality of life such as restaurants, a daily dose of (legal) cannabis and donations to charities and other good causes. I'm also a generous tipper because I appreciate people who work in the service industries and have to put up with rude, entitled customers all day long.
I think it's pretty common for frugal people to be frugal in one area in order to spend more in another area. Because, money can only be stretched so far and this is a way of justifying the cost for prioritizing what is important to you.
I think it's pretty common for frugal people to be frugal in one area in order to spend more in another area. Because, money can only be stretched so far and this is a way of justifying the cost for prioritizing what is important to you.
Well, and literally having the money. I used to care about cable TV, so I had to budget more in other areas to afford it.
In my experience in life and in forums I have seen so many frugal people drop the ball when it comes to compounding those dollars saved .
A dollar saved may be a dollar earned but without good compounding it will always be a dollar ....many are so enchanted with the dollars they save that they can’t seem to invest in much for fear of losing it .....
The reality is they could be a lot less frugal and better investors and have so much more at the end of the day.
In fact you see very few from the frugal forum here ever in the investing or personal finance forum
A lot of frugal people are poor. There is no money for investing.
In my experience in life and in forums I have seen so many frugal people drop the ball when it comes to compounding those dollars saved .
A dollar saved may be a dollar earned but without good compounding it will always be a dollar ....many are so enchanted with the dollars they save that they can’t seem to invest in much for fear of losing it .....
The reality is they could be a lot less frugal and better investors and have so much more at the end of the day.
In fact you see very few from the frugal forum here ever in the investing or personal finance forum
True. A lot of people need to learn the basics of saving before they can get to the next step.
A lot of frugal people are poor. There is no money for investing.
It's a methodology. You don't have to necessarily start with money. There is an fun exercise I've seen people do where they trade up. You can start with a paperclip or something small and you keep trading to see what you can get for it. For instance, you start with a paperclip and trade someone for a pencil. You trade that pencil for something else and keep doing it until you work your way up to a much bigger ticket item like a car. You sell it for money and start over. My grandfather was big on doing that. He would get something that someone else considered junk and fix it or use it for parts to fix something else. He had a nice savings when he passed away.
In my experience in life and in forums I have seen so many frugal people drop the ball when it comes to compounding those dollars saved .
A dollar saved may be a dollar earned but without good compounding it will always be a dollar ....many are so enchanted with the dollars they save that they can’t seem to invest in much for fear of losing it .....
The reality is they could be a lot less frugal and better investors and have so much more at the end of the day.
In fact you see very few from the frugal forum here ever in the investing or personal finance forum
Put a frugal person in a job with an investment plan with employer match, and I'll bet they will be the first rushing to sign up. That's how I was when I was in my 20's. My employer matched the first 6% but allowed us to contribute up to 16%. I was surprised to find that only a very few of us contributed the full 16% and some didn't even go the 6% for the match, something I was able to see from working with payroll. That was the first time anyone officially called me frugal. They said they weren't surprised I was contributing the max because I was frugal.
It all boils down to individual circumstances, what you need, and what you're comfortable with. Some have created income streams that don't require the compounding from investments while others will struggle without it. At the end of the day, no one wants to live in fear of their financial situation. It's the people who do live in fear because they make so little and who are frugal out of necessity that need the help.
Put a frugal person in a job with an investment plan with employer match, and I'll bet they will be the first rushing to sign up. That's how I was when I was in my 20's. My employer matched the first 6% but allowed us to contribute up to 16%. I was surprised to find that only a very few of us contributed the full 16% and some didn't even go the 6% for the match, something I was able to see from working with payroll. That was the first time anyone officially called me frugal. They said they weren't surprised I was contributing the max because I was frugal.
It all boils down to individual circumstances, what you need, and what you're comfortable with. Some have created income streams that don't require the compounding from investments while others will struggle without it. At the end of the day, no one wants to live in fear of their financial situation. It's the people who do live in fear because they make so little and who are frugal out of necessity that need the help.
There will always be those with no choices in life , it goes without saying
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