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EVERYDAY CHEAPSKATE

by on May 19, 2014 10:50 AM

Frugality. It’s a word that, for many people, screams deprivation and even poverty.

I get letters from readers who say they’ve had it with trying to live below their means and never having anything they love. “What’s the point if all of this deprivation if it just makes me feel even more miserable?” was the way one woman closed her letter.

Look, I can’t know your particular situation. But I do know this: If you adjust your attitude, get a plan and then let nothing stop you from reaching it, you can have the things you love.

Frugality isn’t just about cutting costs. There has to be a specific reason involved. And it can’t be something nebulous like “Because I want to be rich.” Frugality is about scrimping and cutting like crazy on the things you really don’t care about so that you can have the things you love. It’s a matter of deciding what’s really important and what’s not — and I mean on a daily basis, and as a way of life. You have to get out of your “coma spending” and into conscious spending where every expenditure counts and every dollar matters.

I could give you all kinds of examples of how this might work, but let’s take something as simple as paper towels. A couple of rolls tucked in with the weekly groceries may not seem like such a big deal. And they are convenient. But do you really love paper towels? Enough to sacrifice things that you really do love in order to have that roll of paper always at the ready? I sure don’t.

Experts say the average household uses 1.5 to 2 rolls of paper towels per week. At a going rate of about two bucks a roll that’s more than $200 a year. Since I don’t love paper towels, that’s $200 I can divert to something that I do love or cannot live without. Now multiply this principle across paper napkins, paper plates, paper cups and plastic utensils and we’re talking a lot of money I choose to not spend on these things that I neither love nor need.

SET A GOAL

No matter how frivolous, you need a goal that is going to make your tradeoffs worthwhile. Giving up paper towels might be a pain for a while, but if your goal is so much more glorious, it won’t be difficult because you will know that you are working toward something specific — something you love.

CREATE AN ACCOUNT

This is mandatory. I suggest setting up an online savings account at Ally.com or CapitalOne360.com because that just makes saving money brainlessly easy. Now you can transfer any amount any time into your goal account.

Saving with a goal puts all of your decisions into perspective.

It makes cutting costs mercilessly on things that don’t matter worth the effort because in so doing, you’re affirming and moving toward having the things you love.



Mary invites questions at mary@everydaycheapskate.com, or c/o Everyday Cheapskate, P.O. Box 2099, Cypress, CA 90630. This column will answer questions of general interest, but letters cannot be answered individually. Mary Hunt is the founder of www.DebtProofLiving.com, a personal finance member website and the author of “The Smart Woman’s Guide to Planning for Retirement,” released in 2013. To find out more about Mary and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.
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