Frugal Friday

It is Possible to Be Overly Frugal But Don’t Waste Your Time

Instead create habits that enhance your life.

Healthy habits, not habits that make you fearful or obsessive in your thriftiness.

When you budget obsessively, you’re acting out of fear, and it is that fear that keeps you from investing in yourself and creating actual value.~Darius Foroux

This article by Darius Foroux, makes valuable observations on the extreme lengths his grandfather went to.

A piece of clothing must literally be falling apart before he will even consider throwing it away. He has some savings, but he’s still consumed by pinching pennies.~Darius Foroux

You don’t have to be a miser

Being frugal means being careful with your pennies but not to the extent you don’t appreciate the good things in life.

If you look after your pennies the pounds look after themselves.

If you need smart outfit for an interview, check out your local thrift store or charity shop.

Do the same for household goods, books, ornaments, and whatever else you might need.

Giving yourself a mission to find a special item can be fun.

Think of frugality, not as deprivation but delayed gratification.

If you purchase all your basics at a fraction of the cost, you can afford to pay a little more to be kind to the earth. For example, environmentally-friendly provisions from a shop that is doing all it can to reduce plastic waste.

In the UK, I like to shop at the Co-op and Marks & Spencer because both companies are doing all they can to help the planet. They also provide lazy cooks like me with delicious ready-made meals at knockdown prices, if I’m lucky, or fresh fruit and veg at reasonable prices.

My main goal is to live in different countries for three months at a time. I save up for the reward of making my dream reality.

Deprivation eventually leads to the other extreme, indulgence.

I did a whole year on the Atkins Diet, to those who are too young to have heard of it, I didn’t eat any bread or other starchy carbs.

I craved toast and butter for so long I had to have some. My backward slide commenced and continued. Depriving yourself of what you want only lasts for so long.

I struggle to do anything involving will-power on a long-term basis. I give in to temptation if the mood takes me. Especially if I have biscuits in the house.

What’s that expression about moderation? Eat responsibly? Drink responsibly?

Austerity measures

You might have noticed that everything is more expensive since the 2008 financial crisis.

UK austerity measures hit thousands of minimum-wage workers forcing them to choose between heat and food. Being frugal means I can have both.

Initially forced into not spending anything in 2010, my spending habits changed.

I had no money and had to rely on my boyfriend for handouts.

I’m not proud of the things I did when he stopped caring about me.

I crossed the very narrow threshold between desperation and dishonesty.

Saving and multiple streams of income

Last year, I saved £1500 from my regular full-time coaching job as well as working extra hours in two other part-time jobs.

Multiple streams of income ensure I survive the low-season.

Three months to write to my heart’s content is a bonus this year.

What prompted this story?

My granny was the polar opposite of Darius’s grandfather.

My granny loved to buy clothes and food. She went to every church jumble (or rummage) sale in her neighbourhood daily. She bought too much food every week. Her pantry was overflowing, and her utility room was brimming with tins.

Every step on the staircase in her home had carrier bags either side of the middle part where she walked. The bedrooms vacated by her children were floor to ceiling bags of used clothing. As a child in the seventies, I remember entering granny’s bedroom and feeling scared.

Both Darius’s grandfather and my granny had their extreme approaches to living and spending. I can’t imagine either of them being satisfied with their lives.

The takeaways

To make sure you are satisfied with your life, I recommend aiming for the sweet spot between being a miser and hoarder.

Create habits that bring you joy, not fear, for both the short and long-term future.

Why not treat yourself to a guilt-free, melt-in-the-middle extra gooey chocolate pudding?

When your rent is covered, you know you can. You might take a few months or years to find what works for you, but you’ll know it when you find it.

It is possible to be over frugal, but why would you waste your time on misery?

Thanks for reading.

Here’s another story you might find interesting.