Learning the Frugal Life

Learning the frugal life approach to help us save and live simply might not come natural for many of us. After all, we live in a society where we are bombarded with advertisements to spend our hard earned income with psychological ploys that tell us directly or indirectly that we have a low sense of self worth if we do not recognize that we deserve it. With many around us striving for instant gratification and the push to do as our peers do, the frugal mindset is something that we need to cultivate. How do people who live frugally manage their finances and what do they do differently?

A case in point that comes to mind due to being in the news recently is the example of 98 year old Verna Oller, a resident of Long Beach, who on May 10, 2010, passed away and left a legacy of $4.5 million - to the amazement of most people who knew her. How did she do it?

Clearly, she avoided spending money and worked hard. Not only did she work at earning money, she worked at hanging onto it and investing it too. To save the expense of getting her hair cut, she cut her own. She did not shrink from acquiring stuff secondhand, whether it was clothing, the Wall Street Journal or getting free meals. Flaunting her wealth or spending money frivolously to impress her friends was not part of her lifestyle. She kept a careful record of her investments and learned about investing. How does her life give us principles about learning the frugal lifestyle?

1. She lived debt free, a simple life devoid of accumulating interest charges. How many of us can say the same?

2.Like her, we should not be too proud to accept hand me downs or used items we have a use for. They can help us build up a bank account quicker in our current climate of rising prices.

3. Honest labor has its rewards, and it pays to hang on to our earnings and find legitimate substitutes for spending money. We could trade services with a friend, to avoid out of pocket expenses, such as babysitting, hair care, housecleaning, baking, the list goes on.

4. Educating ourselves about financial matters pays off. It is essential that we know how much of our earnings we are spending, so we can budget and plan our savings strategy.

5. True friends will value us for who we are and what we mean to them, not for the money we spend to impress them. Leaving a legacy of value to our fellowman is far more impressive than flaunting money to win their approval.

Verna's life provides us with many clues how she accomplished surprising her community with a wonderful gift.
Learning the frugal life from Verna Oller and her amazing legacy is a genuine inspiration to save and live a simpler life.

Frugal Living - Changing Your Perspective on What is Essential

Frugal living is almost a necessity for many people in this day and age. With prices going up and up, it is a challenge for most families to have something left over at the end of the month to add to their savings.

It is surprising what we learn when we begin to practice thrift at home. Today I want to share some tips with you about living frugally, that I learned over the past almost thirty years of married life. We were married in late 1980 and in the early spring of 1981 there was no work for my husband who is an industrial electrician. Who could have guessed that would happen -certainly not me! I thought there would always be work available in vocations like construction, nursing and teaching. This downturn of the economy taught me lessons that I still value today.

We do not always need what we want or imagine we have to have. While it is nice to only buy new things, second hand works too. Furniture, appliances, vehicles and electronics are often available at excellent prices due to people moving or upgrading. I remember buying a desk second hand from an elderly couple who were downsizing. After we explained that we had moved out of province due to lack of work at home and that we were setting up a household temporarily, until things got better, they gave us a bunk bed, a table and various kitchen utensils. They were happy to give the items to someone who needed them and we were delighted with the gifts. Often older furniture is more durable and with a coat of paint or stain can be made to look like new. Changing one's perspective on what is essential can help a person manage with a lot less.

Personally, I found that comparing my situation with those less fortunate, has aided me in being grateful for what I do have. Once, when I felt our three bedroom home was getting too cramped for a family of six, we received a newsletter from a mission in which mention was made of a mother and daughter living on a balcony. A balcony! Immediately, I tried to picture our family living under those circumstances. Suddenly I was very grateful for all the space we enjoyed. It was amazing to me to realize that my circumstances had not changed one bit, but my perspective sure had!

When you open any fashion magazine, you cannot miss the emphasis on clothes. But how many clothes does a person actually need? Generally people have far more clothes than they wear on a regular basis. Deciding to stop acquiring anything for a certain time frame can help you with your budget. Sometimes just pairing up your clothes differently gives you a new look. For frugal living, not buying clothes for awhile, can add substantially to your savings.

Saving money at the grocery store can also make a difference in the weekly budget. Cooking your own cereal and doing your own baking can save you big time. Buying boxed breakfast cereals, cookies, cake and bread really adds up. Besides saving money when you make your own, you will not have to eat all those ingredients you can scarcely pronounce and that sound more like chemicals than food. If you do not have time in the morning to cook cereal, you can prepare it in the crock pot the night before. In the vegetable section look for clearance items. Often produce, with spots you can remove will still make a lovely soup or stew. Mildly bruised apples can be used for apple crisp, apple pie, or apple sauce.

If thrift at home is not something you grew up with, it will require adjustments to change your habits. Managing with less is a goal you need to embrace and strive to reach. Examine the ways you can change your perspective and engage your creativity. Use your common sense, be patient with yourself and your family members as you go through changes. Think of the rewards you will gain when you accept the challenge to succeed at frugal living.