Saving Money

Thrift & Ben Franklin

As a gift, I was given a 1960 copy of Poor Richard’s Almanac sayings. (Thanks Trish!) You may recall that Ben Franklin as the publisher of Poor Richards Almanack.  He was brilliant and his words still apply today.In his chapter titled, “How to Get Riches” is one of my favorite lines:

“The Art of getting Riches consists very much in Thrift.” (p.19)

This I find so much to be true.  From my experience of working with high-end clients over the past few decades, each and every one of them has created their priorities.  They do not spend frivolously or randomly.  They may have a lovely home.  From there they chose a few areas that are important to them.  So, whether it be travel, clothes, education, where their money goes, they are content rather than looking to spend more. 

Spending just for the sake of spending is not in their repertoire.  They are thoughtful when making decisions about their money.  I find that these conscious souls know how to share with others while taking care of themselves.  Self-care never means going “overboard” as some people insist with their money.

In contrast, some of the folks striving to get ahead do not prioritize in the same way. Here is what I hear from the “average” person:

·       I just got a raise; I might as well splurge on dinner.

·       As I am going on the trip anyway, I might as well spend the money.

·       Another hundred dollars won’t matter.

These sentiments are not in line with “The Art of Riches consists very much in Thrift.”

Consider where you are thrifty and where you are making conscious spending decisions.  Then, from that point of clarity, build on good decision making for the rest of your financial life.  Ben Franklin would be very proud of you as build riches through Thrift.

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Stopping Shopping...More Time

Okay so it has been three days since I have entered a store.  This plan of mine does not include groceries stores, as our family has to eat.  But I will not cheat and buy things more than the food we need when I am grocery shopping for the next 28 days.

What have I learned just this weekend without shopping?

Time saved: I do not need to read the advertisements in the Sunday paper.  They can go right to recycling.  I am not entering a store because there is a sale.  This includes the flyer I had already put in my car because there was a good deal.  I recycled that flyer and took stopping at that store off my list of things to do.

Key Found: Since I had a bit of time and was in my car without driving to grab and dispose of the dangerous store flyer, I decided to clean it up a bit.  To my surprise, I found a key under the seat that I had been looking for during the past month.  Yes, I had already looked under the seat.  I was about to get another one made.  As it was my business post office box key, I saved $9 because of yesterday's discovery.

Web Browsing:   Yes, Internet shopping is shopping to me.  Without shopping and browsing on the web, I have found several great sites on my other interests.  So fun to read more about genealogy and Irish history - all for free.

Stop Shopping to Save Money

Pondered today what I heard about not going into shops.  This was on the radio by a behavior psychologist.  When we go into shops we see things that we did not know we needed.  Then we increase our wants and desires.  The psychologist suggested we do not go in stores to curb spending. I have done this successful at different times.  Maybe I will try this again now.  I had already slowed down the process by taking both my credit cards out of my wallet – the one for business and for personal.  They sit home in my office.

Why not revisit this idea?  I decided on Friday the 23rd of January to not shop for a month. 

I can do my one month without shopping at stores.  Without going into stores.  I can do that.

Standby for an up date...Or join me in the pledge!