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| Baking sourdough bread today because it's fun, and because I can. And it saves money on groceries. |
Does frugality go out the window entirely, or do most folks hang on to some frugal habits and patterns even when they don't need to?
First of all, I think most people become more financially stable over time and not overnight. Few of us have a rich uncle who will leave his entire estate to us. And few of us will win the big jackpot in the lottery in our lifetimes. In this vein, I believe that most people add in a few of the formerly unaffordable expenditures slowly and only in modest amounts. I know in my own case, we never had that moment where we suddenly felt so well-off that we could buy and do anything we pleased. Instead, as finances allowed, we added just a smidge more luxury to our lives than we'd previously had. For example, as we've been able to afford a higher utility bill than in early years, we've still only increased the temperature that we keep the house daily in winter by 2 degrees F.
Another aspect to consider is the attitude toward one's early frugal choices. Did being frugal always feel like a burden, or did frugality feel more like a series of "smart" choices to achieve an end? I think if frugality was interpreted as some sort of punishment in life, then once a person had greater wealth, they'd be more likely to spend without much care. For my own family, we chose frugality as a means to an end, the end being me staying home with the kids while still affording the American dream of home ownership.
Further down this line of thought is how long one was frugal and how that impacts their choices after financial stability is achieved. If a person has simply always lived a financially careful life, from early childhood through adulthood, many frugal habits are just that, habits. If my husband and I had only needed to be frugal for the first couple of years of our marriage, frugality may not have become ingrained in our way of being. As it is, it took us close to 20 years to become financially well-off enough to not always feel like we were on the edge.
As my husband and I become more and more financially secure, we continue to make mostly frugal choices. We do allow ourselves to spend more in a few areas, but overall we choose to use our finances thoughtfully. We now spend a little more on higher quality items, especially in regards to food.We spend more to buy higher quality beef and more variety in off-season produce. But I still continue to bake all of our bread and cook almost entirely from scratch. We could afford for me to buy some more convenience foods or high quality bread products, but we choose to buy the basics and cook from those. At this point, it feels a bit like financial waste to spend more for convenience that we don't necessarily need.
We continue to build our cushion accounts for emergencies and our retirement. It's possible that we may wind up with far more than we will need in our later years. That's okay with us. We don't feel the need to spend up to the limit every month or use every last penny we have. I see both my husband and myself considering all manner of expenses every day. I believe that we will always carry frugality with us in this life.
How about you? Have you been careful with spending your entire life, or did circumstances lead you into frugal choices as an adult? As you grow more and more financially secure, do you think you'll significantly ease up with your spending, or will you just allow modest luxuries? Will you always consider yourself to be frugal?
Yes, frugality lives on in our lives. With three children close in age we always had 3 doing a lot of the same things at the same time. We educated in private schools and there were many times I paid a bill (by check in the mail) several days before payday and hoped they weren't cashed before the check was deposited (paper checks in those days). I had to prioritize which bills got paid first. We grew a lot of our own vegetables so the pantry was full of canned items and grocery shopping was done every other week.
ReplyDeleteToday, the children are grown and have their own lives and this is when the saving really began and we're comfortable today. The pressure is off. But with that said, we don't spend a lot on groceries because there is only two of us. We have learned we don't need that busy lifestyle because we never had it previously. Starting to think of things we could do actually scares me more than anything because I haven't done any of it before. But I also like not worrying about how bills will get paid.
Alice
We have always been conservative with our money and lived below our means. However, we have been lucky and always had enough money that we never had to worry about where our next meal was coming from. And enough money that we could live on one salary while I was home with the kids for a lot of years. Now we are in retirement and the savings have paid off as we have enough money to last longer than we will if we don't go crazy with our spending. The hardest thing now is relaxing enough to spend money when we want/need to. Changing the mindset of saving for the future, to being in the future and finally spending is hard one to have. It all makes me anxious, but I am working on changing my thinking. I am convincing myself that it's okay to not deny myself unnecessarily at this point in my life.
ReplyDeleteI've only been retired for 3 weeks, but my husband has been retried of a couple of years. He is further along this curve than I am. But I realize, that now is the time to do things while we still have decent health which will not be improving as we age. All of this means that we still live frugally in the every day things, but are starting to spend money on some big things like the two big trips we have planned this year. And I'm trying to come to terms with this spending. I know rationally, that it's fine. However, my emotions are still catching up.
We were frugal for years out of necessity. We had enough to get by, barely, but nothing for extras, or savings. As the kids moved out it got easier. We tackled all the debt, and paid our house off early. My Dh also makes more money now. We continue being fairly frugal, but have bought a few big purchases that we never could have paid cash for before. I still drive a 2003 car, still wash ziploc bags, and cook from scratch, but pay extra for foods we like and pay to have my dh’s work clothes professionally laundered lol. The majority of dh’s check just goes into savings because we don’t need it. Just because we can buy something doesn’t mean we need to.
ReplyDeleteDiane
I think I am wired to be frugal, or as I like to think of it, to use my resources wisely. It makes sense to me on so many levels to steward my time and possessions well. It's good for the environment, it shows gratefulness for what I have, it has allowed me to invest in my family's emotional well-being, and I could go on. On another level, no one is immune to bad things happening, and anticipating unforeseen circumstances by having a financial nest egg allows a little breathing space if necessary. I also find it easier to be generous if I know I'm not living paycheck to paycheck.
ReplyDeleteI watched my parents being frugal throughout their lives, so it's hard for me to not be frugal everyday of my life. As they say, we lead by example. Our son and DIL not surprisingly are frugal since both of their parents are. Our daughter not so much, but thankfully she is getting more in line with spending below her means.
ReplyDeleteAlso, frugality demonstrates lots of good qualities besides saving money. And the older I am, it seems easier to be more frugal. More time and more reasons. I want to help my children and grandchildren grow their nest eggs. And that mentality is also rubbing off. My son told me that they intend to help their children too. My daughter also thinks the same. I call it having an immigrant mindset. And with our economy not looking as bright as the past 100 years, I think it's wise to support future generations.
On the other hand, we shouldn't lose focus on enjoying life and getting what we want occasionally. I will spend on a "luxury", but that doesn't happen often.
I lost my reply to your reply a few days ago. I saw it published but then it disappeared. Maybe better since it wasn't pleasant to say too much,
Have a great day,
Laura
Hi Laura,
DeleteSometimes Google "moves" comments to other folders, even after they've already been published. I'll look into yours. I'm sorry about that. A free blogging platform comes with its issues.
Thank you all for sharing your experience and thoughts. I can relate so much to what each of you wrote.
ReplyDelete