I have been thinking lately about my own buying habits and the economy. Although I would never consider myself to be “cheap,” I am what you might call “thrifty.”
I hate buying anything. My “new” car is over ten years old (my everyday car is twenty) and I try to squeeze more life out of everything that I own.
I am a pretty good handyman, and I fix all of my own stuff. There are few mechanical dilemmas that I cannot address, so it is rare that I ever make a service call of any kind.
And if something isn’t broke, I don’t fix it. I don’t need the latest or the greatest as long as what I have works and achieves its intended purpose.
So I wonder if my cavalier attitude towards consumerism is part of the problem instead of part of the solution. Should I be offering my own economic stimulus plan by purchasing consumer goods that I don’t want and I probably don’t need?
Should ALL products have an expiration date to let us know when it is time to move on?
Or is it chic’ to be cheap? … I mean thrifty!
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I wish some of your thriftiness would rub off on me.
I want "state of the art in home systems and appliances.
I want a vehicle that is new enough that I'm not disabled with auto repairs.
I can't "fix" anything, so I require folks who can.
The only thing that saves me is that I have no interest in clothing "style". That alone saves me a fortune.
Hey Richard, I am with you there. I am a super thrify and frugal person! The cell phone company is always asking me for upgrade and etc, I find it unneccessary and expensive. Just the other day, I bought some new headphones from the Apple Store, and the volume function did not work on the head phone, and they told me that my iPod was 'too old' for it.... Can you believe it? I refuse to buy a new iPod to be compatible with my head fone!
Richard, my wife is the thrifty one in this family. I'm the one who wastes money.
You are cheap - just very smart. I think many people are evaluating ways to save money right now. Not a bad thing at all.
Stay thrifty. The problem is consumerism. Make more goods and make them cheaper is the consumer cry. So bad practices in other places rape the environment and the workers to produce the cheap no-good goods. Then it creeps in to stores where sales people get less than poverty level wages. Just don't do it.
My car is 12 years old and I keep it clean and working. The environmental impact of each new car is significant enough that I plan to get 20 years out of this one.
Some of the most successful people in the country are thrifty, which is how they became successful in the first place. We are the same way and I think it's a good quality. I've seen others who spend it quicker than they make it and they have way too much stress.
I am just jealous about the little red car. I always wanted to roll around in one of those but being that I am 6'5" I am forced to drive trucks which guzzle fuel. Due to the fuel consumption I too am thrifty and I try to reduce me carbon footprint as much as possible to offset the gas guzzler.
As a society, we like to move from one extreme to another. From "kkeping up with the Joneses", to being "cheap, cheap, cheap" (thrifty - yeah, it sounds better :), it drives me crazy!
Just to explain, I am somewhere in the middle at all times... I see value in getting certain things new, and other times I get the most out of.
I forgot. I'm a "cheap" grocery buyer since I am a scratch cook. Saves a bloody fortune when one buys basics rather than prepared foods.
Richard, Pretty sharp for a 20 year old Miata. Liz has the blue 10th Anniversary edition Miata, it's our main real estate car. Good for everything but sign delivery and snowy days!
Richard you have a lot of the qualities of "The Millionaire Next Door". Keep it up!
Definitely chic to be frugal. As the saying goes, it is not how much you make, it is how much you DON'T spend.
Richard
My wife has converted me to a thrifty person. Your post sounds just like me.
And no, I don't think we should take any of the blame for the economy because of our thrifty ways.
Richard, My wife and I are completely anti-debt so our big luxury is a paid off 2003 Highlander. Lenn, we have been couponing and saving a lot that way, but we are now doing more scratch cooking and it is saving us a fortune.
My wife woke me up one day. .
Me: "I wish I could buy me the new iPad"
Her " Why don't you do it?
Me: " I have to wait for the next generation. . you know they have to fix the bugs and besides it will be much cheaper then. ."
Her:" So, you are waiting for seconds?"
Me: What do you mean?"
Her: " I see you rise up everyday early for work relentlessly and you are a good husband , a good father and a good provider. . you don't-deserve seconds. . don't you wait one more minute and go buy it now!'
I did that afternoon....I''m very happy!
Richard - I believe "thrifty" is a growing trend, not necessarily good for a struggling economy based upon consumerism, but good for our long-term health. While I once spent frivolously, I've learned how to live on much less--and I enjoy it.
Having Depression era parents helps me be somewhat conservative with money. My car is 9 years old, as was my last one when I turned it in for new. I think I do my sharing of spending, mostly on improvements to our home, or enjoying Livermore Wine Country. But I think it's way better to be thrifty then the opposite. Those folks are some of the ones in the most trouble now.
According to a class I took in economics's we learned about planned obsolesces -- similar to functional obsolesces in real estate. We buy things that we know will wear out eventually, vehicles - electronics-big ticket appliances. Yes, there are many that are better about maintaining there vehicles, which prolong the life span, but in the long run --- our National economy is build on eventually the car parts becoming no longer available, the energy efficiency of a item is no longer acceptable. etc.
Lenn...
Ugh ... my appliances are old and on life support. Thanks for the reminder! ;)\
Eileen...
Stuff like that drives me crazy. BTW I just bought headphones yesterday ... at the dollar store! lol and thanks.
Bill...
Then you are an "average" couple. lol and THX
Paula...
I love to save, thant's for sure. THX
Glenn...
I do change the oil every 3K miles ... that will extend the life of any car!
Richard, I would say that is really true about you except for technology. You seam to be right on top of it all. Thriftyness is good! I am simalar to you except for the technology part. :-)
Hi Richard. I could see you cruising around GA in a Miata...
Yes, I think it is chic to be thrifty.
Thanks for writing,
Ken
Oh Richard - if you could see my car - 10 year old Audi A6 that I've run into the ground. I even bought it used (1 year old!) I'm looking for a newer car, but your post made me think my thrifitness comes from my mother - it's who she was and it rubbed off on me.
Now I have a 22-year old daughter who has had nothing rubbed of on her and is doing her part locally to stimulate the economy . . . It's a new generation, I guess.
Richard, I'm cheap. I wear my shoes until they fall off my feet. I think I might have another year on this pair as long as I stay out of puddles.
Stay away from fast foods...it'll save your waistline AND your pocketbook!
Hello Richard, I agree with Lenn above and her comment totally. I want new things, I love my luxuary car although it's three years old. (that's old for me) I love to go out to eat and enjoy getting new furniture, etc. for my home. That's my story and I'm sticking to it!!
Patricia/Seacoast NH
I think being thrifty is going to be more of a good thing than a bad thing. At times I think it makes sense to spend the money on certain tasks as the amount of time and aggravation it would take to do them yourself is not worth it.
Lots of comments about being "thrifty"... but not many folks addressed the other thought in your post ... That our economy revolves around people buying stuff....
If no one buys new cars, the workers at the auto factories and dealerships eventually join the unemployment line.... unemployed people don't usually buy homes or take out mortgages ...and that drives the housing market further downward......
I wish there was an easy answer.....
Richard! Best blog I've read all year! Consumerism sucks. I don't care if it's responsible for 70% of the US economy. If everyone acted like you (and me), our country would be in a better financial position, not worse. All of the money saved would be sitting in investments/cash/bonds/stocks/RE. We'd be stronger for it as a country.
I walked into a home to list this past Friday and was in complete shock when the very beautiful, sophisticated owner showed me her closets. My mouth was open. Jaw dropped. I had never seen so many clothes in my life, nor so many shoes. I was speechless. Hundreds of outfits, dresses, skirts, all new with tags. There were three more closets like that one, all full.
I guess you can tell that I'm more in line with the Kwai Chang Cain look from 'Kung Fu' or Gandhi or Siddhartha. Nothing like being a minimalist.
Scott Miller, Realty Associates, Boca Raton, FL
Richard,
Your behavior is fast becoming the new "normal." Nobody wants to be caught without the rainy day fund again if the economy continues to sour.
It's pretty much every man/women for themselves.
I don't skimp when it comes to having the right tools for the business though.
Rich
Nothing wrong with being thrifty or making a choice about where you spend your money. If you have earned the money, you have earned the right to spend it (or save it) as you see fit!
Your posts always seem so timely. I have a friend that wanted to borrow my SUV to transport a piece of furniture. My car is a 6-year old Hyundia Sante Fe. She drives a 2-year old BMW. I had a listing appointment for a $1.2M listing yesterday so I said that would be a good day.
As I drove up to this home the owner's Jeep was parked there. I chuckled to myself. People with money got there because they carefully watch how they spend their money. I think I'll hang onto my car for several more years. Who knows maybe one day, I'll be able to own $1.2M home.
I am mostly thifty. My family and I eat out more then most but other then that I dont upgrade much. I think people do need to spend to help the economy but its about spending with wisdom.
Good morning Richard,
I like to think I'm thrifty in some areas but know I am a consumer! I'd rather pay a little more to local business to keep them in business! I work hard and like to play hard!
I'm not cheap, but my family and friends say I go way beyond FRUGAL... I finally, after years of driving old cars, broke down and bought myself a Ford Explorer a couple of years ago (almost new, 1 year used). Then gas immediately went up (go figure)... I've had 4 pieces of mail in the last 2 months from Ford dealerships. "We need trucks like yours and will buy back from you." (wow)... Of course that was on the condition I buy a new one.
I consider myself a progressive person and I love new things... But as a boy from Renton, I can't escape my training. "Live within your means." Lack of debt = freedom.
Richard,
You're very much on the right track. The economy will recover without you buying that new flat screen tv (or whatever).
Brian
I can relate...I always tell people I'm a minimalist as I don’t want for much in the way of ‘things’…my Blackberry is 3 years old and I clean the lint out of the roller button a couple times a year to keep it working so I don’t have to get a new one… I’m never in a rush to buy anything til I do my research and find the most quality for the least money… I live in a small spec house I contracted a few years ago…my dad, an Italian immigrant, always told me "you can live like a king in this country if you live below your means"...and I actually got it.
Richard, Thrifty is SMART! Let the other folks spend us back into prosperity....LOL
I like the mantra - Cheap is Chic!
Richard, you are absolutely hurting the economy with this financial stinginess. Now get in a plane RIGHT NOW and fly to New York. You can redeem yourself by buying a nice 2nd home here with a Hudson view.
Sold my me, of course.
=)
Richard,
I think managing your money is very important in both the good times and the bad. When you stop watching your money, then you soon wont have any money to watch...
-Brent
Hi Richard - I think the question is a fundamental one. I tend to be in th middle on this. But so many of us are pulling in our horns that we are feeding unemployment. I was thinking about this when I decided to do some work myself that I would ordinarily hire out. I simply can't AFFORD to do that - because sales are down. But there is someone else out there that I would normally hire who will also start a DIY project because he can't AFFORD to hire because I didn't hire him...It's called a vicious circle. Which is why the stimulus was put in place. But with a recession this deep - it wasn't enough to catapault us out of it. The industrial gearing up for World War II is what got us out of the Great Depression. It was a MASSIVE amount of stimulus that created a monumental debet - but it pulled us out. As the economy geared up we were able to pay down that debt.
LOL @ Tim's photo. Time to get some new shoes there man! I don't think it's being cheap, Richard, just intelligent.
Hi Richard - I think we all choose what we want to spend our money on. I am frugal in a lot of areas - I don't want a big house or new car and I prefer cooking to going out, but I love to spend my money on travel - not posh digs-- just getting there and exploring. That's what the money in my piggy bank goes for.
Thanks for the post - it was fun to read the comments.
Hi Richard. I am all for being financially responsible. I own two cars fully paid. One 11 years old and the other 17 years old. If only our government would spend within their means instead of bankrupting the next generations before they even have a chance.
I must be your sister Richard. Call me what you will, but it has saved my butt from foreclosure, bankruptcy, debtor's court, too much debt and "eyes bigger than wallet syndrome."
Ruthmarie is feeling the same thing I am feeling....
Cheap is chic! I recently sold my 14 year-old 200,000+ mile car for a new one and that was only because I was able to finance it for 7 years at 0% interest. I know I'll keep this one at least 14 years, so I am with you.
After reading this post, I went home for lunch and had a PB&J ! I saved $7.00 !!!!!!!!!!!!
We live "cheap" too. I drive a year 2000 SUV, we own a house which we bought as a repo before the market sky rocketed, we always shop sales.
Richard.....I have two vehicles, but one is a 10 year old Jeep grand cherokee that looks and rides better than new....it'll last another 10 years, I'm sure....
Richard.....I have two vehicles, but one is a 10 year old Jeep grand cherokee that looks and rides better than new....it'll last another 10 years, I'm sure....
Hi Richard, Thriftiness is becoming the new normal - whether we wanted it that way or not !
Thrifty is not a new concept it is just becoming more popular. Having been a single Mom most of my life, raising kids costs a small fortune you learn how to cut corners without cutting the quality of life. My kids all know the difference between wants and needs. Their needs are also met. As a result their wants are very few.
Come on guys. . this post is so tight I barely got in it!
Be good to yourself and live up like you are worth it!
I assure you. . you are. . .
My ex-father in law wanted to always go to Italy to see his ancestors.. . .he said he couldn't afford it.. .he died and saved money on a trip to Italy. . that was good for everyone else. .he left a will to make everybody happy
Definitely chic to be cheap. My only car is a 1998 Expedition with 125,000 miles on it. I figure it's good for another 10 years!!
Rampant spending is what got us into this mess. Actaully it wasn't the spendinm so much as it was the spending on credit. We now live in a new world. Hopefully we have all learnt a lesson or two. I know I have,
A penny saved is a penny earned,forgot who said that, but better in my pocket than in someone else's.
I am with you Richard....when my van was totaled instead of getting a new one my hubby sent out his truck...hard on gas....but not another payment....he is turn got a new to him used vehicle....We are really thrifty...and i think a lot of people have had to become more thrifty....maybe it is hurting the economy short term....but long term i think it is healing it! We have to all live within our means! whatever that means inthe way of cuts.....
I am not cheap enough! I have a lawn man, and I have my hair done weekly. I feel very guilty about that. My SUV is a 1999 model and I only allow $35 of gas per week so if it can't get done that week oh well...
There are house maintenance issues which need to be addressed....so I will find a "friend" who knows how to fix those things and have them done for price of materials and a beer.
If things were better I would farm out more stuff to help those that need work...but I can only do what I think I can do at this time.
Coming to you from Texas,,,
Aw... Fernando... what a great wife!
Brace yourselves folks the taxes for 2011 are going to be brutal. Death Tax is back at 55%. Small business is going to take a hard hit as well- we will be losing a lot of the write off we have now. Including the education credit. Equipment will be impacted as well pushed into depreciation instead of write off and from $250,000 to $25,000 which affects big business more than us little guys ,but leaner times lie ahead.
"It is not how much money you earn, but how much money you keep." - Quote from Rich Dad Poor Dad. I concur.
Richard - Clark Howard would love you and use you as a poster boy. I will say that my two vehicles are both over 6 years old. Although I am admitting it, I do have a goal to spend my children's inheritance. But maybe not my grandchildren's.
We are pretty careful as we are saving for college, but I just bought a new AWD car, we go out to dinner a lot and we do take care of our home and update it regularly. I think it's time you spent a little money Richard;)
Richard, thankfully my pilot husband supports me, those horses and dogs I keep bringing home and our farm - but we make thrify look extravagant - I say rock on!
So I wonder if my cavalier attitude towards consumerism is part of the problem instead of part of the solution.
Hi Richard,
If everyone was like you, our country would be in much better financial shape. Crazy spending, on so many levels, has gotten us into a deep hole.
LOL
I see Phil Faranda has a creative solution in post #40. :)
I'm always thrifty. I have college to pay for and it's coming up soon.
Richard - It is nice you are so thrifty, but treat yourself once in a while. You deserve it!
I think this downturn in the economy has changed a lot of people's spending habits. It's just too bad we all became frugal at the same time. THAT is not good for the economy. But in the long run, if we can maintain these habits, and save more (as is evident by our national saving rate going up) it will be good for the country. Great post as usual Richard and best of luck to you.
Wow, it's interesting to find out that I'm not the only one that likes to cut a few corners here and there! It's a great feeling to "make do," and I have learned a long time that status costs a LOT of money!
Should we take up a collection to buy Tim some new shoes? lol
Cameron...
I'm pretty sure it was Ben Franklin!
Sussie S...
My hair problems are taking care of themselves, as I have less and less each day! ;)
Richard,
Life is good when you enjoy what you have. A lot of all this "chasing" is what got the country in trouble in the first place. I love my paid for 9 year old car. Even a big mechanics bill is MUCH cheaper than a new car. My fun car is 18 years old, it's feeling those 18 years though, biggest problem is AC is out, which is a deal breaker in Atlanta these days.
I like being in charge of life, verses my bills being in charge of me. Call me thrifty.
Although, I do probably break the bank on shoes - as opposed to Tim in #24! Love the picture though.
All the best, Michelle
Richard if Warren Buffett still living in the same house that he brought like what 30 years ago and not living in a million dollar mansion even though he is worth like 30 BILLION (Probably even more),then we should all learn how to live within our means instead of buying stuff that we dont freaking need. Congratulations on another Gold Star. You are such a good writer. I need to read more of your stuff more. Great post.
I think I can take some lessons from your post!
3 kinds of people:
You made the right choice, Richard.
Richard, Well, I am quite sure no one who knows me would label me as frugal (LOL...quite the opposite), I do have my own "version' of frugality....Like Lenn, I am a from "scratch" cook, you will rarely find anything packaged in my home. Savings from groceries....buys fresh flowers (essential in life). Love clothes....but have never paid "retail" for anything in my life. Bought a new Toyota 4 Runner in 2004 with the absolute knowledge I was driving it till the end of time. In short, I spend little where the average consumer does, but I think Fernando is on to something too many people miss.
The "new frugality" wee are experiencing as a coutry is a good thing, I think. Recently, I have reviewed many recurring bills, and am paying less for auto insurance, phone, cable, medical insuarance, copy paper (stock up when on sale) and advertising. My husband has stopped buying CDs, but still enjoys buying books. A good annual review is something most people should do.
Electronic billing has really helped save a lot of money on postage.
A penny saved is a penny earned....
It's not what you make, it's what you keep. Also, Warren Buffett still lives in a ranch house in Omaha that he bought in 1958.
i think cheap is the new in...
Richard,
The hubby and I are CHEAP, not thrifty, not frugal. WE ARE CHEAP AND PROUD OF IT.
We shop with coupons & don't eat in restaurants without one.
We do not buy new clothing unless the old ones are shredded.
My daily driver is 11 years old and just turned over 170,000 miles.
My hubby's daily driver is 16 years old and just turned over 218,000 miles.
We recycle EVERYTHING so we don't have to pay for garbage service & it's good for the environment.
We canceled cable over 2 years ago, what TV we watch can be done on-line.
We do everything that we can ourselves. I will not hire someone to do something simply because I am feeling lazy or tired.
We rarely use AC in the summer or the furnace in the winter.
We live in the same 3/2.5 house that we bought in 1993. We actually owe less on the house than it's worth and it will be paid off before I am 45.
That being said, an economy based on consumerism is not sustainable if that spending is done on credit only. Could it be that the size of our economy grew bigger than our wallets? I think so.
Consumers are not the only ones who need to learn how to live with less. The fact that XYZ retail outlet overextended itself by 100 locations IS NOT MY PROBLEM.
When people have more money they tend to spend more money. When goverment takes more money from you in taxes (all forms not just income) they spend more money. If my money is going to be spent I would rather be the one spending it.
I am frugal. I cook from scratch. Eat out rarely and watch what I eat. I share a 2004 Toyota with 110,000 miles on it with my 20 something son. He now has his first job and is hunting for a car of his own. We buy our cars new and drive them until the repairs become annoying and expensive. The one thing I am learning watching him evaluate cars is that the auto industry has upgraded safety features in new cars enormously in the last 6 years and if I was comfortable with car payments I would upgrade. Sometimes frugal is penny wise and pound foolish.
Just heard on a motivational CD this morning at 'automobile university' that a billionaire ate lunch at a cheap lunch counter every day because although he had billions, planes, houses, chefs, etc...he always saved money on consumables.
I don't think our being thrifty is causing unemployment - it's the threat of more taxes and government regulations that is causing employers to downsize rather than expand. If we eliminate that threat, businesses will grow, more people will work, and more money will flow into the economy.
Meanwhile, we'll all be better off if we don't spend every dime we have (and then some.)
Part of my new agenda is to try to buy only things made in the U.S. I once spent 2 hours looking for new stockings, finally found some on a markdown rack, and bought every pair!
And I still need a new toaster, but can't find one that isn't made in China.
This program keeps me from buying on impulse - because "made in the USA" is difficult to find. And most of the time I realize that I didn't really "need" whatever it is I might have purchased. (Except I still do need a toaster!)
I used to handle REO's for Fannie Mae, Money Store, and a couple of others. One of the things that always struck me was the amount of "stuff" people left behind. Almost every house had at least one pair of new winter boots - and almost every one of those houses was filled with discarded clothing. Not just one or two items, but huge piles of it. Maybe if those folks hadn't been such avid consumers, they could have held on to their homes.
I'm for saving, not spending. And I agree with Lenn that one way is to cook from scratch. It's better for the bank account and better for your health as well. And of course, staying healthy saves money!
I agree with Lenn Harley. I wish some of your good habits would rub off on myself as well.
I was raised in the Mid-West by depression era parents so I have always been frugal and a wise shopper. However, sometimes the cheapness can be linked to "I don't deserve it". Years ago I wanted a Coach briefcase - very chic at the time! Would not buy it because it was so expensive. When a co-worker walked in with the briefcase that I lusted for, the bell went off - if she deserves to have it - so do I! This wasn't keeping up with the Joneses but just "I'm allowed to have something nice." Think Fernando Herbose up in #16 makes a good point - you can be frugal yet still be allowed to make a splurge.
My parents were upper middle class because of my Dad's hard work and thriftiness, which definitely rubbed off on me. I also keep cars as long as possible as I do not consider them investments since they depreciate immediately.
We bought a foreclosure home with cash at such a good price that we can afford to make it almost like new. My husband is very handy so we only hire out on things he cannot do.
Our "extravagant" purchase (not an extravagant price) was a Scottsdale, AZ townhouse that we plan on being snowbirds in when we retire. We also consider it a long-term investment.
I don't purchase anything unless I've done some investigating and pricing. I do like technology and that's where I have to watch myself, but I do. I only buy what's necessary and shop around.
My son and daughter-in-law earn more than we do and are always broke. Funny thing is, I don't see where the money goes. Although they do have a larger home and newer cars and eat out most of the time, they earn enough to cover those items. I don't get it.
I'm in between. I can fix things myself and often do. I don't buy something new if what I have is functional. However, I do love my pedicures and won't give those up. I also like to keep my phone and electronics updated.
I bet you are not worried about how you are going to make your next house payment.
Same here. My main car (Hyundai) was bought brand new and is 9 years old and paid for. My other car is a 1987 BMW convertible and it belonged to my father when it was new, then my sister drove it for a few years and I inherited it when she finally got a new car. We've replaced the top and had it painted, etc.
We eat at home, cook from scratch. If I'm going to go out to eat, I want it to be really special and get my money's worth. Spending $30 at a sandwich shop or $60 at a chain restaurant just ruins the experience for me. Money can be nickeled and dimed away so fast.
If I want something like a new gadget, I'll put money aside little by little to save until I can buy it. That way it doesn't feel like it's taking a chunk out of my wallet.
I have a budget for my business expense and I stick to it.
I wasn't always this way. I used to have the shopping bug. I drove an expensive car that only ran well on expensive gas. LOL! Now when I see someone who has their closets stuffed with brand new designer clothes, my mind calculates how much $$$ they have invested in that. Yikes!
Things like shoes, I'll buy quailty. If you have a good pair of shoes, you can take them to the shoe repair and get them reconditioned, resoled, or get the heels fixed. Good shoes are more comfortable. It's less expensive in the long run.
I splurge and reward myself now and then, but not very often.
Cheap or thrifty? In this economy, I'd call it being thrifty.
Richard,
Thrifty is the new chic. And a nice and clean 10 year Miata is much smarter than a new one.
I am getting more and more thrifty every day. Heck I used to get a new computer every year or so. Right now I am using Windows 2000!. However, I may break down and buy a new computer next month.
"Living within our means", is a subject I have recently had to take part of, and it is the best thing I/We have done.
I LOVE NOT HAVING A CREDIT CARD!!!! (of course I still have some CC debt, but hey I am working on it!)
SPEND SPEND SPEND! The more you spend the more it drives the economy. If everyone saved what they made our economy would grind to a halt. Or is that China's economy? I forget. :-)
I'm thrifty too. But when I do make the puchase I usually wish I had done so earlier!
I believe in utilizing the entire life of the vehicle or whatever. Why spend when not needed? My next car will be a replacement VW Beetle...a vintage car.
Richard.....you are right on!
I do have a new car, only because I had a lease car that had to be turned in. And it you have to finance a used car, you get screwed with the interest rates. My truck is a 94 F-150 with 160K on it, and I baby her to make sure she keeps going. I might have some monies coming in the near future and will be on the hunt for a used car....but buying used scares the crap out of me....you never know when you may be getting someone elses problems!
I've totally changed by buying habits. Perfect example, my Gateway Laptop is 4 years old. Most people would of bought a new computer by now. Why? This one works perfectly. (Ok needs a new cd rom drive...) I'm thinking I'll even buy a new battery as the current one does not keep a charge. If a new computer is in the future, this one will be passed to my business partner, and I'll get the new one.
I take care of everything....,so it last longer!
Are you sure you're thrifty? We should get others opinions as most of the time the perpetual 'cheap skate' never thinks themselves as such. I know that my sister still has her communion money as they say!
@Marte #87 - You can find your Toaster at http://madeintheusa.com/
Funny, after you suggested we should buy American, I thought what a great concept for a website. A day late, and a dollar short!
My husband and I are followers of Dave Ramsey. We don't have debt except our home. All of our vehicles are paid off and we only buy things with cash. No credit cards in our house! And, when I lost my job in the manufacturing industry last year, we were okay. When my husband was laid off last month, we've been okay. Most people would have sunk in those conditions. We felt blessed. He starts a new job on Monday and we've been fine. Even though my new career isn't doing that well yet, we are still doing okay. There is alot to be said for not spending more than you make and only buying what you need, or not buying too much of what you don't. Good for you.
Over-consumption has been a North American way of life for decades. However, it isn't my way of life. I love the creativity that comes with a thrifty lifestyle. The opperative word in "make do" is, you guessed it, MAKE.
My car buying habits are great. I buy a good car, pay cash and drive it for ten to fifteen years. Good stuff.
But when it comes to buying all those new gadgets and programs that are going to simplify our business (and then we never quite get around to using "the new, next best thing)". I recently took a hard look at all those little bills that we get from ten to forty dollars a month and axed a lot. Amazing how you can nickel and dime ourselves while thinking we are thrifty.
I think being cheap (thrifty) is a quality that should be rethought. Cars should be well maintained so that you can get 10 to 20 years of good service out of them. Houses should also be thought of in the same way.
Clothes, however, need to be purchased much more frequently! Just kidding - but I do think that we can survive and have a great quality of life by using things until it seems that their usefulness is over.
I think being cheap (thrifty) is a quality that should be rethought. Cars should be well maintained so that you can get 10 to 20 years of good service out of them. Houses should also be thought of in the same way.
Clothes, however, need to be purchased much more frequently! Just kidding - but I do think that we can survive and have a great quality of life by using things until it seems that their usefulness is over.
I'm thrifty too. My vehicle has over 160K miles on it and shows no signs of quitting on me. It's still in pristine condition so why replace it? Perhaps if more people were taught how to be thrifty and learn how to fix something vs. throw it out and get a new one, the economy wouldn't be in the predicament it's in.
Looks like you touched a nerve! Those of us who think (mostly) like you, and those who don't, each side seems to be defending their money style. For the most part, I believe each is a learned behavior and whichever a person chooses is fine, (so long as they can afford that second choice). The biggest area of thriftiness for us is not living beyond our means in that all important purchase, our house! After being convinced we could "afford" it, 25 years ago when we purchased our first house in a brand new neighborhood, we realized we could not afford paint to make it our own. Five years later we "gave it away" with an assumable loan and vowed to never buy a house we could "afford" again, but below what we could afford and fix it up with the extra money! 5 houses later, we continue the trend. We drive our brand new cars until they die, generally with 200,000 or just shy on the odometer, buy new and repeat, but never have 2 car payments going at once! I don't think our style is bad for the economy, there are far too many people to whom a shopping trip is entertainment or something to do when bored...
Richard and all thinking of denying yourself and loved one of a loving memory and essential rest and relaxation, read Fernando again. I know from experience. Life is too short to be ridiculously frugal if you have the resources to have the experience. Your family will love you now and when you are gone.
There are some people that I would love to put out ot a job - collections agents! If we can be part of a cultural shift and fewer people will suffer the pain and embarrassment of losing houses, cars, getting taken to court, years of trouble, then 'YEAH' for the frugal.