Still Being Frugal
Well it certainly has been a while since I last posted! I have been busy with this thing called life, and trying to get out of my credit card debts! I am happy to say, the debts have been reduced by several thousand - I will post a Financial Milestones update shortly.
However, what I want to write about here is the concept of being frugal. It seems to me that the real key to success is, ultimately, not how much you earn but how much you keep and don’t spend. Sure, it doesn’t hurt to earn a high salary. But all too often, I see some individuals caught in a vicious cycle. They earn a substantial salary, and as a result buy pricey toys: Cars with high monthly payments, brand new stereo systems, and so forth. As the credit cards and car payments go higher, the individuals are forced to work longer hours. And what is there to show for it?
What I found to be a much wiser course, in my opinion, is to be much more frugal. As someone who used to spend over $10 or more on coffee a day, I have completely cut out this habit. What justifies me plunking down my hard earned cash for a $4 cup of coffee? The ambiance? It’s really not worth it. Besides, I can create my own ambiance by brewing my own coffee, then enjoying it knowing that I paid a fraction for that cup of what I would have paid had I gone to one of those coffee shops.
Now that I am much more conscious of my finances, I am sometimes shocked at what I used throw money away on! Since music is a hobby of mine, I recall buying the latest electronic keyboard then selling it for half price 6 months later. It wasn’t until I had lost several thousand dollars in the process that I wised up.
Still, better late than never. The journey towards financial independence requires a conscious effort. More than just financial independence, I find that living frugally helps me be more in-touch with the world around me and not just be a consumer.