I talk a lot about my mother on Almost Frugal, especially because of her tightwad ways. (In a good way, Mom! In a good way!). But beyond talking about the system that my father and I have figured out on how to pay my student loans, I don’t talk about my dad much.
My father recently wrote me wrote, however, as part of an email about how they are managing to survive in these financially challenging times, some interesting thoughts:
I actually enjoy buying my cheerios at Costco. We buy all of my soup (for lunch at the store) and my prepared dinners when they are on sale, saving a bunch of money every week. Nothing wrong with that. I hope that I buy that way when you strike it big and start supporting me as I would like to be supported. (Yes, you might notice, I have given up on winning the lottery!)
But buying just to not buy? Why? Of course we should all live within our budgets and save for the future and for our kids (and old man). And nobody needs a third car, or one that costs really big bucks and returns single digit mileage. Likewise houses, fancy clothes, etc. But a 2oth shirt that you absolutely love? Or the OCCASIONAL CD (I haven’t bought one in years, even for Christmas!) I mean life has to have some rewards, and you can’t deny yourself too much, especially when it hinges on not being worth it personally.
My attitude is live as cheap as possible 90%of the time, but well most of the rest. Like drink less but get drunk more often? No, I don’t need excess in any form. But the occasional nice dinner out is OK in my book.
I think this is a nice balance between starving yourself, and never enjoying anything, and being a total spendthrift.
What did/do your parents teach you about money?
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{ 6 comments }
i’m helping my parents consolidate their bank debts at lower interest rates, and not let the banks taken advantage of their lack of financial knowledge. they need to ask the right questions that yield the answers that we want to hear….lower-ed interests, more flexible terms etc.
Right now my parents are teaching me that it’s necessary to spend money up front for planning. Example: Things like setting up a family trust, a division of assets, etc. They cost money up front but are well worth it when the time comes that having them in place is beneficial. Unfortunately, we’re learning the hard way. They (the folks) have never been ones to think it necessary to plan. Now that they are older and one is in the care home, it would have been very beneficial financially to have taken care of these items 5 years ago when it was first suggested.
.-= Nancy´s last blog ..friends of old | take 2 =-.
I think your dad is right with his theory. I also believe that saving is extremely important and so is living a frugal lifestyle. However, little splurges here and there are not only ‘okay’ but I think they are necessary. If you don’t have a little fun with your money every now and again, you will start to burn out and all of your hard work to become frugal will be for nothing.
.-= Cassie´s last blog ..My post about area rugs. Seriously. =-.
My parents taught me that education is your best financial defence for any circumstance, but not only do you have to read about how to manage your money, you have to put it into practice. They taught me that you can be who you want to be without a need for things – a night playing a ‘family game’ is not only cheaper than some dumb movie, bit builds way stronger relationships. Lastly they taught me to wait and pay cash – if you do not have the money now, you cannot afford it.
I like your dad’s outlook on things. We frugalistas have a tendency to get cheap everywhere possible, take no prisoners. My husband put his foot down on the homemade laundry detergent and the line-drying in the basement. Andrew’s got a thing for cable (he’s been outvoted on that one, but as a consolation he gets more laptop time for educational websites). Me? I’m all about quality spices for my cheapie meals. Splurge a little, scrimp the rest. Your daddy’s a wise man.
.-= Emily´s last blog ..Mi Vida (not so) Loca =-.
The best thing my parents have taught me about money is that it doesn’t really matter, and it never buys happiness. When I was choosing a college major/career they always asked if I would have time for family, if I would be happy, and if I would be able to give back to the community. For how frugal I am, I actually care very little for money. I see saving money as a tool for having to work less, therefore “buying” time for family and hobbies.
.-= Kayla K at Kayla K’s Thrifty Ways´s last blog ..Basic “Plarn” Tote =-.