Are you frugal - Page 5

reiki604 · ‎03-09-2010

Am I frugal?? No! I have always lived within my means but did and do not deny myself what gives me joy and pleasure. DH and I have always contributed the max into retirement accounts and tailored our lifestyle to live on what was left. We were fortunate. We pay cash for our cars. I keep mine forever and DH like the newest, shiniest toy. When we pay for a new car, we pay ourselves monthly as if we have a car payment. Therefore when the time comes for a new one, we have the trade in and the cash we have paid ourselves. We don't have an extravagant lifestyle but we do travel and spend more now that we are retired.

We have both just signed up for early SS and will bank and invest it 50/50. We have been blessed with enough to have whatever we need or want. We were never gifted with children so our expenditures were cut dramically from those who do. Do what makes you happy and gives you peace. That's more important than any material possession.

'I refuse to engage in a battle of wits with an unarmed man'.......Unknown

Group 5 minus 1 · ‎03-11-2010

If you mean are we "cheap"? We are. I think we are frugal also.

Sooner · ‎03-10-2010

@ccassaday wrote:
@happycat wrote:
@WaJa61 wrote:
Growing up my parents had to be frugal ~ times were very tough, so I learned to be fiscally conservative. My family now complains that I'm too frugal for myself, while not at all with buying for them and others. I can see how it would annoy them over the years, and they now gift me with expensive items they know I’d love or need but refuse to buy for myself. So this is counter-productive, as well as silly. I certainly don’t want them feeling as though they need to do that. I'm not even retired yet! Make a nice salary and my husband owns his own business. Our home is paid for ~ I don’t need to work, just love my job.

We don’t buy cheap when it comes to vehicles, farming equipment, household appliances, furnishings, etc., because that's not practical. They don’t hold up. I'm talking about personal items like fashion, cosmetics, hair stylists, day spa treatments, perfumes, jewelry and such. I skimp on these things ~ usually trim my own hair and do my manicures and pedicures.

I'm going to work on this and since I'm slowly getting better with delegating, I think I'll finally hire someone to help clean the house as @Newgate has. I've always doubted that someone else could do it to my picky standards, but I need to get over myself! Free up more time to enjoy my family, friends, travel... and even some shopping and pampering. We can’t take it with us and our children’s and grandchildren's inheritance is already set up, as well as our burial plans.

I won't go crazy, though! I've seen first hand how healthcare costs can completely drain family resources. We never know what awaits us in this regard.

Also have a set amount that I donate to my church and other charities. Big believer in the first fruits go in obedience to my Lord's instructions. 💜

OH, I so agree with not buying cheap when it comes to vehicles, farm equipment, and other things. It absolutely does not pay. I say that, and I realize in my previous post I did gush over my 2nd hand chair. But, my dd bought a couch a few years ago, and it was cheap. And it is falling apart. I do think in a lot of cases you get what you pay for. Unfortunately.
I disagree with this a little. My dad has always bought a older car. But he paid cash and kept if a while. Sure he has put some money into it. But thats ok because he paid cash. One od the things ramsey teaches is only buy a car for cash. The only people sho should be buying new cars are multi millionaires who buy with cash. Eventuly you keep working up your car fund to be able to buy a 15k car with cash. You dont hsve to spend a fortune on a car to get a reliable one. Of course if you get a loan and pay it off and keep it another ten years I suppose you would get what you paid out of it.

Buying for cash is ok, and so is paying off a car loan for some people. Sometimes it makes more sense to pay off a really low rate loan and keep your cash in the bank. Same with home loans. It also depends on where loan rates and interest paid are going to trend in the time frame of the loan.

Also, it isn't necessarily so that buying a car and keeping it forever will save you lots of money. If you buy a good value new car that will sell for a good value 3 or 4 years down the road, that can be a good deal depending on the resale value--which I always take into consideration when I trade.

My clean, well maintained car goes for top dollar, I get a good deal on a new one sometimes year end sometimes not, and I'm very comfortable with that pattern of trading about ever 4 years. I also am not out any money on repairs, and have the joy of driving a nice car, which is worth money to me.

ccassaday · ‎10-21-2010

@Trinity11 wrote:
@ccassaday wrote:
@Trinity11 wrote:

Frugality is defined dependent upon income.

No I dont think so. The examples i stated with thr rich guy driving a used car prove that. What got me thinking about this thread was listening to this gideo where this guy and his wife make a combined 40k. They wanted people to think they had money so they each had a 35k vehicle loan. 70k in car debt making 40k. But yet a lot of time you will see the rich guy driving a used car and keeping it 15 yesrs. Cant determine thd amount of money womeone has by their house or car. A lot of time thise kind of people are broke.

Rich people buy new cars all the time and don't keep them for fifteen years. If you are wealthy you buy what you want and you aren't necessarily going to care what anyone thinks. I think a lot of these blanket statements about how people who retire wealthy were just cheap are stories told by people where it makes them feel better to think that rich people are in debt. Nobody I know who retired well is in any debt and a half a million dollar minimum income got them that way...not cutting out a cup of coffee at Starbucks or riding around in a ten year old car.

You dont have to make a 500k income to retire wealthy. My main point is people you never would of guessed have a ton of money actually do. Dont judge a book by its cover. Sure super rich people buy new cars. I think what i wm trying to get at is people who make a moderate income can also retire wealthy and they do by staying out of debt snd paying cash.

I dont think being frugal means you cant enjoy your money or life.

CelticCrafter · ‎03-09-2010

@ccassaday wrote:
@happycat wrote:
@WaJa61 wrote:
Growing up my parents had to be frugal ~ times were very tough, so I learned to be fiscally conservative. My family now complains that I'm too frugal for myself, while not at all with buying for them and others. I can see how it would annoy them over the years, and they now gift me with expensive items they know I’d love or need but refuse to buy for myself. So this is counter-productive, as well as silly. I certainly don’t want them feeling as though they need to do that. I'm not even retired yet! Make a nice salary and my husband owns his own business. Our home is paid for ~ I don’t need to work, just love my job.

We don’t buy cheap when it comes to vehicles, farming equipment, household appliances, furnishings, etc., because that's not practical. They don’t hold up. I'm talking about personal items like fashion, cosmetics, hair stylists, day spa treatments, perfumes, jewelry and such. I skimp on these things ~ usually trim my own hair and do my manicures and pedicures.

I'm going to work on this and since I'm slowly getting better with delegating, I think I'll finally hire someone to help clean the house as @Newgate has. I've always doubted that someone else could do it to my picky standards, but I need to get over myself! Free up more time to enjoy my family, friends, travel... and even some shopping and pampering. We can’t take it with us and our children’s and grandchildren's inheritance is already set up, as well as our burial plans.

I won't go crazy, though! I've seen first hand how healthcare costs can completely drain family resources. We never know what awaits us in this regard.

Also have a set amount that I donate to my church and other charities. Big believer in the first fruits go in obedience to my Lord's instructions. 💜

OH, I so agree with not buying cheap when it comes to vehicles, farm equipment, and other things. It absolutely does not pay. I say that, and I realize in my previous post I did gush over my 2nd hand chair. But, my dd bought a couch a few years ago, and it was cheap. And it is falling apart. I do think in a lot of cases you get what you pay for. Unfortunately.
I disagree with this a little. My dad has always bought a older car. But he paid cash and kept if a while. Sure he has put some money into it. But thats ok because he paid cash. One od the things ramsey teaches is only buy a car for cash. The only people sho should be buying new cars are multi millionaires who buy with cash. Eventuly you keep working up your car fund to be able to buy a 15k car with cash. You dont hsve to spend a fortune on a car to get a reliable one. Of course if you get a loan and pay it off and keep it another ten years I suppose you would get what you paid out of it.

Who said that? That's the most ridiculous thing I've read in a long time.

When my daughter bought her first brand new car, a 2015 Subaru - she paid cash for it and she is far from a multi millionaire - she's not even close to being a one millionaire.

Sooner · ‎03-10-2010

NOTE: The following statement is not directed at anyone in this thread or at any particular post. It is a statement about people I personally knew during my life and I DO NOT know anyone here and will not draw any conclusions about them. That being said:

SOME of the people I grew up with thought they were far superior beings because they were so tight they squeaked. Their happiness was based on being better than everyone else because they didn't spend their money.

cherry · ‎03-09-2010

@Sooner I avoid those kind of people at all costs. They would sell their mothers underpants to make a buck!

Sooner · ‎03-10-2010

@cherry wrote:
@Sooner I avoid those kind of people at all costs. They would sell their mothers underpants to make a buck!

No truer words were ever spoken! LOL!!!

tarsmom · ‎03-21-2010

Frugal? In some ways, very frugal. In other ways, no.

My parents were quite frugal and when they retired, they traveled the world. My dad died at 79 and my mother much later. She told me she wished she had spent more along the way - what if they never made it to retirement? They were lucky, right?

I work in the financial industry. I see people saving and saving their money and then leaving it all to their kids/grandkids. And then I see the kids/grandkids blow it all. Very sad.

I like to spend money on my hair, getting massages and nice beauty products. Not La Mer nice, but some items from Sephora. Others would think that was a huge waste of money but this is why we all like to do our own thing

What I won't spend money on: cruises, world travel and restaurants that cost more than $60 for two. I buy clothes on sale, including consignments and Goodwill. I bring my PB & J when others spend $10 going out to lunch. I bring my own coffee to work.

Fun to read everyone's definitions of frugal and what's important to them.....