Monday Motivation

Mar31

Posted at 7:45 AM • 7 Comments

So, I’m renewed in my quest to become more frugal. Last week, I blogged about my new, lower interest rate on one of my credit cards. Many readers commented that they didn’t carry a credit card balance. I had an "aha" moment. I told Keith who blogs at Dollar out of $.15 about my posters. We both decided it was time for us to step it up. He’s made it his mission to kill his roughly $25,000 credit card/student loan debt by December 2009. As for me, I am going to keep on the frugal track and slay a credit card by this time next year.

For the month of April, I vow to spend $50 per week on food. While my apartment is getting fumigated, I’m couch surfing for two days instead of getting a hotel room. Last weekend, I did a home ‘do, styling my own hair. I haven’t shopped for clothes since January. I tried clipping coupons on Sunday but that was a bit much. Coupon clipping is no small feat. Thanks to FF readers for the coupon advice. Please send in more coupon tips. I just thought you look in the newspaper and most of what you always buy is there on sale. But now I know, it doesn’t quite work like that. It’ s an art.

What is your motivation for frugality? Do you like the comfort of being comfortable? Does it bother you to owe people money? Let’s talk about it.

7 Responses

I’m frugal for a number of reasons. 1 – I don’t like to be wasteful as it pertains to anything. Therefore, I don’t like wasting money (paying more than I have for something or paying for things I won’t use). 2 – The more money I save (meaning not spend), the more money I can save (savings accounts or investments) which puts me that much closer to my goal of financial independence.
Being frugal is a bit of a game to me (yeah, I’m a nerd). I like my somewhat extravagant standard of living so it’s a challenge for me to see how little I can spend while maintaining the same standard of living.

✭ savy on March 31, 2008 at 9:12 am.
Motivation for frugality?…hmmm – I guess I just like keeping some of the money that I work so hard to earn.

✭ Coco on March 31, 2008 at 10:30 am.
Frugality is a new lifestyle choice for me. The motivation-sheer need. I make money but most of it goes toward paying off my past. I feel uncomfortable or embarrassed by it. It is the manifestation of what I say I hate about “young” people today- the instant gratification lifestyle. I am my parents’ child. Spend today and worry about tomorrow tomorrow. As I get older, I realize that it is no way to live. The brief high I get on buying whatever whenever is long outlived by the debt it creates and the joy is definitely outweighed by the thought that I am not not financially independent and two paychecks away from….. So, sheer need. yes, necessity dictates frugality.

✭ Tianna on March 31, 2008 at 11:34 am.
Well for me it is necessity as I have had this ‘aha’ moment of realizing that I cannot live in debt anymore. I want to be able to go into a store and know that I actually have the money in my bank account to pay for it. I want to stop impulse buying! I figure having to save up money to pay cash for something will definitely reduce that! I really want that freedom!
That said, when my debt is done I will probably go back to spending…BUT the key thing is that I WILL NOT use credit cards. I will buy those $300 jeans or newest ‘IT’ bag with cold hard cash. In addition, I will also be mindful of my spending….I will save for retirement and vacations…and then spend the leftover!

✭ Twiggers on March 31, 2008 at 12:08 pm.
Savvy-Financial independence would be a beautiful thing.
Coco-You summed it up. Sometimes I feel like I’m working to keep other people doing ok.
Tianna-Feel you on being frugal to pay for past spending. I’m in that mode now.
Twiggers-It’s taken Wonder Woman’s strength for me not to ask you if you are selling any of your designer bags on Ebay. EVERYTHING. If I reach my financial goals though, an LV bag will be mine!

✭ Frugalista on March 31, 2008 at 1:10 pm.
Coupon clipping can also be done online and it alleviates the headaches of having to cut along the dotted lines. Check out smartsource.com or valpak.com and you can print only the ones you want.

✭ Jasmine on March 31, 2008 at 2:00 pm.
I always hated owing money and every dollar that I owed a credit card company was a dollar I couldn’t use to invest or save. My motivation was and still is building a nest egg for the future.
My uncle always said that tomorrow isn’t promised to you and you have to live in today. Of course, he has consumed and spent all of his life and will probably never be able to retire.
Frugal tip: I developed interests in things that were free or relatively inexpensive and healthy, like going to the beach, biking, rollerblading, checking DVDs out from the library rather than buying them or renting them, shopping at second-hand clothing stores or only buying from the clearance racks.
After a while these things become a way of life and they don’t feel like you’re depriving yourself of anything.

✭ Charger (Not) on March 31, 2008 at 5:44 pm.

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