Be Young, Be Frugal

saving money

I was pretty young when I got serious about saving money and being more frugal. I didn’t do it with some grand notion of preparing for my old age or anything, I just wanted more money for emergencies and to give me more choices in terms of where I might live and work. Looking back, though, I understand now why starting young was the smartest thing I could do.

Too many people put off saving, thinking, “I’ll save when I’m making more money, or when the kids are gone, or when I’m older and I’ve had all my fun.” The problem is that saving when you’re older becomes a dicier proposition as the years go by. Yes, you may be making more money but you&#

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7 Responses to Be Young, Be Frugal

  1. Julie says:

    I could not agree with you more! I am a 48 years old with one son in college and the next one graduating from high school this year. My husband and I worked like dogs when we were younger, fixing up and re-selling 5 homes over a period of 12 years. I can’t tell you how many nights we stayed up until well past midnight working on home improvement projects, then were up at 6:00 AM the next day for work. Now bedtime is about 9:30 PM for me and most of my friends who are nearing 50. For women…hormones play a big part in their energy level. I would say the most common complaint I hear from my female freinds is about their lack of energy. Yet most now have kids in college, and few have saved up for it, and some have to go back to work when they have never worked before. Many are also dealing with aging parents who are not in good financial shape. I could go on and on about the difficulties I see with my friends who didn’t save when they were younger…but to make a long story short, it is much better to have your “younger self” make a few sacrifices rather than expect your “future self” to carry the full load. People just don’t realize the burden they are putting on their “future self” by being unwilling to sacrifice when they are younger.

  2. Travis Gordon says:

    When I was young it was really difficult for me to save money.
    When I was a teenager car insurance was a lot more expensive.
    I’m in my mid 20’s now and have been looking for ways to save money.
    I came across save-car-insurance.com and it has quite a few very helpful tips for someone to save money on their auto insurance.

    It even has an article that talks specifically about teenagers and their insurance. I suggested it to my sister (she has a daughter that’s 17) and she told me she was able to save money.

  3. OfeliaTConejo says:

    I am always amazed by people saying they cannot save money. I stopped in at a local grocery store yesterday and there was a line of young people a mile long paying $5 for lattes and sandwiches they could have made at home. One overweight young woman charged $35 worth of lunch for herself and a friend. I had my store cup in hand and paid 75 cents for a coffee refill. My husband and I are retired, own two 12-year-old cars, have no debt, travel wherever we want, have two homes and are financially secure. I continue to clip coupons and shop in resale of thrift stores. It is called beating the system. Actually it is a lot of fun when you are an informed shopper. We have a good life, but we worked hard to get here.

  4. Great article as always. I preached this same sermon to my son in his senior year of college, explained how if he saved as much as he could for the first 10 years after graduation, he’s an accountant, he would never have to worry about money again for the rest of his life.

    Well…today young people have so many things that entice them to have everything right now and he’s a part of that generation. We just glad the he will be able to provide for himself.

    It’s very true. The earlier you start to save no matter how much the better it is for you as you get older. You’re going to need it.

  5. Gail says:

    I agree that you never know when things will go wrong. I’m glad that I have always lived a fairly frugal life since I would have had a very hard time managing when I got severe rheumatoid arthritis. Forget hammers, I have trouble opening bottles and jars, my husband had to make me a special handle for my toothbrush since I couldn’t hold on to it anymore, the list is long of the things I can’t do anymore. I can’t even depend on feeling well enough to get to the store to pick up the items that we use often when they are on sale. My income was slashed when I had to quit working 10 years ago.

    Even when I was working I was astounded by a co-worker that took her boy to Red Lobster at least once a week because he liked it. She also declared banruptcy. She made the exact salary I did plus collected child support and she couldn’t understand how I was surviving on my income. Well I didn’t go gambling every weekend, I didn’t get my car detailed monthly, etc. Every chance she had to spend money or charge something she did and before she filed for bankruptcy she made sure she had charged a complete summer wardrobe! Even in the financial situation I’m in, we are probably still better off than she is because I doubt she ever learned her lesson. She had no interest in being frugal.

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  7. Miiockm says:

    A 3% rate of return per month would be amazing. It should be a $0.31 return after a year.

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