initiated by blogger Peter Adeney (mrmoneymustache.
com) proposes that by resisting irrational spending and
saving around half your income instead, you could have
enough cash to quit work early and spend the rest of
your life doing things that really matter. This “radical
new way to think about enjoying money,” he says,
promises to “get you off debt-powered treadmills”
and “start living life as you choose”.
WISER SPENDING
The post-war generation knew all about thriftiness
through necessity – there’s nothing like food rationing
to inspire creativity in the kitchen and the growing of
vegetables in the garden. An economic downturn also
drives the necessity to repair and mend. While we
don’t have to eat powdered egg, dream of bananas, or
darn our tights, we can learn from our grandparents
and buy less but better.
The new frugality, is about finding the best value
for money, time and energy, not simply bagging the
cheapest thing on offer, or quibbling over who ate the
most poppadums. It’s about controlling your finances
and eliminating debt while still allowing yourself to
take pleasure in possessions. It’s not about paring
things back to monastic levels of ultra simplicity –
living cheaply when taken to extreme can be punishing
and all-consuming – but reducing the amount of
unnecessary purchases. “My number-one money-
saving tip,” says Faith Archer, “is to keep a spending
diary. If you write down everything you spend, you
can see where your money is disappearing, and spot
unnecessary spending.”
It is also about letting go of the impulse to buy things
for a quick feelgood boost, or to impress others, and
focusing instead on doing things. The benefits,
according to a study by Dr Thomas Gilovich at Cornell
University, will be longer lasting. He found that money
can buy happiness but only up to a point. The amount
of happiness gained by buying something desirable is
short-lived, as the purchase fades into the background
and you no longer notice it. Spend money instead on
experiences like travelling, learning something new, or
outdoor activities and they will shape your character
and become part of you. “Our experiences are a bigger
part of ourselves than material goods,” he says.
Dominique Loreau suggests drawing up a list of
things that give you pleasure and trying to satisfy at
least one of them each day. “Happiness,” she says,
“depends on the smallest of things – writing to a loved
one, planning a meal with friends, even tidying a
cupboard.” It’s a simple truth, but one worth bearing in
mind as the month of crazy spending looms.
Don’t buy stuff you can’t afford
Try to distinguish between what
you need and what you want.
Postpone buying the ‘wants’
until you have sufficient cash.
That way you will feel the giddy
power of self-discipline and
avoid risk of debt.
Write shopping lists There’s
nothing like shopping with
an actual list of ingredients
for actual dishes, to feel as
though you are the master of
your spending. All you have
to do now is resist the lure of
the impulse buy.
Batch cook and freeze Cook
more portions than necessary,
then freeze the leftovers. It’sthrifty, avoids waste, and means
you have a stash of nourishing
ready-meals in store.
Shop in your own wardrobe
Ever bought an item of clothing
to find you already have a similar
one buried in your wardrobe?
Dig around in there before
buying new.
Exchange skills Rather than pay
people for services, barter with
friends and neighbours. I’ll feed
your cat if you’ll put up a shelf in
my kitchen – that sort of thing.
Repair things Fixing stuff rather
than buying new not only saves
money, but also feels good. You
learn a new skill and you have the
thrill of self-sufficiency.HOW TO BE FRUGAL
WITHOUT BEING MEANTwas a Black Friday
indeed... especially
for the poor bloke
in the pinstripes