As the world’s economic systems continue their downward spiral it is incumbent upon each one of us to find strategies for dealing with a shrinking economy. That old American sage, revolutionary and man-about-town, Benjamin Franklin once wrote, “A penny saved is a penny earned.”
We may not be able to increase our income, or in some cases, replace lost income. But every dollar (a penny does not go too far nowadays) saved is truly a dollar earned. The more we save, the more we “make.”
My father was an immigrant from Europe. He and his family lived through, and actually flourished, in the difficult post-war years. As a result of his childhood experiences my father was a very frugal person. Fortunately for me he taught me, among many other valuable lessons, how to be frugal. He always told me, “Debbie, if you take care of your money, your money will take care of you.”
In the past, many of my friends laughed at my frugal ways; they would often call me a “cheap skate.” Now, those same friends are joining the ranks of the “cheap stakes” and living the “frugal life.” The recession is radically changing behavior among many different types of people, from the Wall Street bankers who are now waltzing into Wal-Mart for the first time to buy their groceries to teens who are now thumbing through the piles of status jeans at secondhand shops to save money. And experts say that such behavior could linger long after the economy recovers.
Europeans have often looked upon Americans as being big spenders, even wasteful. Europeans are far more conscious about conserving resources. A good friend of mine from the Netherlands tells me that she likes to eat lentils — which are cheap and nutritious — and she bikes everywhere to save gasoline. (Yucca, are you reading this, see I’ve listened to what you say to me).
In these difficult times, there are things that we can all do to make our dollars go farther. Here are a few steps that are simple to follow and can save money (as an extra bonus, the less resources that we consume, the less of a negative impact that we will have on our environment):
1. Buy only what you need at the moment. Look inside your cupboard and you will realize how much food you throw away every year because you bought too much and the food spoiled.
2. Eliminate “recreational” buying (you know that is when you go to the store just to “look around” and end up buying things, not because you need them, but because they were on sale).
3. Don’t throw away things, take care of your things and make the things that you own last you a long time. I have several pairs of shoes that have been resoled several times; why be a slave to fashion and buy the latest styles? If you have good shoes, they can last a long, long time.
4. On the subject of making things last, look at how you use your car. Most people never take proper care of their care opting, instead, to replace their old car with a new model every five years or so. That is wasteful and has a detrimental impact upon the planet. Change the oil and oil filter at regular intervals, rotate the tires to make them last long, keep up with regular maintenance. Better still, learn how to do some of these things yourself and you will save money and make your car last longer. I drive a car that is nearly 20 years old and is considered to be “high mileage.” Whenever I get the temptation to trade it in, I look at it and tell myself that the car is good for at least another 10 years and 100,000 miles. I have saved money by not buying new cars.
5. Save even more money by making your own detergent and other household goods. Did you know that you could make your own detergent by mixing Borax with a half bar of soap, baking soda and washing soda? Did you realize that you could replace store brand fabric softeners by using vinegar?
6. Simplify your life. Advertisers want to make us believe that we need the “latest and greatest” products. If you buy too many “objects,” you will not only spend money that should be saved for a “rainy day” but you will eventually become a slave to your possessions.
These are simple steps that we can all take, right now, to improve our chances of surviving this recession.
There is no doubt that these are hard economic times. After the war, my father and his family saw worse times than the ones that we are going through now. Yet they all made it through the hard times.
We too can make it through this recession. But first, we must re-think our strategies and live a more frugal life.
NOTE: For additional information on how to make your money go further, please click on the links below:
neverpayretailagain.net
beingfrugal.net
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