Frugal is not a dirty word

Deciding to spend our money on purpose and not frivolously is sometimes a difficult choice. Saying no to things that others are enjoying can feel like deprivation, and since credit is so handy it can be easy to give in. Here is an excerpt from an excellent article at - http://www.getrichslowly.org/blog/. " I think it’s important to understand that frugality is not a dirty word. In fact, frugality is a valuable skill for building wealth.

In The Millionaire Next Door, Thomas Stanley and William Danko collected and analyzed data from surveys of more than 1,000 millionaire households. They concluded:

What are three words that profile the affluent? Frugal frugal frugal. Webster’s defines frugal as “behavior characterized by or reflecting economy in the use of resources.” The opposite of frugal is wasteful. We define wasteful as a lifestyle marked by lavish spending and hyper-consumption. Being frugal is the cornerstone of wealth-building. … [Millionaires] become millionaires by budgeting and controlling expenses, and they maintain their affluent status the same way.

Frugality means choosing to make the most of your money, to focus on everyday costs, to recognize that small amounts matter. It’s nothing to be ashamed of. It’s a skill that nearly anyone can practice, and it lays the groundwork for sound financial habits that can be used throughout your life. Frugality keeps you focused on goals." So well put! Doesn't it just make frugality seem so wise! I have thrown away so much money over the years by not being focused on the details and this inspires me to really take control of the money we spend. Remember, it is a much bigger gift to a child to learn financial responsibility than to get another toy that will be forgotten next week. As the holidays approach make this your gift to your child - put nothing on credit! If they learn that lesson that is a lifelong gift.