Confessions of A Penny Pincher
I confess, I admit it. I am a cheapskate. At least that’s probably what you would call me if you knew me.
I wasn’t always this way. Once I was just like everyone else. I wasted thousands and thousands of dollars on interest charges, mediocre meals out, aimless road trips, big stereos, the latest gadgets, cigarettes, smelly cologne, and countless other senseless things. To this day I can’t imagine what ever possessed me to throw all of my hard-earned money away.
The Ignorance of Youth
The only excuse I can offer is that I was young and ignorant. Despite the fact that I watched my poorly-paid mother struggle financially to raise three demanding boys on her own for nearly ten
years, I didn’t learn a thing about managing money.
That’s the thing about youth. When we are children, we are insulated from the financial framework of everyday life. Everything is given to us, provided for us. Even the poorest of parents want to give their children more than they were
given.
On Came the Light
I would like to say that once I was out on my own for a few years, I saw the light and miraculously became financially responsible. The truth is that the bulb of wisdom remained out for decades.
During that time, I never once considered delaying a purchase. If I didn’t have the cash to buy my latest “thing”, I would borrow it from a relative or a friend. If I couldn’t borrow the money, I would charge the purchase.
Then, I reached middle age and I finally came to my senses. Now it’s bad enough knowing you are growing old. But it’s far worse, even scary, when you realize that you have only saved enough to live for only about two years on your retirement savings.
This realization slowly turned me into the penny pincher I am today.
A Bad Rap
People can be very cruel. If you are different, you are made fun of. Maybe you’re overweight. Maybe you smoke too much. Maybe you are very short or very tall. Maybe you dress differently. But being made fun of for not wasting money? Yep. I hear it all the time.
Being frugal has gotten a bad rap over the years for some reason. I guess it’s because it’s been a long time since the Great Depression of the 1930s, a time when thriftiness was a necessity and not a choice.
But watching how you spend your money is slowly becoming popular again.
Cheap? Or Just Plain Wise?
For me, it took the fear of living in the street in my waning years to change the way I managed my money. But it really doesn’t matter how old you are. Spending wisely pays benefits at any age.
Nowadays, I think about every expenditure, not matter how big or small. Nearly every facet of our lives has an element of waste in it. I try to identify that element and turn into cash.
Then, I take all the money I save and put it into my 401k or use it to buy the things I value most. And I try not to think how much money I would have if I had wised up decades ago.
Ben Franklin said it best when he remarked… “A penny saved is a penny earned.”
I wasn’t always this way. Once I was just like everyone else. I wasted thousands and thousands of dollars on interest charges, mediocre meals out, aimless road trips, big stereos, the latest gadgets, cigarettes, smelly cologne, and countless other senseless things. To this day I can’t imagine what ever possessed me to throw all of my hard-earned money away.
The Ignorance of Youth
The only excuse I can offer is that I was young and ignorant. Despite the fact that I watched my poorly-paid mother struggle financially to raise three demanding boys on her own for nearly ten
years, I didn’t learn a thing about managing money.
That’s the thing about youth. When we are children, we are insulated from the financial framework of everyday life. Everything is given to us, provided for us. Even the poorest of parents want to give their children more than they were
given.
On Came the Light
I would like to say that once I was out on my own for a few years, I saw the light and miraculously became financially responsible. The truth is that the bulb of wisdom remained out for decades.
During that time, I never once considered delaying a purchase. If I didn’t have the cash to buy my latest “thing”, I would borrow it from a relative or a friend. If I couldn’t borrow the money, I would charge the purchase.
Then, I reached middle age and I finally came to my senses. Now it’s bad enough knowing you are growing old. But it’s far worse, even scary, when you realize that you have only saved enough to live for only about two years on your retirement savings.
This realization slowly turned me into the penny pincher I am today.
A Bad Rap
People can be very cruel. If you are different, you are made fun of. Maybe you’re overweight. Maybe you smoke too much. Maybe you are very short or very tall. Maybe you dress differently. But being made fun of for not wasting money? Yep. I hear it all the time.
Being frugal has gotten a bad rap over the years for some reason. I guess it’s because it’s been a long time since the Great Depression of the 1930s, a time when thriftiness was a necessity and not a choice.
But watching how you spend your money is slowly becoming popular again.
Cheap? Or Just Plain Wise?
For me, it took the fear of living in the street in my waning years to change the way I managed my money. But it really doesn’t matter how old you are. Spending wisely pays benefits at any age.
Nowadays, I think about every expenditure, not matter how big or small. Nearly every facet of our lives has an element of waste in it. I try to identify that element and turn into cash.
Then, I take all the money I save and put it into my 401k or use it to buy the things I value most. And I try not to think how much money I would have if I had wised up decades ago.
Ben Franklin said it best when he remarked… “A penny saved is a penny earned.”