The Art of Being Frugal

Buy quality and hold forever is a famous piece of advice from billionaire investor and philanthropist Warren Buffett.  Although he is known for being one of the world's richest people, he is not-as-known for being very frugal.  One example is that he would rather spend a night at home playing bridge with friends instead of lavishly going out.  There is a reason why being frugal works.

Living below one's means is a way to ensure economic stability.  There is nothing wrong with choosing to make your money last longer.  The old saying, "It's not what you earn, it's what you keep." has a wealth of truth in it. 

My favorite way of being frugal is buying quality products and making them as long as possible.  It reflects Buffett's advice, but I first learned it from my mom.  For example, I have a 2002 Toyota Celica with about 275,000 miles on it and it still runs great.  I have a friend with a 2006 Pontiac Grand Am with 97,000 miles on it and it breaks down enough where he currently is looking for a new car.  I'm fortunate that I spend less on gas than he does (we compared), I spend less on repairs (my car hasn't broken down at all...knock on wood), and I don't need to look for a new car yet.  Buying a quality car has saved me a lot of money.

Here are some other ways I save money by being frugal, hopefully it helps you:
  • Use coupons (I got a free burrito at Chipotle today!)
  • Buy paperback books instead of hardcover.
  • Buy food that is on sale (usually, it's in season).
  • Pack a lunch to work instead of eating out. (It's cheaper and usually healthier.)
  • Buy in bulk (especially if it's on sale).
  • When shopping, I check out the clearance section first. (I sometimes find what I'm looking for there.)
  • Bundle services for a discount. (I pay only $50 a month for DirecTV and DSL internet.)
  • Eat at home before going to watch a movie. (Have you seen movie theater food prices?)
  • Share whenever possible. (It's GREAT for dates.)

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