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7 Habits of highly frugal people

7K views 10 replies 9 participants last post by  fraser 
#1 ·
The article is an interesting and fairly long read so I will let you guys do so at your leisure. Here is the summary in point forms

http://moneyning.com/frugality/7-habits-of-highly-frugal-people/?

Habit 1: Be Proactive

- Take the first step
- Tell people
- Listen

Habit 2: Begin with the End in Mind

- Define your goal
- Decide how you are going to get there

Habit 3: Put first things first

- Recognize the effects of your finances
- Just say No

Habit 4: Think Win-Win

- Recognize that you don't always know the full story
- Understand the difference between possessions and net worth

Habit 5: Communication

- You are not the only person in your life
- Understand the goals and needs of others

Habit 6: Synergize

- Look for new ways
- Surround yourself with other frugal people

Habit 7: Sharpen the Saw

- Frugally renew yourself physically, emotionally, mentally and spiritually
 
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#5 · (Edited)
Okay, so I actually read the whole link, and sorry, it's a big plagerism off the 7 Habits of Highly Effective people. I have read and gone to the seminars, and do believe in the mindset, but just find it annoying that they essentially took the 7 habits and just added frugality.

They are trying to make frugality alot more esoteric than it needs to be.

To be highly effective in being frugal, it comes down to:

1. Earn more than you spend (updated from just a guy)
2. Make sure you really need to spend (wants vs. needs)
3. Understand what you need to spend on (what are your priorities)
4. When you do spend, make sure you spend the least amount possible for that item

Those are my steps to frugality.
 
#7 ·
1) Earn more than you spend

There is a big fundamental difference in the way of thinking as highlighted by http://www.easysafemoney.com/fundamental-flaw/
I would say that you need to set an objective to earn what you need. Look at all the ways you can enhance your earnings for the time spent. Once you start on that road, you may find that you are earning way more than your need. That makes saving less important. It also makes frugality an option.
 
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