7 Habits of highly frugal people
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Thread: 7 Habits of highly frugal people

  1. #1
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    7 Habits of highly frugal people

    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-hab...rugal-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


  2. #2
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    Thanks for sharing CanibiZ

    Habit 8
    Find a cheaper alternative; think creatively with activities and your spending.

    Don't let frugality cause you to underspend and over save like I probably do. At least I can recognize it.

  3. #3
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    These 7 habits are right out of the "7 habits of highly effective people"...

  4. #4
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    That's pure bullshit.

    To be frugal all you need to do is care about saving money more than you care about making expedient, grandiose, or trendy purchases.

  5. #5
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    Quote Originally Posted by Articuno View Post
    That's pure bullshit.

    To be frugal all you need to do is care about saving money more than you care about making expedient, grandiose, or trendy purchases.
    Haha I agree.

    Conservative spending habits are a must if you call yourself frugal.

  6. #6
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    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.
    Last edited by Plugging Along; 2012-07-04 at 04:01 PM.

  7. #7
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    I take issue with:

    1. Spend less than you make (a must)

    I think a better way to think is

    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'm not JustAGuy (without spaces).

  8. #8
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    Quote Originally Posted by Just a Guy View Post
    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.

  9. #9
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    ^ Good points. We tend to view money as something to be made, and if there is something we really want, we will find ways to earn more income. Much better way to look at it.

  10. #10
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    But, if I want to have something expensive, I may choose to buy an asset which pays for it, or look for a way for it to pay for itself.

    I think Robert Kiyosaki made this point (one of his few actual points of advice) in one of his books.

    Last edited by Just a Guy; 2012-07-04 at 07:22 PM.
    I'm not JustAGuy (without spaces).

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