We do some Thai at home and Italian but go out for Indian and Greek. Also DW hates fish, so I tend to order that when out. BBQ ribs out but steak, pork, chicken in.Originally Posted by financialnoob
We do some Thai at home and Italian but go out for Indian and Greek. Also DW hates fish, so I tend to order that when out. BBQ ribs out but steak, pork, chicken in.
I've found Indian food to be some of the best value for the money. I've been to several different Indian all you can eat buffets in Toronto and it's usually around $10. The food is both tasty and healthy and not something I'd know how to make at home.
It is all relative. Maybe a millionaire buys a 5-series instead of a 7-series. For them, that is frugal, saving $30k-$50k, for lower income earners, either purchase is outrageously expensive.
Keep in mind lifestyle creep/inflation is a serious risk for people. If you suddenly open the purse strings, you can get in trouble quick.
I think that frugality is more about choices.
You can't have everything, but you can give up crap you don't care about to purchase stuff that you do care about.
For instance I drive an old crappy car but my son has ballet class and music lessons and swimming lessons. We eat out lots. I work a lot. It isn't unusual for me to work 12-14 hour days 6-7 days per week. I'm not cooking when I get home and my hubby makes great chicken strips and Kraft Dinner if you get my drift.
Even when you don't spend money today to save it, you're saving on unnecessary "crap" you don't need to be able to buy stuff you do need in the future.
I practice the art of not wanting crap.
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When I was in my early 20s I spent a year working for a multi-millionaire in Westchester County, New York; his neighbours included the actor Frank Langella and Lila Acheson Wallace, the founder of Readers Digest. He drove a 15-year-old Volkswagen Beetle; it was his only car. But he had a part-time butler who served food and greeted visitors at the door.
As Berubeland says, it's about choices: what he drove wasn't important to him, so he didn't spend money there. He was a very busy guy and his wife had passed away some years earlier, so the butler was useful.
I think we should draw the distinction between frugal and cheap. Frugality should be something that ultimately enhances your life and that of your family in a measurable way.
Maybe, but if I'm a millionaire who likes my 15-year-old Volkswagen and sees no need to upgrade to something fancier, is that frugality or cheapness?
I think frugality can involve spending money on what matters to you and not wasting money on things that don't.
As I said upthread for me it's all about avoiding waste. I can afford to buy a much nicer car than my rather beat-up 2005 Toyota Matrix, but it would be a waste because I don't drive much and all I want is reliable transportation and enough room for my gear. I can afford to buy a nice new suit but since I only wear a suit two or three times per year it would be a waste...therefore I still wear the suit I bought in 1992. It hasn't started to look threadbare yet, but when it does I'll get something that's well-made enough to last me the next 25 years. It doesn't have to be fancy. I can afford to buy a big TV but it would be a waste because we don't watch TV; instead we rent movies and watch them on my 15" laptop, which turns out to be perfectly adequate for our purposes (as long as we plug in external speakers: big sound compensates for small screen).
Last edited by brad; 2012-04-18 at 08:22 AM.
@brad: +1 We are almost clones.
It is my intention to enter an ultra-frugal mode in the first few years of my early retirement - a grow/catch your own food (I might go hungry when the fishing is poor), walk/bike everywhere, type of lifestyle. Part of the decision is based on not wanting to draw down my nest egg in its early stages - but the idea of living on as little $ as possible (at least for a few years) very appealing to me. A test of character of sorts.
There isn't a clear answer to that question - it would depend on how this decision impacts you and your family's overall satisfaction. If you enjoy the car, perhaps like tinkering with mechanical stuff and wouldn't get much satisfaction from a newer vehicle then the decision would make sense. However, if you are constantly taking it into the shop (which may be impacting family activities, etc.), worry about a break-down on longer trips and would really be more comfortable in a newer model, then it would be silly to keep driving it when a newer vehicle would enhance the lives of yourself and your family and is well within the range of affordability.
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