(***Warning*** Do not blast video at work – unless it’s okay to scream “bitch” a lot? ;) Also don’t watch if you get offended easily by being frugal. Which we all are to some degree!)
It’s Friday, homies!! Rejoice! I thought we’d get back to our 5 For Fridays again, with a focus this time around on frugality. Ramit from I Will Teach You To Be Rich played that video up there at our conference this weekend and I was freakin’ dying w/ pleasure :) Not that I think it’s crazy to be super frugal or anything (I get in that phase too sometimes) but that usually going to any extreme over the other opens the doors to issues. And apparently, getting poked at ;)
I think it’s important to concentrate on both saving money, as well as MAKING money – something that can def. be done at the same time. And also something we’ve been blogging about a lot here on Budgets Are Sexy ;) As evidence on my latest obsession with slimming down my lifestyle, while at the same time getting my side hustles on too! But we’ve been talking a lot about that lately.
Today, we focus on being frugal. Or “cheap” as some people prefer to call it (I’ll ask for your opinion on it in a sec, don’t worry!). Here are your 5 questions for Friday — remember to answer them as honestly as possible!
- On a scale from 1-10 (with 10 being extreme), how frugal are you?
- Do you ever get made fun of for it? Do you care?
- Do you wish you were more or less frugal?
- When was the last time you did something considered frugal?
- What’s your opinion on being “frugal” vs. “cheap”? IS there a difference?
- *EXTRA CREDIT* If you could share 1 frugal tip with us today, what would it be?
You ready to take them one? Should be really interesting to see, I think. Love getting to know you all more! :) I’ll go first, as always:
- SCALE: Hmm… I would venture to say I’m somewhere in the 6-7 range. I def. have my moments where I’m constantly thinking of ways to save money (specifically when it comes to buying clothes and stuff online (Yeah Amazon!)), but I also buy things w/out even looking at the price tag sometimes. Those things that I value quality over price on – say, with food or things that are important to running my biz and stuff like that.
- MADE FUN OF? Sometimes :) But more back in the day than I do now cuz the only people I really interact with now are my close friends and family, and then of course you guys. If we time traveled back to 6th grade or any time leading up to that year, I’d say I was made fun of 99% of the time. Stupid bullies!
- WISH: You know, I did wish I was better at it when starting this blog 3 and 1/2 years ago, but now I’m totally content w/ the way I spend my money and my rationalization behind it. I don’t want to be extreme in my frugality or saving money – I enjoy the mental escape of shopping when I do it. I don’t think there’s anything wrong w/ always being “on” all the time, but for me – I want to be good *most of the time*. Not EVERY time.
- LAST TIME: Hmm… these are tough! Haha… I guess the last time I was frugal (for good measure!) was when I changed my last night at the Marriott this weekend to the La Quinta Inn instead. Our $85 rate for the conference only extended 3 nights, so when I wanted to stay one more I had to cough up $200 instead. NO WAY!!! I just Expedia’d for the next closest hotel, and best rates, and ended up catching that one for around $70 I think after tax and fees and all that. I knew I’d be hanging w/ my friends till it was time for bed anyways, so I could “slum it up” for one night, haha… actually it was a fine place to stay, just not *as* sexy as the Marriott of course ;) I don’t even know if this qualifies as being frugal, over being SMART though?
- FRUGAL VS. CHEAP: These are always tough ones for me cuz I never really have an opinion either way. I feel like I just “know it when I see it” if that makes sense. Kinda like porn :) A naked body being painted with oils to reflect the 17th century or something is totally fine by me. But a naked girl bend over doing…. well, you know what, probably shouldn’t be painted and hung over my mantle anytime soon. That’s how I feel about being frugal over cheap. Saving money at a hotel, or on food or clothes or whatever to me is being frugal as well as smart. Not eating at all or sleeping in a car I think I’d consider being more cheap? In both cases though, I don’t think have a problem with it. Sometimes you gotta do what you gotta do to save money ;) Though you should def. keep eating, that’s kinda important.
- *EXTRA* A frugal tip. Hmm… I usually default to my normal “beer tip” – which is drinking at home first before going out to the bars or clubs/etc. I still always have a beer or two while out and about cuz I freakin’ LOVE the atmosphere (!!!), but rarely do I START drinking there. When you have a good group of friends hanging with you, it’s always fun anyways doing a little pre-partying action at someone’s place or hotel. Along w/ some fun card games ;) (Every time you mention “budget” take a shot!)
Your turn! Whatcha got for us? Regardless of your answers, just now that *ANY* of these are perfectly fine if that’s what works for YOU. We’re not trying to crack the secret frugality code here or anything. We just wanna hear some good ideas and reasons for acting the way we do :) At the end of the day, you’re the only one who cares about your money, so spend it (or don’t spend it) however it is you want! You know we got your back here.
PS: Remember that guy who used to be hardcore about his popcorn? That was interesting ;)
Featured savings tip
You already know that banks pay $$$ for the privilege of holding your money…it’s called interest. But maybe you didn’t know this: that so-called interest can be as little as .01%. If your cash savings aren’t sitting in a high interest savings account that earns you at least 1%, you’re basically saying “no” to free $$$!
Now, obviously the 1% interest you get with a high interest savings account like the one at Discover bank won’t make you rich, but that extra 1% compounded over 30 years can grow into a *big* pile of cash. And if you wanna hit lofty $$$ goals, you should be looking for every edge possible.
Here’s another way to look at it: if you leave $50,000 in a regular savings account, that’s almost $500 you’re just throwing away, each and every year you don't setup a high yield savings account! Will you do 5-10 minutes of work right now to earn an extra $500/year for years to come?
If you said “heck yes”, then you can setup your high interest savings account here to start earning 1% on your cash savings.