Frugality = Fun

Posted By: Dr. Frugal in Frugality on 06/11/2007 at 10:39:17

Ok, fight your urge to laugh at that last statement. I will tell you right now how to make being frugal more fun. The secret to saving money is that there's no secret to it at all. Lame huh· Keeping with a budget and meeting your savings goals will ensure you have enough money to go around and that's the name of the game.

Decide on a percentage of your income to designate at savings. I personally aim for 8%. Don't make the mistake of thinking that you need a large lump sum to begin saving: the reality is that couldn't be further from the truth.

If you saved $25 a month at just 6% interest in five years you'd have almost $1800. If you were able to save $100 at the same interest rate in five years you'd have almost $7000 and if you waited ten years, it would grow to over $16,000. You'd be surprised how much more money is available to save once you refine your budgeting and spending goals. It's ok to stretch to where it hurts, but saving your money shouldn't ever cause to do without things you truly need.

Ok, so maybe being frugal isn't so much fun.

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