Posted on 03/05/2025 9:26:39 PM PST by aquila48
In today’s economy, being frugal isn’t just a choice; it’s a necessity for many. This article illuminates specific areas where frugal people typically avoid spending. By understanding these spending habits, readers can learn not only to save money but also to prioritize expenditures that contribute to long-term financial health and well-being.
- Brand New Vehicles
- Expensive Coffees and Daily Takeouts
- Extended Warranties and Unnecessary Insurance
- Latest Tech Gadgets
- High-End Clothing Brands
- Trendy Diets and Fitness Fads
The Art of Spending Wisely....
(Excerpt) Read more at yourmoneytoday.net ...
I disagree with the first one. I bought my current vehicle brand new, because I was tired of buying used and getting everyone else’s problems. I drive a lot(usually 20,000 miles per year) and I want a reliable vehicle that isn’t going to breakdown often.
We purchase new cars or nearly so and keep them for 15-20 years. In the case of our Hondas (Pilot and Odyssey) over 200,000 miles. We just bought a Honda CR-V which we expect to be our final car purchase!
I agree with you about banks. Our bank was paying 0.2% on our savings account. Other banks were paying 3-4%. It was a no brainer. Don’t let loyalty get in the way of good investment decisions. Our old bank was certainly not loyal to its customers.
I believe that the better plan is to buy a brand new vehicle and keep it either: 1) until it is nine years old (For some reason there is a big resale price difference in a 9 year old vehicle and a 10 year old vehicle.) or 2) drive it until it falls apart. I go with option 2. My family says that the next owner of my cars are the junk yards.
Then I guess I'm just stingy, because I don't want to waste money on any of the six.
Agree with most except for the first one. The last several vehicles that my wife and I have purchased new and owned for 15, 17 and 13 years, respectively. Each had 200+ K miles and received routine maintenance. I do not think that we would have gotten that value with used cars and associated maintenance.
i would add my two cents
but i am putting in savings instead
I agree. I mostly buy new and pay cash. I do my shopping for quality as I keep cars 10 years or more.
Most frugal people I know do not spend money on lottery tickets.
Guilty to not being frugal. I’m close to 80 and purchased a new car and extended warranty. I did this because I expect this to be the last car I ever purchase and this model year has a 6 cylinder engine and does not have the soon-to-be mandated “cutoff” technology. In past years we purchased used or demo cars and generally kept them until well over 100,000 miles. Wife’s car is over 20 years old with over 100,000 miles but she loves the car and has rejected my attempts to update her wheels. And one other important thing, we paid cash for the car. We are debt adverse and do not enter into a transaction unless we can self finance. Some bad investments 30 years ago left us in debt for years and we swore never to repeat being slaves to debt.
Except I use my American Express card to buy all purchases that take that card. Which I pay off every month.
In exchange AMX gives me 6% back on grocery store and pharmacy purchases.
3% back on gasoline/diesel. 1% on every other purchase,
I get paid back in cash or a credit to my balance.
But the heirs will spend it on all those things and more.....................
The best was “Avoid debt.”
Debt kept me from telling the boss to jump in the lake on bad days..................
What are you using today?
I’ve seen many apps suffer feature bloat and become unstable and very confusing. Mobile apps and operating systems are the worst.
. monfin
Well I usually buy a new car but I drive it until the wheels fall off. Right now I’m in my 2006 Honda CRV which still looks great and runs like a top.
I’ve bought new vehicles but kept them for10+ years.
Top load washers and dryers with mechanical timers can be rebuilt almost indefinitely.
I did buy an extended warranty on my tires from a tire chain store. It was worth every penny. The $100 warranty covered flat repair or replacement, and I used it several times, including once on a road trip, during the life of those tires.
We used Quicken a long time ago when we lived paycheck to paycheck. Once the kids were grown up, and moved out on their own, we discovered that our savings account grew faster. Not sure why, but we stopped using Quicken.
Then a few months ago, hubby got back into Quicken. We love it. He hopes to retire next year, and this is helping us make sure we stay on budget.
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