Learning to live modestly - Get Rich Slowly

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Living modestly usually means battling the motivations to spend: ... With the economic situation as it is, we had better learn to take ... MoneyBasics»Frugality Learningtolivemodestly WrittenbyGailVaz-Oxlade | Published:27December2008–Updated:08October2019 | 36comments Newhere?YoumaywantupdatesviaemailorRSSfeed.Thanksforvisiting! Frugalityisalltherage.Andagoodthingtoo.Withtheeconomicsituationasitis,wehadbetterlearntotakepleasurefromthesimplethingsifwewanttokeepoursenseofbalanceandbeabletosleepatnight. TheRiseofMaterialism Beforetheadventofretirementsavingsplans,governmentpensionsandasocialsafetynet,mostpeoplehadtosavewithoutincentivebylivingmodestly.Frivolous,uncontrolledspendingwasvirtuallyunheardofbecausetherisksweresohuge.Ifyougointohomesthatare60yearsold,thecupboardsaretiny.That'sbecausenobodyhadmuchstuff.Kidsslepttwoormoretoaroom,sometimestwotoabed!Andpeoplemadedowithjustoneortwoofanything. Howmanydifferentpotsdoyouhaveinyourkitchen?Howmanypairsofshoesdoyouown?Whataboutsweaters,t-shirts,pants,skirts,bottlesofperfume,ties,scarves,purses,facecreams?HowaboutCDsandDVDs?Whataboutsounddeviceslikeradios,stereos,iPods?Howmanytelephonesarethereinyourhouse?Howmanytelevisions?Howmanytools,hairclips,setsofdishes? Howmuchofyourlife'senergyhaveyouconvertedintoStuff? LearningtoLiveModestly Nevermindbeatingyourselfupforpastwaste.That'sawasteofenergytoo.Butthinkaboutwhatyou'vebeenspending,andwhatyoumightneedthatmoneyforinthefuture—likefoodormedicalcare.Thinkabouthowmuchyoualreadyhave,andwhetheryouactuallyhavetospendanymoremoneyforwhile.Maybeit'stimeforaSpendingHoliday. Figureoutwhatittakestolivemodestlyforamonth.You'llneedtocoveryourregularbills,suchas: Mortgageorrent Utilities Carpaymentandgasforwork Food,etc. Onceyouthinkyou'vegotthebarebonescovered—thebarebones—thenlookathowmuchcashyouthinkyou'llhavetospend(sincemanybillscomerightoutofyouraccount.)Planningtospend$600thismonthoneverythingfromgroceriestogastoyoursisterbirthdaypresent?Cutthatinhalfandchallengeyourselftoliveonless. ThePowerofSaving Beforeyouthrowyourhandsupandsay,“Ridiculous”,justtryit.There'snofailurehere.It'sanexperiment.It'stoseeifitcanbedone.Afterall,evenifyoumissby$150,you'vestillspentmuchlessthanyouthoughtwaspossible.Hitthemarkandyou'veexperiencedlivingmodestlyandsavingmoneyatthesametime.DoubleWhammy! Howmuchcouldyousaveeveryyearifyoudecidedtolivemodestly?HowmuchlessStuffwouldyouhave?Howmuchhappiercouldyoube? Savejust$200amonthbylivingmodestly,putitinanRRSP(orRothIRA)earninganaverageof5%,reinvestyourtaxrefund,andin25yearsyou'llhave$90,000.Save$300amonthandyou'dhave$134,000.Save$500amonthandyou'dhave$224,000.Amazing! Livingmodestlyusuallymeansbattlingthemotivationstospend:advertising,friendsandtheirnewacquisitions,themall.Itoftenmeanstakingalittlemoretimetofindwhatyouneed,andreallyreallyreallywantingitbeforeyoubuyit.Anditmeansbeingwillingtoacceptthatwhatyoualreadyhaveisgoodenough. IhavesomuchStuffthat'snotonlygoodenough,butgreat,thatIshouldn'thavetospendacentforquitesometime.IwonderhowlongI'lllast? Moreabout...Frugality GailVaz-Oxlade GailVaz-OxladeisthehostofthepopularTilDebtDoU$PartonCNBC.GailisacolumnistforMoneySense,Chatelaine,andZoomerMagazineandblogsdailyatherwebsite,whereshealsooffersterrifictoolspeoplecanusetodigthemselvesoutofthehole.Gail'slatestbookisDebt-FreeForever. ViewallpostsbyGailVaz-Oxlade RelatedArticles Careeradviceforthecollegegraduate Learningtolovethenot-so-bighouse Arethereanysafeinvestments? Howtogetstartedwithdifficulttasks BecomeAMoneyBossAnd Join15,000Others SubscribetotheGRSInsider(FREE)andwe’llgiveyouacopyoftheMoneyBossManifesto(alsoFREE) Yes!Signupandgetyourfreegift Leaveareply Clickheretocancelreply. Youremailaddresswillnotbepublished.Requiredfieldsaremarked* Comment* Name* Email* Δ Hi!I’mJ.D.Roth.I'mheretohelpyoumasteryourmoney —andyourlife. GetYourFreeCopyAndJoin15,000Others Signmeup Nospam–ever.Unsubscribeanytime. Howandwhyyoushouldstartanemergencyfund Howtogetoutofdebt(withoutgimmicksorgames) Howtogetoutofdebt(withoutgimmicksorgames) TheGRSgardenproject:Howmuchdoesagardenreallysave? Areyouashopaholic?Howtofightashoppingaddiction TableofContents TheRiseofMaterialismLearningtoLiveModestlyThePowerofSaving GeneralDisclaimer:GetRichSlowlyisanindependentwebsitemanagedbyJ.D.Roth,whoisnotatrainedfinancialexpert.Hisknowledgecomesfromtheschoolofhardknocks.Hedoeshisbesttoprovideaccurate,usefulinfo,butmakesnoguaranteethatallreaderswillachievethesamelevelofsuccess.Ifyouhavequestions,consultatrainedprofessional. AdvertisingDisclosure:Someoffersonthispagemaypromoteaffiliates,whichmeansGRSearnsacommissionifyoupurchaseproductsorservicesthroughthelinksprovided.Allopinionsexpressedherearetheauthor’sandnotofanyotherentity.ThecontentatGetRichSlowlyhasnotbeenreviewed,approved,orendorsedbyanyentitymentionedatthesite.Foradditionalinformation,pleasereviewourfulladvertisingdisclosure. Seealso:Ourprivacypolicyandtermsofuse. Asfeaturedin: 45 shares 45

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