A lesson in frugality

For too long, I ignored this fundamental financial principle.

Photo by Daniel Velásquez on Unsplash

Some of my favorite memories as a child were summer vacations to see extended family in Houston.

We’d pile into a car for Memorial Day or the Fourth of July, drive eight hours from Langston, Okla., and spend the week reconnecting with my grandparents, aunts, uncles and cousins.

We had all sorts of fun. We went swimming and bowling, fishing and crabbing in nearby Galveston, played dominoes and card games, shot fireworks and enjoyed feasts.

But there’s one memory that haunts me. I still hear my grandparents’ Texas drawl ringing in my ears today.

“We got soda water in the garage!”

Telling them our plans to walk to the Shamrock gas station up the street and around the corner from their home was like signing up for torture. It led to the same lecture. Worse, it would foil our plan. So whenever I really wanted to spend money at the corner store on snacks, slipping past my grandparents became built into the strategy.

For the longest, I thought my grandparents were ornery old people who just didn’t understand. Now I know exactly what they were doing.

I’ve decided to take after my late grandparents and embrace frugality. I’m not aiming to be a miser, just wiser. Instead of buying everything I want, I’m now choosing to spend mostly on my needs. Rather than buying any old thing based on emotion and price, I’m now letting utility and value be my guiding principles.

My transformation is far from complete. But I’ve lost my stomach for blowing money on basic things, most of which could be classified as temporary pleasures. Mindless spending was among my biggest money pitfalls at the start of this journey. My mindset has since shifted to putting every dollar I make to work until I build a trove of assets. Looking out to the endgame makes today’s so-called sacrifices feel like light work.

All I had to do was change my mentality. When I figured out how to be more intentional with my money, discipline quickly followed.

Over the past nine months, I’ve cut back on my consumption and cut out mindless spending. I’ve embraced short but often difficult words, like, “no,” with others and when battling myself. I barely drink alcohol anymore, and I’m close to giving up smoking. I’ve also streamlined my charitable giving.

There’s more I’ve done that has been effective for saving money, which I’ll write more about in the next series of columns. But I’m a believer. Frugality works.

Through the first third of the year, I’m on track to put more than $7,000 back in my pocket in 2023. Every penny I save is one I can invest. I can’t wait to see where my total savings lands this year.

But I strive to be purposeful, not simply cheap. Matters of health and safety are worth paying more for. Certain things, like toiletries, go under that umbrella as well. And quality experiences will remain a priority. I also believe in buying quality products rather than wasting money repeatedly purchasing a shoddy, lower-cost item.

My everyday spending habits, however, are much different. Now, I can go days without buying anything. I stopped carrying cash long ago. In recent months, I decluttered my wallet and then stopped carrying it too. When I leave the house, I take my driver’s license and primary credit card. Many days, I purposely leave the credit card.

I’ve found I don’t need most of what I used to cling to. I’ve learned to live comfortably without costly creature comforts. It hasn’t been difficult. It just took desire and dedication.

So the next time you feel like buying a cold beverage from the corner store, pause for a second and think about that soda water you’ve got in the garage.