Festival of Frugality #63 Is Up

The Festival of Frugality #63 is up at Stingy Students. It includes my post “I’m Frugal, So Why Am I Poor.” Here are a couple more posts that I liked.

How to furnish your house on any budget, even for free! from The Digerati Life. The free method is amusing although unethical. My apartment is furnished almost entirely with relative’s castoffs. It looks good enough for me.

The fine line of frugality from My Financial Journey. This is a topic I’ve been thinking about doing a post on. MFJ covers the subject pretty well. Although I call myself Tight Fisted Miser I don’t actually want people to think I’m a tight fisted miser. I try to be frugal but not cheap.

Challenge Day 23

Not getting any better. Still eating too much but I’m giving up. I think I can get everything back under control tomorrow. Expense tracking and exercise are still going well at least. Here is the breakdown for the day.

  • Money Spent=$3.17 Mcds,$3.34 Wal Mart
  • Exercise=Upper Body workout

The $3.17 at Mcds was not necessary. Part of the Wal-Mart expense was for tape which I needed to ship some things I sold on Ebay. That part was necessary, the other part was for junk food and was not necessary.

I'm Frugal,So Why Am I Poor? Part 3

This is the third and final part of my series examining the question, I’m Frugal So Why Am I Poor?  You can find the first part here, and the second part here. The first reason for still being poor was insufficient income, the second reason was uncontrolled spending in certain areas.

The third reason I’m still poor is that I never had a plan to save. Even if you are frugal and have a decent income if you don’t have a plan to save or invest you will probably end up with nothing. Or at least with less than you would have had otherwise. If you don’t have a plan to invest part of your income you have a good chance of spending it all even if you are frugal. If you don’t spend it all but just leave the money in your checking account or a low-paying savings account you money is not going to grow nearly as much as it should. This is why you should have a plan to save a certain percentage of your income. The savings should come out of your income first. Then you need to invest that money so it can grow.

Just changing these three things should keep me from remaining poor. The sad thing is I’ve pretty much always known these things but just haven’t put them into action. It is now my goal to fix all three of these things this year and start getting ahead financially. I know I would be much better off if I would have started earlier but I just have to do the best I can now.

I’m Frugal,So Why Am I Poor? Part 3

This is the third and final part of my series examining the question, I’m Frugal So Why Am I Poor?  You can find the first part here, and the second part here. The first reason for still being poor was insufficient income, the second reason was uncontrolled spending in certain areas.

The third reason I’m still poor is that I never had a plan to save. Even if you are frugal and have a decent income if you don’t have a plan to save or invest you will probably end up with nothing. Or at least with less than you would have had otherwise. If you don’t have a plan to invest part of your income you have a good chance of spending it all even if you are frugal. If you don’t spend it all but just leave the money in your checking account or a low-paying savings account you money is not going to grow nearly as much as it should. This is why you should have a plan to save a certain percentage of your income. The savings should come out of your income first. Then you need to invest that money so it can grow.

Just changing these three things should keep me from remaining poor. The sad thing is I’ve pretty much always known these things but just haven’t put them into action. It is now my goal to fix all three of these things this year and start getting ahead financially. I know I would be much better off if I would have started earlier but I just have to do the best I can now.

Challenge Day 22

Not a good day. My spending on food keeps going up. At least I’m still exercising and keeping track of my expenses. Here is the breakdown for the day.

  • Money Spent=$20.67 gasoline,$3.47 taco bell,$7.33 grocery
  • Exercise=20 minute run

The gasoline was a necessary expense. The Taco Bell and grocery expenses were not necessary.