It’s a balancing act! Spend less than you earn. Plan for tomorrow. What about today? You have to enjoy the now too.
The truth is some of us have become such heavy savers that we forget to live a little.
Don’t be so frugal that you put your desires on the backburner forever. If you can afford it, buy something you really want every now and then.
Last week I read a touching article, “What My Mother-in-law Taught Me about Personal Finance”, that pointed out this important principle. The author’s mother–in-law told her that she always wanted a Jaguar. Not the wild animal that roams the rain forests. The car.
The thing is that her mother-in-law was now up in age at 86. So several days later, the woman’s children took her to buy that Jaguar. You see she had the money to buy one for herself. The author wrote:
Clearly, it was a thrill to see this woman have something that she had always wanted. But what was clear to me was that she could have had this car all along. She could have had this car at age 45, when perhaps she would have enjoyed it even more. However, she was being frugal all those years and putting off the things that cost money.
This reminded me of a conversation I had with a family member a few years ago. He’s a great saver. The kind of person that’s always looking for a deal and buying used items to make his money go further. [Read more…]