Forget Frugality?
An article an Yahoo Finance today entitled "Forget Frugality: Focus on Earning More" got me thinking...the author of the article submits that finance and budgeting shouldn't be about "No, don't buy that!" but instead should be about "Yes, you can afford that." The theory is that if you're constantly denying yourself things you want, you will get discouraged and probably give up on budgeting. After all, we don't like being told we can't do something!
So, how are you supposed to be able to "budget" and still have the things you want? Instead of scrimping and saving, this author suggests you try to find something you enjoy and start charging a fee for it. This would be your extra income and would take the place of cutting items out of your budget.
Instead of saving a couple hundred dollars a month by not getting ice cream and not going to movies, perhaps I could instead earn a couple hundred extra dollars by employing a hobby or skill I already have and earning money. And I can still get ice cream and go to the moives. Hmmm...sounds too good to be true!
What "hobbies" does the author suggest as a side income? If you enjoy writing, try submitting some articles or columns to a local newspaper or magazine--or charge for editing services. Can you play a musical instrument? Start teaching lessons. And my favorite, if you enjoy personal organization, hire yourself out as an organizer.
Okay, these all sound like great ideas...but in all reality, no one is going to pay me $20 an hour on the weekends to organize their files. I have no real training or official experience, other than organizing my own files into a cute, striped hanging file holder--and that's not much of a résumé.
Personally, I prefer frugality. For minimal effort (i.e. clipping coupons, surfing the web to find the best deals, planning my meals so I buy only what I need at the grocery store, etc), I can get a pretty decent return (read "savings"). If I were to try what this author suggests, I would have to invest in advertising (business cards, newspaper ads, internet ads, etc) and may not get any return at all. In this economy, I just don't see too many people paying others for what they can do themselves. And personally, I don't have any real skills that someone else can't do for themselves (unless I have a gift for car repair that even I don't know about).
Probably a better idea would be to find a second job--part-time hostessing at a restaurant on evenings and weekends, or whatever you can find. Think of the combination that both frugality and earning more could add to your bottom line!
In my opinion, never ever forget frugality, even when you can afford to!
So, how are you supposed to be able to "budget" and still have the things you want? Instead of scrimping and saving, this author suggests you try to find something you enjoy and start charging a fee for it. This would be your extra income and would take the place of cutting items out of your budget.
Instead of saving a couple hundred dollars a month by not getting ice cream and not going to movies, perhaps I could instead earn a couple hundred extra dollars by employing a hobby or skill I already have and earning money. And I can still get ice cream and go to the moives. Hmmm...sounds too good to be true!
What "hobbies" does the author suggest as a side income? If you enjoy writing, try submitting some articles or columns to a local newspaper or magazine--or charge for editing services. Can you play a musical instrument? Start teaching lessons. And my favorite, if you enjoy personal organization, hire yourself out as an organizer.
Okay, these all sound like great ideas...but in all reality, no one is going to pay me $20 an hour on the weekends to organize their files. I have no real training or official experience, other than organizing my own files into a cute, striped hanging file holder--and that's not much of a résumé.
Personally, I prefer frugality. For minimal effort (i.e. clipping coupons, surfing the web to find the best deals, planning my meals so I buy only what I need at the grocery store, etc), I can get a pretty decent return (read "savings"). If I were to try what this author suggests, I would have to invest in advertising (business cards, newspaper ads, internet ads, etc) and may not get any return at all. In this economy, I just don't see too many people paying others for what they can do themselves. And personally, I don't have any real skills that someone else can't do for themselves (unless I have a gift for car repair that even I don't know about).
Probably a better idea would be to find a second job--part-time hostessing at a restaurant on evenings and weekends, or whatever you can find. Think of the combination that both frugality and earning more could add to your bottom line!
In my opinion, never ever forget frugality, even when you can afford to!
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