Tuesday 29 June 2010

Frugality has different meanings

Being frugal means different things to different people depending on their unique circumstances. For someone like me who has a lot of demands on their time due to the combination of managing a large family and paid work, frugal can't just be about saving money. For instance, I have to take into consideration the time involved in order to save the money. Time is just as precious to me as money so I have to weigh it all up first before committing to milking a family cow everyday or raising chickens etc. (By the way I decided against both those options, cow and chickens, just in case you were wondering!). So sometimes I save time and sometimes I save money. The ultimate is when I manage to do both in one swoop!

After all, everytime you manage to get something that you were going to buy for more money then you have saved yourself the extra hours of time working to earn the money for the purchase! Too many people don't factor in the cost of earning the money for the item they want to buy. If we learnt to look at our money in terms of how long it took to earn it rather than just pounds then things would be in context a lot more. How many hours work will it take to buy that item?

Another important thing that I factor in when tempted to buy expensive items is how long is this item expected to last? Nine years ago I was on a shopping trip with my family at what is known as the English Riveria, the seaside town ofTorquay. I spotted 'IT!' A light caramel coloured leather jacket. To me it was just perfect for those British Summer days when it was meant to be warm but wasn't, it may even be raining as well as cold! It would also go well with deeper coloured outfits as it would contrast. The jacket was in a fancy boutique and it was almost £100! I had never spent so much money on a jacket in my life but I knew my Husband's leather jacket had lasted years and I believed this one would too. I swallowed hard and bought it. Now that sounds like a crazy purchase but it was love at first sight, I had been wanting one anyway and once purchased it would be very practical I believed. That jacket is one of my most treasured items in my wardrobe still today. I even love the gold lining. Next year I will have owned it and worn it regularly for ten years!! If you divide the cost of that quality jacket over 10 years that is just £10 a year. Considering how much I have worn it and the great condition it is still in I still consider it a good buy for me. The other thing I purchased at the same time was a matching leather handbag, this is still going strong. It used to be for best only but now I take it everywhere and it is still my best bag too!

Another thing I ask myself before purchasing an expensive item, "is it a need considering my circumstances rather than just a want or a whim?" For instance, having a large family doesn't lend itself very well to doing all the family's laundry by hand so I consider my washing machine to be a need rather than a want! I could do it by hand but I would spend several hours of my life doing this which could be used in paid work or other productive ways. We have to be sensible here or we just become a slave to frugality!

I will attempt to record some of the savings I have made of money or time here in my blog as they will encourage me when I look back over it in future months and hopefully it will inspire you as a reader in your own attempts to live a simple life or have frugal fun.

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