Dear Friend,
Industry, perseverance, and frugality make fortune yield.
-Benjamin Franklin
Benjamin Franklin identifies frugality as one of his thirteen virtues. He glorifies saving money and wasting nothing!When you think of modern day examples of frugality who comes to mind? For me it's, Warren Buffett, Sam Walton, and Mother Teresa. They each, in their own way, illustrated to the world their need for less.
Warren Buffett - lives in a modest house in Omaha and has vowed not to ruin his children's lives by giving them too much money upon his death.
Sam Walton - although extremely wealthy and successful drove an old pick-up truck.
Mother Teresa made her life's work about service to others. Rather than celebrate her awards with fancy and expensive dinners she insisted the money go to people in need.
In essence each of these people could have used their vast wealth and resources to amass possessions. Yet they didn't - they gave lots away and spent far less on themselves than they could have. I believe there are three simple ways we can bring frugality into our lives today.
Save - Spend less money than you have
Tip 1: Take an inventory of your money in and money out. Review your credit card statement and see where you can cut back.Tip 2: If you have debt, come up with a plan to pay it off.Tip 3: Put into place some fool proof systems to save your money. For example direct deposit of a certain percentage of your pay check into a savings account.Tip 4: Seek professional help to create a process. Search the FPA database for a financial planner in your area.
Exercise Restraint - Spend money on what you need, not what you want
Tip 1: If you see something you want to buy, put it on hold and then if you really want, need, and can afford it - go back and buy it!Tip 2: See if something that you already have will make do - rather than purchasing a new item.Tip 3: Don't put yourself in situations where you want to spend money - spend time walking with friends, hiking in nature, tutoring, reading a book, and enjoying the simpler things in life.
Share - Generosity is a cycle that must begin with us
Tip 1: There are many things that we throw away that could easily be shared with others. Some items include: books, furniture, clothes, purses, and sporting equipment.Tip 2: Each month make a conscious decision on how you will share what you have with the world. This can be done through money, time, or even sharing your services. Take stock of what you can give and as Oprah says, "Give Big or Go Home!"
Take Action Challenge:
My request is that you review the three steps above and evaluate what you need right now. For example, if you need to save a little more money begin putting together your plan. If you need to show some restraint, perhaps you can ban all unnecessary mall visits or curtail e-buying for a month. If you need to be more generous decide how will you bless the world with your time, talents, and possessions. Take two minutes right now to search your life to see what action you need to take to be more frugal in some area of your life . Once you've decided upon your action, tell a friend and give yourself a deadline so that you have some accountability.
May you be successful in this journey.
Blessings to you,
Margaret.
P.S. Encourage your friends, family, and colleagues by sharing this newsletter with them and invite them to subscribe! Direct them to www.MargaretPundmann.com where they can sign up. Margaret Pundmann is a life and business coach, speaker, and author of numerous articles on living your most powerful life. Stay tuned, this October Margaret's first book on powerful living will be available for pre-order.
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