Being Frugal Pays pt2

Happy Monday, everyone! Welcome to another episode of Being Frugal Pays.

Sometimes, it is just hard to write on a single topic in just one sitting. This is a blog and not a book. Hopefully, I will conclude this today, and hopefully, I will finally get my message across.

It is blogging time!

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I have these five words to start this off. Put them to memory. Stay woke or stay broke.

Being frugal doesn’t mean that you have to be stingy, mean, cheap, or a money hoarder. It simply means for you not to spend above your means. In other words, spend your money wisely.

Which is better? Name brand or generic? Well, to me, it depends on the product. Say, for instance. I love to stick to my style of cellphones. If a new name in cellphones hit the market, I may not buy. Shoes and clothing may be different. I do not relish in name brand in shoes and clothing, but I may prefer certain makes and style. If it fits well and the price is right, then I’m all in. Even though some food may taste better by brand, it does not mean that it is a better product over generic. Did you know that some generic products are the same product as their counterparts? Some chains, say supermarkets and discount stores, may have the right to switch the labels on some branded products to make it their own while lowering the price. It’s 50/50 on branded name and generic for me.

Cable or internet based network? If you have the time and the money to spend to watch hundreds of channels, then the cable is for you. Even though you can now tailor-made your cable/satellite packages, I still believe it is still quite pricey. Now, these manufacturers are getting quite creative by bungling your cable with home landline and cellular phones and even hot spots just to get you excited. Internet based suits me just fine since it is cheaper by far and more convenient since I’m rarely stationary and do not have the luxury of a television set. I choose internet based network

Save or invest? They both serve as conduit to putting away money for emergency or special occasions. I used to say I don’t save or I can’t save money, but that was just all in my head. I am able to save, which I am doing right now. Thank you. Investing is a different animal. Here’s the difference between saving money and investing, say in stocks, bonds, and cryptocurrency. It is much more risky. But as the saying goes, no risk, no rewards. Investing, though riskier, can give a much better yield over savings in a bank. Investing can be done in your own style or risk flavor. I choose investing over savings all the time.

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Most are foolishly spending money. What do most do when they get a job or promotion? They plan an upgrade. An upgrade in living, family planning, and luxury spending and not thinking that money gain can equal to money loss in the future. Losing a job can put anyone sitting on a high horse to losing it all. No one saw the pandemic coming a few years ago. To this day, the recovery process is slow and painful moving forward. Most will foolishly spend in a boom and crash in a doom since no planning was done to be more frugal in their spending when times were great.

I am not saying that one should not enjoy the fruits of their labor. All I’m saying here is that, since one can plan a vacation trip, family and entertainment, and the good life. Think about the consequences while you are living in the moment. Ask yourselves, are you putting yourself in debt in the future. What if you should lose your job. Why shouldn’t you be wise and delay the good times for better times in the future. Frugality lies within your thinking as well. Not just to react but to think things through as well before a reaction.

Does being frugal pay? I am writing on this again, nonetheless. Let me ask this question. Is a sale really a sale as these retailers proclaim? Are you really getting a deal here of not? I believe some retailers’ prices are so lofty in the first place, so their sale price is actually what you will pay in a lower end store. Unless you know what the actual price on an item is, you will not know if the sale price is even a sale in the first place. Loyalty programs for your favorite retailer may help to wipe your tears after cost. Here’s a nugget. Please put away the sale cost in your actual bank or piggy bank. It’s not savings unless you put away that sale cost. *See my previous posts on savings and my cash jar* Being frugal pays. Use common sense when spending your dollars. Stay woke or stay broke.

Here’s another nugget. Be careful in these “dollar” or discount stores. You might end up spending more than your budget will allow.

I may be back on this topic, but for now, here is the conclusion. I noticed that some retirees are going back to work to make ends meet. You may think that with all those years of working on a job, you need to get back to the workplace for a job? Paychecks have no respect for others. Does it really make sense to spend all wisely now to have enough to supplement your retirement income in the future. Absolutely. Again, never judge a person by his so-called income and position. You may be surprised that that same person is worse off than you with your mediocre income. You, being frugal in your mindset, will help you get by in time of crisis over others. Stay woke or stay broke

To Your Success!

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