Tuesday, 8 December 2009

Can frugality be a "necessary evil"?

If you are among the 70,000 or so subscribers to the uber-successful "Get Rich Slowly" blog, you may recognize my title: it was the title of a post a few days back. I read the post, which quoted approvingly some other writer who opined that "frugality and education" were "necessary evils" for the early part of life. Eventually, I suppose, you move beyond the need for either frugality or education.

Even now, typing these words provokes a physical response: I feel like I'm having a heart attack! I kept returning to the post, meaning to write a response, but remained so upset that I could only produce a single sentence. While a fair number of people disagreed with the premise of the statement, a surprising number of people persist in thinking that frugality has to do with deprivation.

Au contraire
. Frugality give you more of whatever you're after. It can be time, of course. But it can also be stuff.

Here is a real life example. A while ago, my daughter, at 18 in the frivolous accumulation stage of life, asked me to keep an eye out for her fave mascara. So I did. Here is a copy of the email I sent her, using the language of the crazed couponers: Wags has Maybelline on bogo. Do you want that mascara? To which: YESSSSSS. Brown and black.

So today I went to Walgreens (Wags) and got her two mascaras for the price of one (Buy One Get One). I spent around $7.00 for the two. For those who want two mascaras, here are the possibilities.

Profligate Person: Buy both for $14.00 on credit card. Pay minimum. Pay interest on mascara till paid off.

Normal Person: Buy both for $14.00. Whatever.

Frugal Person: Go to WAGS when they have a BOGO. Spend $7.00. Now you have $7.00 more.

Now, we can look at the options a Frugal Person has with the extra $7.00.

SAVER: Save the $7.00.
CRAZED MASCARA ACCUMULATOR: Buy another BOGO set, for a total of 4 mascaras.
CHARITABLE FRUGAL PERSON: Give the $7.00 to Habitat for Humanity.
FRIENDLY FRUGAL PERSON: Treat a pal to some coffee and a muffin.
SOCIABLE FRUGAL PERSON: Go out to lunch with a friend, Dutch treat.
NICE MAMA FRUGAL PERSON: Buy some cashews, also on sale, to give Miss Em as a treat.

Note that in all cases, the frugalista has MORE. So when people opine that frugality and education are necessary evils, to be endured when young, I must disagree. I think you'd be crazy NOT to be frugal.

So, what would you do with the $7.00???

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