Heard on BBC2 radio this morning, “Its not about spending and then saving what is left, it is about saving and then spending what you have left”.
Thoughts on this please? Do you agree? How do you manage your finances? Do you think about a budget, or is there no need as you are automatically frugal?
Hmmm…not quite sure why when I googled ‘free images money’- every single one was US currency. What does that indicate?
the skinflint philosopher 
January 18, 2017 at 11:06 PM
Definately ‘pay myself’ first. I save 51% of my income. Then bills & food. Anything left over is for some fun days out, gifts or eating out on date nights 🙂
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January 19, 2017 at 9:42 AM
Wow, that is a great commitment to saving that much straight away each month. I think I probably save a similar % of my income, though I don’t put it away in bulk as savings, I’m just such a skinflinter that I don’t spend much on non-essentials so it is what is left in my account at the end of the month, which I then transfer into a savings account. Date nights sound good way to spend a bit of your disposable income- they are a thing of he past or us since the arrival of Tiddler. We occasionally put her to bed early and have an ‘at home date night’ (an idea from The Prudent Homemaker blog) with a nice bottle of wine and candles with our meal- cheaper than a restaurant but just as a romantic, even if you do have to wash the dishes yourself afterwards! 🙂
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January 19, 2017 at 11:01 AM
I used to have a terrible spending habit and shopped for fun (hides face in shame) so I had to change things up a bit and commit to saving as much as possible to enable me the freedom I’m working towards in the future. I love date nights at home too especially in the winter 🙂
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January 19, 2017 at 8:50 PM
Sounds like you have a plan! No shame at all- we’ve all been there! There is a real sense of satisfaction now in saving/thriftiness, and knowing you have rainy day money should you ever need it for an emergency, or just to treat yourself without having to worry! I think it is a little bit like the proverb- ‘Familiarity breeds contempt’ and although that was I supposed based on people and social interaction, it applies to spending too I think. If you become too familiar with spending, you don’t value what you buy (and it hangs in the wardrobe with the price tag still on). Buy something occasionally, and it has more inherent and emotional value to you. 🙂
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January 19, 2017 at 1:42 AM
I save first before spending (approx 20% of my income per month), but then At the end of the month I also save what I haven’t spent from my spendable money. Lol. Does that make sense?
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January 19, 2017 at 9:35 AM
A double-saving policy has got to be good! Do you find you make decisions about what you can spend based on how much you would like to save at the end of the month? I mean, does the savings you want to make guide your purchase choices?
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January 19, 2017 at 1:27 PM
Definitely. It really makes me think hard before I purchase something. Do I really need this? Do I already have something at home that I could use in place of this? Can I find another product that’s more affordable? It’s become like a game seeing how much I can save every month. Makes me feel good. 🙂
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January 19, 2017 at 8:57 PM
I agree, there is an empowerment in being frugal and making those decisions about what we need or don’t need. It is a reward in it’s own right- the task, the game- and financially rewarding too! 🙂
When Digger and I moved in together we ended up with duplicates- particularly of kitchen items etc- which now we would like to streamline, but the thrifter in me doesn’t want to get rid of anything that I might need to spend money on in the future, so I completely get your question “do I already have something I could use in place of this” (answer is always yes) so I say “it’s in the shed for when this current one gets broken”. Minimalism might take a while for us!
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January 19, 2017 at 11:10 PM
Lol. It is a constant challenge that’s for sure. Thanks for starting this conversation. It’s nice to talk to others with similar interests. 🙂
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January 19, 2017 at 11:49 PM
Well I have a wish list – then I get something from the list if I have kept in budget. It’s much more exciting to delay purchasing as it can feel like Christmas when I was a child. Sometimes though I find the desire for something has passed which saves money!
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January 20, 2017 at 7:35 PM
Thanks Fred- I think wish lists make great sense, especially if like me you jot things down during the year and then when my parents ask me what I want for birthday/Christmas and I’m stuck for ideas, I can then give them some suggestions. I know some people won’t agree with me on this as it ‘spoils the element of suprise’ but it makes practical sense if you are either trying to save money and/or not end up with lots of gifts that you don’t really want or need.
I like the idea of delaying instant gratification too- an old post here https://skinflintphilosopher.wordpress.com/2016/07/25/the-marshmallow-effect/ gives some more thought on that 🙂 yum marshmallows.
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February 6, 2017 at 8:57 PM
My basic expenses are currently too tight to do this so I can’t say it’s always applicable, but I love this idea in theory. As soon as I am able to, I plan on setting up an automatic monthly transfer to savings; I’ve done that before and it was well worth the short-term sacrifices.
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February 6, 2017 at 9:11 PM
Some bank accounts offer a slightly better saving rate I think if you can commit to a monthly guaranteed payment, so that might be an added bonus for the long run too! Good luck and hope things get a little easier for you soon 🙂 Do you have a specific big savings goal you are working towards, or general financial security? We are aiming for a house, so we can live rent free or rent it out while we go a bit more off grid and have an income that way… rental income is far more productive than money sat in the bank at the moment!
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February 6, 2017 at 9:17 PM
Retirement is my main goal right now; I am a year or two behind where I wanted to be but there is plenty of time. My husband and I may be moving soon so we can re-evaluate then. For now it’s squeezing a little into savings here and there when we have the chance. But I am grateful to be able to do that at least; some people aren’t as fortunate.
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February 6, 2017 at 9:28 PM
I like the sound of this…. positive action that is not a ‘handcuff’ tying you down to a particular way of doing things, but rather a ‘handshake’ , by that I mean a way of living that suits you and your goals but remains flexible enough to cope with whatever curve ball life throws you! I hope the moving house, although stressful and potential expensive at the time, helps you along that road. An opportunity to sort and clear out clutter and stuff that drags you down too. Fresh start 🙂
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