Transcript Frugal Workshop Podcast #10 - The Frugal Mindset

Good Monday morning to all my listeners. I hope your week is off to a great start. I'm your host, Belinda Richardson and I want to welcome you to the Frugal Workshop podcast. I'm so glad you decided to join us.

Today’s main topic is going to be about The Frugal Mindset, which is really about changing your mind to think in a frugal way the majority of the time. A mindset is an established set of attitudes, which will allow you the benefit of thinking differently than other people.  

People with a fixed mindset believe that their traits are just givens, and that they have a certain amount of smarts and talent and nothing can change that. People with a growth mindset, on the other hand, see their qualities as things that can be developed through their dedication and effort. Which means that you can have a frugal mindset with proper learning and practice. 

During the times in my life when money has been tight and there was no wiggle room, I knew I had to be extra careful or we would suffer the consequences. This really helped me to use up things, make do with what I had and simply do without some things. This forced to bring my skills to the forefront and learn how to do a lot for myself. My cooking from scratch skills really became honed during this time. My daughter knows that if she finds something on markdown that I’ll be able to make a meal out of it, so she does not hesitate to pick up these markdowns she finds. 

I’ve always mended a lot of our clothes instead of buying new. I’ve made a lot of cloth pads using fabric that we repurposed from other articles of clothing. 

Living this way requires self-discipline, skills, and some determination. We need to learn to make do with what we have or do without. Becky over at Frugal Measures writes a lot about continuing to work on our skills. She says learning new skills regularly will bless our lives. 

The real key to the frugal mindset is the daily decisions you make every day. The decision to make toast at home instead of buying a doughnut at the coffee shop. To make coffee before you leave for work and take it with you. 

Use up that brand of coffee or tea you have on hand instead of simply tossing and wasting it. I recently used up a tube of toothpaste my daughter didn’t like until it was gone. Don't throw these items away. If not you, then find someone who will use it up and not waste it. 

Learn how to cook cheaper, tougher cuts of meat instead of buying a steak. Or if you can find ground beef on sale use that instead of buying expensive steak or roast. We don’t buy steak or roast in our home due to the cost. We find ground beef on sale and manage to make delicious meals with that instead. 

Sew the hole in the seam of your shirt instead of running out to buy a new shirt. Plant some lettuce or greens outside your home instead of spending money on those items from the store.

Your daily decisions will make all the difference in your mindset. You need to get creative and think about ways to solve a problem in order to fix things or make do without. Recipe substitutions come to my mind. Fixing things around the house like a new handle for a flyswatter that’s broke. Reusing large industrial sized cans to repurpose into things like a kitchen utensil holder or a rocket stove. 

The frugal mindset is not for those people who are unmotivated and lack the desire to live frugally. You have to be willing to put in the work to make this mindset and lifestyle work. 

During the Great Depression, people already had many of the skills with which to live frugally. Many didn’t have indoor plumbing or electricity. They did not have the many distractions we have available to us today. So, they made time to use their creativity to come up with solutions for the problems they encountered and they worked hard to make their lives better.  

With the technology we have today it is possible to learn how to repair things, make things, and all types of skills about how to do so many things. Take the time to use these resources available to you and see what new skills you can learn. 

The frugal mindset can be hard, but with some time and practice, it can become second nature to you. You will just naturally look for solutions that do not involve spending money or purchasing unnecessary items. You will just use your creativity and skills to solve your problems instead of running to the store to buy something new or throwing away an item that could be repaired. Even better, you may learn to be content with the things you have.  

In The News…

There was an interesting article in the news this week on NPR about vanilla. I’ll include a link to the article in the resources section for this podcast. The article states that the vanilla boom is making people in Madagascar wealthy, although there is also a lot of theft going on as well. 

Also...

Marianne Tulis, a resident of Chattanooga, TN, died on August 2nd, 2019. An elegant woman with classical tastes, Marianne taught herself how to invest by reading the Wall Street Journal. 

Marianne, a naturally frugal person, had told family members that she just wanted to be buried in a pine box. So last month, her two sons bought $71 worth of pine plywood at the Lowe's and built their mother's coffin together.

I’ve included a link to this story in the resources for this podcast. The story is told by her grand daughter Abigail and is quite touching. 

Christmas is 92 days from Today!

This past weekend I found a couple of presents at a consignment sale we attended. So that is my tip for this week. Brand new items can be found at yard sales, flea markets, thrift stores, second hand stores, etc. You will definitely save money. Be sure to look at unusual places for Christmas, which will save you money buying new items second hand versus buying new items at a retail store. 

In Conclusion

I hope that this podcast has been helpful to you and I want to thank you for taking the time out of your day to listen. I hope you have a great week and we will see you back here next Monday. :)

Resources Used In This Podcast

Frugal Measures Blog

http://frugalmeasures.blogspot.com/

Vanilla Boom in Madagascar

https://www.npr.org/sections/goatsandsoda/2019/09/15/757899271/photos-vanilla-boom-is-making-people-crazy-rich-and-jittery-in-madagasca

Hand Built Coffin

https://www.timesfreepress.com/news/opinion/columns/story/2019/sep/12/kennedy-hand-built-pine-coffbuilt-71-lowes-pl/503314/

Belinda ~ Living within our Means ~ My Linktree

Frugal Workshop Podcast #10 - The Frugal Mindset

Good Monday morning to all my readers. 
I just wanted to give you a heads up that podcast #10 is live right now and you can listen to it right here. 
The topic this week is about the frugal mindset. 
I hope you enjoy listening. 
Tomorrow I'll post a transcript of the podcast for those who enjoy that format instead. 
I hope you have a great day!
Belinda ~ Living within our Means ~ My Linktree

Transcript Frugal Workshop Podcast #9 - The Frugal Road to Wealth

Good Monday morning to all my listeners. I hope your week is off to a great start. I'm your host, Belinda Richardson and I want to welcome you to the Frugal Workshop podcast. I'm so glad you decided to join us.

Today’s main topic is going to be about the frugal road to wealth. 

Considering you are listening to a frugal podcast you are probably already on the straight and narrow path to wealth. You’re actively living the frugal lifestyle and doing what is necessary in order to make that happen. 

Know this, however, there is no quick road to wealth unless you receive an inheritance or win the lottery and the odds of either one of those happening are pretty slim. 

There are many ways to accumulate wealth slowly, but they require hard work and discipline. The more effort you are willing to put in and the more disciplined you become, the sooner you will begin to see wealth happening for you. 

Having a list of goals to work towards is one step that will guide you on the road to wealth. Having a plan to pay off debt for example will help motivate you to become debt free. Not having goals towards paying off your debt could lead to even more debt, which is the last thing you want. 

When my daughter was in second grade, I explained to her that learning math was important and every year she would learn something new and that she would be building a foundation. 

If she missed any of the steps in between she would struggle with math later on in school because she had missed out on an important step. So, it was very important to pay attention and learn all the steps, so she would have a solid foundation in math. 

Having goals will help you on the road to wealth and should be considered important building blocks on the journey. 

Know this, if you have credit card debt, you are traveling away from wealth and not towards it. Is that the direction you want to be heading? You can always change direction and start moving yourself toward wealth and the frugal life will help you along the way. 

You may not even need to know the methods to living the frugal life because you already have them memorized. If you remember anything from my podcast today I hope it is this: Frugal living is a pathway to freedom, which puts money in your pocket, so let it guide you on the road to wealth.

There can be so many roadblocks when it comes to living the frugal life. Amy Dacyczyn said that you needed to have made all the right choices in the years beforehand. As we’ve discussed before, many people believe it is perfectly normal and reasonable to finance things they don’t need and that credit cards are an acceptable way to borrow money when expenses outpace their salary. 

So many people are left poor because they are extravagant with their money needed the latest and greatest of items. 

Frugality means spending your money wisely and avoiding unnecessary expenses. Remember we need to be using our resources wisely and that includes both money and time. 

Do you ever eat out when you could cook, buy new clothes when the ones you already have are fine, or buy expensive electronics you don’t really need? This undermines all the hard work you do! To build wealth you must save the money you earn.

There are no shortcuts to building long term wealth. Delaying gratification may be one of the biggest factors to overcome in order to build wealth. People are wise to realize that delaying gratification in the short term can lead to a much bigger payoff in the long term. It will take discipline, but resisting the urge now will be rewarded later and ultimately bring more peace of mind. 

Studies have shown that those who accumulate wealth tend to be more frugal and live less opulent lifestyles than their peers, even though they can afford it. 

While it is never too late to get started, the one advantage of starting at an earlier age is time. Millennials could enjoy the added benefit of the power of compounding interest over a longer period, and so build lasting wealth. 

Even when armed with the best frugal knowledge, you will still need to have that frugal mindset to change your behavior and make it stick.  Keeping your children in the loop and make them feel like they’re a part of your frugal journey, which will help give you the motivation to keep going. Before you know it, your frugal journey will become a new habit.

Let’s discuss taking your lunch to work. I know I mention regularly in my blog that I pack my lunch for work all week. That doesn’t happen without some pre planning on my part. I have to make sure I make time to spend in the kitchen to get ready for that. I like to do that on the weekend or at least the night before. I might have to make tuna, egg, or ham salad for sandwiches. I might be taking a salad and will want to make that up in advance. 

Let’s discuss your automobiles. In order to obtain wealth on a less than average income you’ll need to have less than average expenses. 

One of the biggest expenses in our home are our cars. The cost of the car, yearly license plate and registration fees, gas, oil changes, regular maintenance takes a big chunk out of our budget. 

Some of the ways we can lower these expenses include shopping around for the cost of insurance, doing car maintenance ourselves, and driving less. 

Remember when families used to go on Sunday drives? Yea, we don’t do that here.  Going out to eat? Stay home and cook a meal there and save yourself the money spent eating out and the gas and wear and tear on your car. A win-win situation. 

Other habits that could compromise your path to wealth include cable tv, smoking, drinking, video games, etc. Many of these habits stand between a person and the road to wealth. 

Real wealth comes from spending less than you earn, again and again, month after month, year after year. It’s a slow and steady process. It isn’t always exciting, but it is a sure fire way to reach your financial goals.

Did You Know?

According to Business Insider, the cost of college textbooks has risen over 67% in the last ten years with some students spending as much as $500 per semester just for textbooks.

How did the college textbook publishing industry become so expensive you ask. 

Almost 80% of the textbook industry is dominated by five major publishers, and they're doing everything in their power  to make sure that students continue to buy new textbooks.

When I went back to college in an effort to save money I bought used textbooks. Many college students started doing this and also renting college textbooks as both options were cheaper than buying them. 

Publishers took notice of this trend and started bundling new textbooks with special codes, which forced students to buy new textbooks at the full retail price if they wanted access to this online information. 

One study reported that 67% of students skipped buying textbooks altogether because of rising prices and restrictive codes, and that's not the only thing publishers have done to get students to buy new textbooks.

There used to be a new edition update every five years, but now, the production cycle has been shortened to two or three years. New editions have reordered chapters or changes in page numbers, making it harder to use older editions, and they can cost up to $150 more, but students have some other options to consider if they want to avoid expensive textbooks.

Some schools are starting to use open-source educational materials instead of traditional textbooks. That way, students can access open license texts, digital media, and other learning materials for a fraction of the cost, but the movement is still in its infancy.

So far, only 6% of schools are using these open resources. It may be awhile before we see textbook prices drop, so for now, you may have to shell over $150 for a textbook you may not even read.

Don’t Throw Macaroni at Your Neighbor

The other day while I was subbing in math, the teacher had me correct student papers as we went along, so they could correct them. I was grading one student’s paper when another student at her table came to have her paper graded. 

Immediately I suspected this student had copied her answers from the previous student because all of her answers were correct but they were all shifted down to the wrong line under the next question. So, I looked at her and very gently asked her if she had copied her answers from someone else and she told me no. 

So, I explained to her that they are supposed to show their work and she hadn’t done that. She told me she threw her paper away. I told her that was OK and to go get the paper she threw away.

She then told me she erased the answers before she threw the paper away. I told her that was OK to go get the paper anyway. She then started to change her story again to say her friend had actually helped her with the answers.  

Needless to say, this girl had cheated, so I simply moved her to a different table and explained to her again that she needed to show her work. She would have saved herself a lot of trouble if she had just admitted she cheated when  originally asked her. 

Christmas is 99 days Away!

I know that Christmas is still a few months away, but a little bit of advanced planning now will save you money by the time Christmas rolls around. 

On that note, I bought four Christmas presents this past week. I had $30 in credit from Amazon, so I used that for two of the gifts. 

Also, I have one week off for fall break in October at which time I’m planning to make/sew a couple of other gifts. 

If you’re wanting to make vanilla extract for gifts for the holiday you’ll need at least two months for the vanilla to cure. 

In Conclusion

I hope that this podcast has been helpful to you and I want to thank you for taking the time out of your day to listen. I hope you have a great week and we will see you back here next Monday. :)

Belinda ~ Living within our Means ~ My Linktree

Frugal Workshop Podcast #9 - The Frugal Road to Wealth

Good Monday morning to all my readers. 
I just wanted to give you a heads up that podcast #9 is live right now and you can listen to it right here. 
The topic this week is about the frugal road to wealth. 
I hope you enjoy listening. 
Tomorrow I'll post a transcript of the podcast for those who enjoy that format instead. 
I hope you have a great day!

Belinda ~ Living within our Means ~ My Linktree

Frugal Workshop Podcast #8 Transcript- Pressure to Overspend? Expensive Vanilla. Christmas.

Good Monday morning to all my listeners. I hope your week is off to a great start. I'm your host, Belinda Richardson and I want to welcome you to the Frugal Workshop podcast. I'm so glad you decided to join us.

Today’s main topic is going to be about the pressure we may feel to overspend during certain times in our lives. After that we are going to discuss why the price of vanilla has increased so much over the last few years, and then I’m going to discuss a little bit about Christmas. 

Many people, even those who are frugal, feel obligated to overspend in certain categories such as back to school shopping, holidays, birthdays, work obligations, etc.  

For some parents, back to school shopping can be just as stressful financially as holiday shopping. The pressure to have the latest smartphone, clothes, shoes, backpacks and electronics is very intense. 

As a substitute teacher and a mother, I have witnessed how teens see having the latest iPhone as a status symbol. I have even experienced this pressure for myself as students have made comments on my phone from time to time. As an adult committed to the frugal life, I do not let this affect me, but I can see how it affects my students who are just coming of age and feeling the pressures of their peers. 

I can recall when I first entered high school that Nike sneakers were the shoes to have. Now I never owned a pair of Nike sneakers and the majority of my clothes came from K-mart.  My sister-in-law had a pair of black Converse tennis shoes and I wanted to be just like her. So, those were the shoes I wore my freshman year of high school. This was back when Converse tennis shoes were not cool like they are today. 

During that time, my Mom and I had a booth at the local flea market every weekend to earn money. One day I found a man who was selling Nike sneakers and I was able to buy a pair at a discount. Soon after that my friend and I were sitting in science and she noticed my shoes were Nike and she seemed surprised. 

Before I was able to buy the Nike shoes, I was perfectly content with those black Converse, but I felt the pressure to be like my other classmates and have a pair of Nikes. 

If you succumb to the pressure to overspend it can wreak havoc on your budget. Therefore, It’s important to identify what is causing your spending triggers and set limits. 

How many other times during our lives do we feel the pressure to overspend? Weddings, funerals, parties, especially children’s birthday parties these days. 

My grandparents prepaid for both of their funerals and they were to be cremated when the time came. When my grandfather passed away my grandmother felt the pressure to have a traditional funeral, so she rented a casket and paid for a funeral procession. 

Even though my grandfather was still cremated they charged my grandmother a lot of extra money to have that traditional funeral. There was really no need to have that added expense as we could have just had a memorial service for him with his ashes at the church. 

Is peer pressure creating a trigger for you to spend? Do the Black Friday ads create in you a feeling that you need to get in on these great deals or the feeling that you’ll miss out on something if you don’t? I can certainly understand that and is the reason I don’t normally look at the Black Friday ads anymore. 

Always Have a Shopping List

One way to avoid this pressure to overspend is to be prepared before you go shopping. Whether you’re purchasing back to school supplies, Christmas presents or groceries, having the items you need written down will put you in the right frame of mind and provide you with clarity and order while you’re shopping.

Reward yourself for sticking to your list and you’ll be more likely to commit to it: buy a cup of coffee while shopping or plan a fun activity for when you return home. 

We have found in the last few months that the best and easiest way to stick to your list is to not go in the store at all.

Most major grocery chains have online ordering and pick up programs that allow you to see what you’re buying before hand. 

This is how my family has done most of our grocery shopping over the last few months, and we love it! 

I personally use Walmart’s pick up service and I’m able to add items to my cart in the app as I run out of things throughout the week. Then when it comes time to purchase my items for pickup, I can take a look at my cart and tweak it, removing items that I don’t think I’ll need again for a while or adding something I forgot. 

The best thing about this is that I can see the total before I’m committed to buying the items. Often times in the grocery store, we don’t realize how much we are spending until it is run up at the register, and it’s easy to overspend in this way. 

Using an online pickup order allows you more control over what you are spending at the grocery store, and as an added bonus, you aren’t in the store making impulse purchases. It’s a win win situation. 

Relinquish the Desire to Keep Up

Give up the need to keep up with your neighbors, co-workers, and friends. Everyone’s financial situation is different and it’s dependent upon multiple factors. Don’t tie up your self worth in trying to keep up with other people. You are a beautiful person just the way you are. 

Be Accountable and Ask for Help

Hold yourself accountable by maintaining a good financial mindset, which will better equip you to stick to your money goals. Planning ahead will help you hold yourself accountable. Prepare before you leave home, so you won’t become overwhelmed and feel pressure to spend.  

Don’t be afraid to ask a friend or family member, someone you can trust, is reliable, and is committed to helping you reach your full financial potential. Express your financial goals to them and ask for their encouragement to help you stay on track.

Once we recognize that it’s pressure behind our overspending, we can take the necessary steps to eliminate it in our lives. It might not be easy, but it’s pressure we don’t need and we can overcome it. 

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Did You Know?

Why is Vanilla so Expensive?

Have you been wondering why the price of real vanilla has skyrocketed in the last few years? This increase in price has to do with a number of reasons, which include theft of vanilla beans, complex pollination, extreme weather, and the rise of the all natural food movement. All of these variables combined to create the perfect storm for a very expensive spice. 

One of the reasons vanilla is so expensive today is because it's a difficult product to grow. Vanilla takes anywhere from two to four years before it’s ready to pick and the flowers only bloom for one day of the year. 

In order for the plants to produce beans, they have to be pollinated that day. In the places where vanilla is grown today like Madagascar, vanilla is not a native plant, so there are no bugs or birds to pollinate the flowers, which have to be pollinated by hand. 

The pods will then need several months to cure after harvesting, which makes this whole process both time consuming and labor intensive. 

Changes in the marketplace have also been one of the reasons for the high cost of vanilla. 

Inexpensive artificial vanilla took the place of real vanilla during the 1980s. As a result, farmers who grew vanilla cut back production because they weren't making enough money. 

Beginning in 2011, demand for real vanilla rose again. Big companies were pledging to eliminate artificial flavorings from their products and going to an all natural product. Unfortunately, it has taken a while for the vanilla farmers to get back in the game.

Growing vanilla is a stressful business because there is such a high demand, which makes vanilla beans a target for theft. Can you imagine working so hard to cultivate your vanilla crops only to have them stolen? 

Some farmers also run the risk of having their crops destroyed by extreme weather such as we’ve seen in the midwest here in the US. 

Cyclones are common in Madagascar and climate change is increasing the frequency and intensity of such storms. Farmers may not want to take such risks with their livelihood, so the supply could continue to drop even further.

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Don’t Throw Macaroni at Your Neighbor

This segment of the podcast was inspired by my daughter Bailey. One day when she was in middle school, she walked into the classroom I was subbing in that day and heard me say, “Don’t throw macaroni at your neighbor”. 

It’s something she hasn’t forgotten about and reminds me about it from time to time. Substitute teaching can be an adventure for sure, so as time allows in the podcast I’ll be sharing some funny sub stories with you and that will be the title for this new segment. 

On this day in particular I was subbing in the Home Ec department and we were making posters using macaroni as the texture part of the student’s projects. 

Students love it sometimes when they have a sub because they think they can get away with some stuff such as throwing macaroni across the room when the sub isn’t looking. This is what was going on that day when Bailey walked into the room and heard me say that. It’s not something you would ordinarily hear in a classroom, which is why she found it so funny. 

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Christmas is only 114 days away:

When I was growing up we didn’t put the Christmas tree up as a family and as I became older the task fell to me each year. Because of that I eventually found the task to be a chore more than anything and no longer enjoyed the process.

When my daughter was old enough she let me know that my feelings about this made her sad because she considers decorating for Christmas to be one of her favorite activities of the holiday season. So I knew I had to change my attitude and not spoil her fun for the holidays.  

Having said that, do you know that there are only 114 days left until Christmas? Have you started making plans yet? If you are wanting to make gifts for this holiday season you might want to get started now. 

As for me and my household I want a frugal debt free Christmas and I know I can make that happen if I start now. I’m going to use the end of my podcast each week to discuss things we can do to make this holiday season a frugal one. I hope you’ll join me. 

In Conclusion

I hope that this podcast has been helpful to you and I want to thank you for taking the time out of your day to listen. I hope you have a great week and we will see you back here next Monday. :)

Resources Used In This Podcast

Why Vanilla is So Expensive

https://www.youtube.com/watch?v=3752x4PgpYE&list=WL&index=5&t=0s

Christmas Clock

https://www.xmasclock.com/

Belinda ~ Living within our Means ~ My Linktree

Frugal Workshop Podcast #8 - Pressure to Overspend? Expensive Vanilla. Christmas.

Good Monday morning to all my readers. 
I just wanted to give you a heads up that podcast #8 is live right now and you can listen to it right here. 
The topic this week is about the pressure we feel to overspend, the high cost of vanilla, and Christmas. 
I hope you enjoy listening. 
Tomorrow I'll post a transcript of the podcast for those who enjoy that format instead. 
I hope you have a great day!
Belinda ~ Living within our Means ~ My Linktree

Frugal Workshop Podcast #7 - 14 Frugal Principles Transcript

Good morning and welcome to the seventh podcast of the Frugal Workshop blog. I'm your host, Belinda Richardson and I want to welcome you and all of my readers from Frugal Workshop. I'm so glad you decided to join us.

Today’s topic is going to be about the Principles of Frugal Living

There are several basic principles to living the frugal life. Today I’m going to share 14 of those with you.  

The first one is to ...

1. Know What It Costs to Live

In order to know how much money you need to live on, you need to know what it costs you to live. Begin by saving your receipts for purchases and bills for one month and add everything together. 

Be sure to include those expenses that don’t occur each month like car insurance, license plates, property taxes, etc. Divide those amounts to find a monthly amount that you need to set aside each month for those expenses.

Once you have everything written down you’ll know how much it costs you to live every month. Now you can get down to the business of living a frugal life. 

This is the area where you can figure out how to cut down your monthly expenses and save money. 

You can search for whole categories of spending to eliminate. For example, living without a car can save a lot of money. You won’t have to spend money on gas, repairs, insurance, taxes, licenses, registration, cost of the car, etc.

This may require living close to town, your work, close to public transportation, and/or your willingness and ability to ride a bicycle. Just check our Mr. Money Mustache’s website for inspiration on this frugal tip. 

2. Live Beneath Your Means

This simply means to spend less than you earn. 

You want to live a good life without going into debt for it. Learn how to do that with less money. 

The young man who picks up our garbage and does light yard work for us works very hard. Not only does he have a full time job, but he also has several side hustles. He is only 22 years old and already owns two houses because he works so hard. We’ve had long talks where he’s given me great ideas on how to do things for less money. 

He is earning an honest living by honest work. If you find yourself wishing your had more money to make more purchases, and you are wisely not willing to go into debt to accomplish this, you can take a page out of his book. Pick up a few odd jobs or side hustles to cover the cost of those extra expenses. There’s nothing wrong with picking up an odd job to spring for a new iPhone. 

3. Use Resources Wisely

One principle of the frugal life should be to use your resources wisely and that includes food, time, and money.

Rather than going to the grocery store to pick up something specific for dinner, take a look at what’s in your pantry and try to come up with something using the ingredients on hand. I’ve come up with some great meals doing this!

Instead of watching TV, use your leisure time to learn new money saving skills. Learn how to bake bread, or make yogurt, or learn to change the oil in your car. There are plenty of resources online or in books, and nothing beats the power of self education. Although, this may be a principle you are already familiar with since you are listening to my podcast.

Don’t forget that money is a resource, and you can make it work for your by saving, investing, and stretching your dollars in any way you can. 

4. Save Money

Another principle of frugal living is to save money every month, even if it is just $5.00. As you learn to live better with less, you will be able to save more money every month. 

Learn how to delay personal gratification. Having money in the bank will mean more to you than the latest gadget. It will allow you to have some security in case something happens and you need a cushion to fall back on. 

As The Great Depression moves further back in history, I think we’ve forgotten some of the principles that came out of that. Our grandparents and great grandparents had to learn to live with little to no money and they were the founding members of frugal living. 

With today’s technology, instant gratification is a constant resource but that doesn’t mean we should feed into that, especially involving our money. If you see a new dress or electronic you want, rather than putting it on a credit card and having it instantly, save up your money for it. You may be surprised how much better it feels when you are able to buy it in cash, or it may even cause you to realize how much money it actually costs and you may change your mind about purchasing it at all. We don’t always realize in the moment what the true cost of something is. 

5. Get Out of & Avoid Debt

As previously mentioned, one way to avoid debt is to save up for those things you want. For example, If you want to buy a new computer, make payments to your savings account until you have enough money to pay cash. It’s what my daughter did when she needed to buy a new laptop this year. 

If your debts are causing you financial trouble, find a way to fix the problem and get out of debt. Generally, only carry long term debt for education and purchase of a house. Never carry debt for entertainment or frivolous consumer spending. Don't use credit cards, payday loans, or pawn shops to increase your expenditures for consumer items or entertainment. 

Every penny you borrow must be paid back with interest, and as your debt increases so do your payments. Meaning that the $50 dress your purchased in February might actually have cost you $62 if paid off this month.

Did you decide to go to college with student loans? Did you take the full amount they offered, so you could live on it too or did you accept only enough to pay for your classes and books? Borrowing the full amount will cost you more in interest in the long run. 

Consider working part time during college to have money to live on instead of borrowing money that won't be paid back for years with interest accruing.

Every penny that you spend on something you don't really need is a choice you are making. Do you want to stay in debt or do you want to live debt free? The choice is up to you.  

6. Buy Second Hand

Another principle of the frugal lifestyle is to buy second hand. Always shop the second hand market first when you need to buy something. Shop at flea markets, yard & garage sales, pawn shops, and thrift stores. 

Only then, when you cannot find what you need in the second hand market should you consider buying something new. And even then make sure you pay for it with cash you've saved up and not on credit. 

Also, if you must purchase something new, price shop! Don’t purchase from the first place you find your item. Take a look at many places to find the best price, and always take a look for coupon codes if your purchasing online.

7. Cook from Scratch

Another principle of frugal living is to cook from scratch as much as possible. This is one of the best ways to save money. And when you do cook, use everything you can. Save those butter wrappers to grease pans in baking, use the chicken carcass or vegetable scraps to make broth, use stock leftover from cooking meats to start other meals like soup, stew, or another dish altogether. 

Save as much money as you can on food. Look and search out those places where you can find food cheaper. Always keep looking for new places to save yourself the most money. Make your own jam, jelly, preserves, and yogurt. 

8. Grow Some of Your Own Food

Growing some of your own food, if done correctly, will give you the potential to save money on your grocery bill. It is entirely possible to spend a lot of money on a vegetable garden. The secret to saving money with a vegetable garden is to minimize spending while maximizing yield. 

Amy Dacyczyn has several pages in her book dedicated to this topic, so do your research first and learn how to garden while saving money  at the same time. 

9. Preserve Your Own Food

Canning your own food, like growing your own food, if done correctly, will help you save money on your grocery bill. Jars can be bought new, which will be part of the initial start up cost, will be used year after year and can be considered an investment. Jars can also be found inexpensively at yard sales, thrift stores, and flea markets. 

Again, Amy Dacyczyn has pages dedicated to this topic, so do your research first and learn how to preserve your own food while saving money  at the same time. 

10. Keep a Well Stocked Pantry

Another principle of frugal living is to keep a well stocked pantry. This means to fill your pantry with food that you are able to purchase at the lowest possible price. Keep a price book in order to know what the lowest price is for your family. Stocking up when the price is right on food and non-food items you and your family use will provide security against rising grocery prices. 

Another principle is to understand the consequences of your financial choices. Make sure you pay for your necessities first before you spend money on anything that is non-essential. Pay the rent or mortgage, pay the utility bills, insurance, gas for cars to get to work, and food. Paying for necessities first will give you peace of mind over your financial life. 

11. Do It Yourself

Skills such as changing the oil in your car, mowing your own lawn, cutting your own hair or your dog’s fur, sewing & mending will save you a lot of money over the years. 

12. Take Care of What You Own

Cleaning the filters in your refrigerator and air conditioner will ensure that they work more efficiently and will last longer than those that are poorly maintained. 

Becky from Becky’s Homestead has a YouTube video on how to remove a window air conditioning unit and clean and wash it well in your own yard. I will include a link to her video in the resources for this podcast. 

Taking care of your leather shoes with polish or balsam will make them last longer. Also, avoid overcharging your electronics, this will not only save electricity, but will help your electronics last longer.  

13.  Ignore Advertising

 Advertising encourages people to spend money they may not have for products they may not need. You should only use advertising to compare prices. Educate yourself on the tricks of advertisers and learn to ignore them.

14. Teach your Children These Principles

Children who are taught by their parents to embrace instant gratification, to spend money frivolously, to find meaning in the right clothes or the perfect car will be at a serious disadvantage in the years to come. 

Hopefully by teaching your children these frugal principles, they won’t  succumb to poor financial choices that may hurt them in the long run. 

Principles of Frugal Living

1. Know What It Cost You to Live

2. Live Beneath Your Means 

3. Use Resources Wisely

4.  Save Money

5. Get Out of & Avoid Debt

6. Buy Second Hand

7. Cook from Scratch

8. Grow Your Own Food

9. Reserve Your Own Food

10. Keep a Well Stocked Pantry

11. Do It Yourself

12. Take Care of What You Own

13. Ignore Advertising

14. Teach your Children these Principles

In Conclusion

There are a lot of principles on frugal living and I there are plenty more that I’ve not discussed here today. We will discuss more of this in a future podcast. I hope that this information has been helpful to you and I want to thank you for taking the time out of your day to listen.

Resources Used In This Podcast

Becky’s Homestead

How to Clean A Window Air Conditioner The Easy Way

https://www.youtube.com/watch?v=zidmF-gvs7s

Mr. Money Mustache

Get Rich with Bikes

https://www.mrmoneymustache.com/2011/04/18/get-rich-with-bikes/

Belinda ~ Living within our Means ~ My Linktree