One of the foundations of solid personal finances is spending less than you earn, and looking for good value. Being thrifty is one embodiment of making discriminating financial choices. And this week, I found out over at Get Rich Slowly, is National Thrift Week. I think it’s interesting that a friend of mine is spending this month being thrifty to the limit, but living on a “poverty budget” for the month of January. It’s a fascinating experiment — albeit one I don’t qualify for.
What is thrift?
To me, being thrifty is about more than just paying rock bottom prices or not buying (or paying for) anything you don’t absolutely need. To me, thrift is about getting a good deal on things that you will actually use. It’s avoiding things that you won’t use very much, and it’s avoiding buying for the sake of buying (just because it’s a “great deal” is not a good reason to buy). It’s about making sensible financial decisions that work for my situation — and about getting the best bang for my buck.
What does being thrifty mean to you?