For most of my adult life, I have considered myself “cheap.” For example, I’ve been known to say things like: “Why buy something new when the old one still works?” or “Why pay more when I can get essentially the same thing for less?”
In Chapter 6 of Your Money or Your Life, by Vicki Robin, the author states: “Frugality is enjoying the virtue of getting good value for every minute of your life energy and from everything you have the use of.”
After all these years, Robin helped me understand me. There are times where I will spend/invest money — a lot of money, in fact — and feel good about it, but I’ve never understood why. So, using her words, I’ve realized that I’ll buy/invest if I believe I’m getting good value.
That being said, Robin provides a common-sense list for helping us save money:
- Stop trying to impress other people.
- Don’t go shopping.
- Live within your means.
- Take care of what you have.
- Wear it out.
- Do it yourself.
- Anticipate your needs.
- Buy it for less.
It’s not rocket science, but I’m guessing these are the habits of the Millionaire Next Door.