I think credit card companies should clarify the difference between credit related crimes and today's more invasive id theft crimes. When most people think of identity theft they think of someone stealing their credit card info or using their personal information to establish new credit cards. We have to change the way that we think about identity theft and realize that it's not just a credit-related crime. Technology advances have produced high-tech devices that steal your data without your knowledge -- from handheld skimmers to attached gas pump and ATM skimmers, to RFID readers and malware apps. Identity thieves can target individuals without their knowledge and steal unemployment benefits, tax returns, medical insurance, Social Security numbers and clean out bank accounts along with a variety of other ID theft crimes that are not credit related. Today it's important to understand that it's critical to monitor your whole identity which involves more than just keeping track of your credit.
I think if it becomes an obsession, or if your actions start hurting people, then yes, you've taken it too far. Otherwise, do what you want. Have fun. Live in a box if you want. But don't come to my house and steal my toilet paper.
I am on my second marriage for 3.5 years now and couldn't be happier. My first "wedding" was in the mayor's office, and then a small reception months later. The reception was nice. The marriage was bad, as was the divorce 12 years later. The second time around, we did a destination wedding. It was the greatest week of my life. No one came. No one even acknowledged that we got married when we returned. I have to say, even a card with best wishes would've been better than what we got -- which was nothing. Frankly, it left me bitter. I'm shocked at the way we were treated by our family. The whole family's behavior really spoke volumes to me.
I have to disagree about #3. Doing my own taxes forces me to keep up with the tax code, and have an awareness of how my financial decisions affect the taxes I pay. I'm sure I save more by making tax-aware financial decisions than I spend by not being aware of every questionable loophole.
If you have your own business, and your taxes are complicated, I could see hiring a tax accountant. But if your business is that complicated, the accountant is going to charge more than $250.
Sure, if watching every last penny when it's not an absolute necessity starts to impinge on your enjoyment of life. Part of being frugal is so that you can afford to spend a little more once in a while to do something fun.
I think it is personal. I do think there are people who can go from frugal to flat out cheap though. If you are purposely not allowing yourself to enjoy life due to the cost, that is cheap. That is not to say spend all your money and do whatever you want.
For an example- if you really love Indian food but you see it as a waste of money because it is so expensive to you, and you refuse to ever spend that and resort to ramen noodles (and you consume yourself with wishing you could have some Indian food without allowing yourself to ever spend money on that), I think that is cheap. There are frugal choices you could make in this situation- you could learn to make it, go to the grocery store (Fresh and Easy sells a $4.00 premade meal), or go to a restaurant and treat yourself which would cost at least $20 easily plus tip and whatnot.
Yes, it is possible to be too frugal. For example, when being frugal can cost you your health IE buying dented and/or expired goods to save a few pennies. Also, being to frugal can also cause added stress, like with extreme couponing. There's nothing wrong with getting a good bargain but when a stockpile pushes you and/or your family out of your bedrooms and home, that's a bit too much unnecessary stress. There's nothing wrong with stocking up on things or trying to save a penny or two but as long as its done in a healthy way :)
Just because you don't stop and think about it doesn't mean it's "nonsensical." A penny saved IS a penny earned. What that means is it's sometimes hard to save money. You save money by doing without, or by thinking through the math of a "good deal." You earn your way to savings. You work for that penny. It's a perfectly well-reasoned phrase. Try living by it for a while, and watch your hard-earned pennies add up.
It depends on your attitude. A certain frugality works for us if it's based on a deep respect for the resources that we use. It means that we're in tune with the earth and each other and respectful of the energy that each thing uses in order to be created
On the other hand, poverty consciousness is just another way to disrespect ourselves, saying that we're not worthy of better lives. It shows that we're not in tune with the earth, because we're not in tune with, or in love with ourselves.
Poverty consciousness actually creates more poverty, while respect for the flow of good creates more good. That's the way the universe works.
Absolutely!!! Have you seen TLC's "Extreme Cheapskates"?!
I digress...
Frugality is a means to an end, and for me that means an enhanced quality of life for the long-term. I use resources at my disposal to get what I want/need at the lowest possible cost, but I don't deny myself the freedom to live a nice life. I recognize that investments in today and tomorrow are equally important, both require a clear mind and discipline. However, at the end of the day, frugality shouldn't compromise your quality of living to the point where you're scooping rice off of the ground after wedding celebrations (see "Extreme Cheapskates" if you need an explanation).
I think the term "too frugal" would only apply if you're not happy with your own practices, since we're all different and have different ideas of what constitutes "frugal"... If you're stressing yourself out because you forgot to clip coupons this week, or you didn't have time to pick up one particular sale item, then yes, I would say that's going too far. The idea is to make your life easier, not more stressed! Be happy with what you can do, and forget the rest...
I think a person can be too frugal and cross into "cheapskate" territory. There is a line between frugality and cheapness, and it's different for each person. The line isn't a dollar value, but rather the point at which frugality breeds misery. If you're getting no joy out of the money you're saving, or if you're missing out on joy because of it, then you've crossed the line.
Yes! There are some people who take it to an extreme to the point where it is detrimental. For example, I know a co-worker who saves almost every penny that she earns. Some of her habits can be a good example of how to save, such as not eating at restaurants, shopping only at Goodwill, and downsizing her apartment. However, she is so obsessive about every cent that she causes negative results in other areas of her life. For example, she rarely attends social events, and when she does go out to eat, she will "forget" to tip. It is difficult to spend time with someone so stingy that they won't tip workers. Also, she has a land line and will not call anyone with an out of area code number since it will be a long distance charge. This eventually pushes people away, which weakens the social net that most people rely on. The worst part was that she didn't purchase health insurance because she "couldn't bear to see the extra money leaving her paycheck." No health, vision or dental insurance! That also means no regular check ups! What happened that year? A car accident. Now instead of the little bit she would have paid each month she has medical bills coming to her apartment. It is unwise to be frugal to the point of being unhealthy. Luckily she signed up for insurance the next year, but she serves as an example of taking something to the extreme - being so extremely conservative with your money that you cross over to extremely risky with your health and life.
I think it depends on the times - some times call for much more frugality and cheapness. These days I do not think you can be too frugal. I think more people need to be much more frugal and not worry so much about maintaining lifestyles.
No, I don't think you can be to frugal. Frugal is the act of saving and being sensible with your money. Being frugal does not mean you won't spend the money. It means you are more likely to save up for the more expensive things you want and try to find a deal. It doesn't mean you won't buy it if you can't find a deal. You may just wait a little longer so as not to deplete your resources.
Being Cheap is an attitude. Cheap is when you won't spend the money because you don't want to let go of the money. It's a side effect of a condition known as greed.
Of course you can be too frugal. Frugal, in my mind, is a commitment to making prudent financial decision; weighing the pros and cons of spending money. But like anything, there needs to be a sense of balance. I find myself to be cheap and when I need to make decisions about purchases for myself, I always chose to be frugal. But my balance is my family. I would never be cheap with them and I would never put saving money over their needs.
Recently, for example, I needed to get new shoes. However, instead of buying a new pair or taking them to the repair shop, I super-glued the heal of my sneaker back on. I can afford a new pair, I would like a new pair, but this pair is almost back to normal without spending money. However, my Mother recently needed a new pair of sneakers for work (as she spends a good amount of time on her feet) and I went out and bought her two pairs. Now I got a good deal on them, but I bought two because I want to make sure my mother is always provided for. She should not have to make the sacrifices that I choose to make (she has already made her fair share of sacrifices for me).
Putting money before family, to me, would be too frugal.
I love the benefits of the Roth and my husband and myself each have one. We knew we *could* make a withdrawal from our account to put toward our house down payment, but we didn't want to. We knew that over the long haul, the money would serve us better in the Roth.
We were also fortunate to have a hefty down payment anyway. I think if we would be close to putting 20% down but needed an extra boost, we would take from the Roth to do so.
In the same boat as you. CitiMortgage said that I qualify for the FHA Traditional Modification Program in all respects EXCEPT the requirement that says the borrower must be 61 days or more delinquent on payments. Really? So stop paying my mortgage and I get a big fat reward in the form of a lower mortgage out of it? Seems too easy...... I don't trust it.
I think credit card companies should clarify the difference between credit related crimes and today's more invasive id theft crimes. When most people think of identity theft they think of someone stealing their credit card info or using their personal information to establish new credit cards. We have to change the way that we think about identity theft and realize that it's not just a credit-related crime. Technology advances have produced high-tech devices that steal your data without your knowledge -- from handheld skimmers to attached gas pump and ATM skimmers, to RFID readers and malware apps. Identity thieves can target individuals without their knowledge and steal unemployment benefits, tax returns, medical insurance, Social Security numbers and clean out bank accounts along with a variety of other ID theft crimes that are not credit related. Today it's important to understand that it's critical to monitor your whole identity which involves more than just keeping track of your credit.
I think if it becomes an obsession, or if your actions start hurting people, then yes, you've taken it too far. Otherwise, do what you want. Have fun. Live in a box if you want. But don't come to my house and steal my toilet paper.
I am on my second marriage for 3.5 years now and couldn't be happier. My first "wedding" was in the mayor's office, and then a small reception months later. The reception was nice. The marriage was bad, as was the divorce 12 years later. The second time around, we did a destination wedding. It was the greatest week of my life. No one came. No one even acknowledged that we got married when we returned. I have to say, even a card with best wishes would've been better than what we got -- which was nothing. Frankly, it left me bitter. I'm shocked at the way we were treated by our family. The whole family's behavior really spoke volumes to me.
Answered on Twitter. https://twitter.com/#!/1bets1/status/159333667783720960
I have to disagree about #3. Doing my own taxes forces me to keep up with the tax code, and have an awareness of how my financial decisions affect the taxes I pay. I'm sure I save more by making tax-aware financial decisions than I spend by not being aware of every questionable loophole.
If you have your own business, and your taxes are complicated, I could see hiring a tax accountant. But if your business is that complicated, the accountant is going to charge more than $250.
Liked you and your post on Facebook.
I'm not sure you can be too frugal, but you can be frugal stupid. As my father would say, penny wise and dollar foolish.
Yes. Too frugal is called stingy.
Sure, if watching every last penny when it's not an absolute necessity starts to impinge on your enjoyment of life. Part of being frugal is so that you can afford to spend a little more once in a while to do something fun.
I tweeted today. I think this is a great discussion too, by the way.
https://twitter.com/#!/ThriftySassyMam/status/159328305122787328
I like you on facebook as Sasha L.
I think it is personal. I do think there are people who can go from frugal to flat out cheap though. If you are purposely not allowing yourself to enjoy life due to the cost, that is cheap. That is not to say spend all your money and do whatever you want.
For an example- if you really love Indian food but you see it as a waste of money because it is so expensive to you, and you refuse to ever spend that and resort to ramen noodles (and you consume yourself with wishing you could have some Indian food without allowing yourself to ever spend money on that), I think that is cheap. There are frugal choices you could make in this situation- you could learn to make it, go to the grocery store (Fresh and Easy sells a $4.00 premade meal), or go to a restaurant and treat yourself which would cost at least $20 easily plus tip and whatnot.
Yes, it is possible to be too frugal. For example, when being frugal can cost you your health IE buying dented and/or expired goods to save a few pennies. Also, being to frugal can also cause added stress, like with extreme couponing. There's nothing wrong with getting a good bargain but when a stockpile pushes you and/or your family out of your bedrooms and home, that's a bit too much unnecessary stress. There's nothing wrong with stocking up on things or trying to save a penny or two but as long as its done in a healthy way :)
Just because you don't stop and think about it doesn't mean it's "nonsensical." A penny saved IS a penny earned. What that means is it's sometimes hard to save money. You save money by doing without, or by thinking through the math of a "good deal." You earn your way to savings. You work for that penny. It's a perfectly well-reasoned phrase. Try living by it for a while, and watch your hard-earned pennies add up.
It depends on your attitude. A certain frugality works for us if it's based on a deep respect for the resources that we use. It means that we're in tune with the earth and each other and respectful of the energy that each thing uses in order to be created
On the other hand, poverty consciousness is just another way to disrespect ourselves, saying that we're not worthy of better lives. It shows that we're not in tune with the earth, because we're not in tune with, or in love with ourselves.
Poverty consciousness actually creates more poverty, while respect for the flow of good creates more good. That's the way the universe works.
Absolutely!!! Have you seen TLC's "Extreme Cheapskates"?!
I digress...
Frugality is a means to an end, and for me that means an enhanced quality of life for the long-term. I use resources at my disposal to get what I want/need at the lowest possible cost, but I don't deny myself the freedom to live a nice life. I recognize that investments in today and tomorrow are equally important, both require a clear mind and discipline. However, at the end of the day, frugality shouldn't compromise your quality of living to the point where you're scooping rice off of the ground after wedding celebrations (see "Extreme Cheapskates" if you need an explanation).
I think the term "too frugal" would only apply if you're not happy with your own practices, since we're all different and have different ideas of what constitutes "frugal"... If you're stressing yourself out because you forgot to clip coupons this week, or you didn't have time to pick up one particular sale item, then yes, I would say that's going too far. The idea is to make your life easier, not more stressed! Be happy with what you can do, and forget the rest...
I think a person can be too frugal and cross into "cheapskate" territory. There is a line between frugality and cheapness, and it's different for each person. The line isn't a dollar value, but rather the point at which frugality breeds misery. If you're getting no joy out of the money you're saving, or if you're missing out on joy because of it, then you've crossed the line.
I wrote a blog post that goes more in depth on this topic... http://www.talkingcentsblog.com/2011/08/10/dont-sacrifice-prioritize-you...
Yes! There are some people who take it to an extreme to the point where it is detrimental. For example, I know a co-worker who saves almost every penny that she earns. Some of her habits can be a good example of how to save, such as not eating at restaurants, shopping only at Goodwill, and downsizing her apartment. However, she is so obsessive about every cent that she causes negative results in other areas of her life. For example, she rarely attends social events, and when she does go out to eat, she will "forget" to tip. It is difficult to spend time with someone so stingy that they won't tip workers. Also, she has a land line and will not call anyone with an out of area code number since it will be a long distance charge. This eventually pushes people away, which weakens the social net that most people rely on. The worst part was that she didn't purchase health insurance because she "couldn't bear to see the extra money leaving her paycheck." No health, vision or dental insurance! That also means no regular check ups! What happened that year? A car accident. Now instead of the little bit she would have paid each month she has medical bills coming to her apartment. It is unwise to be frugal to the point of being unhealthy. Luckily she signed up for insurance the next year, but she serves as an example of taking something to the extreme - being so extremely conservative with your money that you cross over to extremely risky with your health and life.
I think it depends on the times - some times call for much more frugality and cheapness. These days I do not think you can be too frugal. I think more people need to be much more frugal and not worry so much about maintaining lifestyles.
Liked the FB page!
No, I don't think you can be to frugal. Frugal is the act of saving and being sensible with your money. Being frugal does not mean you won't spend the money. It means you are more likely to save up for the more expensive things you want and try to find a deal. It doesn't mean you won't buy it if you can't find a deal. You may just wait a little longer so as not to deplete your resources.
Being Cheap is an attitude. Cheap is when you won't spend the money because you don't want to let go of the money. It's a side effect of a condition known as greed.
Of course you can be too frugal. Frugal, in my mind, is a commitment to making prudent financial decision; weighing the pros and cons of spending money. But like anything, there needs to be a sense of balance. I find myself to be cheap and when I need to make decisions about purchases for myself, I always chose to be frugal. But my balance is my family. I would never be cheap with them and I would never put saving money over their needs.
Recently, for example, I needed to get new shoes. However, instead of buying a new pair or taking them to the repair shop, I super-glued the heal of my sneaker back on. I can afford a new pair, I would like a new pair, but this pair is almost back to normal without spending money. However, my Mother recently needed a new pair of sneakers for work (as she spends a good amount of time on her feet) and I went out and bought her two pairs. Now I got a good deal on them, but I bought two because I want to make sure my mother is always provided for. She should not have to make the sacrifices that I choose to make (she has already made her fair share of sacrifices for me).
Putting money before family, to me, would be too frugal.
I love the benefits of the Roth and my husband and myself each have one. We knew we *could* make a withdrawal from our account to put toward our house down payment, but we didn't want to. We knew that over the long haul, the money would serve us better in the Roth.
We were also fortunate to have a hefty down payment anyway. I think if we would be close to putting 20% down but needed an extra boost, we would take from the Roth to do so.
In the same boat as you. CitiMortgage said that I qualify for the FHA Traditional Modification Program in all respects EXCEPT the requirement that says the borrower must be 61 days or more delinquent on payments. Really? So stop paying my mortgage and I get a big fat reward in the form of a lower mortgage out of it? Seems too easy...... I don't trust it.