Since the recession, being called a penny-pincher isn’t the insult it used to be, and for good reason. Even before the economic meltdown, those who were spending less than what they made were having more fun than those who splurged. Why? Let’s take a look.
You can buy more. If you’re a steady saver, you’ll get more bang for your buck. When you want to buy a big ticket item, you’ll have cash in the bank at the ready, instead of putting it on a credit card which can cost you 15 percent or more in interest. What does that mean? You have 15 percent more to spend than someone who’s racking up credit card bills. And of course, if you’re a constant deal-hunter, you’re always getting more for less, which leaves extra money to build up your coffers.
You can take more risks. A healthy nest egg means that you are less tied to that weekly paycheck. Want to make a career change but need to take a step backwards in pay to do it? Or maybe you want to take a few months off to backpack across Europe. You’ll be able to seize opportunities that present themselves instead of worrying about how you’ll make ends meet.
[Check Your Credit: Don’t Guess. Know.® Get your free credit report and score. No credit card required.
You can lay back and appreciate funemployment. With a healthy emergency fund, there’s no need to panic about getting a job right away. With the help of your unemployment check, you can take your time and find the right position for the next step in your career, which will make you happier in the long run, and you can actually appreciate the time off by going on a vacation, taking a class, or just spending time with friends and family.
You can appreciate the joy of a good deal. For many, part of the fun of being frugal is the thrill of the hunt. Doesn’t free food just taste better? And who knew you could find those shoes you wanted for half price? And there’s a feeling of accomplishment to hanging up the phone with your cable provider knowing that you’ve saved yourself several hundred dollars over the course of the year by haggling. Being a deal-hunter is a hobby than many frugal folks enjoy in and of itself.
So instead of thinking of running those numbers as a chore to be avoided, embrace your frugal side and dive in! In just an hour or two of searching for cost-savings, you can often find several hundred dollars back in your bank account for the year. How does that compare to your hourly rate at work? Not too shabby!