What it means to be thrifty.
First off, let me dispel the number one misconception about being thrifty.
Thrifty does NOT equal cheap.
Thrifty people enjoy going out to eat, attending concerts, wearing nice clothes, giving to charity, being generous to friends and family, and living well.
Cheap people do not like to spend money at all. They pinch pennies at the expense of their own happiness.
Now that we have that out of the way, here are some character traits of a thrifty consumer:- We are not impulse buyers
- We are not heavily influenced by marketing and advertising
- We are comfortable with delayed gratification
- We are resourceful
- We are very deliberate with our money
There is too much focus on the money-saving angle of thriftiness. Yes, thrifty people tend to spend less money than the typical consumer, but that’s because we spend it discriminately. We buy things we need and things we really want.
Simply knowing what you really want in life is a huge skill that comes with much focus and discipline. Resisting the urge to keep up with the Jones’ is hard. Marketing can be crafty, making you think you want something when you really don’t. We are a nation of consumers, and going against the grain isn’t easy.
Fortunately, I was born into a thrifty family, so I’ve never known any other way to live. I’ll admit that as I move up in my career and my salary increases, I find it harder to pay as close attention to my money as I did when there was less of it. I’m sure you’ve heard that the more you make, the more you spend. I can understand how this happens, but I intend to stay thrifty, no matter the size my income.
The benefits are obvious. Because thrifty people tend to spend less, they save more and are often better prepared for unexpected events, or major changes in the economy. They are more likely to live debt free.
Ultimately, being thrifty is about so much more than money. It’s a thoughtful and responsible way to live. It makes less of an impact on the environment. It teaches independence. It cultivates creativity and gratitude.
Terrell Meek has worked for more than six years as a marketer for Verity Credit Union, advocating the benefits of financial responsibility.
A born saver, Terrell credits her parents with teaching her sound financial habits at an early age. She believes one of the keys to a satisfying life is learning to live simply.
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