Lesson 4 : Frugality First
Make no expenses other than to do good for yourself or others, waste nothing- Benjamin Franklin
"Moderation is the key to everlasting happiness."
What exactly do you need, what exactly do you deserve, and what can you do without? Frugality. A lifestyle to some, a dream too many others in our consumption society. This lesson does not discuss debt-to-income ratios, 401ks, or mutual funds. Yet, the overall message is that many things can be achieved if your finances are less of a worry. In establishing your finances, be mindful of every dollar you work for and spend, understand situations. In this month, I sat in on a financial adviser give a presentation, his statement which resonated with me the most, "take care of your pennies, and your dollars will take care of themselves."
- Set monetary goals and have a trusted person review them.
- Do not forget how simply you lived in college.
- Try to avoid unnecessary debts.
- Have TWO different virtually separated accounts. One to spend, one to track your savings. Transferring from your savings to checking account makes it tough to remain discipline.