Comments on: The Virtue of Thrift – Will Frugal Stay Hip When The Boom Is Back? http://www.debtkid.com/the-virtue-of-thrift-%e2%80%93-will-frugal-stay-hip-when-the-boom-is-back Debt Kid - I'm Getting Out of Debt Sat, 21 Nov 2009 02:42:10 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Benjamin http://www.debtkid.com/the-virtue-of-thrift-%e2%80%93-will-frugal-stay-hip-when-the-boom-is-back/comment-page-1#comment-10362 Benjamin Sun, 03 Aug 2008 16:14:59 +0000 http://www.debtkid.com/?p=623#comment-10362 Right now, being thrifty may be the cool thing to do. I honestly don't really agree with it. My spending habits haven't changed considerably as the economy has worsened. To me, I work to expand my means, not live below my means. While I don't spend more than I make, I am focused on increasing how much I make so that I can enjoy life the way I want. There is nothing wrong with finding a bargain or living cheaply. What I do not like is how people complain about how little money they have and do nothing about it. What's up with that? I think that everyone can create a lifestyle they enjoy, and be responsible with their money. For me, I am working to expand my means as I shape the lifestyle that I want to live. Right now, being thrifty may be the cool thing to do. I honestly don’t really agree with it. My spending habits haven’t changed considerably as the economy has worsened. To me, I work to expand my means, not live below my means.

While I don’t spend more than I make, I am focused on increasing how much I make so that I can enjoy life the way I want. There is nothing wrong with finding a bargain or living cheaply. What I do not like is how people complain about how little money they have and do nothing about it. What’s up with that?

I think that everyone can create a lifestyle they enjoy, and be responsible with their money. For me, I am working to expand my means as I shape the lifestyle that I want to live.

]]> By: zintradi http://www.debtkid.com/the-virtue-of-thrift-%e2%80%93-will-frugal-stay-hip-when-the-boom-is-back/comment-page-1#comment-10357 zintradi Sat, 02 Aug 2008 21:38:19 +0000 http://www.debtkid.com/?p=623#comment-10357 I do find that in my social circles, it's getting popular to display how 'cheaply' you got something that looks expensive... but I think that's long been American trait to find a good bargain and then brag about it. As for the cutting back thing... I haven't noticed that, but I have noticed more and more, the willingness of people to admit that they don't have any money and to simply excuse themselves from a social situation because of that reason. To go along with that, I seen a lot of people my age that seem to wander aimlessly through life as far as a career goes and are still working as a clerk at home depot, or barista at Starbucks (which is fine if you value a simple life) but then bemoan the fact that they can barely keep up with rent and the bills.... Anyway, not to get on too much with griping about the entitlement mentality I see with my generation... Yes, thrifty has become hip. and I hope it isn't a fad. I do find that in my social circles, it’s getting popular to display how ‘cheaply’ you got something that looks expensive… but I think that’s long been American trait to find a good bargain and then brag about it.
As for the cutting back thing… I haven’t noticed that, but I have noticed more and more, the willingness of people to admit that they don’t have any money and to simply excuse themselves from a social situation because of that reason. To go along with that, I seen a lot of people my age that seem to wander aimlessly through life as far as a career goes and are still working as a clerk at home depot, or barista at Starbucks (which is fine if you value a simple life) but then bemoan the fact that they can barely keep up with rent and the bills….
Anyway, not to get on too much with griping about the entitlement mentality I see with my generation…
Yes, thrifty has become hip. and I hope it isn’t a fad.

]]> By: Lost Cause http://www.debtkid.com/the-virtue-of-thrift-%e2%80%93-will-frugal-stay-hip-when-the-boom-is-back/comment-page-1#comment-10356 Lost Cause Sat, 02 Aug 2008 20:46:45 +0000 http://www.debtkid.com/?p=623#comment-10356 Even the rich love a bargain. And getting ripped off for even a dollar is a crime. The people that I know who have the most money are very thrifty. It is very hard to keep money when you are spending it like crazy. Besides that, it matters little what is going on in the general economy. You are going to have to pay the rent anyway. The best thing that could ever happen to a persons's financial well being is to become poor. Even the rich love a bargain. And getting ripped off for even a dollar is a crime. The people that I know who have the most money are very thrifty. It is very hard to keep money when you are spending it like crazy.

Besides that, it matters little what is going on in the general economy. You are going to have to pay the rent anyway.

The best thing that could ever happen to a persons’s financial well being is to become poor.

]]> By: Andys http://www.debtkid.com/the-virtue-of-thrift-%e2%80%93-will-frugal-stay-hip-when-the-boom-is-back/comment-page-1#comment-10325 Andys Thu, 31 Jul 2008 19:27:35 +0000 http://www.debtkid.com/?p=623#comment-10325 The American consumer is a function of times and a slave of marketing/advertising. In good times, when credit is cheap, spending is fashionable and encouraged. It's only when times are bad and the cash runs dry that the concept of frugaily comes back. Humans have short memories and that is why 70% of our economy is driven by consumer spending. The American consumer is a function of times and a slave of marketing/advertising. In good times, when credit is cheap, spending is fashionable and encouraged. It’s only when times are bad and the cash runs dry that the concept of frugaily comes back. Humans have short memories and that is why 70% of our economy is driven by consumer spending.

]]> By: Jim ~ mydebtblog.com http://www.debtkid.com/the-virtue-of-thrift-%e2%80%93-will-frugal-stay-hip-when-the-boom-is-back/comment-page-1#comment-10324 Jim ~ mydebtblog.com Thu, 31 Jul 2008 18:26:33 +0000 http://www.debtkid.com/?p=623#comment-10324 I think you're missing the point. Regardless of what people are doing, as long as they can afford to do it, there isn't anything wrong with it. Going into debt to buy something isn't the same as saving money to buy it. In both cases you will have the thing, but the one who goes into debt to do it will pay more in the long term. Behavior is learned, not inherited naturally. You weren't born knowing how to manage money, it is something you have to figure out for yourself. The real question is will the current generation of twenty-somethings today set a better example for the future generations to come? If we just live on our income and avoid going into debt to have a lifestyle we cannot afford, the future is brighter. I think you’re missing the point. Regardless of what people are doing, as long as they can afford to do it, there isn’t anything wrong with it. Going into debt to buy something isn’t the same as saving money to buy it. In both cases you will have the thing, but the one who goes into debt to do it will pay more in the long term. Behavior is learned, not inherited naturally. You weren’t born knowing how to manage money, it is something you have to figure out for yourself. The real question is will the current generation of twenty-somethings today set a better example for the future generations to come? If we just live on our income and avoid going into debt to have a lifestyle we cannot afford, the future is brighter.

]]> By: Kimberly http://www.debtkid.com/the-virtue-of-thrift-%e2%80%93-will-frugal-stay-hip-when-the-boom-is-back/comment-page-1#comment-10321 Kimberly Thu, 31 Jul 2008 13:49:06 +0000 http://www.debtkid.com/?p=623#comment-10321 I don't think that the changes people are making now will become permanently ingrained unless the current economic slump becomes much worse and lasts a long time. Think of a grandparent or someone else you know that grew up during the great depression. They are the ultimate frugal masters. My grandfather will spend hours trying to fix something he could replace for 3 dollars. My grandmother saves everything, and I mean EVERYTHING - butter tubs, worn-out aluminum foil and plastic bags, wrapping paper that has seen at least five christmases - because they might be useful someday. They're not poor by any stretch of the imagination, but having grown up during a time of extreme and protracted hardship still affects the way they think 70 years later. I really hope that the current economic downturn doesn't become anything approaching another great depression, and I doubt it will. Barring this, though, don't think people's behavior will change for the long term. I don’t think that the changes people are making now will become permanently ingrained unless the current economic slump becomes much worse and lasts a long time. Think of a grandparent or someone else you know that grew up during the great depression. They are the ultimate frugal masters. My grandfather will spend hours trying to fix something he could replace for 3 dollars. My grandmother saves everything, and I mean EVERYTHING – butter tubs, worn-out aluminum foil and plastic bags, wrapping paper that has seen at least five christmases – because they might be useful someday. They’re not poor by any stretch of the imagination, but having grown up during a time of extreme and protracted hardship still affects the way they think 70 years later. I really hope that the current economic downturn doesn’t become anything approaching another great depression, and I doubt it will. Barring this, though, don’t think people’s behavior will change for the long term.

]]> By: Smart Girl http://www.debtkid.com/the-virtue-of-thrift-%e2%80%93-will-frugal-stay-hip-when-the-boom-is-back/comment-page-1#comment-10320 Smart Girl Thu, 31 Jul 2008 03:19:56 +0000 http://www.debtkid.com/?p=623#comment-10320 When the economy turns, so will behavior for those who have not made living within their means and saving $$ part of their daily life. I'm 44 - I've seen the stock bust of 1987, the recession and real estate bust of the early 1990s, the tech growth and dot.com build-up of the late 1990s (which is when you can track the start of the RE market build up). Many people played it close to the vest during downturns, but then went on wild spending sprees during the "up times." What I've found is that it is the following: 1. Those friends/family who kept a solid financial course, earning and saving, have done the best - they managed to keep their jobs, save more than they spend, not go crazy with vacations or shopping for material "things" when times are good. 2. Those who are flexible and can quickly adjust their living practices to the current economic climate will weather through the bad times. They've lived within their means during down economic times, and while splurging during the good times, it never became excessive (i.e., $20,000 in credit card debt). 3. Those who can't economize during bad economic times will outspend (and not save) during the good times. These individuals will dig themselves in huge financial holes and continue to do so.... (they will live off of credit cards when they need to and later use the credit cards for splurges... continuing to increase their debt loads). Thrift or frugal living may seem to be a trend - but it is actually only human behavior responding to the current economic climate. When the economy turns, so will behavior for those who have not made living within their means and saving $$ part of their daily life.

I’m 44 – I’ve seen the stock bust of 1987, the recession and real estate bust of the early 1990s, the tech growth and dot.com build-up of the late 1990s (which is when you can track the start of the RE market build up). Many people played it close to the vest during downturns, but then went on wild spending sprees during the “up times.”

What I’ve found is that it is the following:

1. Those friends/family who kept a solid financial course, earning and saving, have done the best – they managed to keep their jobs, save more than they spend, not go crazy with vacations or shopping for material “things” when times are good.
2. Those who are flexible and can quickly adjust their living practices to the current economic climate will weather through the bad times. They’ve lived within their means during down economic times, and while splurging during the good times, it never became excessive (i.e., $20,000 in credit card debt).
3. Those who can’t economize during bad economic times will outspend (and not save) during the good times. These individuals will dig themselves in huge financial holes and continue to do so…. (they will live off of credit cards when they need to and later use the credit cards for splurges… continuing to increase their debt loads).

Thrift or frugal living may seem to be a trend – but it is actually only human behavior responding to the current economic climate.

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