This week I'm meeting with a lunch group who invited me to talk about "frugalness." So I've drafted this questionnaire of Markers You Will Find Along the Road to Financial Freedom.
It's funny how you (well, me, that is) can be so inspired to take steps for good changes in your own life, when your initial plan was to teach what you know to others. I'm compelled to set to work on these: don't keep two of anything when one will do just fine; stop wasting food and letting it spoil in the fridge; sort closets (spring cleaning time!) and give away overage.
Offer your own tip and I'll share it with the group this week.
DO
Yes No
__ __ Pay bills on time
__ __ Have bank, credit card, other statements neatly filed
__ __ Have checking account in balance
__ __ Save all credit card receipts until the end of the
month
__ __ Check credit card receipts against statements
__ __ Keep tax info neatly filed
__ __ Have plan to pay off credit card debt
__ __ Spend less than earn
__ __ Pay back money I borrow
__ __ Give money and things away; (generosity: the big
secret to financial freedom)
__ __ Give away overage of “stuff,” sell on eBay or
consignment
__ __ Have appropriate insurance
__ __ Save a portion of my earnings
__ __ Shop consignment stores, buy used
__ __ Treat myself to an occasional planned small luxury
__ __ Have a job I enjoy, at which I earn fair pay
__ __ Read an occasional finance or business column
__ __ Set up auto payment for utilities / rent
__ __ Have my jewelry sorted, repaired or given away
__ __ Wear out socks, shoes, underwear before buying all new
__ __ Plan ahead for giving gifts (avoid all last-minute
shopping)
__ __ When buying new, always get rid of the item you’re
replacing
__ __ Sort closets, bookshelves on a semi-regular basis
__ __ Monetize my time and skills (how can I earn extra
money?)
__ __ Cancel catalogs / clear my mailbox
__ __ Shop with a grocery list
__ __ Wait three days before buying something I really don’t
need, but think I want
__ __ Have a record / spreadsheet of my assets and net worth
__ __ Talk openly and often about finances with my spouse
__ __ Teach my children basic money management practices
__
__ Swap services with
friends and neighbors
__ __ Love myself more than all the money in the world
__ __ Know and meditate on what is true about me
DON’T
__ __ Use ATMs that charge fees
__ __ Waste food and regularly throw spoiled food out of the fridge
__ __ Waste food and regularly throw spoiled food out of the fridge
__ __ Pay credit card interest and/or late fees
__ __ Buy lottery tickets
__ __ Buy stuff because it’s “such a good deal”
__ __ Buy an investment I don’t understand
__ __ Keep worn, torn or unused clothing
__ __ Keep two of anything of which I only need one
(shampoo, cosmetics, tools)
__ __ Hoard anything
__ __ Use a storage locker for anything
__ __ Shop in convenience stores (inconvenient for your
wallet)
__ __ Go into stores just to “look” and shop just for “fun” (tip:
go to the park instead)
__ __ Feel badly about what my neighbor/ friends have that I
don’t
__ __ Make impulsive purchases (unless really tiny and very
rare)
__ __ Use money as a weapon, leverage or bribery in a
relationship
__ __ Lend money to family or friends and count on it being returned
__ __ Lend money to family or friends and count on it being returned