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Is It Possible To Be Too Frugal?

There is nothing wrong with being frugal, at least to a point, but is there ever a time when people can go just a little too far in trying to save their pennies?

When I was a university student I was extremely frugal. I only took the bus when absolutely necessary and whenever possible I would ride my bike or walk to my destinations. I bought the bare minimum food that I needed and always bought the cheapest of everything. I bought my clothes at thrift stores when I had to, but seldom bought anything for myself other than absolute necessities. My goal was to reduce the amount of student loans I would need. My lifestyle paid off, but some people might consider my style as too frugal.

May 18, 2010

General

Pennysaverblog 100 Day Challenge Update 4

There are 42 days left of my 100-Day Challenge, and it definitely is a real challenge for me right now. I have been struggling to make exercising a priority as it was never really a top priority for me before. Nevertheless, most days I have still managed to get at least 15 minutes of exercise. The odd day that I miss I try to make up for on the other days by doing at least 30 minutes or more of exercise. I do feel a bit like a failure, though, when it comes to the exercise piece of my challenge.

So far I have managed to keep within my $100 entertainment budget. Since the last update I spent $5.00 on ice cream while hanging out with a friend. So that means I still have $55 remaining. I have discovered that it is not easy to stick within this small budget for such a long period of time. I hope I can stick to it.

May 12, 2010

General

Do You Want To Retire?

There’s so much talk today about the importance of saving for retirement. But just what does retirement mean to you? What do you want to do when you retire? Or do you even want to retire?

These are important questions to ask yourself before you build a strategy for saving for your retirement. If you aren’t planning on living extravagantly, traveling the world, or having expensive hobbies, you won’t need to save as much as those who do have big plans.

While some people are content to stay home and take life easy, others are preparing to be more active when they retire than they have been during their working years. Others don’t ever plan on retiring because they are passionate about their work and can’t imagine that life could go on if they were to ever quit.

May 10, 2010

General

Do Men And Women Handle Money Differently?

I’ve been reading a very interesting book about understanding the differences between men and women called Men Are Like Waffles Women Are Like Spaghetti by Bill and Pam Farrel. Although it doesn’t focus too much on men and women’s differences when handling money, there are a few things the authors mentioned that caught my attention that I thought I would share:

“A man will pay $2 for a $1 item he wants.

A woman will pay $1 for a $2 item she doesn’t want.”

Another illustration the authors provide compares when men and women eat out with their friends:

“When the bill arrives, Mike, Charlie, Bob, and John will each throw in $20, even though it’s only for $22.50. None of them will have anything smaller, and none will actually admit they want change back. When the girls get their bill, out come the pocket calculators.”

April 30, 2010

General

Pennysaverblog 100 Day Challenge Update 3

There are 58 days remaining for my 100-Day Challenge. I have been doing pretty well, considering the weather is getting beautiful, and my motivation to keep entertainment spending at bay is more difficult now that I am more prone to want to go out. I have discovered that it is a lot easier to save money during the winter when all I want to do after work is go home and stay warm.

Exercising for 15 minutes a day has been really good for me so far. I make a point to go for a walk, a bike ride, or just exercise inside for at least 15 minutes and it seems to be making a difference. I still feel really out of shape, but I think if I persist with regular exercise, even after this challenge is over, I will not regret it.

April 26, 2010

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