I am certain that many of you are completely turned off by the term cheapskate.
At first, I was too. But please hear me out. I had to come up with a term that implies
the complete opposite of a spendthrift, and I think cheapskate fits the bill.
Give it time--it will grow on you.
Let me explain what I mean by a cheapskate, and I think you'll agree
it's a positive label. A cheapskate:
- Does not spend more money that he/she earns, no matter how
desperate or tempting the situation might appear.
- Has a spirit of generosity, regularly sharing money, time, and
other resources with people in need.
- Lives honestly and ethically, regardless of the temptation to
do otherwise in order to get a better deal.
- Saves at least 10 percent of all income.
- Does not buy compulsively but makes intelligent and
well-thought-out choices.
- Lives within a financial plan that includes a margin to allow
for fun and spontaneity.
That's it! Nothing negative or shameful. Being a cheapskate
is honorable. You see, there is absolutely nothing wrong with having nice things or having
dreams and goals for achievement and success. But we get into trouble when we demand the
right to have things now by diving head-over-heels into debt through the improper
use of credit. We also create problems for ourselves when we allow money and material
possessions to dominate our thoughts and motivations.
A cheapskate, as I define it, is one who has a balanced,
honest, and dignified approach to money management.
Something else you must understand: There are two types of
cheapskates. First, there is the natural-born kind. This is a person who is naturally
thrifty and probably never bounced a check, made a compulsive purchase, or took on debt. I
am in awe of you natural-borns, and please let the rest of us learn from you.
Second, there are the converted cheapskates. This is the
category into which I -- and most people -- fall. Even though I was born into a thrifty
family and I grew up observing and living a frugal lifestyle, it did not
"stick." I must have been a natural-born spendthrift. But I am a living example
that a conversion is possible.
Cheapskates also have many different approaches. I do not
personally advocate a "bag lady" style. I don't collect cans along the beach or
go through industrial trash bins. But you should see me stretch a dollar at the grocery
store. I don't cram my philosophy down anyone's throat, and I don't impose my personal
style on family or friends. I like to think that I am a classy, dignified cheapskate.
For example, I would prefer one very nice outfit rather than
10 from the thrift store. I would live frugally 50 weeks of the year to allow for a nice
family vacation. I am more interested in finding new ways to save cash, cut medical/auto
insurance costs, open my own money market account with $100, or learning how to keep my
car in good repair for the least amount of money rather than saving egg cartons with hopes
of thinking up some meaningful use! The thought of buying a piece of income-producing
property is far more exciting to me than recycling aluminum foil. But that's just me.
Others have a different philosophy, and that's fine.
I am proud to be a cheapskate, and I'm excited to share this
way of life with you.
Mary Hunt, Editor-In-Cheap, Debt-Proof Living
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