This post is part two of a four-part series by SD Guy, the blogger behind StretchyDollar.com , a blog that focuses on the basics of personal finance and is geared towards those who don’t have much experience. StretchyDollar is geared towards a younger audience, and highlights frugal tips, financial books and tools, and the basics of wealth building. The blog is a great place for those starting their journey to financial independence.
In some ways, visiting my Grandma’s house is like stepping back in time. She’s lived in the same house for almost 50 years, and her house is full of great treasures. One of my favorite things about her house (for multiple reasons) is her old refrigerator. No one is exactly sure how old it is, but my mom recently assured me that my Grandma had the fridge before she married my dad, and that was 25 years ago. It looks quite a bit older, but is in great condition.
The fridge is so old, in fact, it’s cool because it’s ‘retro’. If you open the fridge, you can swing the shelves out, allowing easy access to whatever is stored in the back. The freezer is down below the fridge, and has plenty of room for ice cream and other treats. My Grandma has never felt the urge to upgrade, because she never needed to. She doesn’t need water and ice in her fridge door or see-through shelfs or nifty little butter containers on the door, she’s got a fridge.
Take Care of Your Possessions
This is the best way to ensure you’ll get a good return on your investment. If you take care of the things you own, you might find that they last quite a while. If you can fight off the desire to upgrade, to “keep up with” whomever you want to keep up with, you can easily find different ways to spend or save your money.
Buy Things You’ll Use
Obviously, you wouldn’t buy a fridge if you didn’t plan on using it. At least, I hope you wouldn’t. Some people though, buy things they’ll never use. Not only is it a waste of money, but it’s a waste of space. If you’re starting out on a new hobby or trying to learn a new skill, buy things used or see if someone will loan you the equipment you need. Nothing says wasted money like once-used golf clubs or a stack of old weights sitting in the garage collecting dust. If you borrow, rent, or purchase the equipment used, your initial investment is lower, and then you can save up for something really nice if you like your new found activity.
The Point: If you buy nice products and take care of the things you have, you can save money in maintenance and replacement costs. Learning to accept that the newest and the greatest isn’t always necessary will help you cut down on unnecessary expenses and save for things you really want and need!
This post is part of the “Use It Up, Wear It Out, Make It Do, or Do Without” Series
Part 1 – Bible Money Matters – “Use It Up”
Part 2 – The Dough Roller – “Wear It Out”
Part 3 – Pecuniarities – “Make It Do”
Part 4 – StretchyDollar – “or Do Without”
Thank you for reading!