Why being frugal in your 20's pay's off...



This is for the frugal 20 year old's...

I was reading this morning on the Globe and Mail the long term benefits of being frugal. Being frugal comes naturally to some (ahem my brother comes to mind), while others need help.

My favourite point in the article is the last one - #5 - rethink your spending. I think the daily coffee can wreak havoc in many people's budgets without even knowing it (the latte effect). If you are friends with people who spend money on entertainment (whether they can afford it or not), it will be harder for you to resist.

Rethink your spending is a call to action -- look at your life and assess what your long term goals are. Where do you really want to be financially? If your goals and your spending habits don't add up there are a few things that need to change. It might mean a budget, or it might mean cutting back in a few areas. Only you will know. In my business I have seen and continue to see the long term benefits. Investors with good savings habits grow their portfolios and tend to have less stress (just an observation not a fact). So start saving ya'll and if you think frugal is an ugly word try some of these: spartan, abstemious, canny, careful, chary, conserving, discreet, meager, meticulous, mingy, parsimonious, penny-wise, preserving, provident, prudent, sparing, thrifty, tightwad, and unwasteful.

To success!
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