Comments on: Big Wins Compared To Daily Frugality Basics

By: Studenomist

Studenomist — Mon, 19 Oct 2009 19:01:53 +0000

@Bret Bite your tongue? I wish I knew how to do that more often. I definitely agree with your points, but think about this. Earning an income has a limit just as does saving money. There is so much money you can save before you plateau and simply need to start earning more. There is also so much you can earn before you run out of time in a day. That is why it is crucial to find a perfect balance of earning money, saving money (big vs small), and enjoying life. Just my take,

By: Bret

Bret — Mon, 19 Oct 2009 18:33:43 +0000

My financial life has been an evolution from Frugalist to Big Winner. And, although they both have their place and I continue to be frugal; the Big Win has made a much greater positive impact on my finances. Focusing on income has also yielded a greater return for my time and energy, than being frugal. That being said, you have to actually save and invest the extra money for it to pay off with either method.

I think where the “Latte Factor” comes into play, is where people aren’t saving at all and are just wasting all of their money. I can’t tell you how many times people have told me they can’t afford to save any money, but they are eating out, drinking at bars, smoking cigarettes and frequenting Starbucks. I just have to bite my tongue and hope they learn.

By: Carnival of Personal Finance Edition #227 | Fabulously Broke in the City

Carnival of Personal Finance Edition #227 | Fabulously Broke in the City — Mon, 19 Oct 2009 05:03:47 +0000

[...] to help me out (Bargaineering), and with no sense of how to manage my money properly which includes the big wins compared to daily frugality basics (Studenomics), or even knowing what the heck credit monitoring for my credit report even meant (The [...]

By: Studenomist

Studenomist — Sat, 17 Oct 2009 17:53:39 +0000

@FB Thanks for your thoughts. Both strategies will get you ahead financially. Instead of trying to insult the other strategy, why not give both a try to see which makes you happier? Not everyone is content with saving money on generic products or by traveling less. That’s okay. Don’t judge someone for how they choose to save their money.

By: FB @ FabulouslyBroke.com

FB @ FabulouslyBroke.com — Sat, 17 Oct 2009 16:31:04 +0000

Both are strategies to get ahead.

Why not use the two to your advantage? Doesn’t make any sense to just focus on one or the other.

Like you said, it’s a mindset that should just carry you through the day when you think about your big wins or not buying a lunch when you’ve already packed your own sandwich.

By: Frank Frugal

Frank Frugal — Mon, 12 Oct 2009 21:28:01 +0000

Focusing on one to the exclusion of the other can cancel out your results. I could save $2,000 from small changes, then spend it on something big. Or I could save $2,000 on something big, then spend it on daily small items. Or I could do both, and end up with $4,000 in the bank. Now I have true freedom for what’s really important to me. Instead of canceling one with the other, why not multiply?

Small changes and big wins are two sides of the same coin. The goal is to avoid spending money on things that don’t matter to you (both small and large), so that you have the freedom to afford the things that are truly important to you (again, both small and large).

Thanks for a good post!