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Living For The Moment – Not Spending It

By Frugaling 18 Comments

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There are constant pressures to spend – especially as a twentysomething. Marketing companies have perfected the appeal to youthfulness and adventure. And sometimes people get trapped in façades of the “good life.” They buy expensive cocktails, go to clubs, and spend til the only thing that’s dry is their wallet.

I’d be lying if I said that doesn’t sound fun from time to time. It’s a blast getting to hang out with friends, blow off some steam, and recognize that life is finite. Let’s have fun when we can and spend in the moment. For a few moments we can pretend like the financial pressures of student loans, income inequality, and variable credit debt don’t exist. When we swipe, the worries disappear.

Why am I talking about spending like there’s no tomorrow? Because two days ago I read something that shocked my senses. An Elite Daily author, Lauren Martin, wrote an article entitled, “If you have savings in your 20s, you’re doing something wrong.”

The entire foundation was on the premise of partying hard, networking, and enjoying life when you can. Instead of saving money or contributing to a 401k, Ms. Martin advocated for being on the edge and nearly penniless.

She explained that you needn’t worry about saving at this time because later in life you’ll be making more. With great simplicity, a friend of Lauren’s says, “Don’t save money. Make more money.” From then on, she’s awakened to the idea that buying expensive items is her right and obligation. When she turns 40 and looks back on her twenties, she feels confident that it will all be money well spent.

Her article wraps up with 7 of the most egregious statements I’ve read about finances:

  1. “When you’re too worried about your bank statement, you’re not making your own.”
  2. “When you’re saving for yourself, you’re refusing to bet on yourself.”
  3. “When you have something to bank on, you have nothing to reach for.”
  4. “When you live your life by numbers, you strip yourself of poetry.”
  5. “When you die, you can’t take your money with you.”
  6. “When you deprive yourself, you don’t learn how to TREAT YO SELF.”
  7. “When you care about your 401k, your like is just a ‘k.’”

Giving Lauren the benefit of the doubt, her words can almost be read as aspirational and inspirational. You might think, “Yes, I’m going to live it up while I can and make a name for myself. I’m going to show everyone who I am. Watch out world!” But read them again, and you’ll begin to notice privilege, ignorance, selfishness, and myopia.

Perhaps most egregious of all her recommendations is the age-old line, “When you die, you can’t take your money with you.” The adage is right, when you’re dead, you’re all dead. Unfortunately, this author is missing many of the reasonable reasons to save. By socking away cash when you’re young, you’ll be better prepared for uncertain medical complications, job loss, and anything life throws at you. But even more, death brings an opportunity to give back. I intend to give what I can to charities and offer the rest to family. If, instead, I spent it all on drinks in my twenties, I’d have nothing for either.

The second line I want to focus in on is, “When you’re too worried about your bank statement, you’re not making your own.” Presumably, Lauren’s suggesting you must spend money to make a name for yourself. Whether it’s the expensive clothing she purchases or fanciful “networking” opportunities at restaurants, she seems to know how to make her own statement.

But making a statement is complex in a society bombarded with advertising. Being unique requires constant reanalysis of culture. To be countercultural and your own person is actually difficult when certain brands aim to sell to that exact demographic. The good news is that statements needn’t cost anything. I can make a statement by saving, and that might be the most powerful of all.

The Internet is vast and diverse. Finding voices that encourage wanton spending is easy. What took me by alarm and spurred a response was two-fold. First, the article was published on a fairly popular news and opinion website. Second, the article had been shared over 35,000 times in two days. Lauren hit on the pulse of a large group of twentysomethings. Her article explicitly supported spendthrift ways. Anyone that needed an excuse to empty their wallets could find solace in her words.

We’re constantly at a precipice between spending and saving. Each day we are confronted with this choice. We can spend our savings away in a flash of 20s, or save for the many moments that life brings. To break away from the herd mentality and save can be challenging, but the choice is ours.

Filed Under: Save Money Tagged With: advertising, death, herd mentality, Income, Life, Marketing, Millennials, money, Save Money, saving, Work, YOLO

YOLO For 80 Years!

By Frugaling 3 Comments

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There’s a conundrum that we all face as humans: we are born and must die. For many of us, that’s the most frightening thing imaginable. It stops us in our tracks, and we can’t cogently plan for the future. We are literally scared into avoiding death because death is scary. The irony!

The cyclical loop of fear allows our minds to run wild and appreciate only these few moments right now. We don’t know how many more we’ll have. But unfortunately, that tends to come with some significant financial consequences. The attitude can quickly become: charge it now and worry later; heck, you might die before you have to pay it back.

Because death is an unknown – we don’t know until it’s too late – many try to appreciate only the present moment. The Millennial generation, with the help of popular musician, Drake, have a helpful acronym that’s all about living in the now: YOLO. The vowel-laden term stands for, You Only Live Once. In that spirit, we are tasked with spending, eating, and drinking to enjoy the moments we do have. The hope is that when death comes knockin’, we lived our lives to the fullest. Nobody wants to die without living it up.

YOLO has inspired countless teens and 20-somethings to travel the world, and eschew traditional day jobs. And who can blame them? Countless generations before them searched and scoured the world for self-discovery, too! Life seems short, might as well enjoy it, right?

What seems absent from these aspirational lives and depictions is the reality that for most people, life expectancy is about 80 years. Most of my grandparents lived well into their 80s and 90s. That means that while we are trying to live life to the fullest by spending our way into blissful oblivion, we seem to be discounting the fact that humans tend to live long lives. Really LONG lives.

A lot can be done in 80 years, and it needn’t all occur at 18, 19, and 20. In fact, it’s rather depressing thinking the only time to travel and party like a rockstar is at such a young age. Life is full of adventure and opportunity – it doesn’t end at 30, 40, or 50.

YOLO isn’t inherently a bad term, but it’s important to remember that we have 80 years to do it. And if we have 80 years to YOLO all over the place, shouldn’t we plan beyond this one moment? We compete with unknown variables of death, desire, and saving for a long future. Evolutionarily, we have come to appreciate the present moment to procreate and build foundations for progeny.

While these archaic evolutionary bases of behavior affect our behaviors today, our society has changed significantly. We no longer deal with daily threats. Most of us aren’t running from lions, tigers, and bears – oh my!

Regardless of these competing demands – one for YOLOing and the other for living well into old age – there’s an emotion we all seek: spontaneity. Sustainable, life-long adventure requires healthy budgeting and savings. To take that random road trip, we must save and stop spending on credit. This choice necessitates a reinvention of spending habits. YOLO cannot become yet another excuse to party lavishly and become a gluttonous individual. Millennials and people everywhere have an opportunity to better themselves and the world around them. But they can’t do it while swimming in toxic debt.

Filed Under: Save Money Tagged With: Aging, death, debt, Frugal, Life, life expectancy, Millennials, saving, YOLO, Youth

Frugal Articles of the Week

By Frugaling 2 Comments

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Every week I like to feature a few frugal articles that caught my eyes. Curl up in your favorite reading nook and enjoy. Hopefully these encourage you to live frugal lives!

The Stock Market Is No Place for Millennials by Eric Roberge
This article has one of the most controversial headlines, but a more subtle message. Time Magazine and its author, Eric Roberge, highlight a few reasons why the stock market can be unkind to Millennials. But the rules and lessons apply across generations: wait to invest until you have more money. Interesting argument, as media has repeatedly noted that the Millennials are not making much money.

Would You Be Content With Just Enough? by Michelle
Michelle blogs over at Fit is the New Poor, and I must say I’m a big fan of her work. Recently, she wrote about contentedness on her site. It’s a must read for anyone who’s struggling to feel like “enough.”

How Much Of My Income Should I Spend On Housing? by Stefanie O’Connell
Stefanie introduces to one of the oldest personal finance rules: keep housing costs to around 1/4 to 1/3 of your monthly budget. That means that if you make $1500, you shouldn’t spend more than $500 per month on rent. But something different happens in big cities. You can begin to save in other areas, as the rent escalates. Stefanie does a fantastic job outlining why you need to look beyond basic rent costs.

How Big Food Brands Are Boosting Profits By Targeting The Poor by Roberto Ferdman
This week’s roundup of articles includes a nasty one. Turns out big-name brands are packaging their materials in smaller containers and selling them at dollar stores nationwide. Unfortunately, there’s a big catch: dollar per ounce, it’s a fortune. This tactic is pretty nasty, and the poorest members of society are hurt worst.

Have a wonderful Valentine’s Day!

Filed Under: Save Money Tagged With: articles, Food, Frugal, housing, Income, Millennials, poverty, Stock Market, week

Frugal Articles of the Week

By Frugaling Leave a Comment

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Today I wanted to feature a few frugal articles that caught my eye this week. Curl up in your favorite reading nook and enjoy. Hopefully these encourage you to live frugal lives!

The Cheapest Generation by Derek Thompson and Jordan Weissmann
While this article was actually published a couple years ago in The Atlantic, I just recently read it. It catalogues the many challenges that major companies are facing from Millennials. Companies like Ford are getting desperate, as the latest generation refuses to buy cars at the rate of their parents. While a clever title — “The Cheapest Generation” — I found it to be inherently pessimistic. Instead of being the cheapest, Millennials could be considered the most “green,” “eco-friendly,” “budget-conscious,” and more.

Flowchart: Should I buy this? by Callie Enlow
Good Magazine has been a leader in publishing articles about environmental, political, and socioeconomic issues. In this latest feature, Callie Enlow created a flowchart to show readers what they should and shouldn’t buy — to provide a roadmap. It’s worth your time, especially during the holiday season.

A Big Safety Net and Strong Job Market Can Coexist. Just Ask Scandinavia. by Neil Irwin
Here’s a politically controversial topic that looks at the high-tax Scandinavian countries. In America, we tend to assume that the more capitalist our economy is, the better we all perform. In reality, the evidence regarding these “free market” principles can be somewhat dubious. Neil Irwin masterfully presents a basic thesis: high-tax countries actually have lower unemployment rates.

The Opportunity Cost of Parents Leaving Their Village by Femme Frugality
Femme Frugality is an inspiring author and parent, who talks honestly about family dynamics and home life in her latest article. Femme provides insight into the pressures put on families — financially and psychologically. Despite these pressures, she emphasizes the powerful opportunity for collective action and shared help. It’s worth a read!

Filed Under: Save Money Tagged With: articles, collectivism, Frugal, Millennials, socialism

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