The economy has everyone everywhere revising their spending habits. Doing what I talk about on this blog — cutting coupons, shopping around, stockpiling good deals — is becoming more mainstream as the economy continues to worsen.
But some people are taking it to new levels.
Everyone needs to draw their “frugality line” somewhere. For me, it’s one or two steps shy of what these people are doing. I’m not so sure I really want to still wear the maternity clothes I was in when I was pregnant this time last year. *Shudder*
But then I read this line:
“I do it [extreme frugality] out of fear because I would rather put that money in the bank or purchase something we really need,” said VanDeventer, who now saves about 50 percent of her take-home pay, up from 25 percent before the recession began more than a year ago.
This woman is saving 50% of her take-home pay! That’s insane — smart, but insane. I’m not sure it’s possible for most families to save quite that much of their income (the standard rule of thumb is 20%), but I applaud her efforts.
But as Trent says at The Simple Dollar, sometimes you can go too cheap. But you just need to know what’s important to you, and use that as a guideline for where to scrimp and where to splurge.
For me, it’s Starbucks coffee and as much organic food as we can afford. If that means my kids run around in used clothes for the rest of their lives, that’s OK with me.
What’s your limit? Where do you draw your frugality line?
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