7 Frugal Habits I’ve Learned From My Parents

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Growing up in Haiti, I did not have the luxury that I have today in the States. I never questioned the ways my parents would do things because many habits were normal to me.

I didn’t know much about personal finance beside saving your money and let it accumulate by repeating the process. Today, I came to understand many of these habits were long term pocket saving lessons.

Here are the 7 frugal habits I’ve learned from my parents and save me money today:

CREDIT CARD IS YOUR WORST ENNEMY

If there’s one thing to take seriously is these innocent looking pieces of plastic with endless possibilities to buy anything you want. Credit cards can be a savior or it can slowly destroy you.

Mom was the financial advisor of the family, my dad was the live day-to-day type of person. It was like living the Rich Dad Poor Dad story only in my case it was the “Rich Mom Poor Dad”. The horrific stories I got to hear about credit cards got me into the habit of ripping all offers as soon I got them in the mail.

To start building my credit and to keep me in good standard my mom decided to add me as an authorized user. And, I’ll never forget that long lecture we had before she handed me my first plastic card.

Lesson: Do not look at credit cards as your personal piggy bank. Only use it for emergency purposes.

COOK YOUR OWN MEAL

There are many advantages in cooking and prepping your own meal. You get to shop for better food, get the family involved and feel much better at the end. Many will eat out everyday some will have a heavy breakfast and lunch and call it a day.

Unlike my parents they were never fans of exploring restaurants every weekend. Fridays were the only day mom would not cook and bring something from the outside. On Sundays, she’ll cook for the next two days.

Lesson learn: Cook your own meal and save hundreds yearly.

AVOID CLUTTER

Your environment has a lot to do with your personality. As they say If you surround yourself with the right crowd; you’ll see your productivity go up. My parents will use the same logic yearly, if you have not used something for an entire year for them it was nothing by clutter. You had three choices:

1) Give it away

2) Sell it

3) Toss it

Lesson learn: Stop spending on things you don’t need.

BUY QUALITY INSTEAD OF QUANTITY

My dad is a big fan of cars and high-end watches; he will always have that one expensive reliable car that he’ll purchase used and drive it to it’s grave and that one high end jewelry watch he will purchase once every five years. He’s not the type to buy a lot of the same item. He’ll content himself with a great car and great watch for years.

Lesson learn: Having multiples of the same item doesn’t make you look better than the guy next to you. But having a quality item and avoiding buying the same item can make a big difference.

LIVE BELOW YOUR MEANS

Dad taught me the importance of working in your own car project. Why pay a mechanic when you can do your own research, study the project and do it yourself. You don’t only save money but it is the sense of accomplishment you get out of it.

My parents will shop in discounted clothing stores; I’ve never seen them shopping in a name brand store. I remember asking them why and they said they believe it was a form of marketing trend, no one will be able to tell anyways once it’s on you.

Lesson learned: Avoid paying full price for anything, instead look around for some good deals and get the best value for your buck.

DO NOT GAMBLE

Any sort of gambling was technically unacceptable in the house even if it was a small bet between family. My parents would rather see me spend money on my photography gadgets then to see me buying a lottery ticket

For my parents there is a better risk to take with your money like investing in a business or starting a new project. Gambling in their point of view was nothing but flushing your money down the drain.

Lesson learned: Every time you have an urge to gamble put it toward some sort of investment.

THINK FOR LONG-TERM

Living frugally doesn’t mean you’re not living your best life to the contrary of what many think you’re actually living humbly with what you have. Before spending money on something, it’s best to ask yourself will you need this in the long-term or this is simply a short-term choice.

Lesson learn: Sacrifice some short-term benefits today for long-term gains, your future self will thank you.

CONCLUSION

Clearly, if you are committed to success and happiness, habits can save you a lot of money in the long-term. Habits can be used as tools to make your life easier by automating your progress towards a specific goal.

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