No one would ever mistake me for an ultra frugal person. Most of my life if I saw something I wanted, I bought it (maybe not right away but soon). That is not to say I haven’t bought those things by looking for the best deal because I have. But someone who buys everything they want (ok that’s more than I did but not far off) is not someone truly out to save money.
The current economic situation has me concerned though. Kathy and I decided that spending time with our kids as they grow up was the most important thing. About 6 years ago, we looked at our finances and figured that if we watched our money closely we could make it work so that we both could be at home. The current economic situation means 1 of 2 things for us. One option would be to cut to the bone which drastically changes our lifestyle (I don’t mean to imply a poverty like lifestyle but any drastic change in one’s lifestyle is hard on individuals and families). The second option would be to have one or both of us go back to work which in most ways is also a drastic lifestyle change.
We are waiting a few more months to see how this settles out.
I have notices in my personal behavior though that I am starting to have some modicum of money discipline. I have noticed over the last 4 months or so that when I see something that looks useful, interesting, desirable that I look into it and research it a bit just like I always have. The difference though is that I ask myself the question is do I need it, truly need it. As more time passes, the answer is more and more often no and I close out all my research and forget it.
This behavior change is drastic.
My motivation is many fold. It includes that I’ve grown fond of how life is working for myself but the really big point is the effect that it would have on my family if I needed to change our lifestyle in a radical way (i.e. going back to work). My boys wouldn’t get to have me walk them to school. I probably wouldn’t be able to do projects with them like building skateboards. Many other impacts too numerous to mention too.
The market changes are starting to become smaller but I can’t tell if we are near the “bottom”. I know many people have things worse so I have a lot of empathy for them and hope for all of us that we start leveling out soon.