I ran across this article from CNBC discussing 7 Frugal Habits a self-made millionaire kept after becoming rich. I went through the list and I can honestly say I had similar habits but I dumped them all and I will tell you why.
1. I buy the least expensive cuts of meat
Bernadette Joy buys the least expensive cuts of meat. No thanks. I guess I’m on the opposite end of the spectrum buying premium cuts of A5 marbled beef from Japan, complete with the serial number and certificate.
Why? $0.39 cent tacos sold at Taco Bell were a key staple of my college days. I ate there almost every day knowing that the grand total would never be more than $3.00. It’s been 25 years and I still remember the cost and taste of those Taco Bell tacos and I have no intention of ever eating those things again. I studied hard and made it and now I think I deserve some tasty beef.
2. I save my hotel room vanity kits
Been there done that but no more. Until I became wealthier I collected the free stuff from hotels too but the problem with this is that things eventually leak if not sealed properly, it creates a bunch of clutter, and I am always concerned/paranoid that some sicko tampers with these kits and contaminates them somehow. It’s not worth it at this point to save a few dollars to risk getting some infection or deal with cleaning up a mess or dealing with clutter.
3. I repurpose my takeout food containers
Not for me and if I did it in college I have long since forgotten about it. The more containers you collect the more junk will accumulate over time in them. Case in point, in my garage I have a very nice tool chest but it’s filled mostly with junk containers. There are left over screws from hundreds of things put together over time or from various pet projects. At some point, I plan on cleaning out the garage and dumping most of that stuff.
4. I use every drop of my favorite beauty products
Every product except salt has an expiration and it’s with good reason. Over time bacteria, fungus, or bugs will have their run on most products and it’s not worth it to get an infection that may cost thousands of dollars to save a few bucks on expired consumer products.
5. I look at the menu prices before I choose my order
I don’t eat out much because I order high end cuts of meat that are far better than anything any restaurant sells. I know how to carefully prepare my Wagyu beef and other dishes and I can control the level of salt, sugar, butter, and other ingredients. When I do go out, I simply order what I want regardless of what it cost because it’s usually a dish that is too time consuming to make at home so I just indulge, that’s the point of restaurants.
6. I preserve high-quality shopping bags
No, this leads to clutter. Clutter leads to roaches, ants, fungus, and other things I don’t want in my home.
7. I wear free T-shirts to the gym
My gym, office and dining is mostly at home since I work at home so this doesn’t really apply but the one thing I do with old T-shirts is turn them into rags to clean the house with usually by ripping or cutting them but lately shop towels are so cheap that I just donate the T-shirts when I don’t wan them anymore.
Conclusion
I think long term all it will take is a nasty infection or illness for people to change their minds about re-using a lot of stuff on this list. The Covid pandemic should have enlightened everyone but I guess it will take the next pandemic for people to learn. I am working on a series of posts around Risk Management and this post has reminded me that there are many angles I need to cover.
Share The Wealth
Are you still frugal after “making it” in life? If so what frugal habit did you keep or dump? Let me know in the comments.