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“Thrift” comes from the verb “prosper”. Thriving means prospering, growing vigorously, gaining wealth or possessions, progressing toward or achieving a goal despite or due to circumstances … “(Mirriam-Webster dictionary). Just as much as reducing or not spending money. It’s about being careful in your behavior so that you can achieve your goals, be happy, successful and prosperous and live your best life without unnecessary financial stress.
The three scarce resources
In life, there are three scarce resources that need thrifty management to achieve your goals, objectives, and dreams. And no, money is not one of those scarce resources, at least not directly.
Time, health and energy
These are the three resources that are finite in this life. You can only use them once. They are not renewable. So be careful how you spend them!
The thing about time, health, and energy is that you don’t know how much of each of these scarce resources is left. It is impossible to know how long you will live, how healthy you will be in your later years, and how much energy you will have. And all of these factors have a direct effect on the amount of money that you will be able to generate during your lifetime.
Money is time
People often say that time is money, but in reality the opposite is true. You trade your time, your health, and your energy to generate money that many people unnecessarily squander on things that they don’t really need and that often don’t even bring them much pleasure. Every time you make a spending decision, you commit to working more days, months, and years at a job that you may not even like to get your bank balance back to where it was before or to advance financially.
Selective spending
Given this, when you spend money on nonessential things, make sure the enjoyment of those things more than makes up for that extra time you will have to spend working on that day job. When you spend money, you are actually wasting your limited resources of time, health, and energy, which are diminishing. Just because that paycheck arrives at the end of each month doesn’t mean it’s going to last forever. Jobs come and go, you get old, sick and tired. And there will be a time when you will have to live only on what you have not spent and saved instead of spending next month’s paycheck. State pensions are unreliable at best and are kicking into action at an ever-increasing age: 65, 67, or even older by the time you get there.
Work ethic
Saving is closely related to the work ethic. Some historians tell us that Protestants in northern Europe in the sixteenth century developed a hard work ethic that benefits both you and society as a whole. The concept of savings went hand in hand with this. After all, if you are working hard for your money, there is no point in wasting it. There have been various arguments to the contrary as to where and when all of this really started, but for our purposes it is not important. The concept is still equally valid, wherever it comes from.
Right
The right mindset is almost the exact opposite of saving. The right is when we assume that we deserve things, but without having to work too hard to get them. In reality, just because we went to college or did well in school doesn’t mean we are entitled to a comfortable way of life with all the luxuries and conveniences of the 21st century. You might even say there are no rights if you don’t accept the responsibility of working hard to get them. Of course, I am speaking in the sense of material possessions, not clean and affordable drinking water or free education up to the age of 18, which I consider basic human rights.
Bad clothes
Every time you put a cigarette in your mouth, you drink too much, even exercise too much, you are wasting your health. Every time you spend a whole night watching trash on TV or even sleeping too much, you are wasting time that you could make better use of. And every time you waste energy on things that don’t give you true enjoyment, you are wasting the opportunity to use that energy on more important things.
conclusion
Richard Quest in his financial show on CNN always ends with the words: “And whatever you do, make sure it’s profitable.”
Have fun but be thrifty with your limited resources. Be selective in how you spend them, get the most for your money, and make them last as long as possible for the rainy day that is sure to come at some point or another.