{"id":3839,"date":"2009-05-04T05:00:34","date_gmt":"2009-05-04T12:00:34","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/?p=3839"},"modified":"2020-12-12T21:58:22","modified_gmt":"2020-12-13T05:58:22","slug":"the-new-age-of-thrift","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/the-new-age-of-thrift\/","title":{"rendered":"The new age of thrift"},"content":{"rendered":"

Over the past few months, the mainstream media has been filled with stories about the New Frugals and the return to thrift. People who once lived beyond their means, financing their lifestyle with debt, have “found religion”. They’ve begun to embrace frugality, and have discovered the joy that can come through spending less.<\/p>\n

The New Age of Thrift
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Not everyone is happy about this. The March issue of Redbook<\/i> contained an article called “The Upside of Living on Less”, which profiled how four women are coping with the recession. The story prompted the following letter to the editor in the May issue:<\/p>\n

While I love Redbook, something in your article “The Upside of Living on Less” rubbed me the wrong way. When describing the economic crunch, after rightfully blaming the banks and consumers who were charging more than they should have, the author wrote “Basically, we’d all been spending way more than we could afford.” I don’t appreciate being in the same category as overspenders. I am frugal with every cent, and I use every item to its utmost capacity simply because I don’t believe in waste of any kind. I always will be like that, regardless of the economy. Even though we’re all in this together, not everybody contributed to the country’s financial mess. \u2014 Darcy Bailey, Mount Holly NC<\/p><\/blockquote>\n

I’ve heard similar sentiments from GRS readers \u2014 and from my wife. To a degree, I sympathize. None of us wants to pay for the mistakes of others. When people make poor choices, they ought to face the consequences.<\/p>\n

Still, I’m happy to see so many people discovering frugality.<\/b> It’s an opportunity for us to spread the gospel of thrift. I don’t think it’s productive to spend time judging people for their past mistakes. If someone has a sincere desire to change, then I’m happy to help them do so. If these New Frugals possess the zeal of recent converts, perhaps they’ll spread the word to their friends and family, and maybe we will<\/i> see a fundamental shift in American values. I believe that this country needs more frugality, not less.<\/p>\n

Those with long-time habits of thrift should relish the current economic climate. Our smart choices will help us to weather the storm. Meanwhile, we should be glad to share what we know with others. The more people we can welcome to this way of life, the more likely it is to stick, to become a permanent part of our culture.<\/p>\n

<\/span>Gleefully Frugal<\/span><\/h2>\n

A recent New York Times<\/i> article<\/a> explores this notion. Matt Richtel writes:<\/p>\n

Millions of Americans have trimmed expenses because they have had their jobs or hours cut, or fear they will. But a subset of savers are reducing costs not just with purpose, but with relish. These are the gleefully frugal…The gleefully frugal happily seek new ways to economize and take pride in outsaving the Joneses.<\/p><\/blockquote>\n

One of the “gleefully frugal” profiled in Richtel’s article is GRS-reader Katy Wolk-Stanley<\/a>, who writes a blog called The Non-Consumer Advocate<\/b><\/a>. Katy’s goal is to help people learn to live on as little income as possible. She follows some familiar frugal practices (like hanging clothes to dry), and she tries to buy nothing new \u2014 except for underwear. I asked Katy how she feels about the New Frugals.<\/p>\n

\"\"“I am<\/i> seeing a profound increase of interest in frugality, which I welcome with open arms,” she told me. “Very few of us have exercised complete financial responsibility<\/a> from day one, and sometimes it does take hitting rock bottom before we embrace change. Frugality is not just for the chosen few, but for anyone who wants to take control of their lives.<\/b> Just because a person has been frugal for years doesn’t mean they’re more deserving of kudos than someone whose frugal journey just started.<\/p>\n

Katy made an interesting observation: “I’ve noticed that the mainstays of my frugal life have increased in popularity. The library lines are longer and the thrift stores are consistently busy, but I don’t resent this. I’m happy to share my non-consumer tricks with whoever is looking to ratchet down their lifestyle. Frugality is for everyone.”<\/p>\n

She also pointed to a piece over at The Frugal Girl about the “unriveting story”<\/a> of a woman who was always frugal and never got into debt.<\/p>\n

<\/span>Why Thrift Matters<\/span><\/h2>\n

Now that we’re about a year into this recession, we’ve had time to see how people are responding. Honestly, I’ve begun to suspect that there won’t be a permanent shift in American values. I wish our culture would embrace frugality and the do-it-yourself economy, but I don’t think it’s going to happen \u2014 not on a large scale. But I do expect that some<\/i> people will change for good, and that many people will at least try their hand at thrifty things like:<\/p>\n