In a spendthrift world

In an atmosphere of iPhones, iPads and iWant-everything-new attitude, we can't help but succumb to peer pressure and the need to be "updated". So we spend our hard-earned peso or swipe cheerily away to get that latest gadget to keep our coolness vibe going on.

Fast forward to next month, your credit card bill arrives. GASP. FAINT. HIDE. 

Sounds all too familiar? We have all been there, or is still there.


When these regrettable moments come, frugality needs to take over our lifestyle of excess and instant gratification. 

According to Wikipedia,"Frugality is the quality of being frugal, sparing, thrifty, prudent or economical in the use of consumable resources such as food, time, or money and avoiding waste, lavishness or extravagance."  


The inevitable solution: Let's be our own CFOs! Chief Frugality Officer.

Some may consider this label as a romanticized version of the term "cheapskate" but i see it rather as a more responsible and conscious effort of knowing where every hundred peso was spent on. ( centavos don't matter anymore does it? Or as a CFO myself, it does! Keep it for those household spending like for water, )
tips etc.)

It's interesting, sometimes we think we're frugal enough. But if you find yourself checking whatever happened to the cash in your wallet, after just one no-occasion afternoon in the mall....you need more frugality in your life. To save up for a more luxurious trip, for that one luxury bag of choice, for your son's college fund, another investment option or whatever your "responsible" side should be aiming for.

Are you a CFO wannabe? Heed these practical advice, as possible wake-uppers:

• List down your financial goals. Be specific and read it everyday. Make it an outrageous amount. This is great motivation to earn more and find ways to earn it. It helps you be conscious about why you spend and what for. 
• Analyze your weekly income/expense. Find that balance and know where to cut back on. I find it useful to spend on business meetings more than the social gimmicks. It makes gimmick nights more special too.
• If it's not an urgent need now, don't buy it. Stop justifying to your friends the new bag you bought. You could do much more with that money or just keep it. in your bank.
• Do not gadget-all-you-want. Investing on technology for business use is good for business. But if you're investing on every new iPhone version just to not be ridiculed, is just plain silly. Use your money wisely. The techie schmucks are laughing all the way to the bank. Hope you are too.
• Drink all-out once or twice a week. You'd be surprised how much you spend on night outs, if you do it 5x a week. Believe me, I've been there. Be social at home, stock up on your alcoholic beverage of choice and invite friends over.
• Plan your trip to the mall. Mapping out an itinerary to the mall and verbalizing it helps you allot a budget for that trip and set expectations with people you're with, without being sidetracked. Example: "Lunch. Movie. Ice cream. Go home." This is important when you're with kids especially, it's easy to get lured to buying toys on a whim. Set their expectations straight. (i.e. "No we are not going to buy another beyblade" or "Yes you may buy something worth P300 only")
• Buy everything at the grocery, except veggies. If you're not a vegetarian follow this advice. Remember those leafy greens left out to rot? Or the dried out eggplant? Buy veggies by the corner vendor or market. Plus it's fresher that way.
• Simplify your wardobe. Find a style that fits you and stick to it. Better yet, shortlist the stores you frequent. This avoids shopping on impulse. Accessorize when you can, to pimp up your look.

There's so many aspects on being happily frugal. But hopefully this whacked you into your reality for good measure. CFOs need a lot of training and discipline. Once you get the financial drift, you'll get hooked to it.

It pays to enjoy life, within your means. Especially when you have those greatest goals in your mindset.

"Happy frugality". There's a nice ring to it.