Benjamin Franklin was known for his sayings and practices that allowed him a life full of opportunity and experiences. There is much we can learn from Franklin’s example. He was a man who believed in hard work, diligence, contentment, and charity. There are many quotes of his available that instruct us on how an individual should conduct his or her financial affairs. Franklin was a proponent of frugality. This trait has made his words last in history.
Franklin has been credited with the following saying: “Buy what thou hast no need of, and before long thou shall sell thy necessities.” This is a sound statement that works off of the basic balancing principle of living within your means. There are things in our life that are considered to be necessities to sustain life. It is these things that we should aim to attain before anything else. If we foolishly spend our paychecks on frivolities, such as vacations or dinners out, we will soon find ourselves struggling to pay the mortgage or stock the pantry.
Another quote credited to Ben Franklin goes as follows: “a penny saved is a penny earned.” This follows the principle of preparing for the future. This is an essential part of frugal living. A frugal person recognizes the uncertainty of the future and the value of having an emergency fund for unforeseen expenses. This eliminates the additional stress of exhausted finances when these unfortunate events occur. The idea of saving instead of spending is very unpopular in our society, but without this principle being practiced by our ancestors, we would have nothing of our own. When our country experienced great financial distress in the 1930s, the value of life’s essentials was realized. Franklin described this period like a premonition: “When the well’s dry, they know the worth of water.” As our economy has improved, we have lost our respect for the value of a dollar earned. Our nation has drowned itself in debt and forgotten how to function as responsible individuals. In order to spend a frugal life one must use coupon codes, For example, if you’re purchasing from Backcountry then by using Backcountry coupon 2015 from Coupon Goo, you’ll be able to save on your order.
Benjamin Franklin had a lot to say about the dangers of debt. “The borrower is slave to the lender, and the debtor to the creditor”, Franklin said. Debt is the result of either pride or unfortunate circumstance. With unfortunate circumstance, the answer for resolve is diligence and sacrifice. When the cause is pride, the answer is simple, but often more difficult to attain. Pride is explained in this Franklin quote, “When you have bought one fine thing you must buy ten more, that your appearance maybe all of a piece.” This is a dangerous practice that plays on the human weaknesses.
Self control is paramount in a frugal lifestyle. Franklin once said, “Tis easier to suppress the first desire than to satisfy all that follow it.” Being able to determine whether an expense is a necessity or an extravagance is the first step in frugal living. Creating a budget that allows for these necessities and savings is the second step. Committing to abide by these budget outlines is the ongoing practice that leads to financial stability and security.