a life of frugality

Spending more than you earn is never a good idea. Even if you earn little, or none at all and care for your children, it’s important to keep it simple. Life is about more than money, of course, and we should always be mindful of what we owe, but that does not mean that we do not keep a careful account of how much we spend.

When we are at odds with what we owe, we can become indebted. And being indebted is a terrible position to be in. With what we have, we should set some aside for what can be unexpected, and with what we owe, we should pay. Paying what we owe is important. It shows us that we are knowledgeable of what we are doing in terms of how we spend and how we save. Sometimes we make fiscal errors in life due to extenuating circumstances. For instance, we might take out too much money for a college or university, or a car, or an outfit, or a party, when in truth, what we need that money for is a cushion. So in going forward, try to take out expenses for what you need and not necessarily for what you want.