Frugality now makes for riches later in life

  • Published
  • By Senior Airman Grace Lee
  • 56th Fighter Wing Public Affairs
LUKE AIR FORCE BASE, ARIZONA --  There's an adage, no one's sitting around during their retirement saying, "I wish I wouldn't have saved so much."

Whether having the goal of owning one's home or having a comfortable retirement, being frugal can help people reach their financial goals.

"Being frugal when it comes to your finances is making sure you're aware of the best ways to spend money and purchase items," said Vickie Muniz, 56th Force Support Squadron Airman and Family Readiness community readiness consultant. "It's not having to count each penny, but it's about being more aware of where your money is going and asking yourself are there ways you can cut back on the amount spent."

Having one's finances in order offers more opportunities.

"As far as frugality goes, I believe that money doesn't buy happiness but it gives you options in life," said Cory Carmichael, 56th FSS A&FRC community readiness consultant. "For the folks that don't have it, they find more challenges and hurdles, and sometimes they fall down. To me, it's a mindset. I believe every dollar is an opportunity, and you get to choose, since we make our own choices of how we spend our money."

A great place to start saving is with everyday purchases.

"A good example of spending wisely is not buying your groceries or snacks at a convenience store since it's more expensive than the grocery store," Carmichael said. "It's not one purchase that makes a difference, but multiple purchases over time make a big difference."

Resist the urge for expensive impulse purchases.

"I always seek to spend less than full price," Carmichael said. "I see the manufacturer's suggested retail price as what, 'Most Suckers Really Pay.' I advise people to look at Kelly Blue Book or other price comparison websites and do their research. There's usually always a better deal, and it's amazing how much you can save."

The financial counselors at the A&FRC list a few tips to help people save:

Google search military discounts near the city you reside in

Research and look over the newspaper for coupons and ads on where the best deals are for items like groceries

Use a barcode scanner application on your smart phone to find the price

Ask your favorite store if they offer price match

One should look into investing the additional funds made available by practicing frugality into their retirement or a long-term savings account.

"Savings is not really savings until it's put aside to meet long-term goals," Carmichael said. "So even though you might not pay $5 for a latte every week, unless you're saving that extra amount it's not doing anything for you. That extra amount could be great if put toward a retirement plan, thrift savings plan, individual retirement account, a mutual fund and more. If you don't start small and think big, I can guarantee you're not going to have enough later on, so you have to put something away now."

Honesty is the best policy when it comes to finances, Carmichael said.

"Take an honest assessment of where you are and where you want to be, whether it be a diet, fitness or finances," he said. "It's so important to look at your bank statements and go through each transaction to see where you can cut back on spending. A&FRC financial counselors are available to help you with your financial needs."

For more information, call the A&FRC at 623-856-6550.