What financial advice stands the test of time?
Financial advice must go beyond simple math lessons. The important stuff doesn’t have anything to do with cereal coupons or BOGO sales at the QuickMart. The best financial advice starts in our minds and hearts, giving us the right motivations and perspective on how we’re spending our money.
Years ago I was a fairly hysterical young wife and mother. And I mean hysterical in the “hey, that lady in the library’s budgeting section should be medicated,” not the “ha-ha, she’s funny kind of way.”
I had a lot of goals for our family and we didn’t have buckets of gold dropping from the clouds. I turned my energy to learning everything I could about frugal living, budgeting, and stretching our income.
The dream that keeps on giving, I tell you
And this is where The Complete Tightwad Gazette (*affiliate link) came into our lives, for better or worse. I found a copy in our little bitty library, a giant, 959-page tome of light shining into our financial situation. Amy Dacyczyn was a woman not unlike myself– a mother who wanted to raise her family in a certain way, and she was going to require some ninja-level skills to achieve her dreams.
Her dream was to have a big family (six kids!), live in the country in a charming old farmhouse, and not use daycare. This was a tall order, even back in the 80s and 90s.
The Complete Tightwad Gazette is a compilation of all her ninja-level frugal living skills, bound up for us today. But let’s be honest– we’re not living in 1992 anymore. Some of the advice in the book is now a bit laughable. For example, there are several entries on how to save money on stamps and envelopes. I can’t even imagine worrying about envelopes today. There’s also an article on saving money with CD membership programs, and some random advice on powdered milk.
So let’s skip all that and get right to the stuff that still applies to our lives today. Here’s the financial advice from Amy Dacyczyn that changed my life, and my family’s future. I’m confident this still applies for your family, too.
Set your family’s goals, then work relentlessly to meet them.
There’s no point to frugal living or budgeting if you don’t have a goal. Even if your plans are as simple as Save enough to pay off the last doctor’s visit, that’s fine. But the goals and the priorities are the place we all start.
It’s okay to live a counter cultural life to reach those goals.
Listen, it wasn’t normal to have a passel of kids and live in a huge old farmhouse in 1992, either. The Dacyczyns were weirdos even then. But they didn’t care. They were willing to wear garage-sale clothing and become DIY experts to live the life they envisioned. Nothing has changed in that regard.
It takes big and small sacrifices to reach the most important goals.
The most worthwhile goals require more than switching to the cheap toilet paper or using a coupon for coffee. We might have to severely limit our housing costs, our grocery bills, our insurance costs, and then still micromanage the tiny expenses.
It’s worth it in the end.
The Dacyczyns made their choices and lived with them happily. They got their big old farmhouse and raised their big old family there. They drank reconstituted powdered milk and ate produce from their own garden, exactly the way they wanted to live. Your goals might be completely different, but you can revel in your own success when you achieve what’s best for your family.
Those are my favorite bits of the Dacyczyn story. Sure, I benefited from their muffin recipe and giggled at the article on dumpster diving. But really, their life gave me the courage to set our own goals and then to be content with the sacrifices those goals required.
It’s what this entire blog is about, all these years later.
I hope you’ll pick up your own copy of the Tightwad Gazette, and let me know what works for you!