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What is Thrift?

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  • Written By: Lori Smith
  • Edited By: Michelle Arevalo
  • Last Modified Date: 19 November 2016
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    Conjecture Corporation
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Some people have a disciplined method for the way they spend their money. They clip coupons, buy frequently-used products in bulk, or do without luxuries, like eating out in restaurants. These budget-conscious individuals shop smartly, find the best deals, and live simply. Thrift is the wise and careful way of spending money.

Making an impulsive decision to buy a high-priced product and excessive shopping sprees can often lead to feelings of regret. Frivolously throwing away cash can quickly drain the pocketbook and deplete savings, leaving none available for emergencies. Therefore, it can often prove detrimental to a person’s financial security. Thrifty spending, sometimes referred to as penny-pinching, can help build savings and peace of mind.

It can be difficult for some people to change bad spending habits and save money, especially when he or she is used to splurging. Developing a monthly budget can be helpful. In the beginning, some people find it beneficial to write down everything they spend. Most are surprised to learn that they squander more on non-essential items than they ever realized. This is a great exercise for determining where costs can be cut.

Stores that sell used merchandise — often called thrift stores — provide an excellent source of goods for shoppers who prefer to purchase previously-owned items at a fraction of the cost. Furniture, clothing, and household items are commonly sold at thrift stores. It is not uncommon to find designer merchandise sold for a fraction of the original cost at these establishments.

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Those who have adopted a lifestyle of thrift may frequently visit yard, or tag, sales to find all types of amazing deals. For example, a book that, new, costs $30 US Dollars (USD) in a bookstore, might be found for less than $1 USD at a yard sale. Flea markets are also quite popular for finding new and used merchandise at drastically-reduced prices.

Some people save money by making their own foods from scratch. Preparing, canning and preserving edibles — like fruits, spaghetti sauce, baby food, and jams — for future consumption can help economize. Others grow their own fruits, vegetables, and herbs instead of purchasing these products from grocery stores.

The high cost of electric bills can result in less money at the end of the month. Unplugging appliances and turning off lights when they are not being used can help lower utility expenses. Electric hot water heaters and air conditioning units can also be adjusted or turned off when nobody is home to save money.

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