Tuesday, April 22, 2008

Frugal Innovation

Lots of ideas!
"I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out." - Jeff Bezos

How to you apply this principle to innovate your financial life?

  • Deduct money at source: When you have less money coming in you will figure out ways to cut expenses.

  • Reduce eating out: You have to eat - so you will cook, which is cheaper and healthier.

  • Define a vacation budget: Limited money does not mean limited vacation - it means an opportunity to explore options. Camping, hiking, off-season rentals, advance planning are some of the options to consider.

  • Reduce your grocery bill: Grow some vegetables, use coupons, get creative with your leftovers, overstock, shop discount stores or find your own way to reduce the grocery bill.

  • Set a public deadline: To create a budget, to open a 529 account, to start contributing to your 401(K), to create a financial plan, to get another job ...

Put yourself in a financial box (not a hole) and figure a way out. To succeed - you have to!

(Photo courtesy: BB (O.รถ)/Flickr)

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