How does that word make you feel? Trapped? Unable to have fun, buy the things you want, or be spontaneous? Frugality is certainly a financial discipline, but frugality can be profitable, too! In conjunction with Personal Capital’s frugality series, we’ve dug into the Biz Kid$ vault to take a look at look back at our series’ most frugal young entrepreneurs.
“The Coupon Kid” says she used to be penny wise, pound foolish. Instead of purchasing things her family needed, she let “deals” get the most of her, purchasing items she didn’t need just because they were on sale. That’s not frugality, that’s wasteful! Now, she only purchases things she needs, shopping with a plan and saving as much as 90% or more.
Frugality paid off for one Earth-conscious Biz Kid. His business, Project Kool, uses discarded plastic bags to make all natural, reusable, upcycled tote bags. Because his primary material is FREE, he turned frugality into profit, selling $100,000 worth of bags and earning a healthy profit.
Frugal Living in LA
When Biz Kid Host Kaelon moved to LA to continue his acting career, he could have jumped into the high life, living it up and renting an expensive apartment. Instead, he purchased an RV in order to save as much of his income as he could. He joined us from his frugal home to tell us the story.
Getting Out of Debt – DJ Profile
When Tanisha was 18 years old, she applied for her first credit card, and quickly maxed it out with frivolous spending. She learned to be frugal the hard way, cutting her spending out of necessity, in order to make additional payments toward her debt. Now, she’s living within her means, and free from thousands of dollars in credit card bills.
What kind of frugal are you?
Your money personality says a lot about how think about spending, saving, and being frugal. Check out our episode and corresponding (free!) lesson plan to learn your weaknesses and take steps to frugal living.