George Kamel - 17 Things Frugal People REFUSE to Buy

Episode Date: September 13, 2023

Today, I’m sharing a list of things that frugal people *allegedly* never spend money on. And I’m going to give you guys my honest, real-time reactions. While I consider myself to be frugal, I think I’ll be retracting that statement after seeing this Olympic athletes of frugality.  Links: EveryDollar Budget Deal: I love a good deal, when you sign up using this link , I’ll hook you up with a 14-day free trial and $15 off your first year of the premium version of EveryDollar. Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

For $1 million, who has the best chance of surviving the next market crash? Is it A, Indiana Jones, B, a platoon of Marines, C, squirrels? Or D, your stingy tightwad friend who would rather eat rat poison and spend their hard-earned pennies on a single modern convenience. Yes, pennies still have value, okay? Who are you to tell them what they're worth? So, your stingy tightwad friend? Final answer? Come on, you pick them over squirrels? I hate squirrels! I get where you're coming from.

Cheap people are super resourceful. I mean, they can be annoying when you're trying to go out to eat or plan a vacation or get your car repaired or celebrate your birthday or buy your plantain cashew oatmeal blend from the store instead of making it from scratch. But honestly, the frugal among us are onto something, and there's a lot we can learn from them. So today, I'm sharing a list of things that frugal people allegedly never spend money on, according to one site.

And I'm going to give you my honest, real-time reactions. And while I consider myself to be frugal, I think I might be retracting that statement after seeing this Olympic athleticism of frugality. First, I think we should define what frugal means, so we're all on the same page. So let's go to our trusty, handy-dandy, Marion Webster's Dictionary, where we find that frugal's an adjective. That means careful in the management of money and resources.

That's it. It doesn't mean that they're like extreme cheapskates. It just means they're careful in the way they manage their money or the resources. They're thoughtful. They're doing the research. They're not just spending willy-nilly, okay? They got a plan here. I have a plan.

That's what we're talking about. Now, before I get to the list, I want to generously give you the opportunity to support our little operation here. Please do the free thing, at least. Just a quick like and subscribe. That's all I'm asking. And consider sharing this video with your gullible friends who would potentially donate to some random dude on the internet. Please? All right, let's get to it.

Here's 17 things broke people never spend money on, according to moneytalksnews.com. What is this site? Is it money? Is it talk? Is it news? I don't know what they're doing. But they made a list for us to entertain ourselves with. I got to figure out how to make money on this thing.

It's simply too good. I got to love their opening headline here from the writer Chris. If you're a true tightwad, the mere thought of spending money on these items gives you the willies. I think I'd get along with this, Chris fella. All right, number one, on the list, books. Do frugal people spend money on books? I think frugal people can still be readers. Now, are they buying books at retail prices?

Probably not. I mean, libraries are free, so I imagine they go there. There's an app called Libby that I love to get free audiobooks and e-books. So I'm going to say nay to this one. I'm going to give this one a halfway right. Number two, bottled water. I'm going to say frugal people probably aren't spending a lot of money on bottled water. They're more of the tap water type.

Maybe they got a little bit of filter at home. So I'm going to give this one a thumbs up. I agree with it that frugal people probably wouldn't do this. Number three, the latest technology. Now, what does this mean? Probably talking about the newest iPhone. There's a picture of the Apple store here. And I'm going to agree with that one that frugal people are probably going to get things used.

They're probably not always trying to get the name brand. Maybe they're Android people. Geeros. So I will agree with that. They're not all hip with the latest tech, and they're okay with it. They're spending their money where it really matters. Probably towards, I don't know, saving or buying clearance groceries. Next up on the list.

Number four, lottery tickets. I would 100% agree that frugal people, and I would even couch that with smart people are not spending money on lottery tickets. There's a much higher chance you die on the way to get your lottery ticket than there is a chance of you winning the lottery. And I'm not taking my chances.

Don't do it. Number five, a brand new car. Frugal people absolutely are not buying brand new cars. In fact, they're probably still driving the same car they've had since college and the bumper's hanging off and they've got it zip tied and the AC doesn't work, but they're still trucking along.

It gets them from A to B. They're doing okay. So I 100% believe frugal people are buying used cars and they're doing it in cash and they're getting deals. Next up, number six, we've got a $5 coffee. That's very specific. $5. That's almost as specific as a grande, no-whip, half-calf, white chocolate mocha with an extra pump made with soy, scratch that coconut milk. We're going keto.

I wholeheartedly agree. I think frugal people are making their coffee at home. Maybe they're curing folks. Maybe they're Folgers folks. And if they're classy, maybe they get some good. beans, they're grinding at home with the grinder they've got, and they're making that coffee for probably a dollar or less per day. Or like me, getting that free coffee from work. Thanks, Dave. Nope, don't want that. Not good. Not healthy for anybody. Next up on the list, cable TV. I don't

know who's still rocking the cable TV, but frugal people for sure. They probably don't have any subscriptions for streaming. They're probably not paying for cable TV. They're good with the free content that's on YouTube like this. They're subscribed to the George Camel YouTube channel. There's a lot here to be excited about. That's how they're building wealth. 100%. This is not on their list.

Number eight, brand name items when generics are available. I like that caveat. They're not spending money on brand names if they can get the grocery store brand or the great value brand. They're going to go for it because they know that a lot of these products are made in the same factories on the same lines

and truly there's not much difference in quality for most of it. 100% agree on that one. Number nine, dry clean only clothes. This one is very specific, but I will agree that I try to not purchase anything that is dry clean only. It is so frustrating. You can't put it in the wash. How special is this fabric that you're going to destroy it by not sending it to the dry cleaners and spending 15 bucks on it? This jacket is dry clean only, which means it's dirty.

I agree, dry clean only. Frugal people aren't doing that. Number 10. Beverages at restaurants. Now, this is one I can get behind, because have you been to? a restaurant, most of the markup and most of the profit margin is on their beverages, not their food. So when I go to a restaurant, I'm usually just getting a water. Number one, no extra calories, healthier, and you're not paying for the price of the drink plus tax and tip on that item,

which you also have to factor in. So I agree. Frugal people, if they are going to a restaurant, they're skipping all the fancy stuff. Number 11, big homes. This is an interesting one, because a lot of people have their McMansions out there and they feel like they need the five-bed room and it's got to be 3,000 square feet with a huge yard. I think frugal people can make do with a thousand foot square home. I know that's how my family grew up and they're doing pretty well. And I like what they say here. A big house also means a bigger mortgage, higher taxes, more expensive insurance, greater and more costly repair and upkeep, fatter homeowners insurance premiums, and ballooning utility bills. A hundred percent. All of that stuff goes up with the more house you get.

So keep it tidy, okay? Stay on a budget. Frugal people do it. Next up, number 12. Impulse items in the checkout lane. Yeah, I agree. I don't know who's falling for this stuff. I mean, I'll look at it. Not going to lie. I peruse. But generally, I'm not like, oh, yeah,

I got to get the People magazine and the payday bar on my way out to checkout. So I agree, they're not falling for the impulse purchases. They go in with a list, and they get out as fast as possible. They avoid the in caps. They're not getting the junk food. They're getting the generic brands, and that helps keep them frugal.

I got enough Bick lighters to last me a lifetime. All right, I'm not a smoker. I don't need them very often. Number 13, professional car washes and detailing. I got to agree. I mean, I've gotten my car detailed lately. It's a pretty penny. And I think frugal people are going, I've got a water hose.

I can get a little sponge. I can soak this bad boy down and be done in 20 minutes and not spend $100 or $20 for that car wash, and that keeps them on a budget. 14 pets. This one, I'm a little iffy on. I think frugal people can still be pet lovers, but I do think they are far wiser when it comes to purchases.

They don't need all of the fancy toys and foods and all the things that come along with dog ownership. They're probably finding a friend to watch them and bartering instead of putting them at a fancy pet resort daycare situation. Yes, pets can be budget busters, but I don't know. I think a lot of frugal people out there, maybe they're cat people. You know, less maintenance, less fun of a pet, if we're going to be honest. Sorry, cat people.

But dogs, I feel I can get pretty pricey. Number 15, paper towels. Okay. I don't know where they're going with this, but I guess if you're a frugal person or just using like a hand towel and just hand wiping, drying things and then washing that towel to save money on paper towels, which can add up? Paper towels. Put your hand on it. Wipe it around. Throw up in the air. It comes right back down. The camel family goes through a fair amount of paper towels in a week. So I partially agree with this one. I think if frugal people are probably, they're buying paper towels in bulk, they're getting a generic brand. so I don't know that frugal people are just paper towel-less. They're saying in this article that washable, reusable cloth towels are the better, more economical way to go.

And yes, while that may be true, I feel like some of them are willing to splurge on the generic brand bulk paper towels to get by. I don't know. Let me know in the comments what you think about that one. Number 16, extended warranties. This one I wholeheartedly agree with. I think smart people, wealthy people, and frugal people

avoid these extended warranties. This is very middle-class fancy behavior to fall for the extended warranty, first of all. Because the markup on these things is insane. Most people never end up using them. They usually don't cover the stuff you actually need when you need it. And it can be a huge waste of money

that just makes the companies, the dealerships, the appliance repair folks, a whole lot more. And finally, number 17, fancy vacations. Now, the keyword here is fancy. Do frugal people go on vacation? I think so. but they may be going to the old, you know, campsite and do a cheaper vacation than going to the all-inclusive or traveling to Europe or whatever it is. So I would agree fancy vacations, however you define that, probably not in the budget or a goal for the real frugal folks.

So there's the list. Now, for a million dollars, what is one thing that all frugal people refuse to spend money on? Is it A lottery tickets? Is it B, paper towels? Is it C, pets? Or is it D? Big. homes. Trick question, they're all wrong. Because to a certain extent, frugality is in the eye of the beholder. All four of these. I'm being thrifty with money is going to look different for each of us, depending on what we personally value. And that is the blessing and curse of personal finance. It's personal. You get to decide which financial goals are important to you. So if you spend money on these things, it doesn't make you a bad person. You just got to plan for it and make sure it doesn't derail your other financial goals. You get to create the plan for getting there, which is

essentially your budget. You get to decide what splurging looks like. You get to decide what scrimping looks like. That means if you personally want to spend $12 per fluid ounce for water in an Evian bottle in an airport, I support you. As long as you're adjusting your spending in other areas to make sure you're still on track to meet your long-term financial goals. The reality is that to create the financial future of your dreams, you've got to be frugal about something, right? We can't have our cake and eat it too. But we're not just being frugal to prove that we can live on ramen noodles for 27 years and not die from sodium intake. Rammy noodle like this, you know, it's your favorite.

You got to have a vision. We want to live on less than we make so that we can do other things that really matter to us, like pay off debt, or save a nice squishy cushion for emergencies, or buy a house, or invest for the future, or save for college, or retire with swag and dignity. Or maybe buy a pet ramp for your favorite, for a loved one. Just me? Okay.

So the next time your stingy friend decides to cut their own hair or starts tearing toilet paper squares in half because they want to max out the Roth IRA for the year, resist the urge to judge. Instead, take some time to figure out exactly what you think is worth being that frugal for. And as the great Ted Lassow one said, be curious, not judgmental. A student loan-free life, a paid off home, sky's the limit. Start dreaming. But you can't have everything all at once.

So figure out what really matters to you and ruthlessly cut out the rest. Now, I'm going to drop a link below to my favorite budgeting app every dollar to help you do this. And if you plug your numbers in there, it'll only take a few clicks to see how a few money moves of spending less and making more can start propelling you toward the financial future of your dreams. Trust me, you're going to be jazzed to start making your own plantain, cashew, oat milk blend at home when you see these kinds of numbers.

So leave a comment below and let me know what you refuse to spend money on. Let that frugal flag fly. Try saying that five times fast. Let your frugal flag fly. Frugal flag fly. That's hard. I make it looky.

I'm a professional word maker. It's what I do. Let it out. Let the flag fly. Be sure to pass. this video onto all the other frugly doggly DIY milkmakers out there so that they can flood our comments section with positive affirmations. Thanks for watching. We'll see you guys next time.