MND: Both Spouses Must be Frugal

Here's another post in our series on the learnings from the book The Millionaire Next Door. A quote from page 80:

What if your household generates even a moderately high income and both you and your spouse are frugal? You have the foundation for becoming wealthy and maintaining your wealth. On the other hand, it is very difficult for a married couple to accumulate wealth if one is a spendthrift. A household divided in its financial orientation is unlikely to accumulate significant wealth.

You may read all the money saving tips here at Free Money Finance and think I'm tight with a buck. You should get to know my wife. I have nothing on her. An example: One time our house was tee-peed with toilet paper along with several houses in our neighborhood. Two days later, I noticed our toilet paper was nicer that it usually was. Yep, you guessed it. My wife had collected the larger rolls from outside and we were using them. Of course once I pointed out how cheap that was (not to mention potentially unsanitary -- who knows where that had been), she was a bit embarrassed. So I promised not to tell anyone about it.

But I can certainly attest that this quote from The Millionaire Next Door is true. It's worked in our lives and I've seen it go the other way in countless couples' lives. If one keeps on spending, even if the other is frugal, their finances are in trouble.

Comments

[Clint]

That's pretty funny about the toilet paper. I have been married for a little over 2 months now, and I am pretty happy with my wife's frugality. We discussed finances before the marriage, so we both knew what we were getting into. She's not quite as excited about personal finance as I am, but she is determined to help us reach our goals.

Clint
Million Dollar Goal

[Hazzard]

Not tell anyone other than all the people that read your blog. LOL (Okay, I guess it's anonymous)

I agree 110% with this. Luckily my wife is also conscious of spending and frugal. Sometimes I have to beg her to spend some money on herself!
Hazzard
http://elym.blogspot.com