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Welcome to Before Breakfast, a production of iHeartRadio.
Good morning. This is Laura.
Welcome to the Before Breakfast podcast. Today's tip is to enjoy being penny foolish.
If you've got the big pieces of your financial life in good shape, then there is no risk of you being penny -wise and pound -foolish.
You are pound -wise.
So why not take advantage of that to feel a little profligate on the small stuff just from time to time?
Long -time listeners have heard me talk about the importance of getting big things right for financial health.
Buying or renting less house than you could theoretically afford is one way to create massive amounts of space in your budget.
The same goes for spending less on transportation.
Perhaps you decide to move to a lower cost of living area, or you choose a district where you can send your kids to excellent public schools For the cost of your taxes, which you have to pay anyway.
You've paid close attention to your retirement account.
And you aren't paying exorbitant fees.
Ideally, most of it is in low -cost index funds.
If you are doing all these things right, and the money coming in is greater than the money going out, then congratulations.
Congratulations, you are the opposite of that saying about being penny wise and pound foolish.
You are pound wise, so you can probably be a bit penny foolish sometimes without it being a problem.
One of my favorite penny foolish things to do is to buy red peppers instead of green peppers in the grocery store.
store. Red peppers are always more expensive, so I am tempted to just go with the green ones, which are generally fine, but then I realize I don't necessarily have to buy the least expensive peppers.
Then suddenly I feel rich buying the red peppers for the price of an extra dollar or so in the grocery store.
I have talked with various people about how they let themselves be penny foolish from time to time.
One person decided it was okay to order dinner if her spouse was out of town for several days.
Another called an Uber rather than walk from the train in the rain.
Someone else told me he had bought that bestseller he was eyeing when it looked like the library hold queue was going to take months.
None of these were particularly huge expenses, but these were frugal people who tended to try to make wise choices with both pounds and pennies.
So consciously choosing to make penny -foolish decisions felt very decadent, which can be kind of fun.
One of my favorite quotes is from Pablo Picasso, who said, I'd like to live as a poor man with lots of money.
The idea is that the poor man could still be delighted by little things, the sorts of things that a lot of money would let him easily do.
If you are a pound -wise person, being occasionally penny -foolish is about the closest thing to approximating the sentiment behind that quote.
I know I feel that way buying my red peppers.
it's such a little treat.
If the big pieces are good, then it's probably fine.
In the meantime, this is Laura.
Thanks for listening.
And here's to making the most of our time.
Hey, everybody. I'd love to hear from you.
You can send me your tips, your questions, or anything else.
Just connect with me on Twitter, Facebook, and Instagram at beforebreakfastpod.
That's B -E, the number four, then breakfast, P -O -D.
You can also shoot me an email at beforebreakfastpodcast at iheartmedia .com.
That before breakfast is spelled out with all the letters.
Thanks so much. I look forward to staying in touch. Before Breakfast is a production of iHeartRadio.
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