Inspired from:
I have read the above article and plan to write the example in Malaysia context.
Frugality itself doesn’t make you rich. Instead, it increases the possibility of getting rich through other means.
Let me explain what I mean.
Ali has RM 45 k car loan. Every month he need to pay RM 700 for his car loan for 7 years.
He also correctly realizes that simply being frugal won’t give him the steady savings he needs to make the leap either.
Ali choose to live frugality by:
1) Eat massimo bread instead of gardenia. (save RM 5 per month)
2) Cut down Astro subscription. ( save RM 69 per month)
3) Cook more and eat at home more. (save RM 50 per month)
4) Cut down phone bill. ( save RM 20 per month)
5) Cancel internet connection. ( save RM 50 per month)
6) Watch movie at home instead of going to cinema. ( save RM 30 per month)
He manages to add about RM 224 a month to his debt payments.
His entire debt load is gone more than two years ahead of schedule.
Frugality doesn’t create riches. It creates opportunity.
What do you think?