A Penny Saved Is A Penny Earned

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“A penny saved is a penny earned” this was one of the Franklin’s thirteen virtue that was meant to make people aware about frugality and thrift and help them to manage their economic and financial status. Frugality means acquiring goods and services in a restrained manner, and resourcefully using already owned economic goods and services, to achieve a longer term goal. Nowadays, this virtue is not applied by the Americans in their lifestyle like it was used to because they are much more concerned to get what they want, no matter how much it costs them. Americans today are profligate spenders who are not seriously concerned with frugality and thrift like they used to be as they spend wastefully on the things they like rather than on the things they need.

In America and almost every other country, an income is the main source of support or the backbone of the people’s financial and economic state, with which they fulfill their basic and additional needs. But nowadays the income, which otherwise would have been far more enough to support an average family with some savings for future, is barely enough to cover their monthly or weekly expenses and savings. Some people even have to mortgage their house and properties. This is mainly because they are unable to suppress their instant desires and expensive habits. Gambling in deluxe casinos, attending exclusive parties, organizing sumptuous get together are the examples of the things Americans like to do, in which they waste more than half of their income in average. They usually ignore the frugal practices that could prove to be beneficial to improve their lifestyle. When the paycheck arrives the first thing that is done is the payment of bills and then the remaining surplus ...

... middle of paper ... into account the importance of the standardized tests and thus did not get any scholarships. So, she is now paying five thousand dollars yearly. This shows the lack of perception on some people who unconsciously deny the application of frugal practices in their life.

“Want not, waste not”, Americans today do not follow this policy either because they are ignorant or unconscious about it. Thousands of dollars is wasted due to lack of application of frugality in their daily routine. They waste their money in fulfilling their instant desires, expensive habits, luxurious parties. Americans simply neglect the alternative ways from which they could be acting frugal and saving money. Therefore, Americans today are much more concerned with fulfillment of their immediate wishes no matter how much money they have to waste for it, rather than with the frugality and thrift.
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