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Ever since I was little, my parents have drilled into my head the “Save Money” mantra. But it wasn’t until I was broke in my early 20s that I became fully aware of the power of money. I was living in Boston on a student stipend at the time, and man, was life hard! The worst part was worrying about covering the rent because I was living paycheck to paycheck. In fact, life was so miserable I became known as “the bag lady of _____” among my friends because I would find ways to cut corners and save a few bucks on just about everything.

The pain and suffering stemming from living paycheck to paycheck has been permanently etched into my mind. I still cringe every time I think back to that time and the hardship I endured, and I vowed never to do that again. It was also during this time that my perspective on money changed forever.

I used to think money buys things both tangible such as clothes and non-tangible such as a vacation. While it is true that I still actively participate in consumerism (as indicated in my posts about my iPod Touch here and here), I now see money as buying, first and foremost, peace of mind. Some people call it freedom but I like to think of it as inner peace and serenity.

People often ask me why I save money.  The simple answer is I don’t want to be broke and live the way I did when I am in my 60s or older.  It’s one thing to be broke when you are in your 20s when you are still young and physically and mentally capable to weather the storm; It’s quite another to be broke when you are in your 60s and possibly pass your prime in terms of earning abilities.

What do you think?  Please leave your thoughts below.

February 2020
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