Savings (frugality) is the key to having money when you need it

I mentioned some days ago the importance of putting money aside in your youth for a rainy day in your latter years. There is a lot of medical rain in your latter years and medical rain can be particularly expensive.  So I thought I might set down some notes about what I did to put money aside.

I have been frugal from childhood.  Frugality was preached to me at my Presbyterian Sunday school and I took to it like a duck to water. So as a kid I saved my 2/- per week pocket money rather than spending it on confectionery  -- which is what most of my peers did.  Though I would always buy the latest "Phantom" comics. But every now and again, my mother would borrow the money in my money box to buy family needs.  How poor can you be when you have to borrow the money in your kid's money box in order to put dinner on the table? My mother's purchases were almost all from convenience stores so she just did not have a frugal mind.

So I have always lived simply and very economically, which has left me in a very comfortable situation in my old age.

The high point of my frugality came during my student days, when I lived on skim milk plus a few vitamins for around six months.  I bought the skim milk from the local dairy factory in the form of a 56lb paper sack of dried skim milk, which was almost a give-away product at that time but was very nutritious all the same.  So in modern terms my food bill was something like $5 per week.  It was ridiculously small.  As the recipient of a government scholarship to go to university I had a small living allowance and I saved virtually the whole of my allowance at that time -- and also remained in perfect health.

With my savings much reinforced, I gave that up after a while,  and moved back on to a more normal but still economical diet featuring a lot of cheese sandwiches.  I still like a slab of cheese on a fresh bread roll. Did you know that a dollop of plum jam on top of the cheese in your cheese sandwich really lifts it?  Plum jam has always been the cheapest jam.

There are many ways you can have a good and healthy diet for a small cost -- with anything featuring eggs being high on the list.  A 3-egg omelette makes a very good breakfast, with the eggs costing you a total of around one dollar only. And oats for making porridge are also very cheap. I still like a nice plate of porridge on occasions.  And you can often get day-old bread for a song.  It makes great toast.

These days my frugality consists of buying most of my groceries as "specials" and "markdowns" from my local supermarket.  And I buy most of my alcohol in the form of Vodka, which is generally the cheapest of spirits. And if I eat out, I eat at ethnic restaurants, which often give me amazingly good dinners for a very modest price.

And I am not seized with the vice of old age:  Travel.  Travel can be very expensive but I did all I want of that when I was younger and highly paid.

So I now spend very little on myself and give about half of my income away to friends, relatives and conservative causes.