The Fine Art of Being Economical; Not Miserly

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Some years back, I was at the mall with my son for apparel shopping. As he was half-way in his teens, I took it upon myself to teach him the difference between being economical and being miserly. Pertinently, the line between the two is not that thin for these two lines of thought to seem indistinguishable.

As my son went through one shirt to the other and then another with a confused countenance, I asked him if the navy blue shirt with a small print in white on it was what he wanted?! He had held this shirt longer and had eyed it temptingly. But something was holding him back. It was the steep price tag he said. It was an expensive shirt as it had a wonderful trendy print. Its tag flaunted a wrinkle free promise and fabric superiority. This shirt I’m sure would render my son’s next free photo-shoot by a generous friend a good outcome. He looked at me for the signal. I gave in considering his sentiments.

I wasn’t economical this time as I didn’t want to come across as a scrimping mom every time. This very time I let him have a royal feel. Sometimes, its okay to show the parental large-heartedness and give in to the child’s demand. Let the child feel superior once in a while in his formative years, I thought. Picking up bargain deals every single time doesn’t let the child dabble in possibilities. Or let’s say he won’t know the advantage of a purchase done from a sale which sells a much coveted item at a discounted price. He wouldn’t have a frame to reference as a guide for intelligent selections in the future. Giving in to the child’s overboard demand once in a while makes him wise on purchases I felt (not to mention the graciousness a parent feels in being so endowing).

On another shopping occasion, I pursed my lips and also held tight my purse strings. The monsoon sale was around the corner, therefore, it wasn’t a good idea to purchase an expensive denim jacket on an impulse. He could get the same very jacket but after a month I promised. Till then he had to reign in his temptations which were running amok. I could see his face beaming the ‘betrayed’ look especially when the ‘betrayal’ supposedly is by a once-trusted parent. It wasn’t betrayal indeed as he would understand later, cried my tender heart. He needed to learn to take command of his conscious mind and make his urges follow him rather than the other way round. The evening didn’t go smooth for the entire family. The sulking child shut himself off and would only utter grunts and hateful words directed at the poor me. Nonetheless, I held my fort and stood steadfast in my belief.

As the monsoon sale season arrived, my son grabbed the same denim jacket at a 40 percent mark down price. The difference in price made him feel elated. He sheepishly admitted his mistake made a month ago and hugged me in his new found wisdom. At the same time, he knew I wouldn’t have given him the option of going for a substandard product just because it was cheap. I advised him that it’s better to wait for the right time in case one can wait and there is no urgent event round the corner. At the same time, to save a few bucks, I would never advise him to purchase something which isn’t of desired quality. There’s another smart trick up my sleeve. It might sound foolish to some financial management experts, but its best to purchase a product when its selling at a rock bottom price even if not needed yet. This is true of products which one would eventually need and which would never go out of fashion. This includes basics in clothing, homeware, kitchenware, etc.

A smart shopper is economical. She knows when and where to strike. Akin to an ambush by a tigress who waits for the golden opportunity without hustling unnecessarily. A miser might end up picking up a low quality product which will give away sooner for sure, moreover, not without having the owner go through mends and patches and trips to the repair center.

Last but not the least, follow the sagacious financial advice of making financial goals, of investing and saving for the rainy day. As they say, a penny saved is a penny earned! Its especially true in the face of economic uncertainties. Remember: devaluation of money as time passes is a reality! 

A Japanese study on minimalism zeroes down to not more than 150 items that are needed by an individual to live. Therefore, my advice to my sonny boy was to pick and choose according to requirement. Today, he’s thankful of my shopping lessons and makes wise choices. He isn’t a miser. But understands the value of money. He knows how to share and would not hesitate to help those in need. It all starts from mastering the fine art of knowing the difference between being economical or being a miser.