Punch in speaking of this “one idea” class of people says “they are like the
man who bought a penny herring for his family’s dinner and then hired a
coach and four to take it home.” I never knew a man to succeed by practising
this kind of economy.
True economy consists in always making the income exceed the outgo. Wear
the old clothes a little longer if necessary; dispense with the new pair of
gloves; mend the old dress: live on plainer food if need be; so that, under all
circumstances, unless some unforeseen accident occurs, there will be a
margin in favor of the income.
A penny here, and a dollar there, placed at interest, goes on accumulating,
and in this way the desired result is attained. It requires some training,
perhaps, to accomplish this economy, but when once used to it, you will find
there is more satisfaction in rational saving than in irrational spending.
Here is a recipe which I recommend: I have found it to work an excellent cure
for extravagance, and especially for mistaken economy: When you find that
you have no surplus at the end of the year, and yet have a good income, I
advise you to take a few sheets of paper and form them into a book and mark
down every item of expenditure.
Post it every day or week in two columns, one headed “necessaries” or even
“comforts”, and the other headed “luxuries,” and you will find that the latter
column will be double, treble, and frequently ten times greater than the
former.
The real comforts of life cost but a small portion of what most of us can earn.
Dr. Franklin says “it is the eyes of others and not our own eyes which ruin us.
If all the world were blind except myself l should not care for fine clothes or
furniture.”
It is the fear of what Mrs. Grundy may say that keeps the noses of many
worthy families to the grindstone. In America many persons like to repeat “we
are all free and equal,” but it is a great mistake in more senses than one.
