count pennies

I have recently been at the receiving end of some confessions from some of my relatives about their childhoods and how those factors affected their attitudes to their lives in their adulthood. These relatives, now older than I am and in more or less the same financial status as mine, still live frugal lives and think that I am daft for spending my money, in their opinion, lavishly on travel, restaurants etc.

All three pointed out to me that my childhood was not one of poverty as my father was quite well off during my childhood as they had many occasions to perceive first hand. On the other hand, each of them had very poor standards of living during their childhood which impacted their attitudes to money and economy in their later lives.

On reflection, this certainly would explain my general attitude towards life as being one of abundance which reflects in my approach to money.

My life has never followed a philosophy of frugality. It has however followed flugality.

Let me explain.
Frugality: The quality of being frugal, sparing, thrifty, prudent or economical in the use of consumable resources such as food, time or money, and avoiding waste, lavishness or extravagance.

In behavioral science, frugality has been defined as the tendency to acquire goods and services in a restrained manner, and resourceful use of already owned economic goods and services, to achieve a longer term goal.

A fluctuating degree of frugality based on economic circumstances.(portmanteau of fluid and frugal)

Scrimping and saving when money was tight and indulging when it was in abundance.

Let me clarify before my readers conclude that I am a prodigal. Far from it. I am not a spendthrift but I do like the good things of life and do not see any reason to not spend money that I can afford on them. I will most certainly not buy a Rolex wrist watch, but will buy a good one and keep one in spare too. I will not go to a five star hotel but will most certainly stay in a service apartment facility instead of in some dive near the railway station. I do not drive a BMW but a modern and efficient car that is comfortable for me to get in and out of and gives me value for money.

I will spend money on a Mac! In fact, this post has been written using one.

I am grateful that I can be flugal.

I hope that you enjoyed reading this post on the weekly Friday Loose Bloggers Consortium where eleven of us write on the same topic. Today’s topic has been chosen by The Old Fossil. The ten other bloggers who write regularly are, in alphabetical order, Delirious, gaelikaa, Grannymar, Maxi, Maria SF, Padmum, Paul, Shackman, The Old Fossil and Will. Do drop in on their blogs and see what their take is on this week’s topic. Since some of them may post late, do give some allowance for that too!

Indians Buy Bullion.

Today is Akshaya Tritiya. The most auspicious of all days in the Hindu calendar. It is believed that any activity started, or any thing bought today will result is success and prosperity. It is the day that Indian jewelery makers and bullion sellers see maximum sales. Other consumer goods and automobile dealers also see peak purchases on this day.

Today, despite being a Sunday, all jewelery shops will be open and the crowds will be a sight to see for those interested in seeing such things. The crowds will be something like the Black Friday crowds of shoppers but not at big shopping centers. The crowds will be at select shops, like in this photograph.

India incidentally is the country where most of the world’s production of gold ends up. Even the poorest of the poor will have some gold ornaments stashed away for the proverbial rainy day. We are simply obsessed with gold!

I personally wear a fairly heavy 22 carat gold chain with a Rudraksha pendant. The chain is one part of a double given to my mother by her mother as part of her trousseau. The other part is worn by my brother Arvind. I also wear a ring with a black onyx stone which was given to me as a wedding ring by Urmeela’s family. The ring that I had given her has ended up as part of some gold jewelery that we gave to our daughter in law.

This year gold prices have shot through the roof and many people who would have bought gold have decided to buy silver instead pushing silver prices also up.

After this post went live, Grannymar sent me a link to a very interesting article related to possible new ways of buying gold in the future in India. I wish to thank Grannymar for this wonderful link.

Funny people Indians! All that gold all over the place and they allow themselves to be perceived as a poor country. What do you think?