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Thrift

 

Thrift is a virtue aligned with the cardinal virtue of Temperance, and growing in the virtue of thrift is about being satisfied with the quantity of things you have. It is also associated with being less impulsive when buying things, which leads thrifty people to being more financially stable and wealthier than non-thrifty people. Here are some examples of better habits you can exercise every day to grow in the virtue of thrift:

 

Budget Your Finances

• Document your planned monthly income and expenses every month.

• Include savings, investment, and donation goals as part of your expenses.

• Decrease budget for discretionary expenses to ensure overall expenses don't exceed income.

 

Track Your Finances

• Document your actual monthly income and expenses every day.

• Use a personal finance app to combine all financial accounts in the one app for easier tracking.

• Compare planned expenses vs actual expenses every day and decrease discretionary expenses as necessary.

 

Use Credit Wisely

• Use credit to pay bills and make purchases within your budget.

• Leverage any rewards points to make necessary purchases and decrease expenses.

• Pay the statement balance (not the minimum payment) on time every month to avoid paying interest.