When I look back on my childhood, my happiest memories are not tied to things I owned. They’re about the freedom of growing up in a small town in Ohio where everyone knew your name and kids ran in packs.
Our meeting place was a nearby park. Several bicycles were thrown into a friend’s front yard, signaling the start of the game. There were no text messages or group chats. But childhood today is often different. Connections revolve around gaming consoles, phones, sneakers, and then the must-have gadgets. If you can’t afford it, you risk being left behind.
This contrast led me to talk to my 79-year-old father. My father is as frugal as anyone else when it comes to luxury clothing. He really enjoys finding new ways to save money.
He didn’t try to catch up with anyone. While others rushed to buy the latest cars and equipment, he was content with what he had. That mindset made him the quintessential billionaire next door.
He helped shape my relationship with money. I don’t feel the need to chase status or possessions. Here are eight lessons from my frugal father that have stood the test of time and how they still apply today.
1. Let your values guide your financial decisions
Every dollar you spend is a vote for the life you want to build. When your spending aligns with what’s most important, money feels like a purpose rather than a sacrifice. For couples in particular, shared values can make financial decisions a source of clarity rather than conflict.
2. You can always make more money, but you can never buy more time
Imagine being able to trade places with legendary investor Warren Buffett, who is now 95 years old. Will you? Time, unlike money, is scarce and cannot be regained.
Remember this when deciding whether to take a promotion just to get more pay, even if it means spending less time with your family. Or you might work long hours to buy a more expensive car, even though your current car is working fine. Or maybe you buy a bigger home when your kids are already attending great schools in a safe neighborhood.
3. The biggest investment you can make is in yourself.
The benefits of personal growth increase over decades. Investing in education, learning new skills, reading widely, and even therapy can strengthen both your earning potential and your resilience. In a partnership, personal growth benefits everyone. Stronger individuals create stronger teams.
4. Debt robs you of tomorrow’s options.
All borrowed money limits future freedom. Loans may seem manageable today, but they quietly shape the choices you make tomorrow, from the job you get to the place you live. Prioritizing flexibility over financing gives you peace of mind and the ability to pivot when your life changes.
5. Turn off the lights when you leave the room
Turning off the lights is a metaphor for the small things we do. It’s not just about saving a few cents on electricity. It’s a practice of mindfulness. Every small act of frugality adds up and increases your awareness of how you use your resources.
6. Celebrate simplicity
Quiet living is often intentional. Choosing simplicity means choosing time over things, presence over pressure, and meaning over noise. Less clutter often means less stress and more space for the things that actually matter.
7. New cars destroy wealth
The average new car now costs more than $50,000, and once you factor in financing, fuel, and insurance, monthly costs can exceed $1,200. Vehicles built about three years ago often fall in the sweet spot between price and reliability. Investing the difference between new and used items can significantly increase your long-term net worth.
8. Cheap and frugal are not the same thing
Cheapness means cutting corners at any cost. Frugality focuses on getting value for money. A frugal person maintains his possessions, spends deliberately, and is generous when necessary.
Understanding this difference can prevent endless money fights. Because while frugality builds a meaningful life, cheapness slowly erodes joy.
Brian Page is the founder of Modern Husbands, a company dedicated to helping couples manage both their financial and family responsibilities as a team. He has a master’s degree in education and is certified as both a Certified Financial Counselor® and a Fair Play Certified® Domestic Labor Specialist.
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