A Penny Saved Is A Penny Earned Essay - 929 Words

FRUGALITY â€Å"A penny saved is a penny earned† this was one of the Franklin’s thirteen virtue that was meant to make people aware about frugality and thrift and help them to manage their economic and financial status. Frugality means acquiring goods and services in a restrained manner, and resourcefully using already owned economic goods and services, to achieve a longer term goal. Nowadays, this virtue is not applied by the Americans in their lifestyle like it was used to because they are much more concerned to get what they want, no matter how much it costs them. Americans today are profligate spenders who are not seriously concerned with frugality and thrift like they used to be as they spend wastefully on the things they like rather than†¦show more content†¦Then he spends the remaining surplus money gambling. Now a new born is expected in his family and he has very little saving to cover up the additional expenses. Jeff needs to opt for the frugal practices to man age his family’s living in order to prevent taking any last minute, desperate measures like taking loan with high interest or mortgaging the house. Americans usually prefer to spend their leisure time taking luxurious vacations at exotic hotels and resorts filled with marvel and opulence that surely costs lot more than what an average person can earn. A trip like these can easily cost about fifteen hundred dollars at least. So, people are spending about a month or two month’s salary on these vacations. Furthermore there are trips to bravura spas and health resorts that lead to more declination on the average saving per month and year. People wastefully spend their money visiting these resorts instead of simply being precautious and having a healthy eating and living routines. If frugality is kept under mind then the leisure time should be spend on something productive or on hobbies and PRADHAN 2 interests that does not hamper the savings. Loretta claims that she spent her two month’s salary and three month’s saving on a single family vacation trip. These kind of extravagant vacations and profligateShow MoreR elatedNo Need for Pennies in Our Economy Essay712 Words   |  3 Pagesor bills. Do we use pennies for virtually any transactions? The answer is no, we don’t. Consequently, the penny is far and away the least useful monetary value we have. Pennies are inefficient and should be cut out of the currency. The rationale behind this conclusion is simple: the price tag of minting a penny is more than one cent. Unfortunately for the penny, two other reasons prove that we require it no longer. The first reason is that not only will the removal of pennies make us more effectiveRead MoreThe Price Of The Prices1058 Words   |  5 PagesBenjamin Franklin once said, â€Å"A penny saved is a penny earned. Unfortunately, that idea no longer applies to modern society. There isn t really much saving or earning with today s penny. This is to do with the rising high melt value that is branded with the currency. Essentially, producing the penny costs more than what the penny is actually worth . The copper and zinc that are used to make the coin are more valuable than its value as currency. The one-cent coin doesn’t have the purchasing powerRead MoreThe Consequences of Rewarding Good Grades with Money511 Words   |  2 Pagesgrades. Due to the lack of knowledge, kids are unable to spend money wisely. Their strive for money becomes their main goal and do not realize the importance of their grades. 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Our country right now is at an all time high for spending, despite some of the happenings on September 11th. This is not necessarily a good thing. You have heard the old saying, â€Å"a penny saved is a penny earned†, well that is exactly what people are now saving. One penny is now being saved for every $10 worth of income. Our country has one of the lowest savings rates of any industrialized country in the world. When we retire, we will have to live on things like social security. As youRead MoreScientific Method and Unobtrusive Measures697 Words   |  3 PagesSOCI 1301 Principles of Sociology Chapter 5 Quiz 1) Which of the following statements is the best example of a hypothesis? A) All men are created equal. B) A penny saved is a penny earned. C) Unemployed men are more likely to commit spousal abuse than employed men. D) More than 300 million people live in the United States. 2) In the statement, Poverty causes crime, the words poverty and crime are best described as ________ because they are subject to change. Read More Benjamin Franklin Essay1332 Words   |  6 Pagesunder the pseudonym Richard Saunders. Although most people knew that he was the one that wrote it the Richard Saunders character repeatedly denied this. Some of his famous quotes from this publishing were A penny saved is two pence dear which translated means a penny saved is a penny earned. Also the quote Fish and visitors stink in three days remains a common quotation in the modern world. Benjamin Franklin sold about 10,000 copies a year of his almanac. In 1764 Franklin was dispatched toRead MoreHow to Live on a Low Budget: Historical Economic Analysis Essay591 Words   |  3 Pagesproduction meant the economy’s progression came to a halt. The thought that a large family was a prosperous one worked against the head of household because of the extra mouths to feed. Many terms originated from the hard times like a penny saved is a penny earned. The unemployed, homeless and hungry were motivated to do what they could to support their families with little room for extra spending or impulse buying. Living on a low budget meant the use of coupons, bartering labor for raw goodsRead MoreBenjamin Franklin Creative Writing Essay1151 Words   |  5 Pagesfranklin s dad Josiah wanted Benjamin to attend school with the clergy, but only had enough money to send him to school for two years. He attended Boston Latin school but did not graduate. Wherever franklin would go he would always carry me( Benny the penny) around with him, this is how I know him so well and the events that occurred until I was passed on to George Washington in 1790. 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