4 Money Lessons You Can Learn From Ebenezer Scrooge

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Should you embrace your inner Scrooge this Christmas?

Key Point

• There are lessons we can learn from Scrooge, perhaps the world’s most famous stingy man.
• Living within your means without necessarily having to buy the latest fashions or smartphones can help you build wealth.
• Charitable giving is as important today as it was in Dickens’ time.

The name Ebenezer Scrooge has become a symbol of stingy and stingy behavior ever since Charles Dickens’ book was published. Christmas carolEven if you don’t read books or watch movies, this man, this “squeeze, strangle, twist, grab, rub, squeeze, greedy old sinner,” does every form of kindness to save money. You can know that you are refusing to .

One of the main themes of Scrooge’s story is the abandonment of the importance of love and generosity and mean ways. As we all grapple with higher costs of living and seasonal pressures to spend money every time we log on to the internet or leave our homes, both before and after our haunted visit, There are lessons we can learn from Scrooge.

1. He won’t catch up with Jones

Bah! Scrooge didn’t care what anyone thought of him. He rejects human sympathy, only cares about money, and lives in a tiny room that once belonged to a deceased business partner. Now, I’m not suggesting that you attack the Christmas carols that dare to sing on your doorstep. But no.

But the pressure to buy the latest mobile phone, own a big-screen TV, drive a shiny new car, and wear fashionable clothes keeps us all financially safe, no matter how much we earn. If you look into the habits of billionaires, many of them don’t splash out on expensive watches or fancy cars. Instead, invest in assets that build wealth over time, such as real estate and stock market investments.

2. Live within your means

Scrooge suffered more than the coldest wind when he went through life without love. He eats on watery oatmeal, outlasts coal supplies, and lives alone in a small, forgotten room. A miserable being, but he certainly lives within his means.

Spending less than you earn is one of the surest ways to build financial security and avoid debt. If your expenses regularly exceed your salary, it may be time to consider ways to cut costs or increase your income. There are ways to be more thrifty without yelling at beggars and forcing your employees to keep the cold out with nothing but the heat of a candle.

Save money on your electric bill by turning the heating down this winter, cut back on some subscription services, and save money on groceries with coupons and cashback apps. If you’re already feeling like you’ve run out of budget, you might want to think of extra hours at work or side hustle.

3. You don’t have to spend money all the time to be happy

The visions that the spirits present to Scrooge are no less moving than those of the Cratchit family. A poorly dressed family, but wearing brightly colored ribbons, enjoys a meager meal of potatoes and a small goose. However, nothing can prevent their joy and celebration.

Money could definitely buy Cratchits more food and comfort. It will also make a difference for many Americans who don’t know how to pay next month’s rent or how they can leave food on the table over Christmas. Some studies have shown that money doesn’t always make you happy when your needs are met.

Indeed, Scrooge spent no money and was miserable. Still, the idea that you have to spend money to have fun can do a lot of damage to your bank balance. There are many free or low-cost ways to have fun and show your loved ones that you appreciate them. Often times, we don’t need to splurge on things we don’t need, and we intentionally spend on things that are worth it.

4. You can participate in charitable activities When build wealth

Building wealth doesn’t have to mean refusing to donate to charity. In fact, many billionaires donate large sums of money to charity for a variety of reasons. Jacob Marley, the ghost of Scrooge’s business partner, tells Scrooge that his life’s work should not be making money. Instead, he wanted his life to be devoted to philanthropy and to improving many of his peers.

Nearly 200 years later, the themes of Dickens’ masterpiece are still as relevant. The huge cost of living has made it even harder for many families to keep their heads above water financially. About one in five adults went hungry this summer due to food insecurity, according to the Urban Institute. Food banks and charities report demand for their services far exceeds expectations. Many Americans didn’t have enough money in the bank to pay for their Thanksgiving meal this year.

Conclusion

Dickens’ caricatures may seem extreme, but Scrooge’s character could have been based on many real people then and now. At the time, a wealthy politician known as John Elwes was alleged to have eaten moldy food and crouched on his property when tenants moved out.

As with most things in life, the trick is finding compromises. For example, you don’t have to eat moldy potatoes to reduce food waste this holiday season. And for many families, there are ways to celebrate 2023 without overspending or shouldering debt that can make 2023 financially difficult.

I’m willing to accept some of Scrooge’s frugality because I’ve turned down the heat and have an extra sweater. Donate to your favorite charity. Tiny Tim, Merry Christmas, misquoting everything.