A Penny Saved is a Penny Earned…

Tuesday, July 8, 2008| by Will Chen

If you’re reading my blog or a visitor of the FrugalGuitarist.com site, you probably suffer from Gear Acquisition Syndrome (G.A.S.); I know I do at times.  It can be tough not to give in.  Honestly, I think it’s appropriate to indulge oneself occasionally.  However, I encourage responsible indulgement and really questioning why you’re lusting after that piece of gear.  Will it improve your rig in some way? Does it fill a tonal void in your collection? Is it a significant upgrade?  The answer doesn’t have to be yes, but the Frugal Guitarist must ask themselves these types of questions and be able to answer them honestly.  The worst reason to buy a piece of gear is looks.  So while that guitar hanging on the wall that’s just like that dude’s from your favorite band, pass on it.  Changes are in a few days or weeks the urge will pass.

The final and most important question is how will you afford it? Notice I said “how will you” and not “can you” afford it.  Financial planning is a skill they don’t effectively teach in school.  You need to come up time frame you’re willing to wait and figure out how much money you need to save monthly (or weekly) in order to reach that goal.  Ouch!  Isn’t it easier to just use a credit card?  Well sure, but you’ll end up paying much more for the item due to stiff interest rates on a credit card. What was the point in seeking out the best deal when you're going to end up paying close to double the bargan price? Additionally, you’ll earn interest on the money you’re saving before making the purchase.  In the words of Ben Franklin, a penny saved is a penny earned…

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