Thoughts of Extreme Savers

Forbes.com has a new e-book in which it interviewed extreme savers to learn their secrets and methods. This article summarizes some of the key points of the book. It’s interesting, even if you don’t want to go as far as these people do, many of whom are retired or plan to retire before 40.

“Saying ‘I want to save 20%’ doesn’t mean anything. Why do you want to save money?” Cait Flanders, 30, learned the importance of having goals when she went through a major decluttering and put herself on a one-year shopping ban. For instance, it’s harder to skip your morning coffee just for the sake of having $500 more in the bank every year. Rather, think about that $500 as a short-term sacrifice in the name of a long-term goal.