Saturday, July 28, 2007

What can developing nations can teach us about Personal Finance

I’ve recently come across a great post in The idea of their blog seem to be pretty much the same as mine, however I admit I haven’t gone through it to confirm that.

The post I linked above points out a few things people from developing nations do that helps them save more money. While the article contains more information, I will highlight only two which are easier to implement in your day-to-day routine.

  1. Driving to work: driving alone in your car to work is highly inefficient. Taking a bus or even using a motorbike is far cheaper. (Also a lot better for the environment)
  2. Living with your parents: in developing nations it is socially acceptable to live with your parents if you are single. By doing so, you are saving a lot of housing costs.

What do you think about that? Would you be prepared to live with your parents longer to achieve financial freedom faster? Would you give up the comfort of driving to work to save on gas and car maintenance?