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What Is A Shoestring Budget?

shoestring budgetHaving a “shoestring budget” often refers to having a very limited or small amount of money to spend on day to day living expenditures.

The origin of the terms “shoestring budget” and “living on shoestring” are in dispute but nobody is arguing the fact that shoestrings are inexpensive.

Therefore the idea of only having enough money to buy shoelaces may have inspired these terms.

Of course if a person wears old shoes with new shoelaces, it could mean they are being frugal with their financial resources.

The works The Millionaire Next Door and The Millionaire Mind explore the theory that a lifelong practice of frugality will lead to accumulated wealth and a comfortable retirement.

millionaire next door