The trouble that comes with mental accounting

Humans seem to require some semblance of structure in their lives to function well (er, most humans seem to anyways). As a species we tend to like categorising and counting things. For the individual, this tends to gives rise to mental accounting within their personal finances.

What is mental accounting? This is the phenomena whereby we give our individual £s objectives and goals; we even divide them up into neat little buckets.

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The Frugal Foxes: Who are we, what are we talking about and why should you care?


First off, introductions and a little bit of background. Who are we?

We are Mr and Mrs* Fox. We are a young-ish couple (she is 23 and I am 24) from the UK. We’ve been a couple since the beginning of 2015 and plan to tie the knot in early 2019. We live together and have done so for the past three years. We are both fairly fresh out of university and have began to settle into full-time employment, both earning less than the average UK salary of £27k. Our major life goals are to get married, to buy a house to live in together and begin to plan for an early retirement – more or less in that order. Continue reading “The Frugal Foxes: Who are we, what are we talking about and why should you care?”