Good time to consult our old friend Ira U. Cobleigh. Mr. Cobleigh wrote the cleverly titled book “How to Gain Security & Financial Independence” (Hawthorn Books, New York, 1956). Ira’s first chapter has the romantic heading “Thrift and Gracious Living”. Here are his five major goals of thrift:

(1.) an emergency rainy day fund,
(2.) life insurance coverage,
(3.) a specific sum for the purchase and furnishing of a home,
(4.) the education of children, and
(5.) a fund to create or supplement retirement income.

Ira doesn’t mention the importance of paying down high interest credit card debt. It was a different time!