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What I Love About Reading

By Frugaling 11 Comments

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Books

When I was younger, you couldn’t pay me to read a book. My parents read to me as a child, but in middle and high school, I was a Sparknotes reader; preferably, about 15-30 minutes before exams.

Homer’s Odyssey sat mostly unread. I was supposed to have spent the summer before my freshman year of high school analyzing the prose and coming up with something intelligent to say. Instead, I read the first 75 pages and called it good.

Reading wasn’t something I naturally enjoyed doing. It felt boring and stuffy. While I enjoyed the cover artwork, the text never enticed me to stay until the end. Ironically, I loved purchasing new — open it up, bend the spine, smell the glue and paper, and see those perfect 90-degree corners — books. But again, they sat mostly unfinished.

Something clicked in college. Suddenly, I enjoyed turning the pages of a good book of fiction. I wanted to read more. And for the last eight to nine years, I’ve become further engrossed and in love with the act of reading.

Now 27, I want to read even more. A lot more. And I’m not talking about finding a good book to read before bed or in between classes or to start my day. I’m talking about reading for entire days — hours upon hours!

I want to get swept away in a non-fiction subject or in fictional characters, plots, and narratives. I want to be amazed by others’ writing and ideas; most of all, I want to learn and hone my own writing abilities through reading. I learn through talented authors. They’re my role models.

The act has become this thing I lust after. Inside, I say to the world, “Get out of my way, leave me alone, stop talking to me. I need to read!” I read like there’s no tomorrow, because I’m not sure if there is. I read because there’s something I need to learn and would be remiss not to know it. More and more pages turned, pulled, flipped. Hours pass uninterrupted; frankly, I prefer it that way.

As I reflect on my habit, I realize what I love most about it. The classic book is a deep dive into a subject — whether fiction or not. Inside this world — and unlike the Internet — nothing pops up. Nothing pokes or aggravates. Nothing makes suggestions. There aren’t click-bait or artificial headlines. I don’t break from the reading to click and subscribe. I don’t scroll down to get back to the content. Ralph Nader says the only time to escape advertisements might be sleep, but books still provide an oasis.

Frugality is much easier with a good book. In fact, reading might be the lowest cost of entertainment on Earth. Consuming television and movies is cheaper than ever, but remains more expensive than going and getting a book.

For instance, a movie might have a 90-minute runtime and cost $10 to buy. That’s roughly a dollar for every 10 minutes. Meanwhile the purchase price of a book might be comparable — say $10 — but the runtime is magnificent. Pick up a lengthy tome like Stephen King’s 11/22/63 at 849 pages, and you’ll be reading for a 20-30 hours. It’s pennies to read every hour — enjoyment at a fraction of the price. And this doesn’t even account for public libraries!

Living simply and frugally is easier with a good book. These hours spent avoiding material consumption for knowledge, empathy, and understanding. And best of all, it won’t leave your wallet reeling.

So, what will you read this summer?

Filed Under: Save Money Tagged With: Books, cost, Entertainment, Film, media, Movies, Read, Reading, Television

4 Lessons From 3 Years Of Frugaling

By Frugaling 12 Comments

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Typewriter
Photo: Dustin Lee/Unsplash

Three years ago I sat at my then-girlfriend’s kitchen counter, which looked out at the Pacific Ocean. The panoramic window looked on beautiful condos and homes nestled along the California coast. The weather was perfect, and there wasn’t a cloud in the sky.

Amidst this perfection, my heart sank with the weight of tens of thousands of dollars in debt. It was something that could stand in the way of relationships, compromise my job prospects, credit scores, savings, investments, retirements, and giving to others. I wanted to excise the morass of debt, but didn’t know how.

I started writing Frugaling as an aspirant — a mere amateur in the financial planning world. What could I know about saving money, making money, and changing my prospects? While I didn’t have all the answers, I had hope.

I could never have predicted what happened next.

By cataloguing my story, sharing my triumphs and travails, and being open the entire way, I benefited financially and emotionally. The former included about $40,000 in revenue. Something that would allow me to pay off almost all my debt. The latter permitted me to regain my breath — to relax once more. I was able to let go of most financial uncertainty stress.

Three years of Frugaling flew by faster than I could have ever expected. It’s hard to fathom where I was then and now. Much has changed. Here’s what I’ve learned:

The rules don’t apply evenly across populations

We don’t all start from $0, the same educational prospects, families, or social networks. We aren’t all born the same race. We aren’t each afforded a $1 million loan from our fathers.

Finance, while personal, goes beyond “personal finance.” After writing for years, it’s clear both in comments, criticisms, and critical thinking that society has great power in affording people the opportunity to succeed.

Whenever we talk about financial management, we need to consider multiple stories — not just our own.

People care deeply about food concerns

Some of the most popular articles have been about food. And I don’t think it’s an accident. When people look at their budgets, one of the highest lines is for food.

Food is often an area where people look to cut back on. Maybe you eat out too much. Maybe you eat too much. Maybe you spend too much on coffees.

More importantly, any little change in your food spending instantly affects your total spend for a month. Reduce the regular visit to your favorite restaurant, make a meal at home, and you can immediately see the benefit to your wallet.

Simple living, minimalism, and frugality are deeply intertwined

If we imagined a venn diagram, these three concepts would greatly overlap.

Those who enjoy canning, meal planning, and living simply are usually following the frugal life, too. Minimalism directly affects budgets, too. Reducing the urge to fill closets, cabinets, and stuff the remaining areas can help you save money every month.

I’m inspired from each of these concepts. I read — mostly checking out books at the library. I cook (or attempt to) at home. And I constantly look for ways to reduce extra stuff and refuse impulse buys.

Debt can suffocate its victims

Swimming in debt made me struggle for air, space, and time. How long would I have to live this way? How long would I be able to negotiate this rat race? I felt choked by the burden.

Many live like this — even middle-income earners. One way or another they find themselves in great debt and/or living paycheck to paycheck — always on the precipice of a missed house payment, medical bill, or job loss. Every day is a struggle.

Debt has a sneaky way of controlling lives and forcing people to work more, save less, and reduce time spent with loved ones. Debt can impact marriages, relationships, and family members. And oftentimes, it’s inescapable until the final dollar is paid off.

These lessons have taken years to understand and conceptualize — to convey them today. I’m honored and humbled you’ve taken the time to follow along, read, subscribe, tweet, and share.

Cheers to another three years!

Your frugal friend,

Sam

Filed Under: Save Money Tagged With: anniversary, debt, frugaling, frugality, Minimalism, planning, saving money, Simple Living

The Frugal Guide To Buying A Used Car

By Frugaling 9 Comments

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Volkswagen VW Jetta Used Car Buying

I have a confession to make, but I’m a bit embarrassed to admit it. I bought a used car. Please don’t judge me for this news update. Would you allow me to explain why a frugal guy like me did this and how I made it as frugal as possible? Pretty please?

For starters, I’m moving out of Iowa City this year to another city nearby. The rents are cheaper there, but it’ll require a little commute. Without a car, the move would be impossible. There’s no regular, public transportation available. I wouldn’t be able to make it to school and work each day.

I fretted over this decision for quite some time. I remembered how stressed and awful I felt with a car. It encouraged me to be lazy — driving instead of biking or walking. Additionally, the car loan I had left me nearly penniless each month. I couldn’t save much.

For the last year-and-a-half, I went without a car. I sold it, paid off the remainder of my car loan, and began saving hundreds of dollars by biking everywhere. The commutes to grocery stores, school, and work were tiring, but I was saving every pedal of the way. In fact, over this last 18 months, I saved thousands of dollars.

Now, I’m re-entering the world of car ownership. To make this purchase, I needed another car loan. I paid off about two-fifths of the total price and financed the rest of a $10,000 2014 Volkswagen Jetta. Let’s dig a little deeper into why I chose this car and how I made it as frugal as possible.

Make time for the search

When someone finally decides to buy a car, two pressures tend to take hold: I want it now and I need it now thinking. The want it now has extra time to find a good value, but feel compelled to be zooming around in one as soon as possible. The secondary, need it now group has not left enough time to thoroughly search. They don’t have the luxury of looking.

If at all possible, plan for a car search. Begin it as soon as you get an inkling you’ll need a car. For me, I knew about 6-7 months ago a car would be needed. I started browsing Craigslist, eBay Motors, and dealers’ websites for more information about what was available, pricing, and distance from me.

Then, for every car that sparked my interest and seemed like a good deal, I researched price expectations, reliability information, ratings, and true cost of ownership. Around the same time, I visited my car insurance’s website to calculate expected monthly costs for every possible iteration. By the end of my 6 month search, I knew my stuff — I just needed the car.

Use a credit union for financing

Big banks have one motivation: big profit. When it comes to financing, they’re usually a last resort — regardless of credit history, score, or income. Unless you are immensely wealthy, big banks can’t help save you money on a car loan.

When I was gearing up to buy my first car a few years ago, the first trip I made was to Wells Fargo. I’d been a banking customer with them for 6 years at the time. Curious to know what they’d offer me, I asked the loan officer and was told I should expect double-digit interest on any loan duration or amount. I laughed out loud at the absurdity, and asked if those were the final offers. They were.

I found solace at a credit union; PenFed, to be more specific. Credit unions run on shareholders, much like banks do. The key distinction is that shareholders are credit union members. If you open an account, you usually become a shareholder. You can vote on new board members, propose programs, and advocate for fairer pricing. Credit unions are motivated to help their members succeed. They’re not in it solely for the profit.

With my used VW Jetta, PenFed was able to give me a 2.49% car loan for four years. Even though I’m spreading the remainder of the car over four years, the payments add up rapidly. Fortunately, little will be going back to the bank as interest.

Find rental/fleet vehicles

When you look at the price I paid versus the expected price for a 2014 VW Jetta (upwards of $12,000 for one in this condition), you might wonder, how the heck did he do it?! The key was finding a rental vehicle in this instance.

There’s an underlying assumption that rental and fleet vehicles get driven harder than personally owned vehicles. In fact, it’s pervasive if you look into buying rental cars. Commenters and “experts” weigh in to tell you what they think, but the best advice I’ve seen comes from Bankrate.com:

While we all know rental cars have somewhat of a bad reputation as cars that have suffered abuse by their renters, there’s no guarantee any used car you buy hasn’t been abused in the same way unless you personally know its history.

It simply comes down to logic and critical thinking on this one. All used cars get driven, right? When we buy a used vehicle, we assume either the individual owner or dealer is telling the truth. Some rental vehicles get driven hard, and some non-rental used cars get driven hard, as well. There’s really no way of knowing.

Amidst the murkiness, you can often find a good deal. Whether true or not, people tend to discount these cars and the dealers usually do, too.

Find a friend — don’t go alone

Whether you go to a dealer, a Craigslist creeper, or your neighbor, scoping out used cars can be tricky. It’s hard to check over an entire car at one look, and oftentimes test drives don’t allow the potential purchaser to spot the defects. This is a simple instance where four eyes and two brains are better than yours alone.

When I went shopping, I tried to bring a good friend of mine who also happens to know cars. That allowed me to assume a role when at dealerships and individual’s cars. I could play stupid, as my friend checked under the hood, around the brakes, inside the wheel well, etc. This team effort allowed me to focus on what the seller was saying to pay careful attention to the words shared.

Additionally, having two people present makes a more convincing argument. When you’re negotiating a final offer, having an “expert” around can help convince someone to lower the amount. It’s a game of triangulation against the seller, and if you can perfect it, the prices can become much better.

Alright, now I’d love to know what secrets you have to securing a good value when shopping for used cars. What tips do you have?

Filed Under: Loans, Save Money Tagged With: buying, car loan, Guide, Interest, Shopping, used car

Think Outside The Subscription Box

By Frugaling 21 Comments

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Think Outside The Subscription Box

“Show someone you care with a random box of stuff this holiday season.”
— CNNMoney

There’s Graze, Birchbox, Barkbox, Brobox, Dollar Shave Club, Trunk Club, Blue Apron, and now, there’s Minimalism & Co.’s new minimalist themed subscription box. Each box has their own flavors, qualities, and featured products. Some use corporate partnerships to market products through these boxes, while others are hand-selected items by the box creator. These subscriptions can include makeup, food, and much more.

The subscription model is usually set at one box per month, but this varies between companies. The prices range from $25 to $100s each month. If you’re using Blue Apron — a meal preparation service — you’ll likely sign up for more regular deliveries. Although, Minimalism & Co. sends their box once every quarter (3 months). Regardless, once you sign up, you’ll be getting regular deliveries of unexpected “gifts.” It’s like getting a surprise present each month!

However, there’s another way of looking at this subscription craze. To mindlessly subscribe and receive trinkets, makeup, and/or men’s grooming products seems to be the epitome of conspicuous consumption. It’s unclear who might need these products; I mean, truly need a product received through a subscription box.

Initial subscriptions are often discounted to make the first box free or inexpensive. Subscription services know that once they have someone on the trial, they’re more likely to continue using their product and/or try it again at a later date. And even if you were done with the service, you might not want to go through the terrible phone trees and/or automatic email exchanges to get your cancellation confirmed. All the while, you’re spending money, adding clutter, and struggling to cancel the onslaught.

Subscription boxes have made minimalism, orderliness, and frugality harder. Fortunately, there’s an alternative to this madness. Today, I want to introduce a solution to effortless consumption. In fact, I’ve come up with a clever name for the subscription, too: “ByeBox.”

Our worries will be solved. It starts with a nearly empty box. When you subscribe to ByeBox, you receive nothing but a cardboard box and a piece of paper. Isn’t that revolutionary and minimal!? And there’s no need to be careful when carrying the box into your house, as there’s nothing to break. Once you’ve opened up the box to see no goodies, makeup, razors, grooming products, or exotic foods from Chile, you can prepare for a far more intentional decision.

Written on the 8.5 by 11-inch paper is a simple request: “Pick something from your house that you once wanted/desired, but no longer find enjoyment or need. Place it in box and ship it back to ByeBox for another empty box!” It’s just that simple!

We are faced with countless opportunities to spend and collect every day. Surprisingly, many have embraced subscription boxes and taken to spending outsized proportions on tchotchkes that provide little value to our lives. My idea — ByeBox — might be a joke, but wouldn’t this make more sense to those working to live a minimal and frugal lifestyle? The harder decision always seems to be fighting against the mode of consumption — to find ways to minimize by going without and throwing out.

Filed Under: Minimalism, Save Money Tagged With: ByeBox, Conspicuous, Consume, Consumer, Consumption, frugality, minimal, Minimalism, subscribe, subscription box

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