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Archives for February 2015

Frugal Articles of the Week

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Every week I like to feature a few frugal articles that caught my eyes. Curl up in your favorite reading nook and enjoy. Hopefully these encourage you to live frugal lives!

Nine hard-won lessons about money and investing by Matt Cutts
Those of you in the personal finance, minimalism, and frugality worlds might not know his name, but Matt Cutts is a legend. He started working for Google in the early days, and became a master of spam — decimating it everywhere from email to search results. In his “spare time,” he manages a blog about various topics. In this article, Matt outlines a step-by-step action plan for saving and investing money. Rather than linking to affiliate companies and profiting off his suggestions, he gives honest advice.

Americans are having more trouble paying off their student debt than their houses by Danielle Paquette
The headline nearly says it all, but the statistics will surprise you. Student loan debt is surging, as many struggle to find good paying jobs in their field of study. Student loans are greater than credit debt and mortgages, too. It’s scary to be a student these days.

We are wealthy. And why it matters by Joshua Becker
Wealth is a funny concept. Hardly anyone thinks they’re rich, and few recognize the vast privileges they have already — regardless of comparisons to wealthy elite. Joshua beautifully captures the importance of keeping perspective in this article.

Alice Gregory on Finding a Uniform by Alice Gregory
This young writer talks about her journey to find a uniform of sorts. The big difference is that this isn’t about business; rather, it’s for comfort, style, and savings. Alice explains how her “uniform” works for nearly every occasion and rids her of unnecessary distraction throughout the day. Awesome article and idea!

Filed Under: Save Money Tagged With: articles, Clothes, Clothing, Frugal, investing, News, Reading, student debt, uniform, Wealth, week

Financial Strength Through Unity

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Union Strikers
Photo: Kheel Center/Flickr

We get paid to go to school?!

I had this misconception about graduate school. See, I thought that when I worked for the university, added to the research landscape, and taught undergraduate courses, my own tuition and student fees would be paid. Even when I entered the University of Iowa for graduate school, I didn’t completely understand the financial obligations that are placed on students.

My first year as an instructor and employee of the university, I was quarter-time. That meant I would get 25% of a salaried employee (just over $10,000 per year). Additionally, because of my graduate student status, I’d receive a “tuition waiver.” This benefit sealed the deal and made graduate school sort of “affordable.”

Across the graduate colleges at the university, the majority of students received a 100% tuition waiver. Inexplicably, my college didn’t receive that benefit. That meant that around $2,000 per year of my tuition would come from the “paychecks.” To make matters worse, student fees cost about $2,400 per year.

If you’re doing the math with me, that means that I was getting paid in my first year of being a graduate student: about $10,000 minus $2,000 for tuition and $2,400 for student fees. It equaled roughly $5,600. Now, that quarter-time salary was decimated. Money for rent, food, and regular budgetary expenses disappeared. I had to take out loans to live.

Aren’t we trying to “better” ourselves?

As the years passed, I was afforded more opportunities and a semi-living wage. I was able to pay off my debt with my side income and stay away from student loans through a better “paycheck.” But the tuition waiver gap and student fees meant that I still paid much of it back to the school.

Those pursuing higher educations and degrees for more competitive employment should be commended. Unfortunately, our society and system doesn’t necessarily allow for all those to succeed.

Considering the cost of a graduate degree and the years of minimized/lost wages, it is an expensive proposition. Inherently, that means that only a select class of privileged individuals are more able to pursue this education. The consequences of pursuing a graduate degree without funding and few assets can be horrific, and lead to massive student loans.

That’s why students sometimes need to collectively bargain, unionize, and ask for better treatment.

Hope for a more respectful future

Last week, the union for graduate students at the University of Iowa accomplished something amazing. After months of consternation, threats to the tuition waivers, and proposed student fee increases from higher ups, the union demanded respect. They wouldn’t budge.

They asked for a 100% student fee waiver. While they didn’t receive that, the bargain was a 25% student fee cut for those on assistantships (working for the university).

They asked for a real 100% tuition waiver for all graduate students across the colleges. And they received that! Now, certain colleges within the university system that charged more tuition will be equalized.

Additionally, the union lobbied to provide better health coverage for transgender individuals, single-parent households, and much more. It was a moment of hope — of acceptance for diverse populations and classes.

And just like that, I received a nearly $3,000 raise! Without the union, I would still be bitterly explaining — to everyone who’ll listen — that my $22,000 ($18,000 after taxes) salary doesn’t actually equal what I take home.

The importance of collective goals

Unions have been villainized recently. Take Governor Tim Pawlenty of Minnesota, who said, “In many cases, [unions] exploit and abuse the taxpayers.” These disparaging remarks undercut the importance of unions for actors, on-air talent, auto-workers, politicians, teachers, students, professors, and countless others.

Historically, collective bargaining and unionization helped employee wages, voting rights, and improved safety in some of the most dangerous industries. Businesses weren’t interested in helping workers, and they didn’t have incentives to change.

When workers came together, worked towards similar goals, and collectivized, employers listened. If history repeats itself, then we ought to reflect on this lesson. Change and respect for students and others across the world will come from the bottom-up — not the top-down.

Filed Under: Make Money Tagged With: college, employees, graduate school, higher education, Salary, Students, taxes, unions, university

Do You Care What I Wear?

By Frugaling 28 Comments

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Do You Care What I Wear? Society places inherent value on what we wear every day. But is anyone paying attention if I wear the same thing?!

The first time I “dressed up”

It was the homecoming dance in my freshman year of high school. There, I learned that dressing nicely would beget compliments; a simple conclusion, that would shape my purchases going forward.

Before that dance, I was a t-shirt, hoodie, and jeans guy. Afterwards, almost overnight, I embraced layers and logos. I lobbied my parents to pay for Abercrombie & Fitch, Hollister, Gap, and anything that my high school brain felt was “cool.” The bills stacked up… for them.

Increasingly, I loved bold colors and designs – embracing pinks and purples despite social stigmas. The compliments flowed from nearly everyone around me. Many of the opposite sex encouraged me, and noted my changed wardrobe.

The “dapper” dresser

It’s now about 12 years from that fateful moment. As I aged, my tastes changed and I discovered H&M, Express, and Macy’s. And yet, for years, I was on this prescribed rat race to look better, fresher, and wealthier.

The latter was a powerful realization over the years. Quite simply, our culture aligns clothing style and brand with power, money, and achievement – regardless of reality. The better I dressed, the more others noticed.

Imagine being in a bar or club and seeing someone in a ragged t-shirt, overgrown beard, and faint body odor smell. You’d assume that individual is from a low-income level. Trim the scruff, polish the shoes, and button up that shirt, and that same person becomes a successful businessman.

Minimizing my closet and loving it

Over the last two years, my clothing purchases have slowed. And nowadays, I don’t have a clothing budget. I rarely buy anything. I’d rather put my hard earned money in future savings and investments.

Since my frugal journey started, I’ve sold clothes, donated, and taken great care of what I currently have. The clothing that I currently have is important to me; not because I’m worried about it getting damaged, but because I don’t need anything more. My wardrobe is “complete.”

Generally, my day-to-day wardrobe consists of casual-formal clothing that’s appropriate for a work environment. The important part is that it needs to be flexible and comfortable, as I run in the clothes from school to work and back. My wardrobe does just that.

A wardrobe worth repeating

Through laziness and busyness, I was pushed to simplify my workday wardrobe. In these colder winter months, I’ve opted for more sweaters and colored jean/slacks. Still, I tried to vary what I was wearing… until recently.

These days I’m opting for a more efficient wardrobe: grabbing yesterday’s clothing. It’s not like I do this every day, but I’ve grown more accepting of uniformity in my outfits. The creative, “dapper” dressing is more frequently reserved for weekends.

After reading this article, some might be inclined to suggest that I’ve let myself go. Maybe, but I’m learning something in the process. As I’ve shifted to this repetitive wardrobe, I expected people to notice, complain, and/or question my decision. Last week I wore the same pants 4 days in a row and a sweater 3 days during the week. Nobody noticed (or mentioned it). Nobody!

Expanding the experiment to one year

There’s a sexist double-standard about clothing: men can wear nearly anything and women are carefully criticized. If a woman were to wear the same group of clothes or article repeatedly, they’d be questioned. Largely, men are overlooked and free to wear abominable outfits.

One world where women are constantly criticized is television. The on-air anchors and talent can be harangued for wearing the wrong designer, looking unfashionable, etc. Meanwhile, men are free to wear whatever, again and again and again – without critique.

Karl Stefanovic did just that. This broadcaster from Australia decided he would wear the same suit every day for a year in solidarity with his fellow female co-host. Nobody noticed.

Benefits of embracing a minimal, repetitive wardrobe

My high school and college days were fraught with an insecurity that prompted me to spend. I was desperate to fit in enough, and stand out with my wardrobe. I wanted people to notice me; to be unique enough, but not alone. My wallet suffered over the last 12 years.

Now, as I’ve slowed my purchases and become more minimalistic, I’ve learned some important takeaways.

1. Buy what you love, sparingly

Fundamentally, I’m buying less than ever. I don’t peruse catalogs, storefronts, or websites for the “latest” trends, designs, and brands. By avoiding these outlets that subtly market their latest styles, I don’t have the same urge to buy.

When I do find something, another item must be ready to depart. I’m no longer interested in amassing clothing. Everything must be functional, practical, affordable, and regularly worn. Otherwise, it’s just a waste of space.

I’m not advocating for people to embrace naturism or 1984-like uniformity. Buy what you love, but do it minimally. When you do decide to pull the trigger, make sure it’s something that will stand the test of time (from trend and wear).

2. Sexism, classism, and other cultural norms

I was chatting with a graduate student about his job. He mentioned that he has to wear a suit and tie once a week for business meetings. If I wore a suit and tie to my work, I’d be laughed out of the homeless shelter and/or never receive clients. Dress reflects a microcosm of culture, and portrays an intention. This aspect isn’t — by itself — a bad thing.

Although, clothing choices often become a point of criticism. What we wear can sometimes contribute and perpetuate a classist and sexist society that expects men and women to look certain ways.

Let’s buck these cultural norms that become expectations, prejudicial boxes, and prevent acceptance. Diversity should be embraced.

3. The efficiency chosen by experts

This last week I felt a freeing sensation that comes with efficiency. We are regularly flooded with choices throughout our day. What should I pack for lunch? Should I cut my toe nails? Which shirt and pants should I wear? Heck, look at the toothpaste and shampoo aisles! Try to find your one favorite.

The fewer extraneous choices made, the more we can focus on what’s important. I felt that by wearing the same thing. Just look at two terrific examples: Steve Jobs and Mark Zuckerberg.

Steve Jobs would constantly wear a “uniform” of sorts. He wore a black turtleneck, blue jeans, and some sort of tennis shoe. He drank SmartWater on stage — nearly every time. His life worked through routines; yet, it allowed for creativity where it mattered.

Mark Zuckerberg isn’t as repetitive as Jobs was, but he does tend to embrace a more casual style of t-shirts and hoodies. As one of the richest people in the world, he can do whatever he wants. He can set his own wardrobe expectations.

With both men, they minimize the time and cost of more fanciful clothing. It’s clear that focusing on what’s comfortable made them more capable. Additionally, that they could save time every morning throwing on what they know.

Filed Under: Minimalism, Save Money Tagged With: Clothes, Clothing, fashion, logos, minimal, Minimalism, trends, Wardrobe, wear

Frugal Articles of the Week

By Frugaling 2 Comments

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Every week I like to feature a few frugal articles that caught my eyes. Curl up in your favorite reading nook and enjoy. Hopefully these encourage you to live frugal lives!

Crank the heat of wear a sweater? by Brian Morelli
Over the last two days, I experienced some nasty cold weather here in Iowa. The lows were scary. Considering wind chill, it was getting down to below 20/30 degrees! As winter drags on, it’s important to think about how you can save energy and reduce fossil fuel use. The simplest option is often best: put on extra layers.

The early retirement / financial freedom spreadsheet by J. Money
Are you looking to leave the rat race and retire early? You’re going to want to read J. Money’s guide first! Early retirees need to think about how much they’ll have over time, and what they’ll need to withdraw each year to sustain themselves. J introduces some important rules before you take the plunge! A must-read.

Hidden advantages of savings accounts by William Cowie
Ah, the trusty savings account! Pretty boring, right? In this low-interest time, savings accounts have gotten a bad rap. This article lays out some tried and true reasons why everyone should embrace the trusty savings account.

The Gender Gap in investing needs to go by Kate Dore
Last, but certainly not least, is an article from one of my favorite personal finance writers. In her latest post, she details the many reasons why the Gender Gap in investments is a serious problem for everyone. From stats about financial knowledge/literacy to information about how to change that, Kate is an awesome example!

Filed Under: Save Money Tagged With: articles, Clothing, Financial, Frugal, gender gap, heat, Retirement, savings accounts, weather, week

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