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Time, Frugality, and Learning To Say No

By Frugaling 10 Comments

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To become frugal with your time - maximizing the important and reducing the clutter - it's important to learn to say, "No."

I’m failing do to everything I want, and I feel like I’m stuttering under the pressure of graduate school. Honestly, I’m struggling.

The day begins with a habitual breakfast meal: eggs and turkey bacon. My coffee brews as the stove top sizzles. The breakfast meal is important for my long days, and I cook a hearty one. But everything takes time, and these days, I’m running out of this precious resource.

As a graduate student, my semesters are demanding. My weeks have a consistent 45 or more hours scheduled between school, work 1, and work 2 – not to mention volunteering, research opportunities, and many necessary extracurriculars. Time management is key, but there’s a fundamental flaw – everything cannot be completed.

But maybe there are tools from the frugal life? For me, living frugally is the voice to cut back on the unnecessary and enjoy the meaningful. Reducing discretionary spending and focusing on what’s most important has great ramifications for time, as well. This article is a combination of reflection and advice for dealing with the conundrum of time management snafus and demands.

Sleep And Mr. Rigor Mortis

Honestly, there are limited hours each day. Even though there are 168 hours in a week, there’s only so much the human body can handle. Many of those hours will be redirected to sleep. This is a basic necessity. This is not an area to sacrifice or “cut back” on.

Reducing sleep is not frugal, it’s dangerous. Sleep is helpful in maintaining normal anxiety and depression. Sleep can energize and leave you feeling refreshed. Sleep helps memory processing, and leads to better encoding.

As the difficult days of graduate school continue, it can be challenging to get enough sleep. Sometimes it feels like I’m shaving years off my life in the process. The reality is that busyness cannot replace your need for sleep. If you’re chronically not sleeping well or enough, something’s got to give.

Time Management Equals Money

We already know the overused maxim that time equals money. It does, but it’s not an accurate measure. Time management and effective use is the key to money. Even though many people work 8-hour days, they often work in short, efficient bursts.

By maximizing those bursts, I can use my time more wisely and condense serious amounts of work into short periods. From there, I either take a short break or switch topics to challenge my brain and keep me thinking critically.

Find Your Focus, Forget The Rest

To become frugal with your time – maximizing the important and reducing the clutter – it’s important to learn to say, “No.” This simple word is often the first out of a toddler’s mouth. It’s time to incorporate it back into your regular repertoire.

No, I can’t commit to another extracurricular.

No, I can’t signup for that project.

No, I won’t be able to meet that deadline.

It’s empowering to say, “no.”

Suddenly, my schedule is busy and full, but I can manage it when I start to say that simple word. You should try it sometime.

Filed Under: Save Money Tagged With: Frugal, frugality, graduate school, time

Should You Buy Renter’s Insurance?

By Frugaling 7 Comments

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Home insurance may never be applicable to me, but what about renter's insurance?

Walk into my apartment, and you’ll notice something: There’s hardly anything in it. It’s sparse, austere, and minimalistic; most of all, purposeful. A table, chairs, my bed – not many extras.

I’ve rented for years now, and I’m not sure I ever want to purchase a house. In a previously written article for PTMoney.com, I cataloged the many reasons why I hesitate to buy. Home insurance may never be applicable to me, but what about renter’s insurance?

Multi-Line Discounts

Every time I call Geico to ask for discounts or check my car insurance premiums, a representative suggests a particular “discount” for also having renter’s insurance. Invariably, I ask what that costs. Would having a multi-line discount make my overall bill cheaper? No.

Unfortunately, this multi-line “discount” is simply a marketing ploy to attract non-critical consumers. Do yourself a favor and ignore these enticements.

Fear Factor

…what if your apartment gets burglarized? Or, worse yet, suffers smoke damage in a fire? Some renters may think that everything they have inside their apartments is insured under the landlord’s policy, but that only covers the building itself. (Source)

Renter’s insurance is often motivated by fear of the unknown. A fire, flood, burglar, or any other risk may enter your apartment and destroy what’s rightfully yours. This destruction is not covered by landlords.

If you have a wealth of materials in your house, renter’s insurance may be for you. It’s a hedge against negative events. The insurance company lets you pay a small fraction of the total worth on the actuarial assumption that you won’t need the money.

Minimalism

There’s a way to avoid renter’s insurance, feel safe, and live a comfortable life. The secret is minimalism. This term represents a movement towards the essential; basically, eschewing all that’s superfluous for what really matters.

Minimalism can be a powerful tool to feeling free from worry. If there’s nothing to burn or steal, why do you need renter’s insurance? When I go on vacation or leave my home, I’m comforted by my bare apartment. What could anybody want? What’s the worst that could happen?

Yes, my table, chairs, pictures, and electronics could morph into charcoal and dust if a fire occurred. But I place no value in these inexpensive things that are easily replaceable. They’re not worth a monthly hedge that drains my budget even further.

And if you choose to plaster the walls with pictures of loved ones and heirlooms, there’s a priceless nature to these things. Geico doesn’t care about priceless – nor could they actually replace them.

What Should You Do?

When it comes time to consider renter’s insurance, take a critical eye to this apparent money saver. Potentially, it may drain your budget, while making you feel safe.

The decision is yours.

Just know that safety doesn’t always need to be purchased. Sometimes, it takes a philosophical change, instead. That’s where minimalism can help.

Filed Under: Minimalism, Save Money Tagged With: apartment, house, Minimalism, minimalist, renters insurance, Safety

Over Budget Birthdays

By Frugaling

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My over budget birthdays. It’s easy for me to spend and challenging to save. Maybe I’m not as good as you, but I aim to be better.

I’m floating in the Chicago skyline; this can’t be good for my budget. Down below, the third-largest city is in full swing, but I can barely hear the traffic from here.

Here, you’re removed from polar weather, abject poverty, and even the tiling of consumption at “The Magnificent Mile.” The price I pay for this distance is staggering – embarrassing even. I hesitate to tell you. On this random Sunday night, the room costs $200.

All summer, I’ve stayed incredibly frugal – hardly ever going out to eat or traveling. To place an endcap to the academic break, a birthday party in Chicago for someone I love seemed fitting.

Activities abound in the rousing ruckus of Chicago: Runs along the lake, comedy shows, Broadway-level theatre, and more. Over the years I’ve done them all. Some have cost me a small fortune to enjoy the entertainment.

My budget – my superego – has hated me every time. Almost like an outside entity, it groans with the credit card swipes. The Excel numbers dance in place to say, “Look at what you’ve done now.”

In total, this celebratory getaway costs me a small fortune; a year’s salary for much of the developing world: $400.

Is it worth it? Yes and no.

This is the last hurrah for the entire summer. I’m stopping unnecessary spend after this little vacation until maybe December. For the first time in my adult life, I truly saved and accounted for this trip. I participated in medical experiments all season to afford this moment. And, most of all, I took pleasure in celebrating someone special in my life – taking the time to show them I care.

Unfortunately, the answer is more gray. I also have nearly $40,000 in debt awaiting me back home – in the real world. A $400 trip will still be financed because it delays that amount of money I could’ve spent on repaying debt. 6.8 percent interest from the Federal government swirls in my head on a near-daily basis.

I’m left in a neutral place – somewhere between budgetary hell and heaven.

This is what I know: When I go out with people, they frequently joke about my frugal life. I think they expect me to be cheap and greedy. What I hope they see is that I’ve adopted this spendthrift lifestyle because I’m failing.

It’s easy for me to spend and challenging to save. Maybe I’m not as good as you, but I aim to be better. I’ve wasted gobs of cash for things I don’t need, and I’m not proud of that. That’s why I’m here, writing to you, and hoping we can share in this journey back to zero (debt).

Filed Under: Save Money Tagged With: Birthday, Budget

The 7-Day Buy Nothing Challenge: Day 7

By Frugaling 13 Comments

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That's the thing about the Buy Nothing Challenge: You must envision the future-oriented effects of the changes you make in the present. If you can, the reward is a better, freer future.

Read the Entire Series: Day 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7

At 6:45 PM on Saturday, July 13th, I stopped spending any money. After a night out for my friend’s birthday, that was the last I touched my credit card or cash. The last thing I purchased was a $10 – extortion-level – ticket to watch World War Z. Then, “The 7-Day Buy Nothing Challenge” began.

I was ready to examine my assumptions in spending and visiting stores. I felt capable of completing the task, but didn’t know what would be required of me. Looking at my Mint.com account, I could see that occasionally, a day would go by without money spent. But honestly, it was a rarity.

Seeing that habitual spending scared me. I was motivated to test these patterns and take control of my financial future.

We Desire What We Can’t Have

Plain and simple, we want things we can’t have. The rarity of things tends to increase their value. Whether it’s related to supply and demand or because it’s a Veblen good, people are attracted to elite and scarce products.

After I ran out of granola, I wanted it; even more so, because I couldn’t buy more. My mouth would water with the dream and thought of getting more. Stopping the urge to spend meant deep psychological restructuring and understanding the power of these more biological urges.

Preparation Is Key

As I’ve mentioned, food storage concerns reigned supreme over this experiment. Preparation is a fundamental necessity for completing this task and possibly extending a Buy Nothing Challenge beyond a week.

Theoretically, if food storage was stronger, I may have had less pressure to go shopping again. At the same point, the urge to spend wasn’t always about shopping. I was often caught by the desire to go ice skating, see a movie, or go to a nice restaurant for a fun little date night.

Reflection For The Future

This experiment taught me a lot about my spending woes and urges. I feel enlightened by my mistakes. But most of all, I’m actually eager to try it again. Pressing pause to credit, debit, and cash really did help my budget and give me a short-term goal that has positive, long-term consequences.

That’s the thing about the Buy Nothing Challenge: You must envision the future-oriented effects of the changes you make in the present. If you can, the reward is a better, freer future.

Day 7: $0 spent.

Thank you for following along!

Read the Entire Series: Day 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7

Filed Under: Save Money Tagged With: buy nothing

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