Frugaling

Save more, live well, give generously

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Frugality, What Is It Good For?

By Frugaling 15 Comments

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Toronto Harbourfront

When I talk about frugality, I tend to focus on saving money, living simply, and making more. It’s a winning combination. By combining all three components, I knocked out nearly $40,000 of student loans, a car loan, and credit debt.

Unfortunately, I sometimes develop fatigue from concentrating on ways to prevent spending. It’s tiring to always keep watch for wasteful spending, and easier to simply swipe a card.

Thankfully, strong reasons such as reducing climate/carbon impact and disdain for contributing to major banks’ profits keep me motivated. I have a purpose, rationale, and philosophy undergirding everything I do. Without these, I’d fall off the wagon and spend crazily again.

Ironically, part of the reason I live this way is to spend money. I mean it. I save and save and save to spend money. Crazy, right?

The difference, now that I’m without debt, is that when I purchase something, there’s no interest against me. I’m following the age-old wisdom of the financially privileged/savvy to be liberated from banks’ powers to constrict and restrict.

Without loans and carried credit card balances, I’m free. And now, I can spend it the way I’d like. So after all the money gets deposited, invested, saved, what do I actually spend it on? What are all these efforts good for?

Since I’ve embraced frugality, three major spending areas continue to be of importance:

1. Travel

I’m currently in graduate school, which keeps me restrained from many travel opportunities. Frankly, that’s probably a good thing for my budget. But every now and then, I can save and purchase a flight — all interest free.

Most of my money actually gets spent to see family twice a year. Although, this fall break I’ll be going to Colombia!

When I fly, I look for the best deals possible by shopping various sites, check my frequent flyer mileage accounts, and book about 1.5 to 2 months out. I tend to decline most forms of trip and travel insurance, as my credit card provides those benefits for free. When I land in a new destination, I immediately try to find local shops and supermarkets to try and stock up on a few snacks/non-perishable foods. This planning allows me to experience the local cuisine and cultural foods, while managing the budgetary blast.

Travel is exceptionally important to me, but it has a powerful price tag. I don’t offer unsolicited advocacy for travel and don’t recommend that people travel to some faraway place. The fact is that travel remains relatively expensive, and it’s one luxury that I’ve been able to partake in with a positive net worth. It’s okay if you can’t travel today. Save for that opportunity.

2. Charity

Recently, I released my first book, Frugaling: Save more, live well, give generously. The title seemed to summarize everything about this site. The latter aspect – giving – is one of the most significant reasons for my frugality.

Throughout my life I’ve always given money to charity. Regardless of my current debt load, I’ve made efforts to give to others in time and donations. Today, charity holds great importance in my life, as I can give without going into debt. Every dollar to my favorite charities doesn’t represent a dollar to a bank, which will be placed under a horrific interest rate.

I don’t have a set percentage, amount, or expectation for giving each year. Rather, I find causes over the course of the year that mean a great deal and/or donate to what’s consistently moved me. Two organizations that I regularly donate to are Doctors without Borders and the Always Remember Never Surrender Endowment.

3. Professional opportunities

As a graduate student, I get paid a small stipend to work and study. Soon, I’ll be applying for internships (similar to a doctor’s residency) for counseling psychology. That process may cost $2000-3000, but is an essential part of the process to get a Ph.D. Afterwards, I’ll hopefully be hired at a site and begin to have more substantial paychecks.

Having my own savings allows me to pursue various options for employment without going into debt. Additionally, the process of becoming a licensed psychologist, which I desperately want, requires a formal examination. The test costs thousands of dollars – not to mention the study materials. It’s another area I’m saving and planning for.

From travel to charity to academic opportunities, these options became possible after I paid off the debt. Previously, I used loans as a method for travel and adventure and even giving. But I was simply digging into a deep, dark hole of debt. There was little hope or light before. All I can say is that good things come to those who can cut costs and pay off their debt fast.

A lot has changed during my journey to change my debt. What you’ll notice is that I’m not saving for a car, house, or large physical objects. I’m a product of the Great Recession, skeptical of big banks, and not ready to make such financial commitments. As such, I cannot envision taking on a mortgage, car loan, or anything else at this time. For now, I’m free from the trappings of debt and living well.

So what is your frugality good for and where do you ultimately spend money?

Filed Under: Loans, Save Money Tagged With: academics, Charity, college, education, fly, Frugal, frugality, give, Giving, graduate school, money, Save, savings, school, spending, Travel

“Frugaling: Save More, Live Well, Give Generously” Is Now Available!

By Frugaling 8 Comments

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Frugaling Book Cover

After weeks of final edits, a big cover art change, and rounds of feedback from friends and family, I’m excited to announce that Frugaling: Save more, live well, give generously is now available on Amazon.com!

The book is over two years in the making. At the beginning of my frugal journey, I had five figures of debt. Now, I have assets and capital. I no longer worry about what I’ll owe the bank. My potential and future are invested in me. I wrote Frugaling so that others could find financial freedom and empowerment.

But today, rather than focus on why I decided to write this book, I figured I’d acknowledge some of the people that helped make it happen. The people I want to mention have been interested from day one. They have supported, encouraged, and promoted my work better than I could ever do. And for that, I’m eternally grateful.

  • To Mom and Dad, you shared the site and book with friends and family, provided commentary along the way, and built a home where reading and writing were vital skills. And Mom, a special thank you for reading and editing the early drafts.
  • To Noah, thank you for providing some last minute changes to the book. I would’ve looked like a fool without your help! Good luck on your first day of school.
  • To Joshua, your words spawned the last 6 months of work to write and compile this book. I cannot thank you enough for your support and help.
  • To Danny, Eric, and Kate, I couldn’t have asked for three bigger fans. You signed up for the email digests, marketed my book, and offered inspiration for countless articles over the years.
  • To Jeff, thanks for keeping in touch all these years. Our shared experiences with debt helped light a fire for Frugaling!
  • To Chase, Christian, Danika, Devan, Kevin, Laura, Linda, Morgan, Nika, Paul, Susan, Yun, and the many more I probably need to mention, thanks for checking in about the book, commenting on the site, and sending interesting articles my way. You’ve been an incredible network for support and ideas.
  • To those who email, tweet, text, and/or randomly message me, your words mean so much. I’m always blown away when someone says an article made them feel better and/or connected. I’ll do my best to keep it up.

Gratitude comes easy after writing this book. I couldn’t have done it without you all. I hope you’ll support me by buying the book today! And I’d love it if you shared the book on Twitter and Facebook to help spread the word.

Thanks for being a frugal friend,

Sam

Filed Under: Save Money Tagged With: book, Friends, Frugal, frugaling, frugality, gratitude, Save more

Always Start With Frugality

By Frugaling 6 Comments

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Photograph 022 by Katie Purnell

Recovering from financial calamity is fraught with con men, pyramid schemes, get-rich-quick guides, and work-from-home advice. Each of these examples provides a “solution” to debt. With their help, they suggest you can recover and live a better future.

When I was in debt, I wanted a quick fix. Unlike consumption, where it was effortless to swipe a credit card, recovering from debt meant putting the breaks on everything. All the momentum – from advertisements to cultural upbringing to environmental expectations to relationships – was moving me in one direction. I needed to stop, and didn’t know how or who to turn to.

Unfortunately, many of these methods fail to help people in need. They miss the mark, take advantage of those with less, and tend to only work for a small portion of the population.

A couple years ago, I remember wading through my Gmail spam folder, wishing that loan payment and relief emails were true. They marketed special exemptions and “secret” deals to wipe the slate. These clear scams seemed like magical oases of monetary support. Wouldn’t it be wonderful if I could click three times and my debt would wash away?

The reality is we share two equations for our financial lives:

Income – Expenses = Net Income/Loss

Free Time – Work = Net Free Time

We all know it, but how we approach these solutions varies greatly. We can add to our income through wealth, jobs, or advocating for pay raises. Similarly, we can reduce our expenses by cutting cell phone bills, reducing energy expenditures, or selling a car. What remains is our net (total) positive or negative number. If we are all constrained by these equations, creativity must occur on both ends – with income and expenses.

Today, I advocate for people to reduce expenditures before adding on more income opportunities. Frugality helps people minimize spending and prevent spending – thus heightening net income. By removing expenses, we tend to simplify our lives and work less. Hence, those who pursue frugality first are able to free up time.

While I realize the necessity of work, we live in an overworked and underpaid society. If we can manage to spend less, our lives can be fuller – across economic strata. Free time is a dying quotient across age groups. Even children have less time for recess! Fun, free play is at the heart of creative discovery. When we’re overworked, stress levels spike and life becomes a dull day of shower, eat, wash, repeat.

Before pursuing scams and “special offers” that tack on more qualifiers and hoops, consider reducing your workload by removing anything extraneous. Subtraction is easier and safer than working longer hours, picking up a second job, or working on side jobs. Likewise, it helps you stay psychologically and medically well – not overworked and near the brink.

Start with frugality. Remove all the superfluous from your budgets and lifestyle. Likely, there’s room for less.

If that’s not enough, then start hustling.

Filed Under: Save Money Tagged With: Budget, expenditures, free time, Frugal, frugality, Income, spending, time, Wealth

Nonconformity Is Key

By Frugaling 29 Comments

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Hard at work, trying to be different.

I regularly workout in flip flops. On the weekends I tend to wear the same shorts and/or T-shirts for two or more days. I’ve had the same breakfast for nearly five years (some type of eggs and toast). I started cutting my hair in sophomore year of college — can’t remember if I’ve paid for a haircut since then. I hate dressing up for work. I don’t have a car, and regularly bike to first dates (Where’s your car parked? Oh, the bike racks over there!). I fantasize about stealing condiments of ketchup and mustard at a local fast-food restaurant. I’d rather enjoy a good book or the company of friends over crowds in a club. I tend to leave the AC off or, at least, at sweaty levels if I’m alone. Vice versa, I tend to freeze in the winter because my room is draftier than the rest of the apartment and I keep the heat low. I’ve been known to pick up grocery items and carry them throughout the store, and then dispense of unnecessary purchases on random shelves (I’m sorry store clerks).

When I was younger, each of these pieces brought me great insecurity. I purchased Under Armour clothing and paid careful attention to be appropriately attired to workout. I was terribly concerned with how I’d be perceived. I used to drive my car to dates, and pay for parking, gas, and all the depreciation in the process. It seemed customary to have and drive a car — the movies always featured the man picking up his date. Many of these examples started out as deep vulnerabilities, which spawned into consumption.

Then frugality hit me. With all of its messages and philosophical underpinnings, I felt this pull to save wherever I could. It worked. I started to save money and act more consciously about my spending. But like many moments in my life, I was insecure to broadly announce that I was frugal. I wondered how people would react.

Reactions varied across genders, ages, and populations. Some loved and admired that I was so “young” and looking to right my financial path. Others were defensive that I was looking to save, as if it said something about their own spending. They’d question just how frugal I was being, and whether I would continue. Doubt was pervasive at times — for me and the person listening. Could I continue frugality in the face of cultural assumptions of consumption?

I gained confidence in this new life by regularly reading websites such as Becoming Minimalist, Budgets are Sexy, and Zen Habits. Each website presented a minimal, simple life. The authors had removed themselves from many of our culture’s trappings. They wanted and professed the mantra of less.

While individuals’ reactions varied, there was consistency in my reading and writing. I found solace in their words and my writing. I could reflect on what this meant to me longer term. The broader picture I kept coming back to was a sense of modesty and necessity. I needed to live on less because I was born privileged, and many weren’t. Additionally, I was motivated to cut back to trim my student loans. These ideas provided a motivation beyond simply wanting to see more money in my bank account. I had no interest in amassing wealth.

Somewhere around then that confidence led to a loss of the previous insecurities. I embraced the weird. In the past, I may have held back with friends and dates. But I turned a new leaf and led with my new life. I’ve made do with less, which is transferable across domains of personal and professional work. There’s a grit that develops from going without.

Yes, I’m sweating profusely as I type these words. Yes, I risk dropping a free weight on my flip flops. Yes, I did bike to our date, and no there aren’t any pegs.

I’ve changed. At times, I’m countercultural, but at the heart is nonconformity. I’m sick of living within the carefully crafted bounds that others expect. Nonconformity has opened doors for me. My creativity has flourished in this time. By accepting a simple path, I’ve written and read more than ever for pure fun and enjoyment. It’s the greatest reward of this new life.

Filed Under: Minimalism, Social Justice Tagged With: countercultural, counterculture, Frugal, frugality, Insecurity, Nonconformity, Simple Living, Unique, Vulnerability, Weird

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