Frugaling

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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

Buying The Ticket And Taking The Ride

By Frugaling 15 Comments

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Buy the ticket, take the ride

In The Secret Life of Walter Mitty, Ben Stiller’s character races across the globe in search for an adventurer, played by Sean Penn. The ensuing travels take Walter on a psychological rush. Suddenly, his life is full of excitement and uncertainty. But before he jumps — takes that chance — Walter is stuck at the office. He’s afraid to leave. His life is a boring repetition of the same cycle of work.

Recently, I’ve noticed a similar dissension within me. While I enjoy my work immensely and have deep passion for helping others, this delayed gratification of graduate school prevents me from engaging in a fundamental, eye-opening experience: international travel.

Seeing another culture has been shown to aid in the development of empathy. Intuitively, that finding makes sense, as we often live blindly to those in difficult life circumstances. Immersive cultural experiences such as travel and reading help people become rounded.

Sign me up for the discomfort of having to negotiate a car rental without speaking the language. I’ll find a way. Sign me up to confront class differences between cultures and peoples. I’ll question my assumptions. Sign me up to try the exotic foods and push my boundaries. I’ll open my stomach and heart.

With these values and ideas in mind, I’ve been fantasizing like Walter Mitty. Days go by in work and writing, but I secretly imagine a getaway — daydreaming my way to Denmark, Egypt, France, Israel, and Russia. Sometimes I picture dropping everything and running; after all, we only have these moments. Each time I dream big, I slowly regain composure and repeat simple mantras: “must save, later will travel” or “must work, employer needs me” or “once I get my PhD, then I’ll travel.”

But moments of lust for flight keep hitting. Nowadays, the fantasy occurs every time I’m in an airport. If the flight is delayed, cancelled, or I’m flying standby, I look at Kayak.com for the cheapest flights to… anywhere. From hundreds to thousands of dollars, I wonder if I could just go — without fear or restriction.

One of my greatest regrets has been my failure to develop fluency in a second language. Travel could’ve aided in language acquisition. As a frugal person, I can’t quite afford it yet. I’m stuck on saving a little egg that can protect me and someday empower me to travel. I find that terribly frustrating.

My guess is many people are like me. We’re busy working away during the week and the money is helping us get by. If you’re more frugal, you can sock away a little more, too. We’re hardly rolling in the dough, though.

If we could cheaply travel, we would. And yes, there are ways to travel more affordably. You can get a credit card with a signup bonus, buy tickets well in advance, look for student/senior discounts when possible, stay at hostels, and travel light. But at the end of the day, travel requires time off work and savings. It necessitates a certain safety net, unless you’re willing to risk homelessness because of the desire to travel. And there are classes and cultures right here at home that cannot and will not travel — ever — despite whatever desire they have internally.

When my head and heart race, I slow down by remembering my consistent goals. I want to be able to provide for others, give healthily to charity, avoid nasty loans, save for retirement, and be prepared for an emergency. Travel will come, and as much as the daily drools of quotidian life will never appeal to me, I do recognize what I’m building here. Frugality is a philosophical aspiration where I realize that life can be grand with less. Eventually, I’ll buy the ticket and take the ride.

Filed Under: Save Money Tagged With: Class, cultural, cultures, empathy, fly, flying, international, ticket, Travel

5 Common Myths Of Frugality

By Frugaling 8 Comments

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American Airlines Airport Las Vegas

The word “frugal” is frequently synonymous with an unflattering list of words. The most common one I’ve heard is “cheap.” But what I’ve noticed is that when words like that are thrown around, they often represent a stereotypical idea of frugality. People who’ve adopted a frugal mentality might balk at those descriptors because they tend to discount, under-appreciate, and confuse this philosophy around money.

Every now and then I like to revisit the definition of frugality, as it bears repeating. This time, I figured I’d address a snapshot of the many myths I regularly hear regarding this way of living. The following are five popular assumptions/myths that people tend associate with frugal living.

Myth 1: Buy the cheapest products possible

If someone has a surface-level understanding of frugality, they tend to assume that I shop for the cheapest everything. From shampoo to razors to coffee to cars to bikes to phones, the myth is that frugal people scour the world for the cheapest option every time.

In reality, I tend to shop for the top and work my way down. I try to understand what the “best” products are selling and see if I truly “need” what they’re offering. Similarly, I search for similar abilities in more affordable products. Who wouldn’t want to save money and get the features of a more expensive product?!

Also, cheaper products don’t always pay off in the long run. Various problems can occur from poor resale values to early failure. I have two examples that come to mind. In both of the following instances, long-term planning pays off better than short-term savings.

First, disposable, plastic razors are one of the cheapest ways to shave upon looking at the face value. But these razors don’t last as long, rust quicker, and do not shave as closely. In total, that actually results in spending more money over time. How anti-frugal!

Second, a cheap Windows laptop might cost $400 to $500. Again, on face value, this seems cheaper than an Apple laptop for $900. It takes a critical eye to parse apart the savings. For starters, an Apple computer is more reliable and powerful than the ~$450 Windows computer. You’re paying for that though, so not very frugal yet. The real cost savings comes with resale value. Because of the power and dependability, Apple computers retain their total value for longer periods of time. That $900 purchase price degrades at a lesser percentage each month.

Myth 2: Never pay full price

This one is tricky. No one wants to pay full price for anything. Sales, deals, coupons, and special savings entice us. I promise, they affect my buying and likely sway you, too. Grocery stores and malls are full of these opportunities. Heck, some of us wait for weekly ads to make our purchases!

In the end, we hate paying full price so much that we will spend countless hours over our lifetimes scoping out deals. But the frugal person doesn’t necessarily focus on the sale to buy a product. The key is buying it consciously, with intention, and through savings — not credit. Being a frugal consumer means avoiding purchases because of sales. Sales shouldn’t be the catalyst for purchases.

When you focus on a new item for purchase, it’s important to consider the place it has in your household. New shoes might be vital to your job. Rather than focusing on the “savings,” concentrate on the value. What shoes will stand the test of time, be comfortable, and limit future purchases?

Like before, the full-priced option may actually be better than the sale deal. Evaluate sales carefully. End of year or last year’s models might actually be a great deal, though. The point is, this myth is reductionistic and oversimplifies the complicated task of staying frugal.

Myth 3: Avoid adventure

Personally, I never want my frugality to be boring, limiting, or burdensome to trying new things, experiencing cultures, and developing a greater appreciation of the world around me. While yes, travel tends to be expensive, there are ways to adventure and take advantage of the world around you.

Perhaps it includes attending a free concert or talk at a local university/library. Perhaps it means taking a long bike ride around your city. Perhaps it means strategizing a bonus miles credit card to reduce ticket costs.

Regardless of the method, travel and adventure can be made more frugal. It takes forethought and planning. While many people buy tickets on a whim or whenever they’re gearing up for a flight, frugal people tend to find dates earlier on and book tickets then. The savings is often greater further away from a flight date.

Even more, the frugal philosophy necessitates a new definition for adventure. It seems that many people associate spending money with “fun.” The reality is far easier. We needn’t spend money to enjoy life. Adventure is right out your door — all it takes is a perspective change and appreciation of the world’s natural offerings. Hike, run, read, walk, chat up a future mate — whatever!

Myth 4: If you must eat out, tip poorly

The more brutal stereotype of frugality states that we tend to cut costs everywhere we go. If we eat out, we’ll likely tip poorly because that’s an opportunity to save.

Frugality needn’t be at the cost of others. In fact, that’s an ethically dubious version of this cost-saving and life-affirming philosophy. Savings shouldn’t undercut another way of living or punish others. If you’re a poor tipper and don’t recognize that servers don’t make much as an hourly wage, you should avoid eating out altogether because that’s the more frugal option anyways.

Most of the time, I tip about 15 to 20 percent for good service. If it’s bad… Well, all rules are off. Eating out is a treat for me — rare compared to the amount I eat in. When I do treat myself, I try to be respectful to those serving me, as well.

Myth 5: It’s hard to maintain

We are not born into a world that advocates for frugality. Choosing this lifestyle takes years of relearning and backtracking. Surrounded by advertisements and marketing for products we likely could avoid or go without, we are not accustomed to avoiding purchases. In that sense, it can be challenging to initiate frugal living.

Once you’ve started living with less, reduced spending becomes more habitual and quotidian. It’s all about relativity. When spending is reduced gradually over time, the cuts are less effortful. Then, when you reach a basic level of spending, maintenance can occur.

This stage requires less consideration for purchases and decisions. Maintenance doesn’t require rethinking spending patterns, reformulating grocery lists, etc. All you need to do is continue at the same rate and frugality will be yours!

Every now and then, opportunities to buy something will crop up despite your maintenance, and you’ll feel the pull to purchase. When that occurs, it’s important to recognize what motivates your frugal life. Why did you start living frugally in the first place?

Frugality is a philosophy and way of living. And many of the myths and assumptions that people carry about frugality are wrong and/or exaggerated. It’s bigger than simply spending less. It is a conscious philosophical decision to save money where you can to enjoy what you love.

Filed Under: Save Money Tagged With: adventure, cheap, flying, Frugal, frugality, living, myths, philosophy, Products, Travel

Reclaiming the Heart of Christmas

By Frugaling 7 Comments

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Frontier Airlines Flight in Winter Cold

“Welcome to the Eastern Iowa Airport,” a big-brother-like loudspeaker exclaimed. Then that generic male voice droned on about watching your bags and reporting suspicious activity. Despite the boring interjection that repeated unnervingly in my ear for about 6 hours (I was a wee bit early), I knew I was flying home for the holidays — that’s all that mattered.

The quaint, small-town airport was filled with Christmas trees and holiday garb. Personally, I loved the colors and lights. People tended to be cheerier and friendlier — saying “happy holidays” and “merry christmas” in the place of “what the heck are you doing blocking my way to ‘Zone 2’ of this aircraft?”

Airports are the perfect place to people-watch — holidays amplify the eccentricity! A woman wearing a pink jumpsuit walked by with bells on her feet — each step providing jingles to everyone around her (whether they wanted it or not). A big-bellied man yelled and paced around the hallways, which made me wonder if this person needed a psychological intervention. His frustrations and screams were broadcast across the terminal. Then, I got a glimpse of his microscopic earpiece. My mind settled on him being “sane, but needing a cease and desist order.”

In between auditory assaults, I sought respite in a book about “vandwelling” and paying for graduate school on a shoestring budget. My phone grabbed at me to answer various travel plans and requests. When I put down the visual stimuli, reading material, and the fellow travelers quieted, my mind raced and face flushed for embarrassment: I hadn’t purchased a single present for my family.

I filled with dread, and puzzled how I’d fix this apparent problem. I realized I had no idea what people wanted, anyways. I’m away from family at large stretches of time, and there’s nothing that can supplement regularly seeing people in person. Frankly, I felt out of the loop.

The last couple years, I’ve been a sorry contributor to colors under the tree. While my family understands my small bank account (net worth: ~$500), and I recognize that I hate the consumer/consumption focus of the holidays, I’m still affected by the expectations of gift-giving. I want to provide happiness and laughter to those around me — to be liked and care for others. I want to see glistening eyes — appreciative because I got something that speaks to their passion, interest, and love.

When I finally arrived at my parents house, I asked my mom what I should get everyone. I confessed that I hadn’t purchased anything, and she nearly interrupted me before I could finish the sentence. “Oh, we are in the same boat, it’s going to be a small Christmas. I have no idea what to get anybody either,” she said.

I smiled at the irony of the holiday. If you looked in the newspaper, watched television, and/or surfed the web (sans ad blocker) — without knowing the true meaning of the holidays — you’d think it was merely another sale season where capitalistic pressures stress consumption for self and others. We know Macy’s, Nordstrom, and Dillard’s all have sales. We know Claus-laden Christmas cards of red and green will occupy the aisles of grocery stores.

As humans affected by these messages, my mother and I were both feeling the strain of not knowing what to get everyone, but also feeling compelled to do so. Frankly, it felt stupid that we were bucking the internal messages (buy less) for the external scripts (buy endlessly), which are nearly built-in now.

My favorite Christmas memory was not the year that I unwrapped a remote-control car. My favorite Christmas memory was not the packs of baseball cards I’d requested. My favorite Christmas memory was not the cast-iron skillet, which I have yet to understand how to use (sorry, mom!). No, at the heart of Christmas and my current state of happiness is that I’m home and around family. I’m too happy about what I currently have to care about meeting the demands of our conspicuous economy.

Now, watch this ridiculous video and have a wonderful holiday!

Filed Under: Save Money Tagged With: Caring, Christmas, Consumer, Consumption, Gifts, Giving, Happy, holidays, Merry, Sales, Stress, Travel

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