FREE NEWSLETTER
This article popped up in my email this morning, and a lot of the advice reminded me of various HumbleDollar discussions: https://www.thewealthminded.com/lifestyle-and-money/10-frugal-habits-that-secretly-make-you-wealthier?lctg=64810442f2b7387f8e68c961
I didn’t actually resonate with most of them. I do #5 (automate savings) and #7 (cook at home), and I’m working on the “cancel subscriptions” (#8) thing. The rest of it, not so much.
OK, a couple of caveats. If we were in a financial spot where money was extremely tight and we had to watch every penny, I’d probably do some combination of #1 (track spending) and #2 (make a budget). After all, I do track calories to keep myself accountable, and I have calorie goals (a “budget,” if you will)—slightly different between weekdays and weekends, but I calculate success by my weekly averages. But once our financial situation loosened up a bit—I’d say in our 40s; we were pretty strapped in our 20s and 30s—I figured that if bills were paid, debt was limited, and savings goals were met, I didn’t have to fuss over extra toppings on our Friday night pizza, and so forth.
#4 on the list is “buy used,” and we did that for decades with our cars—bought late-model used Toyotas, drove them until the wheels were about to fall off, and then bought another—but our current version of that is to buy new to get the latest technology, reliability, and safety features and then drive them for a really long time. I guess we “bought used” for our first two houses; our current home, a condo, was new construction, but that wasn’t especially a “new vs used” decision but rather a home that was a good fit for our stage of life.
#3, DIY? Well, other than the aforementioned cooking, nope, not me, not gonna happen. My husband is less inept than I am, but honestly not by much.
What do you think about this list?
Thanks for the article. While I always enjoy reviewing such lists, I agree that very few resonate. Tracking every expense or making a “budget” is something to which I’ve never adhered nor understood the point of doing. Instead, I periodically check-in on the big picture to ensure that finances are optimized and in alignment with values and priorities and make adjustments as needed (which may sometimes include actions like eliminating or tweaking subscriptions). With the exception of cooking, which I find enjoyable and relaxing, I have also come to terms with the reality that DIY is not my inclination.
👍
I’ve practiced all of them.
#3 DIY I took to an extreme, including home construction. This began in high school (1962-3). I worked with a plasterer and then did some of the house wiring and plumbing. I acquired and used skills in carpentry and concrete (walls, decks, structures, walks, foundations, roofs, etc.). I’ve only hired a home/house painter twice in my life. Some years after the home construction project I moved to a HOA and replaced a kitchen in its entirety. G hated the original layout when she saw it and I said “I can fix this” and I did. Then two bathrooms. One down to the sub-flooring. I’ve installed tile & grout, etc. I do minor auto repairs including body work. I’m proficient in tech, so I’ve always done my own IT chores and electronic repairs. It began with vacuum tube testing/replacement and TV flyback transformer replacement. As Red Green would say “If the women don’t find you handsome they should at least find you handy.”
At one time I was an unofficial IT “go to” guy for some of the residents in a HOA. Mostly minor repairs, installing software updates and drivers, running backups, dealing with malware, purchase recommendations, etc. Then I moved on to RV repairs of all kinds, lithium battery and solar installations, added golf cart maintenance, etc. These were all “hobbies”. I admit I enjoy learning new skills and applying them. I leave things in better condition than when I found them. Note that I adhere to all codes and that means professional architects, plumbers, electricians and permits where required.
One of the reasons certain costs in retirement are higher today than they once were is because health issues have required that things I would have done only three years ago I now relegate to contractors, landscapers and handymen. However, yesterday I did perform a kitchen plumbing repair.
#4 Buy used or refurbished. I tend to avoid refurbished electronics, although I recently replaced an Android phone under warranty; the replacement was refurbished. I once purchased a used 35mm camera, and a used professional electronic flash system. For PCs I saved quite a bit over the years in my business by purchasing close-outs or via surplus. Even today, vendors run sales periodically to clear out older electronics.
#7 Learn to Cook. My mother was an excellent cook for a family of 8 and for extended family, too. Grandmother was an excellent baker. By the age of 12 I was the short order cook for Sunday morning breakfasts of pancakes, bacon, eggs and toast. My father put me in charge of the BBQ a couple of years later. I became proficient at all kinds of grilling, rotisserie chicken, baked potatoes, corn on the cob, etc. My sisters helped with the cleanup. G and I have our strengths and she is excellent with Italian. We, both being the eldest children in our families, were taught all of these and other parenting skills. I taught my children how to cook and bake, etc.
The article missed a big one.
The single best frugality measure I have ever taken has been remaining childless. Money certainly wasn’t the biggest reason for my decision — I simply had no desire to be a parent — but financial security