Frugality in the other areas of your life

[wyatt]

Originally Posted by Frank Lee

IIRC we already have a frugality thread that degenerated into 8 pages of shaving tips. Come on now, shaving isn't that expensive in the grand scheme of things.

Sorry Frank (and everyone else), hadn't seen the other thread, but at least I had the foresight to suggest moving the discussion...

As for the frugality side of things, have any of you heard of/followed Dave Ramsey? He is a financial guru and has a talk-show where he basically gives everyone the same advise... Whether or not you like his political or religious views, he has a good process for finances. It's even a simple process and goes something like this...

• GET ON A BUDGET! You have to know where every penny you are making is going, this way there are no surprises or wondering why all the money is gone. He has recommendations as to how much you should be spending in different areas, and has a template you can fill out.
• Pay for things in CASH. Put cash in envelopes, and labels on the envelopes. That way, when the "FOOD" money is gone, you know it. Most people would be surprised how far they can stretch that last $20 if they really try...
• Save up $1,000. This is the emergency fund, in case anything unexpected happens. Examples would be the water heater springing a leak, or the alternator going out on your car, NOT needing new tires or needing to pay auto insurance, you should budget for those.
• Put all your extra money toward paying off debts. Go smallest to largest, unless you owe money to family, then pay them first. This way you get to pay lots of things off in the beginning, and you get to feel a sense of accomplishment.
• Once all your "small" debts are paid off, (with a mortgage being the exception) start saving. Save for your kid's college (so they don't have to experience debt), then save for your retirement (since you can't count on social security).
• Somewhere in there he says to get some good quality term life insurance. He recommends term since it's cheaper, and if you follow his recommendations, there should be no need for life insurance after the term is up! **This is life insurance, not health insurance.**
• The only two things he says you shouldn't deprive yourself of (if you want them) is getting married and getting a house. You don't need a wedding or house that's outside your means, but you don't have to postpone these two to save a bit of money.

I am sure I missed something, but that's the basics. I actually wouldn't call this "being frugal", to me it's just common sense, like the advise you would have gotten if you were alive a long time ago.

[Arragonis]

Originally Posted by Frank Lee

...Come on now, shaving isn't that expensive in the grand scheme of things.

Depends what grade of steel you use on your monogrammed blades and how expensive Ivory is these days for the handle...

[Frank Lee]

Here we are: http://ecomodder.com/forum/showthrea...ving-1728.html

One last comment re: shaving: I've been using the same Gillette Fusion (5 blades) for over a year. My whiskers are like a wire brush so the key to easy shaving and long blade life is to only shave immediately after a nice hot shower, no exceptions. Washing face first or trying to soften things up with a hot washcloth just don't do it.

[jamesqf]

Originally Posted by wyatt

As for the frugality side of things, have any of you heard of/followed Dave Ramsey? He is a financial guru and has a talk-show where he basically gives everyone the same advise... Whether or not you like his political or religious views, he has a good process for finances.

I'd have to disagree with a lot of that. Budget? No way: just being continually aware of what I spend, and developing a lifestyle in which cheap/free alternative are more fun, as for instance going for a hike instead of playing golf or something.

Cash? No, get a credit card that has a cash-back discount, and pay it off in full every month. (Of course this only works if you have the self-discipline to avoid large impulse purchases.)

Don't pay the small debts first, pay the ones with the highest interest. Better yet, don't borrow money in the first place, unless it's something like those Home Depot 12 months zero interest deals.

Save for your kid's college? No, assuming you have kids, let them work their way through. Help if you want, but don't give them a free ride. If you do, chances are they'll be expecting that for the rest of your life.

Unless you have kids, or a non-working spouse, you don't need life insurance.

And instead of getting married, just move in together. Saves twice: on the wedding, and (statistically) on the divorce lawyers a few years later :-)

[Thymeclock]

Originally Posted by Frank Lee

Here we are: http://ecomodder.com/forum/showthrea...ving-1728.html

One last comment re: shaving: I've been using the same Gillette Fusion (5 blades) for over a year. My whiskers are like a wire brush so the key to easy shaving and long blade life is to only shave immediately after a nice hot shower, no exceptions. Washing face first or trying to soften things up with a hot washcloth just don't do it.

I wonder why Frank's avatar shows him with a beard? Maybe he doesn't look like that?

As for shaving: personally I've had a beard my entire adult life (close to 40 years) ever since the time I was able to grow one. IMHO shaving is a PITA, the biggest waste of time and money on earth. I converted my Norelco trimmer to run on line current through using a DC transformer - I hate battery operated devices as the batteries are always dead when you need to use them. I use that for just one minute per week and I'm all done.
Think of how much time you spend per day shaving, multiply it by 365, then by 40 (years, in my case). That time is far better spent on other things, even if it's just spent sleeping.

[SoobieOut]

Put Solar Hot water on the roof last winter, preheats the domestic hot water and underfloor radiant heat. Also added a solar powered attic fan.
Recycle each week.

I see using solar and wind as the best hedge against rising energy costs and inflation. You can budget costs, since once it is installed, it is a fixed cost for the life of the unit.

[Rusty Marina]

I'm on the road alot; I try to stay away from 20 oz bottles of soda in Convenience Marts. We complain when gas is $3.50 per gallon,but 20 oz of water, sugar and corn syrup for 1.69 ?

[Arragonis]

I carry mid-size (2-3litre) water bottles in the car if I'm travelling. Places I go tend to all offer water coollers so I refill from there. If I need taste I add cordial or those disolving powder flavouring things. Not sure the latter is all that good for you though.

[redneck]

Originally Posted by Rusty Marina

I'm on the road alot; I try to stay away from 20 oz bottles of soda in Convenience Marts. We complain when gas is $3.50 per gallon,but 20 oz of water, sugar and corn syrup for 1.69 ?

Yup...

20 oz soda $1.69

20 oz water $1.69

22 oz beer $1.69


One of these goes through a very specialized process in order to achieve the final product.

The others don't.



One comes in a glass bottle that preserves original flavor, taste and doesn't leach any harmful chemicals back into the product.

The other don't.



One has higher transportation costs due to the weight and bulk of the glass bottles.

The others don't.



One requires additional regulations and a license to sell.

The others don't.




Yet, the other products cost the same to purchase...




The sad part is that most people are oblivious to these facts and continue to buy these highly over priced items...


When faced with these choices, one should say...





>

[Ryland]

I agree with not saving for your kids collage, living in a collage town the kids I see who's parents are paying their way are the ones who slack off, the ones who are going to school and working tend to work the hardest.

If you want to know where a great deal of your money is going, look in the trash can, the stuff that tends to cost more produces more trash, same with the low quality stuff that you bought that broke that you had to replace, 2nd place to look to see where your money is going is in your recycling bin.