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#004 | Spending Less - Pillar #1: The first pillar of financial independence: spending less. Mike and Maggie philosophize about being happy with less and finding level of spending that’s sustainable, laying the framework for financial independence. by friends on FIREratings:
Length:
26 minutes
Released:
Mar 2, 2020
Format:
Podcast episode
Description
Sometimes we do some things that others might think are crazy, but we often wear these as a badge of honor. We hope you find some of these entertaining and thought-provoking. Getting frugal with things can be fun and let your creative juices flow!Many of these activities are not just frugal, but they are also better for the environment. A dab will do it - People think they need way more toiletries type products than they do. You don’t need an entire pump of hand soap, you don’t need as much toothpaste as you’re likely using, you don’t need as large of a pile of face soap on your hand, etc. Cutting open toiletry containers to get product out of them - Maggie will cut open a shampoo bottle, toothpaste tube, face soap container, etc. and it allows her to get to all of the product that’s stuck inside and won’t come out of the normal packaging design. She often gets 10-20% more out of a product when she does this. Buying discounted gift cards - Mike buys discounted gift cards in advance when they are on sale or available for cheaper in bulk and keeps his eye out for sales. He will also double-triple dip and put the on a credit card he’s earning points/miles on, and sometimes even login through Rakuten (formerly eBates). He keeps a drawer full of the gift cards and saves 20% on average at many of these locations. Hair - A few ideas on hair-care:Cut your hair with a flowbee. Maggie’s husband does it!Cut your hair shorter to limit how often you have to get a haircut.Mike loves the great clips coupons. He won’t get a haircut until the coupon appears!Paper Towels - Maggie doesn’t use paper towels, because they are just silly! eBay - Mike looks for everything on ebay before he buys it elsewhere. He will buy a screwdriver on eBay from Hong Kong for 40 cents and wait 6-8 weeks for it to arrive by ship. He does this with little adapters, batteries, miscellaneous electronics, etc. Kids related items:Say No. This can save a lot of money, and show kids what’s important in life.Eat what’s going bad first from the fridge, to avoid wasting food.Always pack snacks and food on road trips, travel outings, or just out and about town, etc. Keep emergency snacks, water bottles, etc. in your car.Greeting cards for holidays - Maggie doesn’t buy greeting cards and instead usually makes them for people. Mike has a very unique approach and you’ve got to listen to really appreciate it!DIYing things - Cleaning your own gutters, mowing your own yard, etc. Pre-paying bills can save money, so always research and weigh the options. Maggie did a whole year of not buying any new work clothes. She’s considering doing it again in 2020.Public Library - Using the public library for books, audio books (using the Libby app), passes to free things in your area, DVDs, and much much more! Sometimes you have to be patient and wait for the book you want Controlling the temperature in your house - Keeping it a bit less warm in the winter, and a bit less cold in the summer. Put on a sweatshirt if you’re cold. Put on a tank top if you’re warm. Mike frequently calls to cancel his various services, utilities, etc. and pretends to cancel. They always transfer him to the retention department where he usually gets a discount.Maggie and Mike both eat free food at work if it’s around even if it’s not our first choice, and then we will save whatever we had planned on eating for another day. Our top 3 takeaways for this episode:Question if something truly adds value or convenience to your life, and if you really need it. If not, don’t pay for it. DIY, bring yourself, reuse, etc. to save money. It’s OK to be a little eccentric. Do it and be proud!---Show ReferencesPaper Towels are Silly on Mostly Minimal LifeeBay---Follow friends on FIRETwitterInstagramFacebookLinkedInLeave us a voicemail or text us: 404-981-3370eMail us at: [email protected] our website: www.friendsonfire.org---Other LinksMaggie’s Blog: Mostly Minimal LifeMike’s Book: Your New R
Released:
Mar 2, 2020
Format:
Podcast episode
Titles in the series (100)
- 29 min listen