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It is a fun challenge to win those little battles for our dollars and even pennies. It shouldn't be confused with being obsessed with doing so to the point of deprivation or cheapness or even great deals of time.
When trying to explain doing these things to somebody, sometimes this question got the message across.
If you had $5 in your hand, would you just walk into a store and give it to the cashier for nothing?
Better that $5 is in my pocket than the store's.
Then it can be added that, even if it took 5 extra minutes to save that $5, it computes to earning the comparable of $60 an hour! More than a decent wage to me.
"A fool and his money are soon parted," is a motto I adopted in my teens.
Okay. Let's keep the bickering out of this. I don't want to have to delete posts. You are both entitled to your opinions but please cease arguing. Let's get back on topic.
This sort of analysis makes sense to me. Everyone needs to decide what their time is worth. When I worked it was clear. My paycheck told me what I was worth. Now that I am retired, I need to decide for myself. One guide would be to look at my social security and other retirement income. So is it worth it to save $5 if it takes an hour of time? That would mean if you worked at that full time at 40 hrs/week, your full time efforts would save you about $10k/year. That is very poor pay and not worth it at least for me. Is saving $10 for an hours work worth it? Not for me. Now if I could spend an hour of time and save $40, $50, or $60 that is a different consideration. I would make the time for that.
One other thing to consider -- were told to keep using our brains, and use them in ways that make them work -- like crossword puzzles.... and sewing is a mind work out, to take apart a piece of clothing and put it back together in a different way without a pattern. You have to think 3 dimensionally, and you have to think about sizing, and you have to think about other things.... it's not as simple as taking it apart and putting it back together again.
I just made my own purse -- it took about a month, and most of that was problem solving, not sewing. I am carrying the prototype now, and am thinking about making the second one to fix the issues that have come up during the use. I'm sort of thinking of making them for sale...but not sure. I did have a blast sewing it though.
I first suggest that you record all spending for about three months then create a actual budget after examining results carefully.Do it on a computer program and you even see pie chart by type on what you spend; plus a list by type.
I think a lot of folks do that, and they can make a fair amount of money doing it too. I think it's a great idea, but I'm one of those folks that this isn't for, mainly because I've always hated selling anything. But that's just me.
I have thought about doing it myself, but with working already, I don't think I would be able to handle the shipments in a timely manner, and that is crucial! Also, making $5 here and there seems like a lot of work (for clothing re-sales). I do have two friends who have figured out a way to sale used books online and that has been a really nice side income. Evidently, some books (text books, especially - and some reference books) bring a nice sum.
I don't even like dealing with setting up and running a yard sale. But my friends have told me that I would be shocked how much money a person can make with decent goods at a yard sale. I tried that once back in the 80s and had folks steal so much . . . including my handbag which I had stupidly brought with me outside to make change . . .
But I was thinking that maybe I should consider this as it would be very nice to make some money to offset moving costs, rather than just donating everything to Goodwill to get it out of my way.
Those I know with this "hobby" are not well adjusted to put it nicely.
I just have to laugh at this. I guess it's cheaper to be maladjusted then.
Quote:
Originally Posted by jrkliny
This sort of analysis makes sense to me. Everyone needs to decide what their time is worth. When I worked it was clear. My paycheck told me what I was worth. Now that I am retired, I need to decide for myself. One guide would be to look at my social security and other retirement income. So is it worth it to save $5 if it takes an hour of time? That would mean if you worked at that full time at 40 hrs/week, your full time efforts would save you about $10k/year. That is very poor pay and not worth it at least for me. Is saving $10 for an hours work worth it? Not for me. Now if I could spend an hour of time and save $40, $50, or $60 that is a different consideration. I would make the time for that.
You know I always felt the same way as you and it makes for good math. The funny thing is, though, now that I have a lot of time, and not a lot of money, my time is not worth so much.
For instance, one of the things I do for extra money, is I click around on websites that pay me to do so. Now, I only do this when I'm online anyway, but it can take me 5 hours to make $3.00. But, at the end of the month, I have around $100 more than I would have if I had been too proud to click around for the equivalent of 60 cents per hour.
Put pride aside, and I end up with enough money from clicking around to pay my electric bill, my internet bill and my renter's insurance bill.
Quote:
Originally Posted by jghorton
What tips can you share for living abundantly on a budget during retirement?
I know this is the 'retirement' forum and some folks get 'offended' whenever God or faith are 'taken out of the box in public.'
However, there is far more to true "abundant life" than having one's finances in order. In turn, 'living abundantly on a budget,' is more a matter of one's priorities, than one's income or spending.
John 10:10 - Jesus said, "I am come that they might have life, and that they might have it more abundantly."
Frankly, I know a number of very wealthy people who have more money than they can spend, but, still are not 'living abundantly.'
I started to cringe when I saw the "J" word, but I took a deep breath and read your post and I found that I very much agree with you.
I'm agnostic, but I do believe in the teachings that say that happiness is found from within. And blessed are the meek and the children.
You can't buy happiness.
Quote:
Originally Posted by BellaDL
Our aviation hobby is not cheap even when we are doing everything that we can to bring down the cost (building our own plane, doing most of the maintenance - with an experimental, home built plane, the builder with the repairman certificate can do his/her own work, learning how to minimize fuel burn, tenting under the wings instead of staying at an expensive lodge etc), it still consumes a large part of our discretionary income. ...
P.S. I hope that no one will consider this post as 'bragging'.
I had very good friends who built their own ultra-light plane. They were far from wealthy.
I know many seniors on very limited incomes who smoke. In CA anyway, that's at LEAST $200/month on that "hobby."
So, no need to explain. Enjoy your hobby. I love flying. I'm deathly afraid of high-adrenaline activities like white water rafting, but have never felt afraid in an airplane of any size. I find it relaxing, and exhilarating, and enlifting and meditative - I just love it. I've also thoroughly enjoyed helicopter rides that were fairly hairy when I worked for the Forest Service and we were being flown in/out of fire zones when I was young. I always have loved flying and have never been afraid for who-knows-what reason.
I'm completely jealous! But, we all budget for what we love as best as we can. Good on you! Please let me enjoy your flying vicariously!
Quote:
Originally Posted by newenglandgirl
I had another great day at our great Goodwill today. After lunch I got into a spring fever "get rid of things" mode and filled 3 paper bags of stuff and went in just to drop them off. ... The only problem is that there is no downsizing when out = in.
Oh, gosh this is so true. I finally measured my new micro apartment - 115 square feet. Yes, this is what I live in. Tiny, but I'm happy.
I recently was at a Ross Dress For Less and found some fantastic sheets for $9.99 for a set of designer sheets including a pillow case. So, I was doing laundry, and there were my old flannel sheets in the laundry that I originally bought at a thrift store really cheap and I thought - hmmm, not only will these cost me $3.00 to wash and dry them, but I have nowhere to put them, and I quickly ran outside and tossed them in the dumpster!
Yes, I know, I should have paid to wash them (really?) then taken the time to donate them to some charity - but, it was so therapeutic to toss those puppies immediately.
Nice new sheets in, old sheets out.
Quote:
Originally Posted by brokensky
I don't even like dealing with setting up and running a yard sale. But my friends have told me that I would be shocked how much money a person can make with decent goods at a yard sale.
I have found that people behave much better at a flea market, and they don't try to dicker with you as much, either. So, if there's a flea market around, you might want to look into selling there. Plus, then nobody can case your house, which is kinda scary.
I just sold some stuff at our local flea market, that wouldn't fit into my new micro apartment. I had a great time visiting with the other vendors, and sold a bunch of my stuff that I would have otherwise just donated or thrown away. So, see if there's a flea market nearby.
I have found our area has a great little "neighborhood" kind of website "Yardsale". Since I have retired, as I am clearing thru the house (still trying to downsize from 3,300 sq ft to 1900 st ft!) and get rid of things I thought were so darn important but realize now are not, you can make a tidy little income from those items on these "yardsale" sites!! Ours even has delivery/meet up parameters which is nice cause you can leave the house, meet up, and get rid of the stuff within 5 minutes!!! Check your area to see if they have one as well.
Also, bargin matinees and enjoying lunch out vs dinner seems to save a lot.
I have managed to figure out the time of the morning (0730) that is best to be at our local market for the meat markdowns by 25%. We are finding we eat at home MUCH more than when I worked and came home dog tired and did not have dinner planned.
One other thing to consider -- were told to keep using our brains, and use them in ways that make them work -- like crossword puzzles.... and sewing is a mind work out, to take apart a piece of clothing and put it back together in a different way without a pattern. You have to think 3 dimensionally, and you have to think about sizing, and you have to think about other things.... it's not as simple as taking it apart and putting it back together again.
I just made my own purse -- it took about a month, and most of that was problem solving, not sewing. I am carrying the prototype now, and am thinking about making the second one to fix the issues that have come up during the use. I'm sort of thinking of making them for sale...but not sure. I did have a blast sewing it though.
Yes - brain exercises are the "smart" way to keep our neurons connected!
That is fascinating that you may your own purse. What type of fabric did you use? I made a purse many years ago - it was a "hobo bag" type thing back in my "hippie days" . . . I loved it! I had found some upholstery fabric and used that. It was quite pretty and I enjoyed it for a long time.
Sewing can be a wonderful past time as long as I don't feel pressured or it gets tedious and I feel my neck and back tensing up!
I have made very detailed items, such as wedding dresses and bridesmaid dresses, in years past. I cannot imagine doing that again. Just too much fabric all over the room, too stressful with deadlines on bridesmaid dresses! But I took a lot of pride out of the finger work and doing things such as a french seam beautifully.
I have found most folks who sew find it a way to express their creativity.
Make some more purses! You should post a photo!
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