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We all have different ways of dealing with what is an expense, what is an investment, what is prudent, and what is excessive.
I go out for coffee almost ever day with either some of my "coffee buddies" or my wife. An hour, or hour and a half of good conversation, all the way from day to day activities to quantum physics, and about everything in between.
For $2.49, or double that if my wife is with me, that's the best bargain going....for me anyway. I'd not trade that time for anything. It's an investment in my enjoyment of life for a very paltry sum in the scheme of things.
I typically fix and maintain my own cars, I do my own home repairs where at all possible, I do repairs for friendly neighbors where appropriate....you're not taking my coffee "mental health break/education" away from me....lol. if someone else wants to have coffee while looking at the same 4 walls, or same backyard they live in...so be it.
My larger point is, I choose to be frugal where I feel I can be with additional effort on my part, I choose NOT to be frugal and pay $2.49 for a 20 cent cup of coffee because I think an hour of stimulating/educational conversation in a new setting is worth it, to me! To each their own....
The point that many here are missing is material vs. immaterial amounts of money. That amount varies from one household to the next.
For someone with no savings, a few dollars a day is material. Going out for coffee every day is irresponsible for them, no matter how much they might enjoy it.
For most middle-class people with adequate savings and no credit card debt, a few dollars a day is not material and probably won't make any difference in their financial life.
For those for whom a thousand dollars is a rounding error--I'm not sure why they're here.
Finally, I don't understand people on the frugal living forum defending frittering away money (or throwing bags of it out the window). We all make discretionary purchases, but isn't this supposed to be about saving, not spending?
The stress is having to save every dime, anything money can fix is not a problem. Oh btw, I’m also a great cook. Try to do 9-course meal at Christmas dinner and you’ll see, it’s not easy. But I enjoy it.
Oh hell no. Now THAT is stress.
I didn't state that I was "having to save every dime". But in my case, the money that I save on eating lunches out and such - it's a lot - to ME - and it is totally not worth it to me to do differently. I DO, on special occasions, blow $$ on a meal for family. Christmas Eve is my parents anniversary and my son's B/D, so often there is a very nice restaurant visit that evening. My dad loves Ruth's Chris...it's about the only place I can take him where I know he will make the effort to eat (he is almost 93 and has issues with eating). I took my son and my son#2 (neighbor's kid but love him like my own) to Texas De Brazil...holy crap can those boys eat. Big bill...but it was worth it.
I also don't have cable TV. I never have. It's beyond me how people can spend that much money on it. But I'm a busy person, and I really have never had much time for TV anyway. The list goes on. Obviously the more money you have, the less you care about these expenses.
Last edited by ChessieMom; 08-23-2019 at 10:15 PM..
What do people think about buying a foreclosed house, fixing it up and living in it?
Is this a good way to save money, especially if it is a newer house built within the last 10 years or so?
well it depends if the owner is out or not . usually though if it is a decent house it goes for top dollar unless you go alternative routes .
i can only tell you my experience , when we got a house in a tax lien sale and it was a foreclosure .
never again !!!!!!!
the pitfalls you only find out afterwards can be a horror .
we didn't really expect to get the property . we really were doing it for the 18% interest . the owners always come up with the money at the last minute .
well this time they didn't . so with the people still living in the house we had to start the eviction process .
so now we are in to this for 2 years back taxes at 12k a year , and now legal fees .
they used every tactic to stall the court so they were finally evicted almost one year later and 3 years taxes
but now they left their stuff behind . it was basically junk but nj law says we have to store it for months and if not claimed and paid for it is ours .
so now a moving company moved everything out to storage . now we had storage fees for 6 months and moving expenses .
at the end of the time frame we had to pay again to have the stuff removed .
while the house was empty , we can't prove it but we are pretty sure the ex owners went back inside and vandalized the house ripping out all plumbing and wiring .
basically the house was trashed . my partner luckily was a builder so we ended up gutting it and starting over inside .
by the time we sold it the money we made and the aggravation was hardly worth it .
i would never get involved with these tax liens ever again . it can be a hell of away to get a foreclosure cheap
What do people think about buying a foreclosed house, fixing it up and living in it?
Is this a good way to save money, especially if it is a newer house built within the last 10 years or so?
You can get inexpensive properties (like $10,000) in Indianapolis, and probably other parts of the Midwest and South. However, here in Indiana, you'll owe back taxes and fines for a tax sale. Surplus sales--Marion County, at least, wipes those off the books. Even an old mortgage might go away--again, here in Indiana. Laws vary from state to state. All sales are as-is. If the house (in Marion County) has a demolition order, you'll have six months to get it up to code. Other restrictions apply: https://www.indy.gov/activity/prepar...a-surplus-sale
Talk to an attorney before you buy any real estate.
Something I've never understood about this forum and similar online advice is why is there so much obsession with cutting small expenses ("micro-frugality") and very little attention toward the bigger ones like housing and transportation ("macro-frugality")?
Serious question.
Like others have said - because the macro questions only come up every X-number of years, and the micro ones are ongoing decisions.
My husband and I lived for a long time in a higher COL area, for a lot of reasons. Family, job opportunities, etc. The second those ties didn't exist anymore it wasn't worth it to us to stay in that area, and we moved 2500km to a lower COL area. The final tie was our child in high school, and we moved the day after graduation. We made a huge difference in our finances with that move.
For 20 years, though, we could only focus on the micro bits, to stop us from going even farther into debt. Every penny mattered. Now it would be no big deal to go out to eat more frequently, to have coffee on the go, etc., but we don't because we've developed the habit of being frugal in a lot of ways. And those little ways to save a buck are still an interesting topic for me.
It's the nickel and diming that makes people stay broke.
Millionaires buy high quality items, furniture, homes, etc. They just don't nickel and dime and eat takeout daily, buy junk, spend above their means by using credit cards, they don't keep up with the Joneses for appearance sake, ie having to have status symbol cars, Iphones, designer clothing, glasses etc that they can't afford and charge on a CC.
They don't necessarily buy the most expensive high quality items, but they buy high quality to last because they can afford it since they didn't nickel and dime when they were not rich. Once they become wealthy, they can afford all the designer items if they desire them.
My opinion.
Being frugal is an attitude that "I will buy what I need but what I want has to be considered and decided on". It is about peace of mind that there is no debt in one's life. Then there is a point that people deprive themselves of some needs which imo is their choice, but I wouldn't choose to do that.
Last edited by 4dognight; 08-24-2019 at 09:38 AM..
Many years ago, in a book about backpacking, I read a great quote, something like
"Take care of the ounces and the pounds will take care of themselves."
Was that the book that recommended shaving down the toothbrush bristles to save on weight?
For those for whom a thousand dollars is a rounding error--I'm not sure why they're here.
Finally, I don't understand people on the frugal living forum defending frittering away money (or throwing bags of it out the window). We all make discretionary purchases, but isn't this supposed to be about saving, not spending?
I do wonder why the rich folks come on here. Don't they have an investing forum or somewhere like that to be? Sometimes it just seems like flaunting.
There's gotta be someplace for us who exist on another dimension!
We saved by moving out of the U.S. and having NO car. Extreme, but it sure stretches OUR paltry stash.
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