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My mom lived and lived well on about 15K a year -- she died 5 years ago. When she died, she had a closet full of clothes she wore, that could be dressed up or down, that all matched, shoes that weren't cheap because her spindly skinny feet couldn't wear cheap shoes (width AAAA -- YIKES!) but well kept, accessories that all went (she was a bit of a fashionista), a newer car she paid cash for that she kept up well.
And could that woman COOK.... wow -- a skill she picked up after we left home! Man -- her roast chicken. Her scrambled eggs -- no clue what she did, but fluffy!
She also would go out with friends for dinner a few times a month, played cards often, and saw the occasional show in the city and took a few trips a year until she reached a point she didn't want to travel anymore.
She did all that because she was TIGHT was her money. Sounds weird, huh? She shopped for clothing only at sale racks and preferably only at discount places like Tuesday Mornings or T J Maxx. And when she shopped, she knew what she could repair, and what she couldn't, so if she bought something with a rip or missing buttons, she asked for a discount. And she also made sure everything she bought went with everything else she had. She had no oddball why did I buy that? pieces.
She also had house clothes and out clothes. She had pants and shirts that were sloppy and worn, and when she cooked and cleaned those were what she wore. If she went out, she'd change. Go out, come home, take off her clothes and change into house clothing. Shoes were for outside, inside she wore slippers.
Grocery shopping? Check the sale meats first. That's how she planned dinner. And when she bought a chicken she used the WHOLE CHICKEN, down to the bones for stock. After dinner she'd put together leftovers and freeze some. Lots of soup. She ate wholesome cooked from scratch foods. She enjoyed cooking, and her cost savings at the grocery store allowed her to go to the bakery for good bread.
She also used her library for books and videos. And she lived in a low income senior apartment complex.
My sister was nearby and they did a lot of stuff together, and family things. She had a good life and while money could be scarce, she managed and managed well. I do have to say -- she only took one medication and that med was a sticking point. She took Procardia. And she had to take Procardia -- generics didn't work at all. That was expensive.
And there was a point she didn't need more stuff... and she didn't want our help. So for Christmas and Birthdays we gave her gift cards to her favorite boutique fancy grocery stores where could splurge....
I was once told, and it took years to sink in, is it is not how much money you make but how much you spend. No debt and low income works. High debt and low income does not work.
My mom lived and lived well on about 15K a year -- she died 5 years ago. When she died, she had a closet full of clothes she wore, that could be dressed up or down, that all matched, shoes that weren't cheap because her spindly skinny feet couldn't wear cheap shoes (width AAAA -- YIKES!) but well kept, accessories that all went (she was a bit of a fashionista), a newer car she paid cash for that she kept up well.
And could that woman COOK.... wow -- a skill she picked up after we left home! Man -- her roast chicken. Her scrambled eggs -- no clue what she did, but fluffy!
She also would go out with friends for dinner a few times a month, played cards often, and saw the occasional show in the city and took a few trips a year until she reached a point she didn't want to travel anymore.
She did all that because she was TIGHT was her money. Sounds weird, huh? She shopped for clothing only at sale racks and preferably only at discount places like Tuesday Mornings or T J Maxx. And when she shopped, she knew what she could repair, and what she couldn't, so if she bought something with a rip or missing buttons, she asked for a discount. And she also made sure everything she bought went with everything else she had. She had no oddball why did I buy that? pieces.
She also had house clothes and out clothes. She had pants and shirts that were sloppy and worn, and when she cooked and cleaned those were what she wore. If she went out, she'd change. Go out, come home, take off her clothes and change into house clothing. Shoes were for outside, inside she wore slippers.
Grocery shopping? Check the sale meats first. That's how she planned dinner. And when she bought a chicken she used the WHOLE CHICKEN, down to the bones for stock. After dinner she'd put together leftovers and freeze some. Lots of soup. She ate wholesome cooked from scratch foods. She enjoyed cooking, and her cost savings at the grocery store allowed her to go to the bakery for good bread.
She also used her library for books and videos. And she lived in a low income senior apartment complex.
My sister was nearby and they did a lot of stuff together, and family things. She had a good life and while money could be scarce, she managed and managed well. I do have to say -- she only took one medication and that med was a sticking point. She took Procardia. And she had to take Procardia -- generics didn't work at all. That was expensive.
And there was a point she didn't need more stuff... and she didn't want our help. So for Christmas and Birthdays we gave her gift cards to her favorite boutique fancy grocery stores where could splurge....
Your mom sounds like a wonderful admirable frugal woman! She reminds me of Proverbs 31:10-31 King James Version (KJV)
Who can find a virtuous woman? for her price is far above rubies. T.... She riseth also while it is yet night, and giveth meat to her household, and a portion to her maidens. She considereth a field, and buyeth it: with the fruit of her hands she planteth a vineyard. ......She looketh well to the ways of her household, and eateth not the bread of idleness. Give her of the fruit of her hands; and let her own works praise her in the gates.
I was once told, and it took years to sink in, is it is not how much money you make but how much you spend. No debt and low income works. High debt and low income does not work.
I unfortunately fall into the latter category. But make my payments on my debt every month. Still manage to enjoy life. Some weeks (depending on SS check and when it got deposited) can be very poor weeks. But I have learned to live with it.
I live on little, my SS is under 900 and mortgage with tax and insurance over 1,200 so with car insurance, utilities and food I spend around 2K a month. Life is good, I don't enjoy shopping or dining out or travel so a homebody most of the time. I go visit my boyfriend once or twice a month 100 miles each way and spend a few days and play cards with my family once or twice a month. I don't get pensions or any other income so need to pull from investments. The good thing is my SS will go way up when I hit 70 since I am collecting 50% of my late husbands so my savings only needs to last to 70 then SS will be enough.
Doesn't look like you made any bad choices. Its impossible to know the future. You can't beat yourself up for not knowing the future. Sounds like you worked hard for 30+ years and got bit on the butt by a major corporation, which happened to a lot. And it wasn't their fault either. Cheap imports from foreign competitors took a lot of peoples jobs, millions of jobs. I'm glad you're doing well.
My husband and I live on about $2,000 per month. We own our home and have low property taxes and no debt. We are home bodies and are happy living simply. We have an 18 year old truck that runs great and has typically cost very little for maintenance...about $200-$500 per year. We drive very few miles per year and have just liability insurance, so it's very reasonable. We don't have cable TV, but do have a Roku and Netflix. With our bunny ears type antenna we get two channels, as well. Our combined social security is $2,300/mo., so we have a bit more than our total monthly expenses. This is what we can use for house maintenance, appliance replacement, etc. We do have an IRA, but don't need to draw from it. You never know what may happen, but so far no need for it. We garden, fish, and enjoy our daily routine and have a few hobbies. We have everything we need and want. We're greatly enjoying retirement.
If I were to lose my spouse, I'd be living on that. Many who wind up losing a spouse live on that or less. Circumstances vary widely, such as owning outright vs mortgage/rent, medical insurance & copays, lifestyle, nonincome assets, etc. These kinds of surveys unfortunately don't tell us much, because of the many factors.
you are right. I have no mortgage, no huge bills, health insurance is 25 dollars a month and I've had more than my share of adventures, so if I never went anywhere again and just stayed home, I would be content.
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