Posted on 09/27/2016 10:13:41 PM PDT by aquila48
The way Cait Flanders got her financial house in order should probably come with a “Try this at your own risk” warning.
First, the Canadian blogger paid off $30,000 in student and credit card debt. A year later, Flanders threw out 75% of her belongings and put herself on a strict two-year shopping ban.
Since then, she’s learned a lot about money, budgeting, and why we spend — she even lost 30 pounds. Now she has some tips to share.
After becoming financially free, Flanders still didn’t feel satisfied with the way she was handling her money, so in 2014, she gave herself a short list of approved items she could buy outside of food, experiences and personal items, only allowing herself to replace necessities, such as a pair of ripped pants or worn out shoes. After her first year was a success, she went for a second year, this time keeping track of everything she purchased. She finished up her ban this past July.
Now Flanders, who is traveling the U.S. on a two-month road trip, is writing a book, to be published by Hay House, about her experiences and how to help others with their money. She is no longer adhering to the shopping ban, but is always aware of the lessons she learned from the past five years of debt repayment.
Here’s what she has to say about it all.
(Excerpt) Read more at marketwatch.com ...
I'm kind of stingy - and my wife was moderately careful to easy going with her money and is now thrift.
We still have a large mortgage debt on two houses, but this is halved since 2010 and we plan on halving it again next year (selling off one place and pre-paying again on a second).
Our way was to:
We don't scrimp on health or education or giving our child experiences (and surprisingly the best ones are free!)
What do you do? I'd like to learn new ways
I thought the Kon Mari method was more about how to organize
I too have been looking at downsizing, All the ‘stuff’ that we own is just not necessary. Too many clothes that we don’t wear. Too many things unused and collecting dust. We are looking to downsize and cut the spending as well. Son and family are living with us until they are on their feet. He just got a decent paying job and I expect they will be out by next year. All of us - as a family - have learned, by necessity, what is important and what is not. It’s been a good lesson for all. We’ve all become more frugal.
I’ll be reading the article. Thanks for posting,
Not valuable stuff, just stuff.
There comes a point in Life where you no longer control your stuff, your stuff controls you.
While this is true, some of us see tough times are near and that stuff comes in handy. Growing up on the farm we never threw anything away that had a future use. The scrap metal pile was visited frequently as we cut and welded that "stuff" into new "stuff" that was useful... or repaired the old "stuff."
Its Amazing how frugal One can become By Practicing old Fashioned Habits..... Better to be frugal by choice when times are good and have the resources to not suffer when times are tough. I could live off the grid for many years, probably indefinitely... however I would miss my computer and outside communication. It would do me good though to have more prayer and God focused time.
“What do you do? I’d like to learn new ways “
Grow our own food... It’s amazing when you are cleaning up after a meal and realize that everything either came from a jar on the basement shelves or off the farm.
I grew up without TV... what a blessing as I love to read. I did the same thing for my children as they were growing up. NO TV!!!
If I could only figure out a way to get rid of the darn high real estate taxes!!!!
As to frugality... Off the grid is mainly utilities...
No public water with monthly bills
No public sewage with monthly bills
No home phone with monthly bills.
No TV cable with monthly bills.
I could do without electric if necessary...
I view frugality merely a method of allocating resources... I love to travel, often internationally... Living frugally allows me to do what I want.
Your grandmother must have gone through the depression. My mother saved boxes, string, jars, because in the 1930’s these things were not available.
There is a story about Lucile Ball, the comedian. She lived in a very poor house and did her school work with a piece of charcoal. During her screamingly successful run as Lucy, each morning they would pass out the script and brand new pencils. At the end, she would collect the pencils. When she died and they cleaned out her home, they found closets full of those pencils.
Years ago had a young female employee that was always impeccably dressed. She didn’t make much money and I was curious how she could afford all the nice clothes. I never asked because it didn’t seem appropriate. After I moved on in life I ran into her at a restaurant and inquired how it was that she was always so well dressed. She laughed and said “Oh, I only shop second hand and consignment stores. I don’t keep more than a few outfits at a time and rotate them every few weeks.”
Brilliant.
Thank you! And fully agree with you — frugality is a method of allocating resources. Instead of wasting the money, you have money to do the things you love like travelling.
A day or so after Hurricane Katrina devastated the Mississippi Coast, my condo burned to the ground. I lost literally everything I owned. Months later, when the shock wore off, I had a sense of freedom I’d not known since childhood.
Alas, I’m back to the cluttered garage full of stuff.
I’m thinning a lot. I want my basement for other things besides storage.
Some of it I know I take a loss for on Ebay and CL.
I’ve found some of my favorite clothes at thrift shops. I still wear high quality items some I bought in the early ‘90s for $1-$5. My husband HATES that I use thrift shops; we can afford the best. Growing up in a parsonage, when people donated things for the “missionary barrel”, we were able to take what we could use before it was shipped off. I guess that’s where it started for me.
I do hang on to too many clothes, probably because when I was young we didn’t have nice things.
One year when going through expenses for taxes, my husband was irritated and asked, “Do you know how much money you spent on clothes last year?!” I thought, “Uh oh. I’m in trouble.” He said, “$47.00.”
My weakness is fabric for quilting and spend too much on that.
We almost never eat out as a couple, but save restaurants for socializing with others. We never buy coffee at Starbucks-type places and pretty much only order water to drink at restaurants. (The cost of restaurant drinks is insane!)
I kind of abide by those rules. Another one for me: Does it require dusting...
That might fall under the #4 you have.
No knick knacks sitting on a shelf that I have to “dust.” nope, not gonna do it.
If she lost 30 pounds, she needed new clothes. Oops, there went that shopping ban.
;-)
The only knick knacks I have is my coin collection.
I found I wasted to much on buying lunch at work, and sometimes breakfast. I also had win most nights. After cutting those out, my checking account went up like a rocket.
It could very easily happen if States stop allowing their citizens to send money directly to the IRS bypassing the State.
I've suggested that he just take pictures of the knick knacks and we can display those instead. Nope
If he wants his office dusted, he has to do it himself.
From the book of Ecclesiastes:
As goods increase,
so do those who consume them.
And what benefit are they to the owners
except to feast their eyes on them?
That is commendable, and the “new normal” people have to accept. Our standard of living will continue to fall, and people either adjust or accept a life of debt pretending we’re still in the 1980s.
This “new normal” has been devastating for retail in terms of the consumer economy; I see many people buying every conceivable item (including groceries) at a nearby flea market every weekend.
We needed to be careful with decluttering, too. We found newspapers, plastic bags (just like you!), and a dumpster full of other stuff. She also collected empty Pringles Potato Chip cans (bags of them) and therein was a big problem. I was throwing them away, one felt "weird" so I opened it, and found a roll of 10's and 20's. Turned out not to be the only one. A double-edged sword. Nice to find money mixed in with all of the garbage, but it also meant that we needed to pick through it with a fine-toothed comb. Turned a few weekend's worth of work into almost a year.
I LOL'd at your comments on the liquor. Years and Years ago, my grandmother's husband (not grandpa) passed away. He was an accountant, and often would get "tipped" in high-end booze by his clients.
Anyhoo, after he passed, Gram mentioned casually in a phone conversation that she was "Cleaning Out His Liquor Cabinet".
"HOLY #@#$%@%@%", my Dad roared, "We'll be right there!". He and I jumped in the truck and drove all night to get to her house. Saved a pickup-truck load of booze, all top-shelf. The real find/save was most of a case of 100-year-old Napoleon Brandy, that she had already set out by the curb "Because it was old."
Stocked Mom+Dad's liquor cabinet for 15 years or so, the last of it was used up at my wedding. :-)
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