When I was packing for my trip to Argentina, a friend advised me, “Put everything you're taking on the bed. Now put back half the clothes, and take twice the money.”
Good advice. I tried to follow it and still ended up bringing more clothes than I could possibly need. I didn't bring much money, though, because one of my goals for this trip is to keep saving even while I'm traveling.
Saving for travel is relatively simple: You set up a targeted savings account and put a little money aside each week or each month. Setting a schedule and sticking to it is the key to saving for anything. Travel is no exception.
Over the past couple of weeks, more than a few GRS readers have complained about the site's tone. These folks are afraid that Get Rich Slowly is turning into a column that's only about frugality and self-denial, one that is neglecting the "rich" part of the blog's title. These concerns came to the fore in last week's article about remembering to appreciate what I already have.
I want the best possible life for myself and my family. Maybe that means a dream house, or maybe that means the freedom to travel any and everywhere, but maybe that means both. I'd be proud of my dream home if I had earned the means to own it. I don't think contentment is much of a virtue — it's more of a guise for mediocrity.
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I spend almost nothing on clothes. According to Mint, I've spent $199.50 to clothe my family of five this year. They say the average U.S. household has spent $1258.62. That's more than six times my spending.
It's been years since I walked into a clothing store, tried on styles I liked and bought myself a new pair of jeans. That doesn't mean I'm content to dress like a slob, or wear the same tried-and-true favorites season after season. I change up my wardrobe every few months with a huge shopping spree — from my friends' closets.
The Clothing Swap
My friends and I hold clothing swaps at least once a season. We all clean out our closets of anything we don't love that's still in good condition. We get together and swap our cast-offs around. I'm a walking advertisement for the aphorism, "One person's trash is another person's treasure."
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This article written by Michelle Russo is part of the "reader stories" feature here at Get Rich Slowly. Some reader stories contain general "how I did X" advice, and others are examples of how a GRS reader achieved financial success — or failure. These stories feature folks from all levels of financial maturity, and with all sorts of incomes. This story is perfect for Memorial Day weekend, which kicks off the summer holiday season in the U.S.
I've traveled the continental United States, sampling a wide variety of cuisines, and I can say without reservation that the best meal I've ever eaten was a hamburger at a fast food chain just outside Mount Rainier National Park. But in all fairness, I'd spent the past nine hours climbing a mountain, the granola bars were long gone, and I was beginning to see spots.
Twice I've spent a month driving across the country, from Philadelphia to San Diego and back. I've logged over 20,000 miles, and I've seen more during that time than all the rest of my vacations combined. I've also done it for less than $2,500.
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I was a deal seeker long before I ever became a mom. Why? Well, it began as a fun hobby. Scoring designer clothing at 90% off retail was just plain satisfying, and finding freebies in the mailbox always brightened my day.
But that all changed in 2002 when I found myself jobless and 7-1/2 months pregnant with my first child. My husband was a first year pipefitters' apprentice earning about $9 an hour, and my high-paying job was our bread and butter. We managed for a few months on my severance and unemployment, but when we found out I was pregnant again only three months after our first boy was born, we knew that finding a job was not in the cards and that drastic measures were called for.
This was when I discovered the Grocery Game. I wish I could say it immediately transformed our finances, but I made every rookie mistake in the book. I didn't truly understand how to use coupons, and I wound up purchasing only the cheapest items from the stores I shopped at. I was every coupon myth/misconception/excuse embodied in one. Perhaps you're under many of the same false impressions:
In continuing celebration of Financial Literacy Month, my GRS contributions throughout April are covering basic techniques to raise your financial awareness. We've previously touched on the topics of debt and income. Today we'll tackle two of my favorite tips for ensuring conscious spending.
Purge your subscriptions
Subscriptions, even small ones, can sneak up on you. Every time you sign up for another recurring payment, you're locking in a portion of your income. You're tying up a specific segment of your budget.
Of course, some subscriptions are beneficial or desired. I'm not claiming all subscriptions should be avoided; however, it's important that we understand the nature of subscriptions. By nature, subscriptions make you less aware of the recurring purchase. Rather than reevaluate a purchase every month, a subscription ensures that you're charged regularly and obtain access to a benefit. Whether or not you're actually getting a benefit is another story.
J.D. and I love going out to eat, but we also like to cook. And, fortunately for us, so do most of our friends. This allows us to partake in the art of the potluck.
Potlucks are a frugal way to entertain and bring people together to share good food. Even with quality ingredients, making food at home lets us eat well for less. The hosts provide the space, the organization, a dish or two, and perhaps a theme to spice it up a bit. The guests each bring something for the feast, and the focus is on enjoying everyone's contribution.
This distributes the cost and effort (enabling more people to host), and makes gatherings more group-oriented. If everyone is on a tighter budget, a potluck still feels like a treat — but with a lower bill. The food choices are usually more varied, too!
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My mom has a sixth sense when it comes to bargain hunting. Where I'm thrilled to get 25 percent off and free shipping, she's finding deals of 70 percent off and getting inside scoop from the salespeople, who probably have her on speed dial should a ginormous everything-must-go-or-we-torch-it clearance sale come along.
Okay, so I'm exaggerating, but not by much. The point, however, is that the key to finding bargains is timing—off-season, end-of-season, new models bringing down prices on the old models. There's a pattern and a perfect time to buy just about anything.
For the third of the country who has no choice but to turn to Comcast for cable television, the thought of price haggling is about as appealing as a root canal. Comcast has a notorious reputation for being unwilling to make their customers happy. Customers of other monopolistic cable outfits across the nation know the feeling.
Dealing with your local cable superpower doesn't have to be an intimidating process. And as evidenced by the ease in which I recently cut my cable/internet costs by a third during a short online chat without losing any service whatsoever, you may have similar success.
When you have a need or a problem, there's usually a solution that can be bought. Buying a solution is often the easiest and fastest way to solve a problem — but it also can be the most expensive.
When my husband and I were in debt-repayment mode and had our discretionary spending locked down, I began to see that there are alternative solutions to problems that I once thought could only be solved by buying something. Sometimes quality counts, but more often than not, I would choose a solution that required spending more than necessary, when some forethought might have yielded a solution that was less expensive (or even free). Or maybe if I had stopped to think about it, I'd have realized it wasn't a critical problem, and I could just choose to do nothing about it.
We set a strict budget while we were paying off our debt, so it was necessary to think about alternatives before every purchase to meet our payment goals. The great thing is that it became ingrained in me, and it's something I continue to try to do. Here are some of the techniques I use.
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