Posts Tagged Frugality
My Thanksgiving Ritual
Posted by enrique s in Book & Product Reviews, Frugality, Rants, Self-Reliance on November 24th, 2009
Photo by theogeo
People develop different rituals to celebrate Thanksgiving. Laurel and Hardy fans may tune in to March of the Wooden Soldiers, or watch the Macy’s Parade. A local radio station plays Alice’s Restaurant in its entirety every year (I never tire from hearing the massacree again). Some may run in the local Turkey Trot, or pull a muscle or two in the neighborhood Turkey Bowl. Others will plop down on the couch as the plasma bathes them in images of whoever is clobbering the Detroit Lions this year. Some brave shoppers are getting their itineraries set for Black Friday. But I started a new ritual a couple of years ago, and it’s always put me in the right frame of mind for Turkey Day.
The ritual
I’ve always been able to empathize with other people’s suffering. I’ve got it pretty good, even though I tend to complain about life’s little annoyances. I’m grateful for the life I have, and here’s where my ritual comes in. Every year, about a week before Thanksgiving, I re-read a book to put me in the holiday frame of mind. The book is The Long Walk. It’s the story of a prison escape from a Siberian labor camp during World War II. Nothing like a tale of human deprivation to get you in the holiday spirit. Pass the stuffing…
The story
The Long Walk tells the story of one Slavomir Rawicz (I can’t pronounce his name, either), a Polish cavalry lieutenant who is captured by the Soviets during the invasion of Poland at the start of World War II. He spends a year in several prisons, each one worse than the last, before his sentencing to 25 years of hard labor. Oh, and he’s also tortured, packed into a standing-room-only railroad car, shipped thousands of miles across Russia, and then marched through the Siberian winter for several months before reaching the labor camp. He’s literally fed bread and water, and watches as the ranks of his fellow prisoners thin out due to disease and malnutrition. But the worst is yet to come!
The escape
He plots an escape with several other prisoners, and they head south towards Afghanistan. The only problem is that they literally have only the clothes on their backs, and a few meager supplies. Not the ideal setup for crossing the Gobi Desert! As members of the escape party perish from the hardships, they are reduced to eating snakes. Then, they run into yet another obstacle: the Himalayas. And guess who forgot to pack mountain climbing gear?
The lesson
You might think that I have a screw loose, or that I’m some goth kid that cuts himself. Wrong on both counts. A story like The Long Walk reminds me that I shouldn’t complain if my steak isn’t cooked to my specifications, or if my son forgot to take out the garbage. These guys survive under the most arduous conditions, with no material possessions. They’re thankful for an extra length of cloth to wrap around their bloody feet. Talk about extreme frugality!
So in the days leading up to Thanksgiving, I immerse myself in the agony of a young Polish man from nearly 70 years ago, and the turkey tastes that much better, the Sam Adams seems that much colder, the Ashton cigars taste that much richer, and the football game is that more enjoyable, because I can appreciate what I have.
What are some of your Thanksgiving rituals?
Follow me on Twitter: CorpBarbarian
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Self-Reliance Series #3: An Automobile Survival Kit Photo by uberzombie This is Part 3 in my self-reliance series. You can read the first two parts by following these links: Self-Reliance Series #1:A Personal Survival Kit (PSK) Self-Reliance Series #2: An Office Survival Kit In order to get to my office, I need to drive my car...... -
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Blog Action Day '09 - Thoughts On Climate Change. Blog Action Day is an annual event that unites the world's bloggers in posting about the same issue on the same day on their own blogs with the aim of sparking discussion around an issue of global importance. Blog Action Day 2009 will be the largest-ever social change event on......
Corporate Barbarian Links: Sports Physical Edition
Posted by enrique s in Blogging, Frugality, Leadership, Links, Motivation, lifehack on August 22nd, 2009
My son had his sports physical this week. Two doctors had to accommodate hundreds of high school athletes. Needless to say, the wait was a long one. I waited in the car, and a baseball game on the car radio would have passed the time, but the Yankees were playing a late game in Oakland. I’m glad that I brought a book. Hemingway was good company. I love his short stories:
Here are some great posts from the last week:
Steve at Brip Blap relates a story about packs of wild dogs in Bucharest, and how he overcame his fear of them. He eventually made them fear him. It’s a great example of facing and overcoming your fears.
Katie at Frugal Urbanite thinks the PF blog sphere has become boring. She thinks that personal finance bloggers are afraid to be a little different. I’ll take her advice, and try to keep things interesting. That’s why I also blog about coffee addiction, survival kits, and my crazy neighbor.
Craig Harper has a great post about changing your personal reality at Stepcase Lifehack. He shares eight strategies that may not be comfortable to implement, but are effective in helping you take control of your life.
Jared at Technotheory wants us to stop waiting for others and forge ahead. He says it becomes clear who gets things done, and who is suited for government work.
Five Cent Nickel warns about taking frugality too far. Don’t cross that line where you start making yourself and others miserable by taking foolish risks.
Brad at Persistence Unlimited wants us to BF Skinnerize our commitments to get through the rough patches. He talks about using rewards as well as punishments to keep ourselves on track.
David at My Two Dollars reveals the man who’s still driving a 1929 Ford Model A. He’s a throwback in our throw-away society.
Jason at Dumb Little Man offers 8 great ways to motivate yourself when you just don’t feel like it. Everyone hits a lull, and one of these might be the tonic to snap you out of complacency.
Have a great weekend!
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Green Initiatives Leave Us in the Dark
Photo by Tahmid Munaz �
My company started a green initiative related to electricity usage. They’ve installed modules that make the electric system in our building “smart”. Now, different zones can be turned off from a central location to save electricity. This benefits both the company, which frugally cuts its utility bill, and the planet, as less fossil fuels are burned due to the decreased usage. It’s a win-win. Hooray!
The planet breathes a sigh of relief
Since the upgrade, the building lights get turned on at a certain time of the morning. People who get in before the lights get turned on must rely on their desk lights for illumination. This part doesn’t affect me, as I’m not a morning person. The lights are burning for a couple of hours before I set foot in the building.
Who turned out the lights?
But a new phenomenon occurred yesterday: the lights were turned down during lunch. While this doesn’t sound like a big deal, I use my lunch break for paying bills, reading other blogs, or brainstorming articles for this blog. I could barely see my keyboard, and for a lousy typist, this is a problem. many other people thought this was a bad idea also. One guy taped a flashlight to a hardhat, and walked around. That was good for a few laughs. Maybe they should have issued one of these to everyone:
Grin and bear it
One of the directors came by during the improvised headlamp joke, and remarked that it was indeed dark in our area. But he didn’t say anything about changing the policy, so I guess it’s lunch in the dark. I wonder if they’ll continue this during the winter. That would be pretty bleak.
Don’t like it? Go get some fresh air!
At least the lights came back on after lunch. I wasn’t worried; I always have a small flashlight as part of my every day carry. But another thought occurred, actually a quote from Office Space:
“Human beings were not meant to sit in little cubicles staring at computer screens all day, filling out useless forms and listening to eight different bosses drone on about about mission statements.”
Maybe I should take Peter Gibbons’ advice and get out of the building into the sunshine. I can save my blog writing for the nighttime.
Thank you, Facilities Department, for making this post possible. 
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450 Random Useless Facts [/caption] Most American car horns honk in the key of F. The name Wendy was made up for the book "Peter Pan." Barbie''s full name is Barbara Millicent Roberts. Every time you lick a stamp, you consume 1/10 of a calorie. The average person falls asleep in seven minutes. Studies......
Americans Who Permanently Cut Their Spending
Many people have adopted a cash-only lifestyle in response to one financial catastrophe or another. It could be tied to a job loss that shuts off the cash flow, forcing people to take a hard look at their outstanding debts. But even though they may have put their money hardships behind them, they haven’t fallen back into their old bad habits. MarketWatch explores this phenomenon in this article.
The extended shopping spree that Americans enjoyed for the better part of two decades has come to a screeching halt, thanks to the recession, high energy prices and a seemingly unending stream of layoffs.
Frugality — and it’s defined in different ways across the socio-economic strata — is not only chic, it’s downright sensible and that makes people feel smarter, experts insist.
It appears that for some of the financially educated, conspicuous consumption has bitten the dust. They’ve adopted frugal habits such as:
- Shopping at garage sales;
- Giving up their cellphones;
- Growing their own vegetables;
- Clipping coupons;
- Carpooling to work;
- Not using credit cards;
- Shopping in second-hand stores;
- Buying store brands.
Also, people are getting rid of the junk they’ve accumulated, as evidenced by the 60% increase in garage sale listings on Craigslist. People are discovering that less is more. The trend isn’t limited to people in financial hardship, either. Many people who earn over $100 thousand have drastically cut their spending, according to Pam Danziger of Unity Marketing.
She studies the habits of people with incomes of $100,000 or more, which represent the top 20% of U.S. households. She calls those consumers “the economy’s heavy lifters” because they account for some 40% of consumer spending.
“These consumers are very drastically pulling back spending,” Danziger said. “They really are defining more precisely what they need versus what they want and the wants are coming up short.” In a recent Unity Marketing study, she said 80% of respondents agreed with this statement: “I am thoughtful when I shop: I am thinking more about whether I really need an item or just want to buy it on impulse.”
When the stock market was rising fast and the values of their homes were hitting unprecedented levels, those households felt free to spend, spend, spend because, well, they could. “Now that all that perceived wealth is gone, they’re back to having to spend their earned income,” Danziger said.
Another contributing factor to a cash-only lifestyle is the fact that credit is harder to get than it used to be. Credit card debt is falling slowly, replaced by debit and pre-paid credit cards. But is this new frugality just a passing fad?
A recent Harris survey for the NFCC, the national credit counseling group, found that of the 57% of adults polled who said they were spending less, 45% said they would jump back into the stores if their financial situation improved.
“Those people are wired like that,” said NFCC’s Cunningham. “They’re grieving over having to give up their lifestyles that they created.”
I know that we’ve cut back on several luxuries, like dining out and buying clothing. I don’t have a lot of junk lying around, as I’m the crap-thrower-outer of the family, so no Craigslist for us. This recession has reinforced some of my good habits, and discouraged me from picking up any new bad ones. I can’t ever see myself dropping lots of cash on the newest gadget, or expensive toys that we can’t afford.
How about you? Has this recession changed your buying habits?
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Corporate Barbarian Links: Backbreaking Work Edition
Posted by enrique s in Career, Frugality, Links, Money, Organizing, lifehack, passive income on July 25th, 2009
There’s nothing like a little hard physical labor to make me appreciate my desk job. I spent much of last weekend resetting the concrete pavers around my pool. Let’s just say that my back ain’t what it used to be. It gives me a new appreciation for what bricklayers put up with on a daily basis.
Here are the best posts that I read this past week:
Beks at Blogging Away Debt shamelessly saved money on her vacation. I wish that was the case for me. The Bahamas was expensive.
Jim at Bargaineering explains what tax lots are. He dispels conventional wisdom with one of his tips.
Lazy Man and Money talks about how the city of Oakland wants to tax medical marijuana. They must be getting desperate in California for tax revenue.
Matt from Debt Free Adventure has a guest post at My Two Dollars that outlines the benefits of frugal living. One of the benefits is increased joy.
Free Money Finance has a series about the jobs that he’s held. His latest entry deals with working for a maniac. I can sympathize.
The Weakonomist at Weakonomics discusses why expensive beer is selling more than cheap beer. I’ve always stuck to my Samuel Adams Lager.
Trent at The Simple Dollar offers ten unusual ways to improve your appearance of confidence. Check out the eye color trick.
J.D. at Get Rich Slowly offers a free affairs organizer that was created by one of his readers, Erik. Check it out.
Blunt Money talks about creating a time budget. I used to neglect planning my time, too.
Jeff at the Stretchy Dollar has a guest post at Consumerism Commentary that cautions us to safeguard our income. I’m also interested in building multiple income streams.
That’s all for today. Tune in tomorrow for the premiere of Sun-Tzu Sunday!
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Good Enough, or The Duct Tape Chronicles
My father had a saying that he used frequently: “Good enough”. This he applied to everything from a concrete repair to a homemade hockey stick. The medium my father worked in best was a type of duct tape. It wasn’t silver like the traditional kind, but rather olive drab, like the 100-mile-an-hour tape used during World War II to patch bullet holes in B-17 bombers. You could find my father’s handiwork all over the yard, from the arms on the aluminum lawn chairs to holes in the aluminum siding. He even taped up some of my cracked concrete-filled plastic weights. No defect was immune from his sticky green remedy.
“Shoemaker”
His nephew was a talented machinist who valued precision. He took great pride in everything that he made. You could pick out his work just by looking at it. He had a nickname for my father: “Shoemaker”. This apparently was meant as a dig to his half-assed attempts at repair and construction, as in “what shoemaker poured this patio?”, or “don’t hire a shoemaker to do a carpenter’s job”. My father, unmoved, would respond with his favorite phrase: “Good enough.”
Memories of the shoemaker
Fast forward about 30 years. I have a daily reminder of my father’s good deeds, every time that I use my eclectic collection of weights. You see, I still have some of the concrete-filled plastic weights from my teenage years. Some of them bear the mark of the shoemaker: a piece of the green adhesive tape that holds them together. Why do I still keep them? Certainly not as a memento of the past. I have plenty of things that were left to me by my father. The weights still weigh the same, and I still have to lift them. So they still have utility. They still have a practical value, ugly as they are.
Good enough is cheaper than perfect
When I think back to my father’s shoddy repairs, I can see that he was just being frugal. To him, perfect was the enemy of good enough. He was satisfied with good enough; he didn’t expect things to be perfect. Good enough is also cheaper in the long run than perfect. A taped-up lawn chair did the same job as a brand-spanking new one. Who cares if it looks like hell? He didn’t give a crap what people thought. If they didn’t like the way it looked, that was their problem. He never tried to keep up with the Joneses.
The apple doesn’t fall far from the tree…
This past week, I broke the plastic arm on the vacuum attachment for my swimming pool. It was early in the morning, and Leslie’s wasn’t open. The pool needed a cleaning, so I had to think outside the box. Then it occurred to me: DUCT TAPE! My father’s ancient remedy for all things broken. I broke out the green sticky stuff, and wrapped enough around the broken pieces to facilitate vacuuming. I can report that my shoddy, shoemaker-inspired repair has held up for three days now. It didn’t cost me a dime. Frugality in practice.
Maybe the old man had it right all along.
Follow me on Twitter: CorpBarbarian
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Deflation at the Garden Center
The shrubs in our front yard had become overgrown, making our house look like the Addams’ Family’s place. Using my landscaping skills and my wife’s eye for arranging, we set off to the nursery to remedy the situation.
I figured this was going to cost me a small fortune. Last year, friends of ours had bought a bunch of trees for their yard, and they paid through the nose. So I was prepared for sticker shock. Instead, what greeted us but a sign for 40% off all shrubs. Yippie! My wife brought me back to reality when she noticed the sale date had passed. Crap! We decided to look around, anyway.
We found a few shrubs that we liked, and headed for the checkout. My wife asked the manager if the sale was still on, since the sign was still outside. He told the cashier to give us the 40% off. We left the nursery elated!
My day would get even better. The next place that we hit had a sign for 50% off. That’s right, a 2-for-1 sale. The lousy weather in June must have really put the hurt to these nurseries. I’ve never seen a 2-for-1 sale in the middle of the summer. We found a couple of shrubs, paid the discounted price, and headed home to plant them.
After we planted our new shrubs, we took stock of what we had planted. Because of the apparent buyer’s market in the nursery business, we’re going to head back while the 50% off sale is still in effect. We’ll buy low at the discounted prices. It’s the frugal thing to do. And I can use the exercise. I’m thinking a nice Japanese Maple like in the above picture.
Have you come across any unexpected bargains that you’ve taken advantage of?
Keep up on my other landscaping adventures by subscribing here: Subscribe
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Getting Rich in America Book Review and Summary, Part 2
Posted by enrique s in Book & Product Reviews on June 25th, 2009
This is Part 2 of my review and chapter summary of Getting Rich in America: 8 Simple Rules for Building a Fortune and a Satisfying Life by Dwight R. Lee and Richard B. McKenzie.
You can read Part 1 of this review by clicking the following link: Getting Rich in America Book Review and Summary, Part 1
Rule #3.Resist Temptation
“A penny saved is a penny earned.” - Benjamin Franklin
Frugality requires sacrifice. A penny saved can be many pennies earned. The two keys to resisting temptation are recognizing that:
- That there are plenty of things we can easily do without, or with less of.
- That tremendous benefits can be achieved from being frugal.
There are plenty of expenses that you can eliminate and never even miss. You just have to distinguish between needs versus wants. Frugality is not an all-or-none proposition, but can be measured on a continuum.
“But I want to spend my money while I can enjoy it.” How many times have you heard that line, or said it yourself? Life is full of trade offs, and getting rich is no exception. If you spend it all now, you’ll leave nothing for later. Cutting back on spending will do little to reduce the pleasure of life. Life can be enjoyed at any age.
The spending trade offs are quantified with a table showing the increase in retirement wealth that comes from choosing the more frugal option. These include buying a used cars rather than a new ones ($869K savings from age 23 to 67), brown-bagging your lunch (something I’ve written about, a $283K savings), and even not buying lottery tickets ($106K savings). These not only provide for better financial health, but also a sense of security:
- Establishing a saving and investment plan gives you more control over your life;
- Saving is easier if you make a game out of it;
- Reduce the immediate cost of saving by adjusting your payroll tax withholding;
- Invest in your company’s 401(k) plan.
One way that helps curb temptation is not to use credit cards, which make it easier to spend more. But not all spending is consumption. A new computer may help boost your output, or a health club membership might make you healthier. The authors recommend buying a computer for work from your own funds, if your boss won’t pay for one, if you think it will increase your productivity.
My Take
It’s tough to distinguish between needs and wants, as the determination is very subjective. Some expenses are easier to give up than others, and that would depend on the person. For instance, I don’t have a smartphone, just an old-fashioned cellphone that basically allows for calls and texting. My buddy has a phone with a slide-out keyboard for texting. To me, theat option is a want, as I don’t text frequently. My buddy thinks I’m a Luddite for using the old phone for texting, and considers the keyboard a necessity. Different strokes for different folks.
I don’t feel that credit cards are evil. I’ve used them for 0% arbitrage, and have taken advantage of their cashback awards. I’ve used them for big ticket purchases, and when I didn’t have enough cash on hand when a great opportunity surfaced. But I’ve managed to pay the balances off promptly. Someone with less self-control might be better off not using credit cards.
As far as buying stuff for work, I’ve never paid for my own office computer, but I have sprung for highlighters, pens, and other accessories if I felt they would help. But I’ve never spent more than a small amount, and I can’t see myself ever doing this.
Rule #4. Get a Good Education
Getting a good education is a worthwhile idea if even your goal is not to get rich. It’s also a good rule for building a satisfying life. You’ll develop interests and insights that will enrich you, and you may get more enjoyment from the extra money that often accompanies more education.
The difference in income that you’ll earn from pursuing a bachelor’s degree compared to a high school diploma is about $25,730. Assuming a 1.5% income growth until retirement, and investing the difference at an 8% yield, nets the college grad an extra $3.15 million. This also takes into account the extra four years that the high school graduate worked while the college grad was still in school.
Obviously, you would have to be passionate about a field of study in order to realize your earning potential, so don’t choose a college major just to chase the bucks. Interacting with fellow college students also helps build your network, and increases your learning opportunities. It’s the old “not what you know, but who you know” argument.
Another way of increasing the education payoff is to get through college quickly. You’ll start your career earlier, allowing you to throw money at your nest egg, which will have more time to marinate in the compound interest. Going back to college for an post graduate degree will also pay off in increased income, especially if your company pays for it.
Doing well in school will help you develop productive attributes such as:
- Showing up on time
- Paying close attention to assignments
- Completing assignments on time
- Doing more than the minimum required
- Expressing your views forcibly, yet reasonably
- Treating the views of others with respect and consideration
- Struggling with difficult tasks rather than giving up in frustration
- Organizing your time and activities to satisfy a number of pressing demands
My Take
Going to college definitely increased my earning potential. Going back for my MBA increased it even more, and I got my company to pay for most of it. I probably should have done more networking while I was still in college, but studying and my part-time jobs usually got in the way (Note to Junior: Join some clubs!).
I have a problem with trying to get through college quickly. My college years were some of the best times of my life; I wouldn’t have wanted to rush through them and miss out on the experience. Sure, you’ll accumulate more money by graduating early, but you’ll miss out on all of the good things that college has to offer. I favor postponing the start of your grown-up life in order to work on your networking.
Read Part 3 of my review by clicking here: Part 3
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Un-Broke on ABC
Over at Consumerist, there’s a video of Seth Green that will appear in the ABC show Un-Broke on Friday night. It’s a take-off on MTV’s Cribs, and shows Green as he takes us on a tour of his frugal crib. Here’s the link at Funny or Die: Un-Broke: The Seth Green Cribs Edition
I’ve liked Seth Green ever since he played a young Woody Allen in Radio Days. He was great as Dr. Evil’s son in the Austin Powers movies, and he’s great on The Family Guy and Robot Chicken. So, his offering frugal financial advice is icing on the cake.
I’m definitely going to check out Un-Broke, and I hope lots of people do, too. Especially the ones with money problems.
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Barbaric Book Review: Die Broke by Stephen M. Pollan, Part 2
Posted by enrique s in Book & Product Reviews, Frugality, Money on April 21st, 2009
This is Part 2 of my review of Die Broke. You can read Part 1 by following this link: Barbaric Book Review: Die Broke by Stephen M. Pollan
Step 2: Pay Cash
The authors feel that there are three things that will keep you trapped: an unwillingness to change, and your ATM and credit cards. These cards represent instant gratification, making it too easy to spend your money. In order to achieve the goals laid out in the book, you should make spending difficult and uncomfortable.
The argument is that ATM and credit cards take the pain out of spending. You don’t focus on the amount spent if you’re not counting out the cash. Online banking and automatic payments distance you even more from bill paying, and you may be charged for the convenience.
The authors offer a few suggestions for Saving and Spending in the Twenty-First Century:
- Melt Your Plastic - Remove all credit cards from your wallet, and replace them with a charge card for emergencies. Consolidate your debt on a low interest credit card, and put the card away.
- Bank with People - Remove the ATM card from your wallet also, and go to the bank once a week for cash. Withdraw the cash by writing yourself a check. Don’t spend any more than you’ve withdrawn.
- Practice Cognitive Spending - Keep track of where every dollar is spent on an index card, then categorize your expenses each week. This will get you to think about how you spend your money.
- Buy Your Second Home First - The real estate boom was an anomaly traceable to the baby boom generation driving up the prices for a limited number of homes. Don’t practice serial home ownership, but save for your dream home.
- Avoid “Everest” Buying - Don’t buy something “because it’s there.” Buy things only when you need them, not when you want them.
- Ignore the New - Don’t buy the latest gadget, but wait forsomething that answers a true need.
- Repair Before You Replace - Retailers profit more on new things than repairing old things, so focus on repairing what you have.
- Pay Yourself First - Put away what you can in your 401K, and do it automatically.
My Take:
- For people that have no self-control, this is the best advice. However, if you’re responsible, you can use credit cards to your advantage, such as rewards or zero-interest arbitrage, provided you pay off the balance each month.
- I’m disciplined enough that I don’t abuse my ATM card. I stick to my weekly budget. I rarely go to the bank.
- I track most large expenses, but our walking-around money doesn’t get analyzed. As long as we stay under our weekly allowance I’m happy.
- Well, we’re living in our first home, and probably will for the near future. We bought the home in part for the tax advantages, and have added on to it over time, paying cash for the improvements. We’ve also paid off our mortgage.
- I use a cooling-off period to counteract impulse buys. Can’t argue with that one.
- Or that one, either.
- I repair rather than replace if it makes sense. I’m not upgrading an old computer if I can buy a new one for the same price as the repair.
- We do this. The key is to automate it. Pretend you didn’t get that raise, and put that away, too.
In Part 3 of my review of Die Broke, we’ll examine the third step, called Don’t Retire.
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