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Let’s Be Cheap

March 23, 2020 by Lazy Man 8 Comments

Be Cheap
Let’s Be Cheap!
When I started blogging in 2006, the personal finance blogosphere focused most of their attention on saving money. I remember reading one article where the blogger wrote that he makes sure not to open the refrigerator too many times a day, because he calculated it costs 4 cents to cool it back down.

That’s far too extreme for me.

However, like most bloggers from back than, I have a central area where you can save money on almost anything. (Those articles may be outdated now. I bet a Google search for “save money [x]” will get you better results until I can update it.)

The reason why so many people wrote about those things was simply because there wasn’t a lot written about it before. Also, it’s much easier to write something concrete like “avoid the artisan grocery store” and “bring your own lunch to work” than “work harder and hope for a raise.” It was especially easy for me to focus on the frugal aspects because I had control over many of my expenses. When I put together the case that I was being paid less than 95% of all software engineers according to Salary.com, the answer I got was, “Sorry, there’s nothing in the budget to do anything.” They couldn’t even get creative with stock option compensation or vacation time.

I didn’t have any control when it came to the company’s business or how they were managing their finances. In this new coronavirus world, many people are feeling the same way. The days of asking for a raise are probably gone for awhile. If you are able to keep your income, you are doing well (financially, at least). There’s talk of potentially a 30% unemployment rate which is something I can’t remember in my lifetime.

This is the time to take control of the things you can control. It may not be much, but it might be the best you can do. It’s time to be a little cheap. Or, if you prefer, frugal.

(Side Note: If you have the means to be financially generous, please do so. Support local businesses like restaurants. They need that support. This article is geared towards those who aren’t fully financially secure.)

I was laid off in the dot-com bust of 2001. I was only out of college for a couple of years. Software engineering jobs were impossible to find. I remember on one interview the hiring manager essentially wanted me to rewrite TurboTax from scratch. He’d pay $2000 when it was completed.

During those tough times, being frugal saved me. Or to just call it like it was, I was cheap. From a very young age, my mother taught me to save money. I had always been a saver at heart anyway. I’d save all my Halloween candy until it went bad. I got more comfort knowing that the candy was there for me if I wanted it than actually enjoying the candy itself.

A month ago B.C. (Before COVID-19), there was a lot of talk on personal finance Twitter about earning more money. I understand why. Life is too short to not enjoy it. People love the idea of being able to have everything they’ve ever dreamt of. It’s easy to sell a “earn more money” message if it fits what people already want to hear. I have also seen some bloggers follow it up with, “Buy my book or buy my course.” To put it simply, by its very definition, it is hard to sell products or training to cheap people.

Making more money is certainly half of the financial success equation. I don’t want to dismiss that. However, it’s a difficult half to write actionable advice about. No writer knows what kind of job your are in or what your education is. Maybe making more money is extraordinarily difficult for your situation. I can suggest adding a side hustle, but that’s not what “Lazy Man” is about. I hope everyone can work smarter and get to the point where their money works for them.

I’ve always been an equal fan of both sides – make more money and save money wherever possible. I’ve known people who make crazy amounts of money, but don’t save or invest much. I’ve known people who don’t make a lot of money, which means they can’t save or invest much.

One of my favorite things to do is to thinking about how to be cheap. Not really cheap, but spend less money as a general habit. For example, I looked at my electric bill and thought, “I wonder if solar power makes sense in Rhode Island.” It does! We’re almost on our 5th year of solar power now. We paid a lot up front, but we’ve saved more than half of what we spent. After around 8 years, any electricity our panels generate will be “free” (compared to what we would have paid if we didn’t get the panels).

The other thing I like to do is save money on groceries. Soon after we moved to our house, we lost the local Best Buy. That was terrible for a technology geek like me. However, Aldi moved into the space. It is one of the best grocery stores for cheap, quality food. That’s a great financial trade-off for us. For example, they have so many chicken deals that I’ve been able to write some creative articles like, “McFly, Are You Chicken?” and Rich Chicken, Poor Chicken.

While I’ve had the best luck with Aldi, but occasionally, I can find some deals at our local Shaw’s. The local military base is a good source as well. I don’t go to different stores looking for great deals. I’ll only give it a look while I’m doing the rest of our shopping. It’s easier to “shop our chest freezer” from previous deals.

Why Being Cheap Matters

Here’s an example that many people can relate to. Let’s say you have a $60 cable bill. (Mine is over $100 and I don’t have any premium channels.) A cheap person might say, “Netflix has more television than I could ever watch at $10 a month.” I’m going to cut my cable bill and save $50 a month.

You might be thinking, “Big deal. That’s nothing.”

That $50 a month is $600 a year. This is where we need to apply the Rule of 25. The Rule of 25 states that in order to afford a $600 annual expense, you need to have 25 times more saved. It’s mathematically derived from a bunch of economic analysis that shows people can live on 4% of their saving mostly indefinitely by investing a large sum of money.

At the risk of putting an example in an example, if you have $1,000,000 you can roughly take out $40,000 to live on. And with the rule of 25, if you need $40,000 to live on, you should have $1,000,000 in savings.

When we convert that $600 annual cable bill into Rule of 25 terms, we realize we need to have $15,000 in our investments.

That’s just one bill. If you multiply it by many extravagances you’ll have a hundreds of thousands of dollars in your savings. Being cheap always makes a big difference when it comes to reaching financial freedom.

A bunch of small savings can add up. They have a snowball effect. It is very difficult to try to make an extra percent or two investing in the stock market. Even if you do, it’s likely to be mostly luck. However, by saving 75% on something like food it gives us more money to invest. Getting that money in the market early has been critical to our secure financial position now.

A lot of that started with being cheap.

Filed Under: Save Money On... Tagged With: cheap, Frugal

Frugal Father’s Day Gifts

June 25, 2016 by Lazy Man 3 Comments

I usually give you very little notice on how to plan for an upcoming frugal holiday. I’m trying to be a little more proactive this year. With that in mind, the calendar flipping to June seems like a time to start thinking about Father’s Day. I’ve never been one to send mushy cards or lavish gifts for Father’s Day. Perhaps it’s just me, but I feel that dads in general are not big fans of sappy cards. Plus cards are overpriced for what they are. Since some dads would feel awkward about accepting anything expensive, it’s best to look for frugal alternatives. Fortunately, many options exist for those of us who want a simple, thoughtful Father’s Day gift to make dad’s day special.

Smaller children can really have fun with Father’s Day. Handmade gifts and anything involving pictures are great gifts from the younger set. I remember giving my dad a smooth rock with the words “Happy Father’s Day” on it that I made in first or second grade. That always got displayed prominently on his desk (despite how ugly it was).

Here are some ideas that would be appropriate for young children to give to their dads:

  • Change Jar – Clean out a glass jar (or purchase one new from a hobby/craft store). Punch a slot in the lid ““ when I’ve done this before I’ve used a slotted screwdriver and a hammer or mallet. Position the screwdriver so that the slot will be in the middle of the lid and tap on the handle with the hammer to punch a hole in the metal. Be sure to turn the lid over and hammer down the pointy bits after you’ve made the slot. Then, make a sign that says “I wouldn’t CHANGE anything about my Dad!” and let the children go to town on decorating the jar. They could use stickers, paint, glitter, ribbon ““ whatever will make the jar festive and whimsical. Practical and fun!
  • A Day Off – A day off is especially appreciated by the younger Dad with small children. Relieve him of his usual household duties for the day and let him go play golf, or go fishing, or any activity of his choosing.
  • Handmade Greeting Card – Ah yes, the old standby. Still, a handmade card is always appreciated. Especially when it involves a handprint! It can be fun to reminisce and look through several years’ worth of cards a few years down the road. There are no rules to creating a handmade card ““ just have fun!
  • Anything with Pictures – These days you can get portraits of your kids (or their artwork) printed on anything! Mugs, calendars, T-shirt, mouse pads ““ the possibilities are endless. You can walk into Wal-Mart (or go online) and order a photo mug for under $10.

Let’s say, however, that you’re no longer in elementary school but you want give your Dad a respectable but not over-the-top gift. Here are some suggestions:

  • Car Detailing – What dad wouldn’t enjoy a freshly washed, waxed and vacuumed car? Gather together all of your cleaning supplies and tackle your dad’s ride. Wash the car, apply tire cleaner, clean the windows inside and out and vacuum the interior.
  • A Custom Playlist or CD – Cater to your dad’s musical tastes and make him a playlist of his favorite tunes. If you make a CD, you can add dad-centric cover art to the case. Every time dad listens to his special playlist, he’ll think of you!
  • Ratcheting Screwdriver – Maybe your dad hasn’t bought himself some new tools in a while. If he’s still using old-school screwdrivers, upgrading him to a ratcheting screwdriver will be easier on his hands and allow him to do those little repairs much quicker! Even the fancier ones with the interchangeable bits can be under $25.
  • Charging Station – Like everyone these days, your dad probably has an array of electronic gadgets. This Gomadic Universal Charging Station is a great way to charge all of those devices without a tangle of unsightly cords.
  • Time – Time with our loved ones is finite. If you’re not in the same city, give your dad a call. Listen to what’s going on in his life and share what’s happening in yours. If you’re lucky enough to live near your dad, perhaps promise him a week of special lunches. These don’t have to be expensive ““ this is more about the company than the atmosphere.

Hopefully these suggestions are helpful – happy Father’s Day to all of the dads out there.

Filed Under: Frugal Tagged With: father's day, Frugal, homemade

$5 MP3 albums from Amazon (Aerosmith, Death Cab for Cutie, James Taylor)

May 12, 2009 by Lazy Man 1 Comment

If you aren’t in the mood for a foot-long sub at Subway (and who isn’t?), parlay that money into some good music from Amazon. I got an email about a $5 sale they are having on 50 of it’s MP3 albums. I thought it would be fun to click through and see all the no-name artists that they had there… except that some of them are quite popular. I did get a chuckle from The Raspberries (not to be confused with The Cranberries), but seeing Aerosmith’s Big Ones surprised me. It has 13 songs that got significant air play (some still do). Doing the difficult math, 15 songs for $5 comes out to about 33 cents a song. Take that iTunes!

Here are some other highlights:

  • Death Cab For Cutie’s We Have the Facts and We’re Voting Yes
  • James Taylor’s Covers
  • Kenny Rogers’ The Gambler
  • Marvin Gaye’s Number 1’s

There are more to choose from, but I’m kind of biased towards the Boston music: Aerosmith, James Taylor, even the Death Cab for Cuties album has a song called Lowell, MA on it. They had Dolly Parton, Kanye West, The Greatful Dead, and Etta James… something for everyone.

Go check out Amazon’s $5 albums.

Filed Under: Spending Tagged With: Aerosmith, death cab, Frugal, james taylor, marvin gaye, music

Win $20 on Ebay or Amazon By Giving Your Best Frugal Valentine’s Day Tip (2 Prizes)

February 5, 2009 by Lazy Man 41 Comments

Frugal Valentine's Day Tips
Frugal Valentine's Day Tips
Valentine’s Day is almost upon us. Guys, if you are as Lazy as I am, you haven’t come up with anything for that special someone in your life. Personally, I can’t get flowers (she has allergies) or chocolate (we are trying to be more healthy this year), so that knocks out the two traditional staples of Valentine’s gift.

Let’s all do some brainstorming. Since many minds are better one (especially if that one is mine), I’m asking you to leave your best frugal valentine tip in the comments. If helping out your fellow man isn’t enough incentive, I’m going to give out a $20 gift certificate to Ebay or Amazon (winner’s choice) to two winners.

In the interest of equality, let’s not leave the women out. We want to hear the frugal ideas you have planned for your guy. Though us men love to give, we don’t mind being on the receiving end every now and again.

And everyone, please remember this is a family-friendly website, not the Newlywed Show. I recognize that whoopie is frugal, so let’s just agree, and move on to other tips.

Content details:

  • How to enter
    • Leave a comment of your best Valentine’s Day tip – If it’s a tip that takes weeks to implement, you will get one entry. Unfortunately we don’t have weeks, but it’s good to get a head-start on next year. If it’s a tip that can be executed in the last 5 business days of Valentine’s Day, I’ll give you two entries. If I judge the idea to be of marginal help (see the “how not to enter” below), I may award no entries.
    • Write about this contest – If you write about this contest on your blog and link to this page, you get three entries. Make sure you contact me for credit.
  • How NOT to enter – Write about your plan to take your significant other to KFC because you saw their “KFC has chicken and corn” commercial. (Random Aside: Can we agree that the jingle might be one of the worst ever. Is there anyone who doesn’t know that KFC has chicken and corn? It doesn’t cover either of KFC’s two best sides – mashed potatoes and biscuits. It’s an epic fail.)
  • Winners will be picked at random – This is why you’ll want to earn all the entries you can get.
  • Three comments per person please – I don’t want to have one person take up all the good, easy ideas, but I want to encourage people to share multiple good ideas if they have them. (And I realize this goes against the concept of “Best” frugal Valentine’s Day Tip as you can’t have two bests.)
  • Leave a valid email address if you want a prize – I can’t give you an award, if I don’t know how to reach you.
  • Contest ends Monday, February 9th (11:59PM PT) – Everyone has to have time to implement the tips.
  • As usual, I forget things – I almost always forget some detail. I came very close to publishing this without a date of when the contest ends. I’m new at offering contests. Please bare with me if I while I learn, so I can get better at sharing money with readers

So hit me up with some good ideas.

Photo Credit: aussiegall

Filed Under: Spending Tagged With: contest, Frugal, tips, valentine's day

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