The Frugal Lifestyle

[Chancie]

I bought my not very big, not very fancy house when I was in my 40s and then I refinanced it when I was in my late 40s to save almost $200 a month.

I want to try to pay off my thirty year mortgage because I didn't start teaching in a public school until I was 42, and I won't be able to afford my mortgage when I retire.

I emailed my very helpful local bank manager and he said I'd need to pay about $770 extra a month to principal in order to pay off my mortgage by the end of the school year when I turn 60 years old.

I don't have to tell you how impossible that sounds, so I will just pay about $87 a month towards principal, which will shave off a few years.

But, it's important to me to be able to choose whether I stay here when I retire, so I have been thinking a lot about how to manage my budget with an eye towards the future.

[Ursy]

Good luck Chancie!

We're having to be frugal because we are only living off my income right now. We're getting the house ready to sell and will be downsizing so that I will be able to cover all the bills because Kris has had health problems since Feb.

I've made a start by planting some tomatoes. The price of tomatoes went up to $9 a kilo earlier this year (That's about $4.50 a pound)! It was ridiculous! Now that my tomatoes are starting to fruit, the prices have gone down again. Oh well... I'll still be saving money by growing them (and tomatoes are easy to grow).

I'm also trying to grow potatoes in a big pot... wondering how that will go.

I agree, it's important to have the security of knowing that you will be able to keep living in your house when you retire.

[Miss Scarlett]

I try to reuse or recycle as much as possible...

I adore scented candles but some are frightfully expensive (Yankee Candles). When mine have burned down I melt the remaining wax and pour it into a jar that I've added a wick to and make my own layered candles. The jars are from previous candles and I buy the wicks Michaels.

Since I'm a Bath & Body Works junkie I wait until I get a great coupon and/or when they have an awesome sale. Last year I really stocked up on Moonlight Path (the only fragrance I wear) and still have enough to last well into 2013.

Makeup remover towelettes are great but they are costly. I buy a pack and tear them into 3 or 4 strips. Since I only use them to remove my waterproof mascara and eyeliner it doesn't make sense to use the entire cloth. Oh, I discovered by accident that they are wonderful for cleaning my bathroom sink, counter and faucet...get them super clean...LOL

I stopped using body wash too. Bar soaps are less expensive and Dial makes a wonderful glycerin soap.

My other toiletries are purchased only when they are on sale or when one of my local grocers has a triple coupon promotion.

Thanks to the Gas Buddy app on my iPhone I can find the lowest gas prices near me.

Another thing I did was to stop using the debit card from my checking account. I found that paying by cash makes me more aware of what I am spending.

No more bottled water for me as well. At home I have a Brita pitcher and for work I have one of those Brita bottles.

Internet is something else I no longer have at home. Instead I use my iPhone. I'm already paying for data on it so it doesn't make sense to double up. There is a downside, i.e. can't post in the gallery here or access some sites that rely on Flash. But if I need to I can take my laptop to Starbucks and use their wifi.

[Mopsie]

Originally Posted by Miss Scarlett

Another thing I did was to stop using the debit card from my checking account. I found that paying by cash makes me more aware of what I am spending.

I found this to be true for myself as well ... and it seems to be helping!

[Metro]

Originally Posted by Chancie

I bought my not very big, not very fancy house when I was in my 40s and then I refinanced it when I was in my late 40s to save almost $200 a month.

I want to try to pay off my thirty year mortgage because I didn't start teaching in a public school until I was 42, and I won't be able to afford my mortgage when I retire.

I emailed my very helpful local bank manager and he said I'd need to pay about $770 extra a month to principal in order to pay off my mortgage by the end of the school year when I turn 60 years old.

I don't have to tell you how impossible that sounds, so I will just pay about $87 a month towards principal, which will shave off a few years.

But, it's important to me to be able to choose whether I stay here when I retire, so I have been thinking a lot about how to manage my budget with an eye towards the future.

Something to ponder...

This solution may not work for you (Chancie) or your particular circumstances, but it might be of interest to others who are seeking ways to boost their income to achieve specific life goals.

A friend of mine rents extra bedrooms in his home through an online rental service (i.e. airbnb.com) and has been quite successful in doing so. He decides when, for how long, and whom he wants to host -- the site takes care of all of the pre-rental communication and payments. IMHO, his particular success hinges on the fact that he lives in a town that has a lot of seasonal tourists, plus he lives in a convenient and safe neighborhood in that town.

Renting rooms in ones home may not be desirable nor feasible for many, but it is an option that has provided my friend with several hundred dollars in extra income per month. University towns may also have good potential for this kind of setup. NOTE: My grandmother did this sort of thing in the 1960s (and also during WWII), so the concept is not unfamiliar to me.

[Bit]

That's a really interesting idea, Metro. I didn't know there were companies that helped to set things up like that.

Chancie, I know it might sound counter to what you wish, but if you decide to stay in your house, have you considered refinancing again--this time to lower the payment to what you can afford when you retire? You could continue paying each month as if you had not refinanced, but when you retire you could drop down to the lower payment without any penalties. It might give you some breathing space.

Ursy, I love that windowshade solar oven!

Gryph and I are also trying to be more frugal but I'm having a rough time trying to grow food--although my three surviving raspberry vines are tickling me pink by giving me berries in November--still, I think the effort is worth it even if the Kansas learning curve IS steep. Sheesh, now I know why Kansas was the place that broke so many pioneers! The weather is brutal on gardens!

[Ursy]

Nat, what is re-store? I don't think we have them in Australia?

Cath, just looked up weather in Kansas - 13 degrees c - I'm jealous! We're in the middle of a heatwave! But I guess I shouldn't complain, our climate is much better for gardening. I think I can pretty much garden all year 'round.

I can't imagine trying to garden somewhere when it snows... I imagine it would be... impossible? Close to impossible?

[Bit]

LOL! {{{{{{{{{{{{Urs}}}}}}}}}}}}}} You garden during the three seasons when it doesn't snow, and the soil rests when it does snow. Unless you are a fanatic who uses hoop houses and/or cold frames. Not that I am such a fanatic, oh no, not I.... *just wait'll I get my hands on some money!*

http://westsidegardener.com/howto/hoophouse.html Scroll down for pics. The thing about a hoophouse is that it covers an entire garden bed and you can walk inside it. It would work to hold shadecloth in the summer too.

http://www.organicgardening.com/learn-and-grow/coldframes coldframes are generally smaller than a garden bed, and they have lids you can open to reach in and harvest.

Re-Store is the name Habitat for Humanity gives its retail stores, because they sell used and reclaimed building supplies, appliances, furniture, etc.

[Ursy]

Originally Posted by Bit

LOL! {{{{{{{{{{{{Urs}}}}}}}}}}}}}} You garden during the three seasons when it doesn't snow, and the soil rests when it does snow. Unless you are a fanatic who uses hoop houses and/or cold frames. Not that I am such a fanatic, oh no, not I.... *just wait'll I get my hands on some money!*

http://westsidegardener.com/howto/hoophouse.html Scroll down for pics. The thing about a hoophouse is that it covers an entire garden bed and you can walk inside it. It would work to hold shadecloth in the summer too.

http://www.organicgardening.com/learn-and-grow/coldframes coldframes are generally smaller than a garden bed, and they have lids you can open to reach in and harvest.

Re-Store is the name Habitat for Humanity gives its retail stores, because they sell used and reclaimed building supplies, appliances, furniture, etc.

Oooh Catie! I like the look of *both* the hoophouses and the cold frames
They would also be good for keeping critters at bay as well, I imagine!

Thanks for the explanation about Re-Store. We have a place in our town that operates on the same principle, it's called Reverse Garbage. I think it's a wonderful idea.

[Bit]

Reverse Garbage! lol!!! Love that name.

I think hoophouses and coldframes keep four-legged critters out, and even two-legged winged critters... but bugs can still get in and then they're just as protected as the plants, so it pays to watch for signs of infestation. Now the advantage we have here where it freezes is that one can get a coldframe or hoophouse up and the plants growing in the very earliest spring (while it's still snowing) before the bugs hatch out. It might be a little more difficult for you if your winters are mild... but then, if your winters are mild you don't need the coldframe!

I know when I was gardening in the desert though, I often wished for a structure with shade cloth to protect my plants. What stunned me is that I need one here in Kansas, too... sheesh, full-service weather: we broil AND we freeze. *eyeroll*