How do you LBYM?

I cut my own hair, too, and find the main benefit is that I don't have to drive 15 minutes, then sit in a chair for 10 while listening to bad music and trying to find a magazine that interests me, then make idle conversation with the stylist, then drive back home. I'd pay money to avoid that. Instead, I'm saving it.

I got into voluntary simplicity literature (e.g., Your Money or Your Life, Circle of Simplicity) about 30 years ago, and it was very helpful to me in adopting the right mindset. It helped free me from the US consumerist, "more/better," work/spend treadmill that so many people get caught up in.

I have a humble abode, because it doesn't take much to make me happy, and I'm not trying to impress anyone. That's saved a bundle.

I don't use many entertainment services (e.g., cable, Netflix) and have a very simple, low-cost cell phone plan.

What else? Well, I avoided getting married for a second time and having kids. That's probably saved me a bundle, especially if it didn't work out, which odds are it wouldn't have. I avoid dating, although that's for lack of interest more than a desire to save money.

I'm at the point where I've got lots of money and don't need to worry about spending "frivolously." In fact, I am trying intentionally to spend my money more freely. It's just money. I think that if we end up focusing too much on saving money, we're no better off than the people who focus too much on earning it. The point of saving money, at least to me, is to free your time/mind up to focus on more meaningful things.
 
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Interesting how many folks cut their own hair.
My hair place is 10 minutes away, which includes 5 minutes getting out of the complex. I go only every 6 weeks first thing in the morning, so no wait and it cost me 16 bucks including the tip.
I guess if my hair gets really scarce and is buzzed through, then cutting it at home would make sense for me.
 
I could list a dozen nickel and dime ways I've saved but the things that have had the biggest impact (in the 10's of thousands of $$) are:

1. Doing almost all of my own home maintenance and renos
2. Leveraging my DIY skillset and labour among friends and family which has earned reciprocal payback, often from people in skilled trades
3. Having a hobby that provides a small net gain every instead of costing money
 
Do my own home remodeling/ maintenance and yard work. Keep cars, furniture, appliances, tools and clothes a long time. Don’t eat out much.
 
We go to the library to get books and hook up our electric car to the free charger. We do use a car wash infrequently because they are able to dispose of the waste water via the sewer system. We don't have a lawn or dirt area to put the car on to wash it. Most of the things we do are more to protect the environment with the added bonus of saving money.
 
I don't really focus on living below our means. Early on I picked a budget that works and we can live comfortably. To spend what we do and have a portfolio that's growing is my goal. Even when I was making great money I lived on about half of what I brought home so it's been ingrained in my thought process for a long time. Here is what we do:

Have no debt
Do all of our own yard work
Curtailed our eating out
Perform most all of our major projects that don't require professionals
Drink $18 Pinot from Costco for everyday wine
Do our best to shop sales for clothing
Buy cigars under $5

Outside of that we take nice vacations, golf every week and enjoy our life
 
By the time I retired, LBYM was pretty automatic and nothing that I really thought about. I really don't try to LBYM any more but some old habits remain.

I try to not to go overboard with online memberships that involve regular payments. But still, I do have Amazon Prime and Consumer Reports online.

I don't have a landline or cable TV or streaming services/devices, and went with a cheap cell phone plan that gave me a free phone.

I adjust the thermostat to a less comfortable level when I leave the house, and adjust it back when I return home. I never have more than one light on in the house at night.

We eat out every day! That's not LBYM, but I only order water to drink. That's $3 cheaper than ordering a diet coke or iced tea, and lots cheaper than ordering alcoholic beverages I would imagine. $3/day for 365 days = $1095 in savings each year (which I promptly spend on fun stuff).
 
DW and I have considered ourselves as Guardians of Lost souls. When we need something, we often buy used and one that needs work. These items tend to be lower cost and we enjoy putting them back into service for little $ outlay. Our homes are one example. We bought a mid 50's run down 3BR track house as our 1st home, cleaned, painted reroofed and added a 2-1/2 car garage. Then our 2nd house was a company relocation thing. It was in the middle of being out into salable condition (new carpets, contractor beige paint etc. We made an offer as-is with them stopping work immediately.

Another way has been to have similar minded friends, When it comes time for a job that takes more than 1 person, we share our labor. One time it may be me helping him, the next it may be him helping me. I have to admit though, the last time I had to reroof my house, after great internal debate, I hired it out. I still find it hard to transition from LBYM to Spend That Dough.

P.S. I do frequent the free "automatic" car wash. My cars sit in the driveway and I let nature wash away what nature put there.
 
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Another option is minimalism. Probably isn't for most people.

There are several items on this thread where people pay less for things than they otherwise would. I just don't buy the item at all. I've found in several cases that I was paying money to have something in my life that really wasn't adding to my life, so getting rid of it and not buying it anymore was a double benefit.

I won't list specifics, because the principle could apply to anything. Also, I don't want to seem - and am not - critical of other people buying stuff if it adds value for them, even if it wouldn't happen to add value for me.
 
I reduced my housing costs to a minimum by getting "just enough" living space. I noticed that, no matter where I lived and how much space was available, I only used the same four rooms routinely: the kitchen, the family room, one bathroom, and one bedroom. So I got rid of the dining room, the formal living room, all the extra bedrooms (including the guest room which was used less than once a year), and even the separate study (with laptops and tablets, the family room is a more comfortable office space anyway). I save a bundle on taxes, utilities, insurance, upkeep, etc...

I do not have cable TV, or a landline, or even a home-based internet connection. I pay only 20 euros a month for a cell phone package with a generous data allowance, so I use my phone as a hot spot to connect to the internet. Thankfully, I have a good cell phone signal at home and my connection is often faster than land-based connections.

I grow my own organic vegetables for the most part. I rarely have to purchase produce in a store. I also pick nuts and mushrooms in the wild, when available. Finally, I pay less than market price for dairy products because my sister gets excellent employee discounts.

I share ressources (time, equipment, labor, expertise,...) with other family members, as we all live in the same area. For example, my mom borrows my paper shredder when she needs it and I borrow her stepladder. I borrowed my father's tools to remodel my condo (he has a well-equipped workshop) and I help him with the upkeep around his estate. My sister helped me move into my new place and I will help her repaint her living room in the spring. I also share rides with other people as much as possible, when it makes sense. Etc...

At this point, I don't have to pinch pennies anymore. But LBYM has become a fun game.
 
Same here. Think of the impact, over 40 years of working, of packing our own lunch versus eating in the employee cafeteria. Probably added up to the cost of a car...or two!
 
Dtail said:
Interesting how many folks cut their own hair.
My hair place is 10 minutes away, which includes 5 minutes getting out of the complex. I go only every 6 weeks first thing in the morning, so no wait and it cost me 16 bucks including the tip.
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I'm amazed too (my emphasis above)!

I go to the same barber as I have for 25 years and he is a legend around here. Plus he drives a school bus during the day (when school is in). He's in his late 60's and cuts until 11:00 PM except for Sunday and Monday. BTW, he is usually booked a week in advance.

The cost for me is $15 and I give him a $5 tip. My hair needs to be thinned about every third cut so for me to do that would be dangerous. And, at 76, I like to chat with him and all the regulars in his shop. Also, he has a gigantic TV in the shop and we can watch a game while there.

The main thing I do for LBYM is maintain the cars myself (oil/filters, tire rotations, brake jobs, most repairs, etc) as I have for 50 years now. Back in the day, I would even completely rebuild an engine, but not anymore as I don't have the necessary garage facility. I do have a garage full of tools and two serious size air compressors.
 
aja8888 said:
I'm amazed too (my emphasis above)!

I go to the same barber as I have for 25 years and he is a legend around here. Plus he drives a school bus during the day (when school is in). He's in his late 60's and cuts until 11:00 PM except for Sunday and Monday. BTW, he is usually booked a week in advance.

The cost for me is $15 and I give him a $5 tip. My hair needs to be thinned about every third cut so for me to do that would be dangerous. And, at 76, I like to chat with him and all the regulars in his shop. Also, he has a gigantic TV in the shop and we can watch a game while there.
Click to expand...
See, that's why I use clippers with a #1 or #2 attachment on my hair in the first place. My hair is thinning all by itself, no help needed! :cool:
 
The Cosmic Avenger said:
The thread about using a Rolodex for passwords reminded me, for some reason I really like the sound of "I'm a multi-millionaire who cuts his own hair!" :LOL:

I paid $28 for a pair of cordless, waterproof Remington clippers, and I've been buzzing my own hair with them every week or two for over two years now. That's at least 50 haircuts for maybe the price of two, if I didn't tip well....and I usually do!

So, how are you frugal? What little things do you routinely do to save a buck...or a penny?
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I also cut my own hair. In fact, I haven't paid for a haircut in 15-20 years. I'm in the military, so I keep it short. I buzz cut about every 2 weeks.

We cut down on eating out, and when we do, we quit ordering appetizers (other than on vacation).

I brew my own beer.

I reload my own ammo.

I don't buy clothes very often.

I make my own coffee.

I pack my lunch.

I do all of my own car/motorcycle/lawn equipment maintenance, including tire changes on everything except cars.

We live in a house worth about half of what most people in my area in our income bracket live in.

Where I fail at being frugal:
-vacations
-drinking expensive alcohol
-cell phone bills (Verizon is our only realistic option where I live)
-TV/movies (trying to talk my wife into cutting the cord and getting rid of cable)

-We definitely live below our means and tuck away just under 30% of our gross income, but we could certainly save more if we made more lifestyle changes. However, we're happy with our savings rate and our current lifestyle. Our plan moving forward to increase our savings rate is to divert any future pay raises straight to savings.

pacergal said:
LBYM always meant to me to put $$ in savings first, then arrange budget for what was left.

We still clip coupons, eat at home more than out, reduce/reuse/recycle, use FF miles for travel, hair cuts at discount places rather than "salon", use our library instead of buying books/movies. Lots of ways to spend less if you want too.
Luckily, our retirement budget allows for many splurges also!
Click to expand...

I'm downright lousy at budgeting. I've made and broke budgets SO many times. It seems that things always come up. HOWEVER, like you, I put money in savings first. I've "rebudgeted" several times, which just means increasing my savings contributions, and then working with the new amount of money we have coming in each month. We don't run out of money in the bank account, and we don't scramble for money. For us, having our income as our budget works. It only works, however, if we pay ourselves first... Which we always do.

This isn't to say that I don't know where our money goes. I absolutely do. I just don't budget for specific things each month.
 
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No phone.
No lights.
No motorcar.
Not a single luxury.


Tonight's money saver is $1 oyster and $5 pint happy hour dinner.
 
SecondCor521 said:
Another option is minimalism. Probably isn't for most people.

There are several items on this thread where people pay less for things than they otherwise would. I just don't buy the item at all. I've found in several cases that I was paying money to have something in my life that really wasn't adding to my life, so getting rid of it and not buying it anymore was a double benefit.

I won't list specifics, because the principle could apply to anything. Also, I don't want to seem - and am not - critical of other people buying stuff if it adds value for them, even if it wouldn't happen to add value for me.
Click to expand...

A very good observation. A corollary that I try to follow is to avoid having things in my house that I don't either know to be useful or think to be beautiful. The best things are both.
 
As many recognize - Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

LBYM enhances this long time adage imho :cool:
Best wishes.....
 
We do many of the activities already listed. A big cost cutter for us compared to some of the people we know was that our kids were / are enrolled in STEM programs from community college and public, in state schools and had paid internships. They are financially self sufficient now with no student debt and marketable skills. Our out of pocket college costs were minimal and we don't have to provide any ongoing economic outpatient care.

We've managed our MAGI to get ACA tax credits so our total health care costs last year were $24 for insurance premiums. We eat plant based diets and cook from scratch often. Gas and clothes from Costco. Low property taxes due to Prop 13. Capsule wardrobes - no fast fashion. Low water and energy usage. Limit single use products. Make our own cleaning supplies. We're interested in low consumption and sustainable living so LBYMs just flows naturally from that.

I buy annual passes / memberships with senior / military / Groupon prices and then we get in free to many of the local wineries, museums, plays, music venues, gardens, tourist attractions, parks, etc. all year. This past week I had tickets for three plays (all discounted or comp preview performances), a free military concert band performance and a free library pass for a botanical garden. We get to go out almost every day, or as much as we have time for, to some fun event and it doesn't cost us much.
 
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My haircuts cost forty bucks each.

Fifteen for the haircut and twenty five for lunch at the sushi bar next door.
 
This seems to be the opposite if the "Blow the Dough" thread, but I define LBYM differently.......as in that last letter, M. I describe myself as financially comfortable, not wealthy. DW and I live below our means, but we don't deprive ourselves., So, while I don't cut my own hair I get a nice haircut at Great Clips for 10.99 (Senior rate!), and don't believe I waste money.
However, I prefer to pay to have my cars washed, we have a cleaning service for our house, pay for lawn mowing etc. I still do my own snow removal but only because, believe it or not, I enjoy it. And, now that DW has joined me in retirement we are increasing our travel, a bit. Isn't this why I saved first, brown bagged, etc. all of those years?
 
Yeah Baby!

Besides living below your means is exactly that. As in not living above your means. Everyone skrimps on some stuff and splurges on other stuff.

Yeah, choices are good to have!
 
daylatedollarshort said:
We do many of the activities already listed. A big cost cutter for us compared to some of the people we know was that our kids were / are enrolled in STEM programs from community college and public, in state schools and had paid internships. They are financially self sufficient now with no student debt and marketable skills. Our out of pocket college costs were minimal and we don't have to provide any ongoing economic outpatient care.

We've managed our MAGI to get ACA tax credits so our total health care costs last year were $24 for insurance premiums. We eat plant based diets and cook from scratch often. Gas and clothes from Costco. Low property taxes due to Prop 13. Capsule wardrobes - no fast fashion. Low water and energy usage. Limit single use products. Make our own cleaning supplies. We're interested in low consumption and sustainable living so LBYMs just flows naturally from that.

I buy annual passes / memberships with senior / military / Groupon prices and then we get in free to many of the local wineries, museums, plays, music venues, gardens, tourist attractions, parks, etc. all year. This past week I had tickets for three plays (all discounted or comp preview performances), a free military concert band performance and a free library pass for a botanical garden. We get to go out almost every day, or as much as we have time for, to some fun event and it doesn't cost us much.
Click to expand...

From what I read, you and your spouse appear to get the most out of your entertainment budget. :dance:
 
Tune my own skis.

Buy ski wax in bulk and on sale in the summer.

Push mow our lawn (1/2 acre lot), great exercise. Seems like everyone else on our street has $4,000 mowers.

Used cement blocks under the car verses fancy metal stands. And yes, I should go work on that thing verses posting stuff here.
 
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