How do you LBYM?

[Koolau]

First, get a lot of "means."

Sort of kidding, but, even though I'm still way more frugal than I need to be, I did a LOT of LBYM before FIRE. Now, even though LBYM is ingrained, it's not as necessary as it used to be.

I think a lot of LBYM in my case is that I need so little. I have all the clothes, cars, houses, toys, etc., that I need. I live in a high COL area, but I planned for it. Yeah, I still eat cheap, wife cuts my hair, and on and on. I really think I over planned FIRE. I don't recommend it, but it has some advantages. YMMV

 

[nancyfrank232]

To LBYM I focused on increasing my Means

I looked for industries that would pay for my crap

I found a job that gave me a car. My car expense is $0 (company pays for car, insurance, gas, parking, tolls, maintenance, etc)

I haven’t had to pay for a car in 2 decades

My job gives me a smartphone. My smartphone expense is $0 (unlimited cellular data)

A 6 figure income helps but is not necessary. It just leaves more $ left over

When I eat out, I do takeout to avoid tip

When I go to eat at regular spots (eg for coffee) I get to know the staff. Eventually I’m given free food. This has worked for many years at many different places

Being friendly and conversational works for many establishments. Customer service people are constantly being dumped on, so my being friendly becomes especially noteworthy and is often rewarded

 

[Amethyst]

You are blunt and funny

To LBYM I focused on increasing my Means

I looked for industries that would pay for my crap

 

[The Cosmic Avenger]

When I go to eat at regular spots (eg for coffee) I get to know the staff. Eventually I’m given free food. This has worked for many years at many different places

Being friendly and conversational works for many establishments. Customer service people are constantly being dumped on, so my being friendly becomes especially noteworthy and is often rewarded

I practice this last one, as I have been there and done their jobs, or something close. I don't expect anything for free, but I do get better service or inside advice, and can often get away with special requests.


Also, in LBYM news today I made a special trip to a grocery store that had these pho bowls that I really like for lunch at w*rk. They had them for $1 each, when the udon bowls I used to get are $2.79 each, so that saves me $8.95 a week! And I actually like the pho better than the udon, so I bought 56 of them.

 

[Amethyst]

I used to get offered help and free stuff when I was younger, but it doesn't happen any more. Indeed, I suspect I am being overcharged almost everywhere I go.

Gee, I wonder what could have changed? I'm actually friendlier than I used to be!

I don't expect anything for free, but I do get better service or inside advice, and can often get away with special requests.
.

 

[tb001]

I used to get offered help and free stuff when I was younger, but it doesn't happen any more. Indeed, I suspect I am being overcharged almost everywhere I go.

Gee, I wonder what could have changed? I'm actually friendlier than I used to be!

It's remarkable, no?

I also found increasing my means was far easier than scrimping too much.

 

[Ready-4-ER-at-14]

As our income grew over the years we still lived pretty much the same ...

We sort of did this too. Every time there was a raise we increased our standard of living some and either paid towards home or paid towards investments with the extra.

Decreasing expenses as home and cars were paid off meant even more towards investing.

Funny how when you can buy most anything you want, there is no longer a pressing need to. I notice when I want a purchase any purchase, a small purchase feeds the need equally as well as a big one would.

 

[NW-Bound]

Same as all others, our means grow while our needs stay the same or become less.

"You cannot have everything. Where would you put it?" -- Steven Wright

 

[nhcycling]

- maxed my 401k contribution since age 25
- both worked and had kids later - 3 blessings!
- college both paid our own way and choose majors that led to jobs that paid well
- bought a modest house and paid off mortgage by age 30
- make most meals at home, bring lunches to work still
- save for 3 kids colleges starting the day they were born
- drive older cars
- pass on fancy dinners, extravagant trips
- no splurging on clothes
- do most of own home repairs, you tube is our best friend
- pay off credit cards every month
- if we can’t afford it, we don’t buy it even if we really want it or need it we just make do
- mow our own lawn, snow blow and shovel driveway and it’s no small feat in snowy NH!
- we do travel a lot and that’s our vice

Sure there were lots of times when our friends or family had nicer cars and houses or went on vacations we could only dream of ... but the day came when they couldn’t afford college or reality hit and now they can’t hope to retire early ... this is what LBYM got us

 

[daylatedollarshort]

From what I read, you and your spouse appear to get the most out of your entertainment budget.

We moved to the Bay Area in large part for the weather, scenery and all the fun things to do. It is nice being retired now and having the time to take advantage of the area's parks and attractions. Yesterday we went to the Oakland Zoo on a free library pass.

Our weekend fun events are beating our neighbors to Target before all the propane cylinders get sold out and storing up batteries, water and food to last for several days before the power gets shut off again this weekend.

 

[jimnjana]

Our spending has ticked up In retirement. We are still living beneath our means but the margin has shrunk. Traveling is the biggest culprit. Still manage to invest about 2-3% of net income, pay down the mortgage and save a bit more. DW will start SS next year at her FRA. It will be a challenge not to have more spending creep. Automatic monthly investment/savings/principal payments work for us.

 

[targatom2019]

it's always funny to me to see a person being really fugal but on the other hand don't take risks or very little risk when it come to investment, don't max out 401K, pay interest on every thing from CC, cars, toys and mortgage.

 

[6miths]

Needed a suit jacket to testify in court and only have a couple. Both doublebreasted - look good but I think a bit out of style. DS's stuff wouldn't fit. Went to the Thrift Shop and got a nice one with great fit for $10. Went to men's clothing store and got a back up just in case for $170 reduced from $350 - what a deal. The new one, 'Made in Bangledesh'. The old one still has tag in it 'Made in Canada by Teamsters - 1998'. The thrift shop must have a contract with a dry cleaner because every jacket was perfectly clean and pressed. Modeled both for DW and DS - they both liked cut and look of thrift shop version. Cha-ching!

 

[O2Bfree]

We don't get a thrill from owning luxury goods or buying the latest gadget. I do enjoy admiring such things, but I don't need to bag them and take them home. I can get just as much pleasure from admiring the wonders of existence, which miraculously self-assemble with more intricacy, variety, and craftsmanship than anything contrived by mankind.

Also for entertainment, we pay for internet but no other streaming service or cable. There are plenty of free video services available. Of course we may need to wait some number of months until the latest movie or documentary shows up on one of them, but there's plenty to watch in the meantime. Or read. We like going to the library, and if a book we want isn't there, we can usually find the PDF on sites such as archive.org, rather than buying the book on Amazon.

And we watch for senior discounts. Many grocery stores have Senior Discount Days with a minimum age of 55. Got those marked on the calendar.

 

[Munchkin]

LBYM

Hahaa....love you guys. I thought I was crazy. Lucky I found this forum as I get ready to retire in a couple years at age 55. We shop at Big Lots and Daily Deals outlets and I get most of my clothes on ebay (newish used and super cheap). I haven't paid for something new and off the rack in over a decade. Thanks for motivating me to go on. BTW as it is getting cold in Michigan now, the theromstat is set at 64 degree. Time for a sweater.

 

[bolt]

Hahaa....love you guys. I thought I was crazy. Lucky I found this forum as I get ready to retire in a couple years at age 55. We shop at Big Lots and Daily Deals outlets and I get most of my clothes on ebay (newish used and super cheap). I haven't paid for something new and off the rack in over a decade. Thanks for motivating me to go on. BTW as it is getting cold in Michigan now, the theromstat is set at 64 degree. Time for a sweater.

The MunchkinMan said?

Since it seems a focus in this thread I have not paid for a haircut since before the 67* Red Sox pennant.
My barber advised me my hair type was ideal for self shearing.

I'm sure he saved me about 10large

 

[trumpeting_angel]

Same as all others, our means grow while our needs stay the same or become less.

"You cannot have everything. Where would you put it?" -- Steven Wright

I remind myself of the much-needed decluttering and divesting of possessions and clothes that must be done at home, and it helps a lot with the urge to spend. now retired, I am donating work clothes, saving enough for any part-time endeavors I might undertake along with a bit of consulting.

For most of my adult years, I have saved money by not going into stores. Groceries and shoes can’t be helped, but if you avoid clothing, gift, specialty, and other boutique shops, temptation is almost removed. I manage temptation online by putting things into my shopping cart and usually forgetting about them.

I found a brand and size that worked (and I liked) for work clothes, and bought those whenever I found them in secondhand stores. I bought casual clothes on sale or, after finding the perfect jeans, ordered them to avoid going into a store.

Like others, I cut my own hair, cook from scratch, grow food and raise chickens, mow the lawn, and do my own gardening. We get deliveries of free wood chips from the local tree service for mulch and chicken run litter. Composting and recycling cuts trash costs. I bake Christmas gifts and buy for DD, DSIL, and of course, darling granddaughter.

I DIY investing at Vanguard, like so many!

It has paid off. I am spending far too much time reworking my income projections, to convince myself we can go out for dinner a bit more often! (We can.)

Great thread. These forums used to emphasize LBYM over trying to decide about OMY for a big bonus from for mega-corp. I appreciate it!

 

[Jeb-NY]

We have pretty much always have LB Our M by just having a simple life style and not trying to to keep up with coworkers and neighbors. This allowed me to retire at 57, my wife continued part time just because she wanted to. Now 14 years into retirement the biggest help to LBYM is Means has went up with SS at 70 and Required Withdrawals from 401k and moving to a much lower cost of living state. Bonus was better weather and politics.

Much of my working career we lived on half our income and we still do. We do have the occasional splurges because we can. With the lower cost of living area we now have twice the house for a fraction of the taxes and with milder Winters lower utilities.

I don't cut my own hair, but for over 40 years I have got seasonal haircuts. Not to save money, just didn't want to waste the time more than 4 time per year.

 

[Rdub]

We do all kinds of things. We still live in our first house and don't need to move when we get really old and really gray. I enjoy cooking, so if we go out and find a dish we really like, I try to recreate it at home. I perfected my own sourdough over the last 2 years and make 2 rounds every 7-10 days. We figured out a way to minimize our flight costs to Hawaii. We are good about buying items on sale, hate paying retail. I cut my own hair. Wash my own cars. Work on my own yard. Grind and brew our coffee at home. Call our utilities every year to haggle a low long term customer rate with no contract. Do all of my own investing, primarily index funds and hold out for long term cap gain if I re-balance. I splurge on an Enrolled Agent for taxes, private school for kids, nice cars and vacations. We love saving money, but are not afraid to spend it. We have tracked our income and expenses (about 40 categories) for 15+ years and retired with a WR rate of around 2% at 47. So far so good... but it has only been 2.5 years.

 

[GravitySucks]

This is a depressing thread. Home hair cut? No thanks. We need some simple joys are required.
It's the big things that move the needle. A house that's 1/2 what the mortgage brokers and realtors tell you you can afford. Reasonable autos. Affordable vacations. Cooking.
But good lord I need to sit in a chair and have my hair cut by a pro. And once a year splurge on a straight razor shave even.

 

[Rianne]

Adding to my previous post. Free fun and social interaction plus mindful challenges, volunteering at forest preserves in education. I'm on a committee that explores new ways to fund raise, create programs and outreach.

And everyone likes me...hahaha. They have to be nice to me because my efforts are free.

 

[Gumby]

This is a depressing thread. Home hair cut? No thanks. We need some simple joys are required.
It's the big things that move the needle. A house that's 1/2 what the mortgage brokers and realtors tell you you can afford. Reasonable autos. Affordable vacations. Cooking.
But good lord I need to sit in a chair and have my hair cut by a pro. And once a year splurge on a straight razor shave even.

You are correct, of course, but the same mindset that economizes on the big things also tends to economize on the little ones. I also go to the barber every four weeks, but I shave my own face with a straight razor every morning. You should try it. It is very enjoyable.

 

[ExFlyBoy5]

When I go to eat at regular spots (eg for coffee) I get to know the staff. Eventually I’m given free food. This has worked for many years at many different places

Being friendly and conversational works for many establishments. Customer service people are constantly being dumped on, so my being friendly becomes especially noteworthy and is often rewarded

My Dad was the absolute MASTER of this. When we would go out and about, there wasn't a customer service person that didn't fall in love with him after knowing him for 2 minutes. One of his favorite places was Kroger. He would go 5-6 times a week because he "forgot" something, but the main goal was to visit his girlfriends (cashiers), hobnob with the boss (manager) and flirt with unsuspecting shoppers. It was highly entertaining! On one occasion, there was an extended power outage at his house and the Kroger let him bring his perishables to the store and keep them in the refrigerated section.

When he passed away, one of the toughest things to do was go around to all his haunts and let the employees know of his passing. It was amazing to me to see how much he meant to them...just by being a nice customer.

Now, back to the original subject. I think the best way we have LBYM is by not having paid interest on anything. In a previous life, I spent THOUSANDS of dollars a year on interest. Thankfully, I turned my life around and haven't paid a dime in interest in many, many years. That, in turn, has allowed me to "blow that dough!" in better ways.

My smart watch cost 50. We do own expensive phones but use them until they die.

I guess that's another LBYM for me. I couldn't tell you the last time I wore a watch and to try and wear one today would bother me to no end. We are also all about cheap phones. My most recent one is a Moto I bought a couple years ago from Amazon for about $120 and it still works great. Buddy of mine has the latest/greatest Samsung and wouldn't stop complaining about all the bloatware and issues he has with it. That's a great deal for $1,000 isn't it?

 

[SecondCor521]

This is a depressing thread. Home hair cut? No thanks. We need some simple joys are required.
It's the big things that move the needle. A house that's 1/2 what the mortgage brokers and realtors tell you you can afford. Reasonable autos. Affordable vacations. Cooking.
But good lord I need to sit in a chair and have my hair cut by a pro. And once a year splurge on a straight razor shave even.

I agree with your middle point that the big things matter.

On haircuts, for me it is both cheaper and more joyful to cut it myself. Advantages in my opinion:

1. I can get right in the shower and get all the itchy hair clippings off of me immediately instead of itching all the way home.

2. I can cut it exactly the way I like it, without having to explain to someone and hope they understand what I want.

3. I don't have to drive anywhere.

4. I don't have to socialize with a stranger. (Admittedly, if you're an extrovert this would seem like a negative.)

5. I don't have to wait. (Yes, some places have appointments, which helps, but doesn't eliminate this.)

6. I don't have to decide on the ethics of tipping/not tipping/how much.

7. I can get one as often as I like with no impact (other than some electricity) on my expenses.

8. I can fix up any stray hairs with confidence, rather than the stress of ensuring they get it exactly right before I leave.

9. I don't have to worry about them damaging/breaking/dropping/smudging my expensive-and-very-necessary glasses when they take them off my face and give them back to me.

10. I can give my Dad haircuts and give him all of the above benefits as well, because I know how to do haircuts.

So in my mind, you'd have to pay me to have someone else cut my hair.

I've never had anyone else give me a shave, so I can't comment on that difference.

YMMV, of course.

 

[The Cosmic Avenger]

For me, 1-8 are pretty much exactly the reasons I love doing it myself, too!

I agree with your middle point that the big things matter.

On haircuts, for me it is both cheaper and more joyful to cut it myself. Advantages in my opinion:

1. I can get right in the shower and get all the itchy hair clippings off of me immediately instead of itching all the way home.

2. I can cut it exactly the way I like it, without having to explain to someone and hope they understand what I want.

3. I don't have to drive anywhere.

4. I don't have to socialize with a stranger. (Admittedly, if you're an extrovert this would seem like a negative.)

5. I don't have to wait. (Yes, some places have appointments, which helps, but doesn't eliminate this.)

6. I don't have to decide on the ethics of tipping/not tipping/how much.

7. I can get one as often as I like with no impact (other than some electricity) on my expenses.

8. I can fix up any stray hairs with confidence, rather than the stress of ensuring they get it exactly right before I leave.

9. I don't have to worry about them damaging/breaking/dropping/smudging my expensive-and-very-necessary glasses when they take them off my face and give them back to me.

10. I can give my Dad haircuts and give him all of the above benefits as well, because I know how to do haircuts.

So in my mind, you'd have to pay me to have someone else cut my hair.

I've never had anyone else give me a shave, so I can't comment on that difference.

YMMV, of course.