Frugal and retired - anyone alse?

[Ronstar]

I'm frugal, unless when buying tools and toys. I used to be frugal on everything, but now I feel as if I've earned the right to splurge a little.

 

[threeonesix]

Glad to know I am not alone having no desire to keep up with the Joneses when it comes to my utility enjoyment. For the last few years I have sat back and watched some friends of mine spend over $150,000 on their back yard. That includes a pool and new covered patio, landscaping and a metal building used to store and maintain their classic cars. Kudos to them, they have the money to do this, I just can't imagine needing all of that to be happy when you consider if they sold their house today it might bring $350,000. Before it would have brought around $300,000 just due to location (it is on a lake). To each their own, but I struggle spending four figures on such things for my house as I do not wish to spend more on it unless necessary, including original purchase price, than for what it would sell. Why spend $500,000 on a house only to lose $150,000 when you sell?

 

[athena53]

There are plenty of people here who retired early on modest incomes and are happy with a simple life- free entertainment venues, the public library, road trips instead of cruises, etc.

In my case it depends on the spending category! I have an amount I withdraw that's sustainable (in addition to SS and a couple of small pensions) and never put any of it back. Travel, charity and my grandchildren (including their 529s) are my biggest expenditures. I am downright chintzy when it comes to clothing (I've spent under $300 this year and that includes replacing a pair of worn-out sneakers), my only streaming subscription is Netflix, I have never gone over the lowest monthly data bucket on my cell phone plan (that would add $7 to the bill) and I buy modest cars and drive them till they're no longer reliable. Right now I've had my A/C turned off for over a week and the windows open. Sometimes it gets to 80 degrees but I don't mind.

Oh, yeah- I'm flying Business Class to London tomorrow and then on to Serbia but right now I gotta mow the lawn to save $65. I do have a service coming the rest of the almost-4 weeks I'll be gone.

So, I'm LBYM- but with selected splurges, which is really how I've spent most of my adult life.

 

[Markola]

I'm frugal, unless when buying tools and toys. I used to be frugal on everything, but now I feel as if I've earned the right to splurge a little.

Yes, don’t waste money on anything except that which gives you joy, in which case, splurge!

 

[threeonesix]

^^ That brings up a good point. I have noticed over the last 30 years that most people, at least where I live, now hire out their landscaping needs. Curious, I requested quotes from several local landscaping companies to see how much I am saving by doing it all myself. I was shocked at the results. These are average prices I was quoted for the listed services for lawns my size:

1. Lawn mowing only: $300 per month
2. Lawn mowing + leaf removal: $400 per month
3. Lawn mowing + leaf removal + flower bed / shrubbery upkeep: $600 per month

The "per month" charges are for Mar - Nov only, as everything here goes dormant Dec - Feb. I was told that most people select option 2. So they are paying $4,800 per year to not have to mow their own lawn once per week Mar - Sep, and to not have to pick up and dispose of their own leaves Oct - Nov. Over a 5-year period that is $24,000. I'm literally blown away that anyone considers that amount of money reasonable just so they don't have to spend an hour or two every week on these chores that are part of owning a house. My lawn isn't even large, only 7,500 square feet. I only bag when mowing during Oct/Nov to pick up leaves (lots of trees around me). When not bagging it only takes me 45 minutes to mow and weed whack, once per week. When bagging, 1.5 hours. Annual total time spent is around 40 hours. If I were paying a landscaping company to do the work it would come out to around $120 per hour. Where I live that's what doctors and lawyers charge! I have a Master's Degree in Computer Science and a great job, and I barely earn half that amount. I guess I should consider switching jobs!

Personally, I think people who are physically sound are crazy to pay these amounts. From the age of 10 to 14 I mowed lawns in summer, to save money to buy a car. I would mow 2-3 lawns per day, and only charged $10. That was the early 80's, sure, but $10 in 1984 is not $75 today, not even close.

If I weren't doing the work myself I would not be out earning money instead. I do the work when time allows. Sure, I might be able to do better spending that time researching stocks for investments, but's only a maybe, it's not a sure thing.

Am I crazy?

 

[MarieIG]

Nice to hear so many "frugal" folks chiming in!

Interesting how there are different definitions of that word. I don't see it as a negative at all.

I certainly don't feel like I'm "denying" myself anything. That kind of thinking is how a lot of people get in financial trouble in the first place. I buy what I need, and prioritize my "wants" against the resources available. I don't feel entitled to any more than that, so I don't feel anything is being denied.

I also don't see being frugal as a negative.

 

[Sunset]

A lot of brilliant comments.

We are frugal, DW says she is happy she married someone as frugal as her father.
I'm happy I married someone so frugal as well.

I change my own car oil because I'm frugal, and do things myself if I can rather than hire it out.

I am letting the mowers do my lawn as they charge me $30/week, and I want to support them, yet I keep thinking it's a waste.

I would have worked longer if I hadn't saved so hard.

I'll buy what I need and try to find a good price for it, I don't go so far as to deny myself things that I need or REALLY TRULY WANT for a long time.
I avoid knee-jerk wants like buying a new car as I find by next week I don't want it.

 

[athena53]

Personally, I think people who are physically sound are crazy to pay these amounts [for mowing]. From the age of 10 to 14 I mowed lawns in summer, to save money to buy a car. I would mow 2-3 lawns per day, and only charged $10. That was the early 80's, sure, but $10 in 1984 is not $75 today, not even close.
<snip>

Am I crazy?

Nope. It's my least favorite chore but it's a better calorie burn than my cardio workout and I can spend the money I save on fun stuff. Same for cleaning my own house. And your calculation about what the landscapers get per hour is probably on the low side since they use giant zero-turn mowers that have a platform for standing and cover a wider area in one swoop so they can do it faster than you.

My next-door neighbor has two teenagers but I never see them and she has a service mow the lawn. Isn't that what teenagers are for?

 

[Ronstar]

^^ That brings up a good point. I have noticed over the last 30 years that most people, at least where I live, now hire out their landscaping needs. Curious, I requested quotes from several local landscaping companies to see how much I am saving by doing it all myself. I was shocked at the results. These are average prices I was quoted for the listed services for lawns my size:

1. Lawn mowing only: $300 per month
2. Lawn mowing + leaf removal: $400 per month
3. Lawn mowing + leaf removal + flower bed / shrubbery upkeep: $600 per month

The "per month" charges are for Mar - Nov only, as everything here goes dormant Dec - Feb. I was told that most people select option 2. So they are paying $4,800 per year to not have to mow their own lawn once per week Mar - Sep, and to not have to pick up and dispose of their own leaves Oct - Nov. Over a 5-year period that is $24,000. I'm literally blown away that anyone considers that amount of money reasonable just so they don't have to spend an hour or two every week on these chores that are part of owning a house. My lawn isn't even large, only 7,500 square feet. I only bag when mowing during Oct/Nov to pick up leaves (lots of trees around me). When not bagging it only takes me 45 minutes to mow and weed whack, once per week. When bagging, 1.5 hours. Annual total time spent is around 40 hours. If I were paying a landscaping company to do the work it would come out to around $120 per hour. Where I live that's what doctors and lawyers charge! I have a Master's Degree in Computer Science and a great job, and I barely earn half that amount. I guess I should consider switching jobs!

Personally, I think people who are physically sound are crazy to pay these amounts. From the age of 10 to 14 I mowed lawns in summer, to save money to buy a car. I would mow 2-3 lawns per day, and only charged $10. That was the early 80's, sure, but $10 in 1984 is not $75 today, not even close.

If I weren't doing the work myself I would not be out earning money instead. I do the work when time allows. Sure, I might be able to do better spending that time researching stocks for investments, but's only a maybe, it's not a sure thing.

Am I crazy?

Nope you're not crazy. I just got done mowing about 10 minutes ago. Sanded and painted my rusting garage door lintels before that. Probably saved $300 today alone.

 

[Affinity4Investing]

Frugal is not a bad 6 letter word. I find that I'm becoming even more frugal as I stack more coins now than ever before. And, I am 100% happy with that. Don't feel like I'm missing out on anything in life. Spending money doesn't make me happy (quite the opposite) so I fail to understand what it is that I'm missing out on in life. But that's just me. I congratulate you for your frugality.

 

[statsman]

I am letting the mowers do my lawn as they charge me $30/week, and I want to support them, yet I keep thinking it's a waste.

I hate mowing and edging. I also have a mild-to-moderate allergy to cut grass. So, the $1,800 or so it costs for the year to have our grass mowed and edged is worth it. Especially when this past summer saw high temperatures at and above 101F for 64 consecutive days here in Central Texas. Categorize it as minor BTD costs.

The rest of the landscape work, like pruning, replacing plants, amending and mulching the soil, and removing Bermuda grass from the shrub beds (UGH!), is done by me. I've seen how the "landscapers" prune shrubs here in Central Texas. Not touching ours!

 

[NW-Bound]

I'm pretty frugal but not cheap...

Years ago, I learned this from Andrew Tobias: "Frugal is how you treat yourself. Cheap is how you treat others".

... When I first started coming here (in 2010), there were many more discussions on low spending and saving. I haven't seen a post about dryer sheets in a long while.

I'm not saying it's a bad thing, probably just the ebbs and flows of an online forum - or it might be a good thing, that everyone is doing so well that lowering expenses isn't as much of a requirement.

In 2010, we just came out of the Great Recession. A few posters ran into financial difficulties, posted their goodbye then faded into oblivion.

Heck, back in 2008-2009, on this forum we were talking about the Great Depression, the soup line, then the Dust Bowl. Misery loves company!

Of course everybody is richer now. Plus posters also get older and are running out of time sooner than money. Heck, so many posters I consider friends are not here anymore.

But back on frugality, I just came back from Home Depot. I needed a few pieces of wood for a project. Found some pieces in the "culled pile", where they threw the bowed and crooked boards, and marked them down to 30%.

I was going to cut them into short pieces anyway, where the defect will not show up. Happily walked out of there with 3 pieces, paying only $3 instead of $10.

 

[pb4uski]

I'm pretty frugal but not cheap...

The line between frugal and cheap is often so thin and faint that many people lose sight of it.

 

[MichaelB]

The line between frugal and cheap is often so thin and faint that many people lose sight of it.

That’s a good line, worth remembering ..

 

[FLSUnFIRE]

Years ago, I learned this from Andrew Tobias: "Frugal is how you treat yourself. Cheap is how you treat others".

Certainly that is a clear cut part of it but one can be cheap with themselves too. Denying spending money on physical and mental health are two clear examples that I see often. Drives me nuts that a friend is miserably sick for over two weeks before finally going to the doc-in-the-box (that cleared her issue up in a day) when she'll waste that much on booze several nights a week.

 

[pb4uski]

We are not going to overpay for anything. Just ordered a Bosch dishwasher. Why would I pay $1199 when with a minimum of effort I can shop it for $899?

Is that being frugal, cheap, or shopping for value?

Why pay more

+1. We recently replaced our dishwasher as well. I spent $200 more to get Bosch vs others. A minor splurge for better quality that will hopefully last longer with fewer issues.

I did bring it home in my truck and installed it myself and took the old one to our community's free metal recycling, saving $100.

My 88yo uncle drives me crazy. He has multi million $ NW. Still cuts his own lawn which would normally be ok except about 6 years ago he slipped off of his riding lawn mower and it caught his hand damaging all 4 fingers and almost totally severing his thumb requiring an air ambulance ride to Mass General where they did a great job patching him up. After PT less than a year later back on the same riding mower. Ugh!

 

[Car-Guy]

To each his own. For me, I'm pretty sure my last days here on Earth and I won't be saying, Gee, I sure wish I would have done that, bought that, gone there, etc. However, I may be saying, I wish I had more quality time, but I can't do much about that. There are some things money just can't buy.

 

[cheyrl]

Still thinking for the long term, so we're frugal

My husband is waiting until 70 to claim his social security, so we only have 2 very small pensions and my social security. We need to take a little out of our nest egg, but try to keep it small.
When we have his social security at 70 and minimum distributions at 72, we're going to feel very rich!
We are going on a 2 week European vacation soon, because although we are very healthy, the future is guaranteed to no one.

 

[athena53]

To each his own. For me, I'm pretty sure my last days here on Earth and I won't be saying, Gee, I sure wish I would have done that, bought that, gone there, etc. However, I may be saying, I wish I had more quality time, but I can't do much about that. There are some things money just can't buy.

I agree with that. Too much Stuff Happens even if you work hard to take care of yourself. I was already booked for E. Europe this year, a Baltic cruise a year from now, trips with DS, DDIL and their 3 kids to Chicago in April and Charleston, SC in May (funded partly by an inheritance from Dad), and then the tour company sent me a brochure with pretty pictures and I booked Central America later in May. I'm 70 and so far my only limitation is that I can't do hikes with names like Boulder Scramble anymore (I did visit Macchu Picchu and snorkel in the Galapagos this past May) but who knows what the future will look like.

 

[NW-Bound]

To each his own. For me, I'm pretty sure my last days here on Earth and I won't be saying, Gee, I sure wish I would have done that, bought that, gone there, etc. However, I may be saying, I wish I had more quality time, but I can't do much about that. There are some things money just can't buy.

I am quite sure I will not say that I wish I bought a Ferrari or at least rented one for a weekend, or an Armani suit, etc... Who the heck cares? A guy has got to know his priorities, and those are not mine.

I would hate to think back and regret that I was mean to somebody who did not deserve it, or I could have been nicer to people I knew. These actions take no money at all, only a good mind and soul.

I don't follow any financial guru, but once listened to Suze Orman and remembered her line: "People first, then money, then things".

 

[FindingForward]

I wholeheartedly believe in the frugal vs cheap distinction. Frugal is smart, it's admirable...and it's how many people get to this forum w/o nosebleed salaries.

But I NEVER want to be cheap: as in stiffing or undertipping hardworking service people. Freeloading off friends/family. Avoiding paying my fair share when out with others. Browbeating skilled repair people to cut reasonable estimates down to unreasonable levels. Or refusing to hire skilled help to care for failing health or home, which results in extra burden on family members.

I've seen people with a TON of money do one or more of these things. I avoid them like the plague.

 

[NW-Bound]

^^^ Yes, I have seen people, even some relatives being cheap and "cheatin' ".

I have told my wife, we are now financially comfortable, we can afford to be more generous.

In my last cruises, one of 12 nights, the other of 7 nights, the first occasion we saw the room attendants, I gave them an advanced tip in an envelope, even though gratuities were prepaid and we did not have to give them anything.

Moreover, we told them they did not need to clean our cabin, unless we explicitly requested them to do so. And no need for "turn down" service in the evening.

My wife and I agreed that we did not clean our bathroom at home every day, so there was no need for that on a cruise ship. We did not live like pigs, in order to need such attention. We also did not care to be pampered that much.

The room attendants were all from third-world countries, and they worked long hours. We could tell they really appreciated being given a break, and kept asking if we were sure. One of them, I sensed it, was afraid that we could be doing something terrible in our cabin and tore it up and not wanting him to see it. I could feel him having a relief when we asked him to clean the cabin later.

We had them clean only once in the 12-night and 7-night trips.

 

[Letj]

I was frugal while saving for retirement. If I am honest, I was deprived of the finer things in life and it felt like a real sacrifice - fancy house with the swimming pool (like the other parents had), frequent expensive pampering trips (had to settle for the cheap hotels and cruise or friends’/family’s spare room), expensive handbags and clothes, high end restaurants, etc. I saw many around me doing this with the high two income household and envied them. Then I got to the point where I could do all that and lost interest. I only got here because of those frugal habits and now I don’t see much value in those things. I still travel on the cheap and rarely eat out. At the end of the day, the joy of life is in being content and living below your means.

 

[Alex The Great]

Spending definitely doesn't make me happy.

Yes I understand you very well. In fact I'm kind of frugal myself. I hate the process of shopping. And pretty much never happy with something I bought. Though I become reasonably happy if I spend money on something which would allow me to save money in future.
I retired just recently and not sure about any changes in this habit.

 

[Romer]

Frugal no, Value focused yes

I don't like to buy things just to have them. I do like to find the best balance between quality, reliability, capability and price when I buy tools, tires or anything for that matter. I would rather spend $100 on something that will last 10+ years than $10 on something that will last 1.

If I were frugal, then my wife and I would always book an inside cabin on the Cruise ship. We like the balconies as that provides the best value for our travel experience. I pick the itinerary/Cruise line and then find the least expensive sailing since we are flexible with travel dates and save a lot doing that.

I guess what I am saying is I figure out what I want or want to do and then find the most cost effective option that works for us.