Frugality thead:work less, spend less

Nurses General Nursing

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I want to gear down now, work less, live on less. My dear departed Mom used to say "A penny saved is a penny earned ". That came from Poor Richard's Almanac she told me, Ben Franklin's collection of wisdom.

Many nurses are caught on the hamster wheel, working a lot and living high on the hog. They buy expensive cars, houses, boats, RVS on credit, go on pricy trips, and work like dogs to pay for it, one illness or accident away from financial distress.

You read on this site how many of us are burnt out. In real life I see that as well, and know more about my coworker's lives. I see a lot of expensive and wasteful habits out there.

This thread is for those interested in a simpler, less consumerist lifestyle. How can we enjoy life more, with more free time but less money? Spending less time at the nursing grindstone might relieve stress too!

Specializes in Pediatrics.

What do you make with the wine bottles? I'll get really cool looking wine bottles sometimes and want to keep them but can't figure out an easy craft to do that'll make them look cute.

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Specializes in Med-Surg, OB, ICU, Public Health Nursing.

I learned to save and prioritize by calculating out what I regularly spent money on for an entire year. When I figured out that I was spending $780/year on latte, I bought a latte machine. There are so many different things for each of us: movies, fast food/restaurants, drinks at the bar, mani/pedi etc. I wasn't fanatical and every once in a while I would indulge and treat myself. In an urban area with great public transit, a ton of money can be saved with public transit, taxi, rental cars versus owning a car.

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I make my own detergent and household cleaners. I am a crafter so all of the gifts I give are custom and special. My children are trained to not beg or demand. If I have a WANT item I earn the money. For instance I wanted a vita mix blender so I earned the money by doing a $300 bank promo. Just opened the account, adjusted my direct deposit at work to send a little of my paycheck there, and made 10 debit card purchases that I would have made anyway. Had the blender money in less than a month. I do get mani/pedis and I don't consider that a splurge. I work 12 hour shifts on my feet and wash my hands 50 times a shift. I am a trophy wife after all.

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I put everything possible on credit cards, which I have on automatic payment so I never miss paying a bill in full; then I get 1-3% back in rewards. I am not someone who spends more when using a credit card than cash, so that works well for me.

I put 50% of every paycheck in savings as soon as it comes. (In addition to retirement.) I let myself touch that money only for travel (my true love), education, or an emergency. If I want to save for something else, I save it in a separate account above that 50%. That keeps me from expanding my lifestyle.

For the person who really misses eating out: ata time when I was REALLY struggling, I set a strict monthly food budget. At the end of the month anything extra went into a restaurant fund. Even though I could only go out every four months or so, it still gave me something to look forward to each month.

I use mint.com to track finances and read blogs like Mr. Money Mustache... not so much for tips anymore, there's not that much that hasn't been said I'm this world anymore, but for inspiration. Also, Tightwad Gazette is still the best! They are quite outdated but the philosophy is intact. No modern blog or book or financial advisor matches her approach. See if they have them in the library.

I know I won't be able to live on 50% and still take awesome trips forever.... I'm maximizing my savings now as I hope to start a family in the next few years.

For me, because I often feel guilty about spending, saving 50% automatically actually gives me more freedom to spend. If I feel guilty about going to a restaurant or buying a new dress, I know it's okay because I'm already living on half my income. If I have the money in my bank account to pay for it, I don't need to stress.

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Specializes in ICU.

Here's a thought - work more, spend less, and just go ahead and retire.

I have been sucked into the financial independence/early retirement blogs lately - people my age or just slightly older who have gotten out of the rat race altogether, and only do "work" when and if they feel like it, and only if it's something they think is fun. I am nowhere near this point but I am hoping to get there by 40/45.

Those kinds of blogs often have excellent advice on money saving. MrMoneyMustache.com is my favorite. He and his wife retired in their 30s before they had children... decided they'd rather be at home with their children than working and spending money on childcare. He advocates moving to an area where you can walk or bike to work, grocery store, etc. so you never need a car. He even bikes to the grocery store in blizzards in winter time... his frugality is a little too hardcore for me, but he has very solid ideas.

Even if you're not close enough to walk to work, he also recommends moving closer, even if the house costs significantly more. He estimates that a person should be willing to spend $15,900 more for a house 1 mile closer to work because the interest on that much borrowed on a 30 year mortgage at 5% interest equals the commuting costs, between lost wages, time, car maintenance, gas, etc. of a one mile round trip drive. See his math here.

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Specializes in ICU.
What do you make with the wine bottles? I'll get really cool looking wine bottles sometimes and want to keep them but can't figure out an easy craft to do that'll make them look cute.

Sorry it went in sideways!! I still hope you can see what I have done. It's craft paint, burlap cord to wrap around bottle at bottom and top, some burlap ribbon with fabric flowers. I made the fabric flowers from some scraps of fabric I had lying around. Then I just added a piece of burlap on the third. That blue color is real popular this year in decorating for fall. I'm going to do 4 more wine bottles and paint for a different room and add chalkboard paint to the front and write the letters F-A-L-L on the front. I am in the process of painting mason jars that I got from a friend and with then just add some fall floral in each one. There is a great tutorial on youtube on how to make fabric flowers. The acrylic paints are like $1.30 a bottle, I buy the ribbon when it goes 50% off at hobby lobby, and the burlap was 40% off at Hobby Lobby. The whole project is costing me less than $5 and those bottles are being sold on etsy for $30 for a set of three or you can buy them for $12 a piece from certain shops. That is crazy to me when I can make it myself and put my own touches on them. I use the corks and paint the ends orange, hot glue together and make cute pumpkin decorations. Things like that.

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Specializes in School Nursing, Hospice,Med-Surg.

DH and I live on the Dave Ramsey concept. We live only on his income and sock all of mine away. Of course, DD goes to college in 7 years so we must be prepared. AND we started later in life on parenthood so retirement and her college will be close together (hopefully!)

We've been financially smart since we started our life together at 21 years of age. Finished all of our college degrees before starting family. Got a lot of $$ in the bank and in our home(s) before adopting our DD. Etc. We had a very nice nest egg before becoming parents. We had great careers started and I was able to stay home with her when she came.

When she started school we knew how to live on one income so I was able to work a low-paying or part-time job that allowed me to be flexible for her and just enjoy life a bit. It's been nice.

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Specializes in Emergency.

We do much of what's listed above:

Grind beans for our top of the line coffee - still waaaay cheaper than buying at starbucks.

Cook at home, make enough to bring leftovers to work.

Skip going to the movies, wait 'til they hit cable.

Buy scrubs on sale at aviator.

No ac/heat until absolutely necessary.

General shopping based on sale prices.

No credit card debt.

We are also able to live on just one of our two incomes, so that really helps. The other goes straight into savings & investments.

And we have always lived well within our means.

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Some of yall must live in hovels or cheap areas. If I put 50% of my paycheck in savings I'd be living in a box. The COL is not cheap in my area, and the wages are relatively low.

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Specializes in ICU.
Some of yall must live in hovels or cheap areas. If I put 50% of my paycheck in savings I'd be living in a box. The COL is not cheap in my area, and the wages are relatively low.

Right there with you. I live in a low cost of living area, but I take home somewhere around $28k/year after taxes. Putting away half of my income would have me living on $1100/month or so, and that just doesn't fly.

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I moved back in with my parents to finish school. At 30, it sucks saying that. But, it's been beneficial to all parties involved. I help out around the house and pay expenses. Plus, when I'm tired of being at home, I can always go in and pick up overtime. :uhoh3:

I had a lot of credit card debt from my previous marriage (thanks Wasband) that I've been able to pay off aggressively and rebuild my credit. I made a lot of poor decisions in my youth but have come a long way since then. I turned my credit cards over to a non-profit debt management program which negotiated better interest rates and payment terms with my creditors, and my credit rating has risen exponentially.

I became more realistic about living within my means. I'm a CNA and I had been driving a gorgeous high end Volvo that needed constant (expensive) work done, and it felt like I was working just to pay for this car. I traded it for a used Camry which needs little more than gas and oil changes. My only regret is not getting the Camry sooner.

I chose not to defer my student loan payments when I went back to school. I paid off one student loan and then immediately begun applying the payment amount from that loan to my other loan.

I use shopping apps like Ebates, Ibotta, and Shopkick to earn a little spending money. I do a lot of online shopping for necessities (cat food, litter, toilet paper, etc) and share an Amazon Prime account with my brother to take advantage of free shipping, which = less driving and easy comparison shopping.

I make the maximum contribution possible to my HSA, and the highest amount to my retirement that my employer will match...gotta love that pre-tax $$. The HSA saved my butt when I was stuck with a $2k ER bill recently.

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Specializes in Nursing Professional Development.

Psychologically, I am a lot like BonnieSc above. I feel guilty about spending money -- so I save a lot up front to give myself the freedom to spend whatever is left.

My Dad always said, "Pay yourself first," and I have done that consistently since I was a child. Throughout my life, I have made savings goals based on a review of my income and needs. As long as I have met my savings goals, I have felt free to spend whatever is left on whatever I want. Now I am 60 and my retirement is pretty well taken care of and my condo is totally paid off. I've been "maxed out" on my 401K at work and my Roth IRA for years. So, I am now kind'a on auto-pilot, letting the savings continue to build -- waiting until I am 65 or so to retire so that I keep all my insurance benefits under Medicare kicks in. But if I lost my job tomorrow and couldn't work again, I'd be OK.

When I spend money, I often consider the return on my investment.

I've never paid for a manicure, pedicure, message, facial, etc. (Low return on investment. A lot of that can be done myself.)

I've never colored my hair, but get regular cuts every 5-6 weeks. (Color is expensive and rarely worth it. So hard to grow out.)

I keep my cars for 7-10 years and don't get expensive ones to begin with. (Good return on investment.)

I buy most of my clothes on sale and tend to buy "classics" that will still be wearable from year to year rather than "trendy" ones that will look "out of date" next year. (Good return on investment. People often compliment me on my wardrobe and are often surprised when I say that what I am wearing is more than 5 years old - mixed and matched in new combinations.)

I don't spend a lot of money on entertainment -- concerts, comedy clubs, etc. (Very low return on investment -- only an occasional splurge once in a while, not a way of life. I've got lots of friends who spend big bucks on some sort of show or festival every weekend -- lots of money spent with nothing to show for it. Fun times can be cheap.)

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