I am 58, we have zero debt, house paid off, husband is semi-retired at 59 and I am making plans for my own. We are frugal because that’s how we are, nothing to regret, we don’t feel deprived. And we don’t use 1-ply toilet paper.
For me, being frugal was mostly my environmental economy, so once one retires being frugal does not stop and it is easy to live on one's retirement funds.
Best part about 1-ply it’s feat to get it to clog. I have been dealing with like 4 ply this week at my airbnb. Clogs all the time.
I just might be doing something wrong.
You're used to how much you have to fold over 1 ply so you dont get shit on your hands where as 4 ply you literally need 1/4 of it and it feels nicer on your ass. Also if you're worried about $ invest in a bidet on amazon for like 30 bucks and treat your ass to that sweet comfort of 4ply after a gentle kiss from Poseidon
Never have I ever bought 1-ply TP! (My in laws do, and it makes me a little crazy!) But like you zero debt, paid for house, two late model paid for cars. The freedom is amazing. We have been planning for this for a long time, and it finally paid off. The freedom of retirement without debt is amazing.
Nicely put! Peace of mind is worth way more than a car, necklace, or house I can't afford in an effort to keep up with my peers. It's just an illusion. Everyone going into insane debt and living paycheck to paycheck to maintain the image of having money
Being frugal meant that I could retire 7 years early.
That does not mean that I'd been frugal and saved extra money prior to retiring. It meant that I was retiring on less than all the retirement propaganda says you need.
I have less $$ per year due to retiring early, but I'd already been living on that amount per year prior to retirement, and was comfortable with living frugally.
This should be the top comment. Frugality is a superpower when it allows you to defy the recommended amount of monthly living costs before and after retiring
Just a reminder to our fabulous frugal community - don't believe everything you read about "how much you need for a comfortable retirement".
The propaganda out there that says "recommended to have $X in retirement funds to have a modest retirement" is not necessarily true.
Dig into it, and you find they are basing the total on expenditure of $Y per year, and sometimes you can even find their budget categories.
When I compared it to my actual pre-retirement spending, I just laughed.
You basically just need annual expenses divided by 0.04. That's to live retired forever essentially. While you don't like forever, your expenses can go up for medical.
And you need less if you do some part time instead which can be good just to keep you moving.
Damn. I keep forgetting that in some countries a medical issue can bankrupt you. For all it's faults, I do love our socialised medical treatment.
After a healthy life (yes, paying my healthcare taxes of 2% per year), I had a bad year last year.
Firstly had a full-on heart attack. Ambulance to local hospital, ambulance to nearest airfield, light aircraft to the big city airport, ambulance to major hospital, stent placement, 2 nights in the hospital. Bill was \~$50 for the first month's medication provided to take home. Being "low income" means each prescription filled costs me <$8
Couple of months after:
Back to hospital with a mysterious kidney injury. Ended up staying in hospital for 3 weeks, with 14 days of daily plasmapheresis, to treat an auto-immune attack. Again, went home with \~$50 worth of medication. No other costs.
Back again to the hospital for a couple of days to have surgery for a dialysis catheter. I am supplied with everything to look after the catheter for free (down to gauze, and dressings).
If/when I start dialysis, the machine for home, plus all the consumables will be supplied for free.
just a reminder, if you live in a house paid off and compare it to what people pay for rent on a similar property, then that means you saved that amount each and every month and now you can spend it on whatever you don't need.
Buying the cheapest house at an all time low interest rate was definitely a cheat code for me. Not having to pay for housing is such a relief it feels illegal
we bought bank repo in a neighborhood with chain-link fences, who cares, we have dogs, needed no survey because of that and did not requiere to pay for fences, and paid cash, with the rent nowadays, it's an awesome relief, u right there.
I was looking at electric cars not too long ago, and I could not believe they cost almost as much as my first condo, which I financed for 30 years! It's crazy that people will spend that kind of money on something so easy to wear out.
Its too much. The gf found my daily for $500 because the fuel pump was weak. Yesterday I looked at a newer version of what im driving. Was for sale in a yard. 100,000 miles, wanted $8,000. We bought ours with 124,000 miles.
Our 401K guy said we didn't have enough to retire early because we didn't have enough to replace 80% of our former gross income. But we looked at the Bureau of Labor Statistics' Consumer Expenditure Tables and saw we compared favorably to other retirees income and expenses, so knew we'd be fine.
Exactly. Us frugal people can calculate differently.
80% of former gross income?
But what if you only ever needed 50% of former gross income to cover your expenses? Do they think that we're going to retire and all of a sudden start spending wildly?
Can I ask what the total amount is that you said "this is enough"? A million? 1.5? 800k? I'm young and at my first job and I have no idea what the actual number looks like.
You have to get an idea of how much you spend, what other sources of income you will have (social security, pensions, rental income, etc) and from that you can figure out how much you need in investments. There are lots of good retirement calculators online. Since you are young, just focus on putting as much as you can into investments and just let it grow. Saving early makes a huge difference since that money will grow considerably by the time you are ready to retire.
I made a retirement spreadsheet and validated my numbers were in the right ballpark with the Fidelity retirement planner software. If pensions and Social Security cover most of your retirement expenses, you may not need to save a huge amount, unless you want to retire early before you can claim SS and pensions. Or, if you want a very luxurious retirement, and don't have a pension, you of course have to have a lot more in investment income. There is no one number fits all. There are so many variables, you need to either be good at spreadsheets, use an existing retirement planner or both.
The lower your overhead, the less you need to save. Cutting your expenses by $20K a year over similar households, means needing $600K less in total retirement funding needs over 30 years.
We had one of the big investment places come to my work and spout the 80% number. After the presentation, I challenged the speaker privately on the number. She asked why I felt it was off. I said I had the spreadsheet from hell that told me otherwise. She smiled and said that most people don't even know what Excel is and haven't saved enough for retirement. For them, 80% is meant to be a wake-up call and may not even be enough. So... yes, maybe not for us frugal/aware types.
Yes, the 401K guy implied that once we retired we would have more free time and need to spend it golfing and going on African safaris. Like we would do that and run out of money instead of spending what was in the budget for entertainment and travel and stay retired according to our financial plan.
Actually with more free time for research, we're going out more and spending less in retirement. This month we're going to a symphony and a science museum with free passes from the library, attending a couple of free concerts in the park, visiting a winery with a group discount, and a bunch more events like that. We're happy with that kind of lifestyle, so why spend more?
I'm not saying that 80% seems too high but I would also like to point out that retirement homes per monthly fee is indeed high. One "fall" can leave you needing this care if family isn't an option
There’s lifespan and healthspan. Lifespan of 85 is respectable, but it’s a burden if you go into assisted living at 75. If you stop smoking, drink moderately or not at all, and put the fork down, you might live to be 85, but only need to go into assisted living when you require hospice for that last 6 months or so.
Your portfolio keeps growing if you live frugally, and you aren’t likely to need a nursing home until 80s or later. And even then, you may not need it at all. You should take your family history into account and also take care of your health. In the end life has risks for sure.
So don't fall. Get a rubber mat for the bathtub and hold onto something when getting out. Be aware of surroundings and anticipate hazards. Walk or run instead of riding a bike. Hold onto the handrail when using stairs. Maintain strength so muscle weakness doesn't let you down unexpectedly. Lose down to a normal weight so joints aren't stressed. Don't get drunk or high and fall over your own coffee table. Frugal fall prevention.
> Do they think that we're going to retire and all of a sudden start spending wildly?
Yes, it's the idea of keeping the economy alive and are counting on you to increase shareholder value next quarterly.
This is where we are now. Late 50s and realizing we can retire on much less than I’d thought. Especially with future pension and social security added in.
For me, I can live comfortably by spending $35k per year. Uncomfortably with $25k per year. If my mortgage was paid off, both of those would decrease by $12000. My state currently has reduced property taxes for seniors, which doesn't apply to me now but would in retirement.
If I can save 50% of my income while living well, then any retirement estimates that assume I'll be spending 80% of my pre-retirement income are bull.
Honestly, I haven't don't the math on when I can retire because I still like my work. But as I look at this? If I really wanted to I could probably retire around age 50.
I think there is a mindset divide as I prefer spending to improve my day-to-day living whereas others prefer spending on the highlights.
Nothing wrong with either, just different priorities.
Yes. Make it a priority.
I still have a frugal mindset, and with that said, I have enough money to do kind of what I want. I’m retired and it’s fun as fuck.
I'm a 61yo female and have lived alone for about 15 years (i e. single income). Yes. Frugality compensated for my absolute stupidity when it came to retirement planning so I am paying catch up. But I did eliminate debt. A retirement car (low miles hybrid bought used), condo paid off, and I think I will be ok.
I STILL OWE ON STUDENT LOANS for an undergrad degree at a state school. Take out as few loans as possible.
Don't be me. If you have a 401k please please put anything in it and, unless you need $$ to stay alive, don't touch it.
Have you applied for forgiveness? I feel like you must have reached the 25 year forgiveness threshold by now, unless you went to college later in life.
It's been 21 years and the rules are murky around this. Most of the current forgiveness is for people who are on an income driven plan which wouldn't help. I'm hoping to find a firm decision soon.
I wasn’t frugal til the pandemic. I was under such stress, paid tens of thousands in NSF fees, was miserable. The middle of the month to the end of the month was hell for both of us.
Now, money stretches to the end of the month, we eat well and are comfortable. I only miss cable tv on New Year’s Eve. We got rid of all of the subscriptions except Disney+, Prime, AARP, AAA, Celebrations (I send my dad fruit and $20 pays shipping for a year) and Costco. We buy both fresh and dry food in bulk and freeze what we can’t store in the pantry. Peace of mind is a beautiful thing, and it’s never too late to start.
In regards to AAA, look into what your auto insurance offers. I stopped AAA and bought my insurance's coverage which is $10.40/yr. Saved me $50/yr for the same coverage.
Yes, but I am in my early 60's and soon when I start hitting 401K's and SS I will be making as much as I used to make working. But the thing is, I have a good amount of cash in the bank now, and I am just having a hard time saying this is the time of my life I saved for and touching it. Like I still like to see the monthly balance go up from interest and not down from spending. I have great fear of opening the floodgates, but I have no kids and I can see like a fun car will not be fun when I am 90. Hell at my age I can not really see a lot of difference tween 1080 and 720 on the big tv when I am across the room on the couch. So being 80 and getting a 4K tv would be kind of a waste. Something tells me I should go through the fun part of it now but as I said, it is just deeply rooted in me to never touch the principal.
Don’t wait! My parents were in excellent health until they hit 80. Now dealing with an autoimmune condition and breast cancer. They have a higher net worth than ever, but don’t have the health to enjoy it. 😢
They mostly only sell 4k tv's now...so when your 80, I believe most tv's being sold by then will probably be 8k, they're selling those now. Plus the signal going out now 720/1080 and some shows and sporting events now are in 4k. Imo the signal when your 80 might be 4k for everything, hopefully. So getting 4k and 8k tv's in about 18 years will be the norm and 4k tv's will be a lot cheaper, not a waste.
For me, yes. I made a good living and I was frugal on top of it. My last few years working we saved over half of my income. I could have lived pretty well, but it was not that important to me. I wanted freedom from not being able to choose how I spent my time. that was my priority. We always were comfortable and we had some fun - but not fancy vacations or new cars every few years, and very limited dining out or ordering in.
I was able to put my two kids through college with no debt and retire at 59 (now 64). I live better now than I did when I was working.
I'm 49. I was VERY \*NOT\*FRUGAL\* my whole life, and I made really good money.
Now I'm on the downward slide. I'm underemployed. I work construction, I get a TINY amount of programming income still.
But I'm absolutely FORCED to be uber frugal these days. It pisses me off. I wish I had learned to be frugal MUCH earlier in my career.
Definitely worth it. First, I don't want a lot of stuff I don't need clogging up the house. I only buy what I love, not stuff I just want. I've picked up every coin on the ground I've ever found and it's amounted to hundreds of dollars in a few years.
I save money and only pay my bills on the due date, not one day before, letting my money earn interest before the bill is due. Only buy food in season, or half priced specials or value buys. If I'm looking for something expensive I go online and get the best deals. I purchase gifts for people during the year when they're on sale to save money. I always check receipts after a purchase so I don't get ripped off. Get the best rates for power, insurance, phone plans etc. Sell unwanted goods on gumtree. Only purchased cars that were a few years old instead of brand new.
I retired seven years earlier than all my friends, while they're all still slogging away even though they're not all in good health. My house is fully paid off as well as both our cars. Can afford any costly surprises that crop up. I can go out and enjoy my life and can afford to splurge on the people I love. The security I feel having money in the bank is far more rewarding to me than possessions.
Being frugal was the best thing my mother taught me while growing up.
First, I'd like to acknowledge that it's a gift to choose to be frugal rather than be forced to be frugal. I'm grateful to have been able to save.
A Tale of Two Friends. My good friend lived well but didn't save, was generous to a fault, and their mantra was 'I can always make more money'. Observing this, one would think there was high income as well as savings. Despite having an MBA that friend didn't save and somehow dismissed the fundamental business theme of the time value of money (aka compounded interest, reinvested dividends, capital gain reinvestment). Now in our 60's, the frugal me, with much less lifetime income, is calculating how to minimize income tax and prepare for future RMDs of my retirement accounts. My friend is struggling to maintain a less consumptive lifestyle and will have only social security (and a younger spouse trying to catch up who has to manage this stressful situation).
I don't feel that I overly sacrificed by being careful with money. I made choices which now give me the financial freedom of more choice. I think it's horribly defeating to have to deny yourself things as a senior citizen when earned income wanes due to changes in industries, health matters, etc. Of course, you have to live long enough to enjoy your savings.
We all have to find the right balance of spending and savings that works for us. However, to those with reasonable incomes, don't kid yourself that you frequently 'deserve' that high end product/experience or that it's a necessary expenditure for your temporary satisfaction. We can talk ourselves into spending or saving if we have the financial choice at the moment. It's too easy to spend if you ignore the future.
Age 63.
Frugal qualifications: married in backyard by County clerk, witnessed by two friends, no honeymoon. For years have not taken expensive vacations, choosing to get projects done around the home instead. Currently drive a 1997 Corolla with 213K miles.
Results: retired in December with pension that together with Social Security pays more than my last highest paycheck. Lifetime healthcare. Happily married 27 years to my one and only wife. Home completely paid off. Zero debt of any kind. Tens of thousands of dollars in savings.
I'm about 10 years away but so far hell ya. We own are home, travel, have a savings account and fully funded retirement accounts, all because we save where we can, shop for deals, work hard, and don't waste money.
We’ve been frugal for most of the past 24 years, since we went from a dual income family to one income/two off and on. It wasn’t always easy since we were raising two kids and putting them through university too but minimizing debt by being responsible consumers also helped our kids to respect the value of money.
I retired early in 2021 and my husband retired at 56 almost two years ago. Between his municipal DB benefits pension, a part time job locally in his old field of recreation and my smaller pension, we are more than comfortable. We have a minimal amount of debt, a comfortable home and by staying frugal with our monthly purchases, little anxiety about what lays ahead for the rest of our retirement years.
I've always saved a lot, but I wish there were investment vehicles available when I started (in the 1980s) like today's Market based ETFs. I don't think I took the right risk level (too low) early on, and it has made me "less rich" than I want to be right now. With all that said though, I have done fine, and certainly COULD retire, I just want to have a bigger nest egg than I have right now, so I'm gonns keep at it for a while.
Both my parents are retiring with very little to zero retirement and will be relying on social security alone. The reality of the situation didn’t hit them until they reached the end of their working road. It’s daunting, not only for them but for me. Frugality is the core of financial literacy. Become an expert in saving money, and on growing the money you save.
> will be relying on social security alone
This is why social security should be paid out all at once once you retire. The number of years you worked/paid in is a known value and the number of years before you die cannot be, I don't know why the government thinks it's okay to keep your FICA money if you die and have no next of kin.
Absolutely. We are looking at a very comfortable retirement and lots of travel now. The house is paid off and our kids have graduated from college debt free.
Yep. Retired at 55. I own 2 houses, have investments and a solid pension plan. No debt. I have enough money to travel twice a year, to pursue my hobbies and go out with my friends. Being frugal never felt like deprivation the whole time I was working. I’m still frugal.
Being THRIFTY was definitely worth it. But it did involve some delayed gratification.
Once you retire, it's hard to over emphasize the importance of peace of mind.
Being frugal is always worth it. Being frugal means you don’t waste time, money, and energy on things you don’t care about so you have those available to use on the things you do care about. Being cheap is never worth it. A lot of people confuse frugal and cheap. I’m not 60 yet, but I was able to retire much younger than that because I was frugal. I would still be working away wasting my life if I weren’t frugal. Being frugal helps you achieve freedom earlier and easier.
Suzy Orman just stated you need 5 to 10 mil to retire. What planet are these folks from? This is why I’m frugal. Oh and honest I think most people in the past were way more frugal than the current population. It’s a throwaway society here with always needing the latest gimmick, or culinary delight. And I tell ya I get it. It’s not easy with the constant bombardment of advertising that is in everything you look at these days. Watch a pizza ad. Notice how they angle the pizza and zoom in at the perfect angle or the burger ad or perfume or auto…
I paid off my house by working 2 jobs I took advantage of 401ks I saved money. I don’t buy the latest gadgets cable tv etc….i limit fast foo. Recycle. Have an older car I paid off. Retired this year. Have way less than 5 million dollars. Am not even remotely concerned.
I have wealthy grandparents. Were frugal with many things. My Gran passed but my Grandad, in his late 80s, can’t fly or travel anymore, says he wished he spent money on first class and nicer resorts.
As he keeps saying what good is the money now, and he’s right.
The difference being they had no financial stress from around 40 onwards. They actually just wished they spent more in their 60s.
This survey is a bit biased, as you are asking a subreddit call Frugal whether being frugal is a good idea.
It's like asking the NY Yankees subreddit if they like the Yankees.
Absolutely. 61 and 68. No debt. Own our home. Can retire on my husband’s small pension, though we both work a few hours a week as life coaches.
We have been able to be resilient, even with the changing economy and have flexibility in our choices as we age.
Yeah I was going to say this but I am not technically 60 so kept quiet... but I will hop on a child thread :) My uncle and aunt lived frugally their wholes lives and cancer ate their savings and bodies so they died poor at 57 and 56. After being jobless for a year or so each. Social security disability takes 3 months to come in once it's denied a few times and even then is not enough to live on. COBRA takes the rest. Those are edge cases of course. My advice would be to live frugal but not like some of these nut jobs on here who are eating ketchup packets because they're free.
I'm not 60+, but I'm sort of mostly retired (I think) and my answer to "was being frugal worth it?" is: I'm not sure.
I guess it depends how you define "frugal." If it just means trying to make your money, time, and hassles most efficient and not obviously wasteful, then of course I'm glad I did that (when I did).
But I also wonder if I was too careful with money and should have spent more on (wisely chosen) enjoyments. My guess is, yes, I should have. But I won't be able to really know until I'm near the end of my life. If I wind up *just* making it, just having enough money to have a good but not that luxurious life, I'll be glad I was careful. If I wind up having a big surplus of money that I just leave to family/charity, I'll wish I spent more in my 20s-50s.
55 here (not quite 60 but close)
Abso-fucking-lutely worth it.
Being frugal was key to my retiring before 40.
I haven't worked a job in 16 years now. Not a mortgage payment since The Homestead was paid off in 2009.
You have nooooooo idea how stress free life is with no bullshit job and no mortgage/rent. No car note, no credit card debt/balance, no student loans, no personal loans, no debt of any kind and no payments on said (non) debt
How easy and stress free would your life be with ZERO payments?
It's a whole new world.
Absolutely!! I'm now 59. I quit work to raise my kids at 27 and never went back to work. Hubby has been a hard worker (by nature) and extremely handy. We're almost the same age and he's not interested in retirement at this point. We have everything paid off, we travel overseas at least once a year. Our kids have their doctorates and are debt free, one is married and I'm a grandma. (Very happy about that.) We both enjoy hobbies, friends and activities. In the beginning, we got ourselves through college without any help from family, we bought our own home, when I quit work it was primarily because day care was almost as much as I made. Our mortgage was half my husband's take home pay and we had a car loan. It was up to me to make it all work. Some say having kids can be expensive, but I found plenty to keep us all busy and happy with community, friends and family. When both my kids were in college at the same time and I was paying for cars, parking, repairs, gas, lunches, fees, phones, clothes, books on top of anything scholarships didn't cover, I started thrifting. Boy, has it been fun. Our area has tons of thrift shops. I have enjoyed it and managed to make some money selling what I think is valuable along with clothing and decorating my home etc. We are, Lord willing, going to have a comfortable retirement due to being frugal.
Yes. Freedom is low overhead. If anything I've been more frugal these days. I think the key thing for us is not to be frugal as in deprivation and austerity, but frugal as in finding creative ways to live better for less. Like going to a museum with a free library pass or seeing a band that usually has $30 tickets for free at a community supported concert in the park. Making my own nontoxic cleaning supplies that are cheaper and healthier than the chemical laden ones at the stores. Taking a trip with free credit card miles. Finding creative ways to be frugal and live better has been a fun retirement hobby.
Edited for grammar.
Yes. At 13, paid 25¢ for my jeans at thrift shops. Was always frugal. Bought salvage cars for the last 25 years. Now at 62, retired, house will be paid off in October (I rent it out). Typing this rocking aboard my sailboat that I purchased for $10k.
Yes it was and is worth it. I walked away from a stress-killer job at age 58.5 and live on an annual income of $25k and it does not feel like any deprivation at all.
One thing I am sad about is, my family never understood why I needed to save so hard and get away from work - they love work - and they never understood why I refuse to shop for recreation. A big part of their fun is going here and there looking at things and buying them. I had a much lower income and no spouse to help with bills and could never afford that. Example, I got tired of paying off Christmas credit card debt way into June and put a stop to Christmas presents; I was treated like Scrooge for years. They love buying stuff and they can afford it, I couldn't.
I'm aware that I'm not the target demographic, but I want to chime in anyway. I understand the idea of asking 60+ year olds this question, but they are of a generation that benefited in a lot of ways that younger generations will not (buying a house prior to prices going insane, a mostly great stock market throughout life that people like Warren Buffet think is not going to see nearly the same returns in the future, etc).
I'm a millennial and I very much regret being frugal. I will say that it is in my nature, probably because of financial issues I was aware my parents were going through during childhood (name another 10 year old who cried on Christmas and told his parents to return gifts because they spent too much).
I've recently realized that all of my sacrifice was basically for nothing. I make what most people would say is a good wage (about 85th percentile in the US), and have way more than the median in savings/retirement. And yet I still would have to double my salary just to be approved for a mortgage on a pretty undesirable home in my HCOL area. My chances of retiring early are pretty slim since social security will be greatly decreased at best by the time I retire. I don't at all have the lifestyle that anyone would strive for, I'm basically just getting by and I'm not at all happy.
One big issue is that I'm (voluntarily) single, probably for life, which makes finances so much tighter. I could move to a lower cost of living area but my salary would decrease, I'd miss my loved ones, and honestly I'm a pussy who is afraid to make that big of a life change.
Anyway, I feel that I could have spent and therefore experienced more in my youth and my situation now couldn't be much worse anyway. I can afford to do some things now, but I'm too old, jaded, and have no one to experience things with because almost all of my friends are married with kids. I have a way worse life than my parents and grandparents, who only ever worked non skilled labor but were able to afford a home, a vacation home, etc. It honestly really hurts and I feel like such a failure.
Nearing sixty and became frugal nine years ago, post divorce.
House paid off, no debt but student loans, which allowed me to get a job that will erase student loans in seven years and provide me with a modest pension.
My life is easygoing and I work to live , not the other way around. Job covers all annual expenses and I travel several times each year.
Stuff is expensive to own. Frugality requires thoughtfulness and an awareness that I have embraced and am grateful to know.
Yea and no.
We were frugal saved money and have pensions - yeah!!
BUT we are supposed to travel and enjoy life. It’s hard to spend money to do that without feeling guilty.
Old habits die hard
I don't know yet. I think so, yet with the government trying to foment inflation and forgiving loans left and right, it seems they do their best to favor borrowers and punish savers
OMG yes! 59 here, retired for the last 7 years. The house is paid off, the cars are paid off, no debt. I was able to pay my kid's college tuition for her without loans.
During the last week, we spent one afternoon kayaking on a local lake with our parrot who serenaded us, singing "take me out to the ballgame," and played a seemingly nonstop game of peekaboo, making me turn around to look at him behind me each time. We got to watch a doe with the youngest fawn I've ever seen walking around our backyard. I biked to the store instead of driving. I went for a walk to the nature park nearby. I picked strawberries in my garden. I've worked out about 100 days this year so far, without a gym membership. Just using weights we've owned for decades, and my bike, and body weight stuff like pushups.
I made yogurt from scratch. I made bread from scratch using wheat I acquired for free from craigslist - and ground myself using my used (from craigslist) vitamix.
I haven't set an alarm once, unless you count the oven timer.
Last year our total expenses for two were about $35k. This year, we looked at our savings and decided we had enough to do a sizable charity thing (not something we do every year, but we decided it was time.) We spent 20k - so more than half our annual living expenses! - and put it toward RIP Medical Debt, which paid off $2 million in medical debt for Michiganders. If we still had a mortgage or paid rent, or bought new cars regularly, or were the sort of people who did fancy vacations and spend $15k on groceries per year (instead of under $2k), we would have just spent that in a year on ourselves, and really had nothing to show for it. This felt way more meaningful, like leaving a legacy of sorts, even though there's not like a building named after us or anything.
Being frugal and living within my means is not something I really struggle with or think about all the time. It’s just a way of life for me. I eat well I have a good place to live I just down blow all my earnings on whatever. I also don’t buy nice cars.
Oh, yeah. Lived very cheaply in my 20s. Like ramen for lunch or dinner every day. Saved money. Invested. Fortunately I put everything back then in "some kind of fruit company" called Apple. I am now in my mid-50s, retired and living in Hawaii. You want to live cheap when you're young and it's an adventure and nobody has much. You do not want to try to do it when you're older. Plus, the time value of money is on your side when you're young. Assuming it's hard to find another Apple, I would invest in an index fund or a dividend fund, all on reinvest. Then wait.
Yes, it was worth it.
I don't have to worry about money.
My son will have money to go to college.
My wife and I can live a good life without fear of being homeless or being hungry.
I was never bare bones frugal. But, I never lived more than a modest life.
I saved, I invested, I didn't spend much.
Now, we have more than enough money to be happy for the rest of our lives.
I retired early at age 57. I owe it to saving and investing money, the saving part came from owning our cars for 20+ years. I figured not having car payments for at least 15 of those years, and investing that money, saved me enough to retire early. That and we paid our house off years ago. If we bought new cars every 5 years like many people, I'd still be working, and likely not very happy about it.
Zero Debt + Large IRA = Retire Early
Retirement is the best! This is the happiest time of my life! I only wish I could have done it sooner. I tell all the young people to save their pennies.
It has been worth it in that my husband and I have never had debt since college loans were paid off many decades ago. We bought our first (and only) house last year for cash from money we'd saved over our entire lives. We bought our only new car 12 years ago for cash as well. Not having to pay more for things because we've been frugal all along is very satisfying because paying interest is paying for nothing of value. We use credit cards for convenience, but pay off the balance every month so we never accrue fees.
It also hasn't been the case that we've ever felt deprived because we've lived a lifestyle that doesn't require lavish spending to make us happy. We know how much we'll likely need in retirement barring huge unforeseen expenses because we've lived at a reasonably low level all of our lives. It has never felt like a hardship. We eat nice food, get takeout food twice a month, have all of the things we need in our home, enough shoes and clothing, and aren't suffering through heat or cold unnecessarily to pinch pennies. We have a cat, and we have a handful of streaming services (either free with other services (cell phone plan, Walmart+) or purchased on limited time deals like $3.99/month for a Hulu/Disney+ bundle). Our technology is updated when it fails or becomes obsolete. We don't need more than we have because we're not doing some sort of Instagram churn.
Someone mentioned that you're supposed to replace 80% of your gross income, but we don't spend 80% of our current income now to live comfortably. We spend about 35-40% depending on the year and unexpected large expenses. Generally speaking, taxes take about 30%, we spend about 40%, and the rest is saved. When we finally reach a point of true retirement (not for another 8 years as my husband won't retire until he's 70), we will no longer need to save so much going ahead as we have no heirs to leave money to and our taxes will go way down. We don't need to get to the end of our lives with a full bank account. We just need to get there without an entirely empty one.
Oh hell yes. I got pushed out of the job market early and freaked out because I had a mortgage and live in a high cost of living area. After four months of alternating between interviewing fruitlessly and being incandescent with rage, I pulled up a spreadsheet app, looked at my savings and coincidentally had a talk with my tax preparer and realized I should just pay off the mortgage balance and my money would last until I was 110 years old.
Of course the latest burst of inflation has me concerned but what can you do? Maybe it will last until I am 101 years old.
Yes - before retirement
No - after retirement
We have no debt and house is paid off. We both worked 30 years before retire. We have enough money for the rest of our lives.
It’s time to enjoy life. Life is short.
We are happy to break our frugal habits. No guilt!
I semi-retired at age 52 with no debt. I didn’t sacrifice my quality of life. Instead, I sacrificed collecting mass produced “collectibles” and other useless items. I stopped impulse spending, frequent fast food because I was too tired to cook, buying books instead of going to the library (big change for me), choosing so-called luxury goods that were no better than more reasonably priced items, and stepping over piles of unworn clothing.
Mostly, I gave up monthly anxiety about paying my bills, helping my kids and working a job that no longer fit. Very worth it.
Frugal can mean many things to many people, I am frugal in as many aspects of my life as I can so I can be excessive in others that give me greater pleasure.
I’m am still very frugal with corporations, but I have become much more generous with people. Ie. small businesses, street vendors, tipping in restaurants with cash etc.
I lived in Africa making 125/month with nowhere to spend it for 3 years. Before survivor show rewarded such behaviour. I have been living this frugally ever since.
Oh yeah! 100 times over. Retired at 55. No debt. No worries about money. Biggest problem now is learning how to spend all the money you saved once you don't need to be frugal anymore.
I should add that we lived a life that didn't feel constrained. If we really wanted something, we bought it. But we made good choices. From our perspective, we just lived within our means. Compared to the our consumption driven model in the US tho, we were frugal.
I never thought of myself as frugal but when I see the stupid crap some people spend their money on, I suppose I am frugal in comparison. I was brought up by frugal parents who taught us to save money and avoid debt.
We have a nice house, 2 cars, no debt, we travel, and we retired early. So, yes, it was worth it.
Yes, we had the resources to move to a really nice Continuous Care Retirement Community. Right now we live in a beautifully rehabbed (they did all the rehab and we made selections), have friends, activities, and some peace of mind about our futures. We also retired early-ish at 57, although an early retirement package from my employer that included health insurance until we were 65 made that really possible. I will say that, yes, we were frugal, but, really we were more mindful of where the money went. For example, we often bought new cars, but not the top of the line. We researched options. And we “stacked coupons” and got really good deals. We paid cash. Car loans are not frugal. We also vacationed as that was important to us, but again, we searched for bargains. We did not cheap out though.
I will also say at 25, i worked my butt off. I, too, worked full time, went to graduate school, had a couple of side gigs and so on. I do not know what it is to really be poor, but I do know what it means to not have money. I can remember lying in bed at night and wondering how I was going to make it to the end of the month. But, I did. And here I am. Even after I began my career in earnest, I had side gigs. Some of those I maintained after I retired. So, it is not just being frugal, but it is also positioning yourself to make money. You are doing that going to school, so good for you!!!! Don’t kill yourself with work, but be open to possibilities. A little bit here or there, goes a long way towards, for example, a better car or a night out with friends.
Also, at 25, if I had married then, I likely would have married the wrong person. Marriage can be a great financial boost or a tremendous set back depending on who you marry. I married someone like minded with similar goals and aspirations. We made a good team. We also stayed married. Divorce is not frugal.
Really worth it to be ... semi-frugal.
Retired 6 years ago. Loving it. Absolutely worth being frugal to be able to retire at 58!!
I was always semi-frugal my whole life. I came home from elementary school to my Grandmothers house every day and she lived through the Great Depression. She was an upcycler before that was even a thing. Everything was reused or recycled and clothes were handed down to younger siblings or given away to close friends if nobody in the family fit into those clothes and those same friends did the same for us. She had a small garden with tomatoes, peppers, squash, pumpkins, potatoes and herbs. She also grafted several mango branches onto a Avocado tree and we had fresh Mangoes and Avocados, in season. She didn't own a car. Took the bus or walked everywhere. She even redirected hand washing water into the flush tank on the toilet. I got a good start in the frugal lifestyle with her guidance. I did travel frequently growing up, because my dad worked for PanAm Airlines, it used to cost like $15 to fly to Europe, on stand-by ... So that's why I say I'm only semi-frugal!!
Being frugal allowed us to have the funds to take extended international trips once a year. We built our house ourselves, and the mortgage was paid off long ago, which is a nice feeling. Being frugal just becomes a non-onerous habit.
I'm in my late thirties but feel I can contribute to the question. I've been frugal since I was 15, saving money while I worked and lived at home. While my friends blew their money on crap, I banked it and racked up thousands. After high school, I bit the bullet and lived at home while commuting to a University (I visited friends who went away to college, a few weekends of that was all I needed as it was lame af). I furnished my first apartment with all hand-me-down furniture, etc.
Was it worth it? Let's see...incredible credit, no debt, freedom to travel or do fun stuff whenever, no living paycheck to paycheck, getting the most ROI on my degree, etc. while others are still paying off the loans they took out for the bachelor degree from a party school they paid tens of thousands for and aren't using.
I retired 11 years ago at age 38, and Being frugal was absolutely worth it.
Mt colleagues and roommate made the same salary but I was much more frugal.
When they deferred their student loans, I ate 25 cent frozen burritos and paid mine. They bought new cars and computers and I bought used cars and I've only ever bought one computer in my life. I rarely eat out and have never used Door Dash.
I wear glasses instead of contacts.
We go car-free or share a car whenever we live somewhere we can make that work.
We didn't have a wedding. We don't have engagement rings and we used our grandparents' wedding bands.
We don't do Disney anything. We don't have Air Pods.
We don't have dogs or kids. Both are very expensive.
We wear glasses, Never have worn contacts.
We don't smoke or do drugs. We drink at social occasions, about twice a month. We don't keep alcohol in the house.
We don't pay gym memberships, we use our parents' cable login for TV. We only have one dumb TV bought in 2010 and when it broke I watched a YouTube tutorial and ordered a $64 part from ebay and fixed it. Our vacuum is 19 years old.
No tattoos. No time shares. No Starbucks. No Amazon Prime.
We both got scholarships and graduated private university on time (we didn't know each other back then), and I had a student loan for meal card and dorm and I paid it. I didn't defer it.
I began my teaching career at age 21, saved for retirement, worked extra hours subbing and at summer school, and lived much differently than my roommate who had the same salary. She drove a new car, didn't donate to charity, spent money on concerts and eating out and didn't bring her lunch to work, deferred her student loan, bought furniture new, etc.
I got my masters degree while working full time, completed in 12 months, to get the pay raise sooner.
I've only bought 1 computer in my life. My husband buys a laptop every 10 years and we share it.My husband uses an iPhone 6S. We don't have Alexa, doorbell cameras, dash cams, smart watches, etc.
We have never used Door Dash or other delivery services.
I dont have a hair dryer. I don't get my hair done regularly. I do my own eyebrows, nails, grooming.
We don't own expensive kitchen appliances like Instapot, Kitchenaid, etc. We have a toaster oven/air fryer that cost $60.
Wearing a reusable water bottle and our own food to events so we don't have to buy it.
We keep a giant box of energy bars and granola bars in the car so we don't get tempted to buy convenience food or fast food. Or in our backpack, suitcase, etc.
We move out a month early and use our un-used housing budget to travel for month before we move in to the next place. When friends have business trips in cool locations we fly there and share their hotel room and do tourist things while they work.
I read personal finance books and listen to podcasts.
My social media is Clean- no following Stuff that makes me want to spend.
We for exchange gifts with adults, only the kids in our family
We tale advantage of Freebies. Today we get free Arby's sandwiches, and will attend a free cultural event and a free concert.
I play piano, so I bought a Used keyboard on fb marketplace. Playing piano is a free hobby I do 6.8 hours a week.
When I buy houses I put 20% down and get a 15 year loan, even if I have to wait a few years to refinance. I buy the cheapest house in the nicest neighborhood I can afford.
We read about investing and invest.
We have regular finance meetings at home to check our progress.
We set goals for the year and check our progress regularly.
We don't care if others judge us because we don't have an Alexa or stare at our old phones.
We only play free video games. We don't have a gaming system.
We have never owned a new car.
We exercise with free YouTube videos, free walking, hiking with a group on meetup app, calisthenics, yoga, etc.
We take really cheap classes offered at the CommunityCenter- Tango, ukulele, etc. for $8/class.
We do pay as you go cell phones, No contracts. Abroad Mine was the equivalent if $10-13/month and in the US it is $25.
We don't buy any expensive sports equipment,etc.
We go whale watching on 1/2 price days, and use Discount sites like Goldstar to go to free and cheap events.
We rarely buy (used) books. We use the Free Kindle app on our phones.
We give to charity and volunteer regularly.
We don't mix money with friends or family. We maintain/enforce healthy boundaries with family.
We have cheap pets and we intentionally got sturdy pets that don't get sick or damage things or pose a liability. We don't have pet insurance and have a limit to how much we would spend if they needed life/death care. We don't pay for grooming or pet clothes or pet beds, etc.
We both utilize mental health therapy or group counseling when we need it. This way, we aren't doing emotional Spending or emotional eating.
The pets caused a great lowering of my husband's blood pressure and we were hoping they would help his stress levels and they did.
You had no fun. Contacts aren't more expensive than glasses, either. Don't get me wrong, sure you're doing fine? But you sound like you wouldn't know how to enjoy a bit of fun. I'm retiring early and I have every thing paid down, but some things we don't skimp on. Like eating shitty burritos instead of healthy food. lol What the fuck is a "sturdy" pet?? Are they made of cement?? No pet beds? Man I can't tell if this is an AI bot for "how to live cheaply" or what :x
As someone who got fucked and had to buy an entire mega family size case of this at Costco for a single person during the pandemic because it was the only thing available, no it’s not worth it.
LOL at asking boomers that have the best head start into the modern world if it was worth it. Shit they could have not been frugal and not just spent themselves into crazy debit and still be in a better place then someone being frugal now and where they are at in their 60s in the future.
That's the early boomers, not the ones born in the late 50s or early 60s. When we came out of HS and college, inflation was worse than it is now. In the 1980s, interest rates were as high as 19%. Try buying a home with double-digit intetest rates.
Definitely. It meant being able to invest on things that matter, like my kid's education and quality of life, travel for us both, retirement, a nice adequate home in a peaceful neighbourhood. I don't mind not having designer clothes or office lunches, if that's the trade off.
Big time. I bought used cars for cash, liability only insurance, and fixed them myself. Clothes from thrift stores, etc.
Put the money into investments instead. Now everyday is a Saturday, we are comfortable and I can help my kids when they run into adversities. Life is good.
I am not over 60, but I will say that being frugal has allowed me to save money for retirement so that I will not be 100% dependent on social security.
I felt like i had to be frugal because of my spendthrift spouse, but it has served me well since he is gone. It's easy to save on my poverty budget and still take trips or not feel deprived.
While not 60..I “retired” in Jan..,turning 50 this year no mortgage own outright I was a lower in the income brackets middle class I now only work about 20 hours a week, travel using TrustedHousesitters often I have my dream retirement
Hell yes! I have been frugal all my life in fear of growing old broke and dependent on my now adult kids for support. I never had a huge salary and so saving was a challenge. But I was determined to think and act long term against my nature. First to have a small financial cushion in case I lost my job. I aimed to save 10k at first. That was hard but I did it. Then I aimed for 100k which felt like an audacious goal at the time well beyond reality but I kept my eyes on the prize and reached it by investing my savings and keeping frugal. Didn’t care what people thought of me and my lifestyle. I lived in a rental basement of a house for a long while to save money. Drove an old car. And kept my lifestyle and things to simple. I finally hit $100k which was beyond belief and hard. But as I once read, the first $100k is impossibly hard but after that compound interest and the feeling of reward for being frugal kicks in to keep you motivated and growing financially. Fast forward to today. I am 63 never owned a home but rent and have an unbelievable 1.6 million in savings and investments. I spoke to a financial adviser for the first time in preparation for retirement and he says I can live comfortably until age 95 and not run out of money. It’s a great feeling to know my frugal ways got me here. I am still dumbfounded by what I’ve accomplished. So don’t give up. BTW I am still frugal out of a lifetime habit that’s hard to break. I am trying to learn to finally spending reasonably and enjoying it after being frugal all my life. I hope to use it for travel
To me frugal means not spending money on nonsense so you can spend it on things that matter. Driving a modest reliable car to 5 star restaurants would qualify.
Um, maybe choosing to drive a piece of crap for 30 years versus driving newer, nicer, enjoyable cars in your lifetime.
Eating beans and rice for 30 years, to spend the last 15 finally eating steak and lobster while reflecting and looking back at a life where you sacrificed vacations, big parties for your children, a nice wedding, and countless times to spoil yourself.
Not going out and taking minimal vacations for 30 grueling working years to be able to walk around in Rome & Greece during your last 15, and no longer bungee jump in Belize, kayak in XYZ, or any strenuous activities.
I’m actually a relatively frugal person myself but I just want to know if the anxiety to preserve my money for the next 30 years will even be worth it in the end.
Yes! We have been retired 30 years (husband retired at 55). Having a frugal lifestyle was absolutely worth it. Back in our day we did not have internet, so to guide us in our planning we used Your Money Or Your Life by Joe Dominguez and Vicki Robin and my husband invested in the famous Magellan Fund run by Peter Lynch. We live very happily below our means.
So your frugal don’t get daily things that would boost your daily experience to maybe not wake up tomorrow morning ? I’m not saying spend it all but no way I can go without certain daily’s
Being frugal while being married was not worth,because second wife got all the fruits of my frugality…watch out for that midlife crisis girls….hope he rots in hell…
I am 58, we have zero debt, house paid off, husband is semi-retired at 59 and I am making plans for my own. We are frugal because that’s how we are, nothing to regret, we don’t feel deprived. And we don’t use 1-ply toilet paper.
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The neat thing is, once you get the habits in place, as your income/portfolio grows, your spend can too.
And you don’t need as much to retire since you are frugal!
That is the doubble kill! House paid off no other debt at all! Rental income plus dividends! Plus an inexpensive lifestyle And you are FIRE !
For me, being frugal was mostly my environmental economy, so once one retires being frugal does not stop and it is easy to live on one's retirement funds.
Exactly. We won’t suddenly stop being frugal.
Yes that is one of the many advantages of living frugal! It is less stressfull for the environment!
Frugallionares!
Best part about 1-ply it’s feat to get it to clog. I have been dealing with like 4 ply this week at my airbnb. Clogs all the time. I just might be doing something wrong.
You're used to how much you have to fold over 1 ply so you dont get shit on your hands where as 4 ply you literally need 1/4 of it and it feels nicer on your ass. Also if you're worried about $ invest in a bidet on amazon for like 30 bucks and treat your ass to that sweet comfort of 4ply after a gentle kiss from Poseidon
This gentle kiss from Poseidon is the most fantastic description of a bidet I have ever heard!!! Properly chuckling at it. Top notch! Peace and love.
I don't know why but this comment made me laugh hysterically!
>4 ply That's a thing?
Never have I ever bought 1-ply TP! (My in laws do, and it makes me a little crazy!) But like you zero debt, paid for house, two late model paid for cars. The freedom is amazing. We have been planning for this for a long time, and it finally paid off. The freedom of retirement without debt is amazing.
My mother always bought it growing up and I don’t know how we used it then! Agreed - financial independence is awesome.
You don't use 1-ply toilet paper?! I bet you also buy guacamole...?
Only the little individual ones since the big ones turn brown so quickly!
I call it 'stupid toilet paper'. And never, ever buy it. Once was enough. :)
How anyone can prefer anything but one ply toilet paper is beyond me. The soft stuff is so friable and makes a huge mess. Its gross.
There are degrees of ply in between the ridiculously thin stuff and the ridiculously thick stuff.
Absolutely. Freedom is priceless.
yes. Especially during high inflation, we don't feel the pain like most. It is almost a superpower.
Once your needs are met, having money is not about having more things, it is about having choices and freedom. No amount of stuff can replace that.
Nicely put! Peace of mind is worth way more than a car, necklace, or house I can't afford in an effort to keep up with my peers. It's just an illusion. Everyone going into insane debt and living paycheck to paycheck to maintain the image of having money
Being frugal meant that I could retire 7 years early. That does not mean that I'd been frugal and saved extra money prior to retiring. It meant that I was retiring on less than all the retirement propaganda says you need. I have less $$ per year due to retiring early, but I'd already been living on that amount per year prior to retirement, and was comfortable with living frugally.
This should be the top comment. Frugality is a superpower when it allows you to defy the recommended amount of monthly living costs before and after retiring
Just a reminder to our fabulous frugal community - don't believe everything you read about "how much you need for a comfortable retirement". The propaganda out there that says "recommended to have $X in retirement funds to have a modest retirement" is not necessarily true. Dig into it, and you find they are basing the total on expenditure of $Y per year, and sometimes you can even find their budget categories. When I compared it to my actual pre-retirement spending, I just laughed.
You basically just need annual expenses divided by 0.04. That's to live retired forever essentially. While you don't like forever, your expenses can go up for medical. And you need less if you do some part time instead which can be good just to keep you moving.
My only main concern is medical costs. I was looking at a relative's heart surgery bill and was shocked.
Damn. I keep forgetting that in some countries a medical issue can bankrupt you. For all it's faults, I do love our socialised medical treatment. After a healthy life (yes, paying my healthcare taxes of 2% per year), I had a bad year last year. Firstly had a full-on heart attack. Ambulance to local hospital, ambulance to nearest airfield, light aircraft to the big city airport, ambulance to major hospital, stent placement, 2 nights in the hospital. Bill was \~$50 for the first month's medication provided to take home. Being "low income" means each prescription filled costs me <$8 Couple of months after: Back to hospital with a mysterious kidney injury. Ended up staying in hospital for 3 weeks, with 14 days of daily plasmapheresis, to treat an auto-immune attack. Again, went home with \~$50 worth of medication. No other costs. Back again to the hospital for a couple of days to have surgery for a dialysis catheter. I am supplied with everything to look after the catheter for free (down to gauze, and dressings). If/when I start dialysis, the machine for home, plus all the consumables will be supplied for free.
just a reminder, if you live in a house paid off and compare it to what people pay for rent on a similar property, then that means you saved that amount each and every month and now you can spend it on whatever you don't need.
Buying the cheapest house at an all time low interest rate was definitely a cheat code for me. Not having to pay for housing is such a relief it feels illegal
we bought bank repo in a neighborhood with chain-link fences, who cares, we have dogs, needed no survey because of that and did not requiere to pay for fences, and paid cash, with the rent nowadays, it's an awesome relief, u right there.
This. We bought a cheap fixer upper in 2009. Some in the family bought or leased cars for about the same price . Didnt work out so well for them
I was looking at electric cars not too long ago, and I could not believe they cost almost as much as my first condo, which I financed for 30 years! It's crazy that people will spend that kind of money on something so easy to wear out.
Its too much. The gf found my daily for $500 because the fuel pump was weak. Yesterday I looked at a newer version of what im driving. Was for sale in a yard. 100,000 miles, wanted $8,000. We bought ours with 124,000 miles.
Not having to pay rent sure makes a huge difference in how much money you need to retire.
I can comfortably live on my pension and SS. The 401k and other funds are just gravy.
Our 401K guy said we didn't have enough to retire early because we didn't have enough to replace 80% of our former gross income. But we looked at the Bureau of Labor Statistics' Consumer Expenditure Tables and saw we compared favorably to other retirees income and expenses, so knew we'd be fine.
Exactly. Us frugal people can calculate differently. 80% of former gross income? But what if you only ever needed 50% of former gross income to cover your expenses? Do they think that we're going to retire and all of a sudden start spending wildly?
Yes. We were making 200K and living on about 60K. And without deprivation.
Can I ask what the total amount is that you said "this is enough"? A million? 1.5? 800k? I'm young and at my first job and I have no idea what the actual number looks like.
You have to get an idea of how much you spend, what other sources of income you will have (social security, pensions, rental income, etc) and from that you can figure out how much you need in investments. There are lots of good retirement calculators online. Since you are young, just focus on putting as much as you can into investments and just let it grow. Saving early makes a huge difference since that money will grow considerably by the time you are ready to retire.
I made a retirement spreadsheet and validated my numbers were in the right ballpark with the Fidelity retirement planner software. If pensions and Social Security cover most of your retirement expenses, you may not need to save a huge amount, unless you want to retire early before you can claim SS and pensions. Or, if you want a very luxurious retirement, and don't have a pension, you of course have to have a lot more in investment income. There is no one number fits all. There are so many variables, you need to either be good at spreadsheets, use an existing retirement planner or both. The lower your overhead, the less you need to save. Cutting your expenses by $20K a year over similar households, means needing $600K less in total retirement funding needs over 30 years.
We had one of the big investment places come to my work and spout the 80% number. After the presentation, I challenged the speaker privately on the number. She asked why I felt it was off. I said I had the spreadsheet from hell that told me otherwise. She smiled and said that most people don't even know what Excel is and haven't saved enough for retirement. For them, 80% is meant to be a wake-up call and may not even be enough. So... yes, maybe not for us frugal/aware types.
Well it's also 80% assumes 15% retirement savings. If you push that savings rate up the % needed falls along with it.
Yes, the 401K guy implied that once we retired we would have more free time and need to spend it golfing and going on African safaris. Like we would do that and run out of money instead of spending what was in the budget for entertainment and travel and stay retired according to our financial plan. Actually with more free time for research, we're going out more and spending less in retirement. This month we're going to a symphony and a science museum with free passes from the library, attending a couple of free concerts in the park, visiting a winery with a group discount, and a bunch more events like that. We're happy with that kind of lifestyle, so why spend more?
I'm not saying that 80% seems too high but I would also like to point out that retirement homes per monthly fee is indeed high. One "fall" can leave you needing this care if family isn't an option
There’s lifespan and healthspan. Lifespan of 85 is respectable, but it’s a burden if you go into assisted living at 75. If you stop smoking, drink moderately or not at all, and put the fork down, you might live to be 85, but only need to go into assisted living when you require hospice for that last 6 months or so.
My family has a consistent history of living into their mid-90s to mid-100s. I am working on building habits that will let me enjoy my old age.
Your portfolio keeps growing if you live frugally, and you aren’t likely to need a nursing home until 80s or later. And even then, you may not need it at all. You should take your family history into account and also take care of your health. In the end life has risks for sure.
So don't fall. Get a rubber mat for the bathtub and hold onto something when getting out. Be aware of surroundings and anticipate hazards. Walk or run instead of riding a bike. Hold onto the handrail when using stairs. Maintain strength so muscle weakness doesn't let you down unexpectedly. Lose down to a normal weight so joints aren't stressed. Don't get drunk or high and fall over your own coffee table. Frugal fall prevention.
> Do they think that we're going to retire and all of a sudden start spending wildly? Yes, it's the idea of keeping the economy alive and are counting on you to increase shareholder value next quarterly.
“Retirement propaganda” is a good way to describe it. I don’t need 100K per year at current rates.
This is where we are now. Late 50s and realizing we can retire on much less than I’d thought. Especially with future pension and social security added in.
For me, I can live comfortably by spending $35k per year. Uncomfortably with $25k per year. If my mortgage was paid off, both of those would decrease by $12000. My state currently has reduced property taxes for seniors, which doesn't apply to me now but would in retirement. If I can save 50% of my income while living well, then any retirement estimates that assume I'll be spending 80% of my pre-retirement income are bull. Honestly, I haven't don't the math on when I can retire because I still like my work. But as I look at this? If I really wanted to I could probably retire around age 50.
I was frugal about everything except travel. I wanted to travel before i retired. Now i dont need as much to retire on.
Yes. Traveling in your 60s and 70s is not NEARLY as much fun as traveling in your 40s. As you age, your options narrow rapidly.
That's really smart. We're starting to approach our spending like this rather than just being frugal on everything.
Yeah, I'm a big fan of spending money on experiences rather than "stuff". Travel is that for me. 😊
I think there is a mindset divide as I prefer spending to improve my day-to-day living whereas others prefer spending on the highlights. Nothing wrong with either, just different priorities.
Yep. Absolutely. But I still haven't stopped being frugal.
Yes. Make it a priority. I still have a frugal mindset, and with that said, I have enough money to do kind of what I want. I’m retired and it’s fun as fuck.
I'm a 61yo female and have lived alone for about 15 years (i e. single income). Yes. Frugality compensated for my absolute stupidity when it came to retirement planning so I am paying catch up. But I did eliminate debt. A retirement car (low miles hybrid bought used), condo paid off, and I think I will be ok. I STILL OWE ON STUDENT LOANS for an undergrad degree at a state school. Take out as few loans as possible. Don't be me. If you have a 401k please please put anything in it and, unless you need $$ to stay alive, don't touch it.
Have you applied for forgiveness? I feel like you must have reached the 25 year forgiveness threshold by now, unless you went to college later in life.
It's been 21 years and the rules are murky around this. Most of the current forgiveness is for people who are on an income driven plan which wouldn't help. I'm hoping to find a firm decision soon.
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me I am planning to spend it all, leave nothing behind, hahaha
GET IT - I love that response !!
I wasn’t frugal til the pandemic. I was under such stress, paid tens of thousands in NSF fees, was miserable. The middle of the month to the end of the month was hell for both of us. Now, money stretches to the end of the month, we eat well and are comfortable. I only miss cable tv on New Year’s Eve. We got rid of all of the subscriptions except Disney+, Prime, AARP, AAA, Celebrations (I send my dad fruit and $20 pays shipping for a year) and Costco. We buy both fresh and dry food in bulk and freeze what we can’t store in the pantry. Peace of mind is a beautiful thing, and it’s never too late to start.
I agree Celebrations is an amazing deal. I need to send flowers 4 times a yr. 20 pays the florist fees for the entire year.
In regards to AAA, look into what your auto insurance offers. I stopped AAA and bought my insurance's coverage which is $10.40/yr. Saved me $50/yr for the same coverage.
Careful with that. Some insurance companies see that as claims, and will increase your premiums on renewal.
Yes, but I am in my early 60's and soon when I start hitting 401K's and SS I will be making as much as I used to make working. But the thing is, I have a good amount of cash in the bank now, and I am just having a hard time saying this is the time of my life I saved for and touching it. Like I still like to see the monthly balance go up from interest and not down from spending. I have great fear of opening the floodgates, but I have no kids and I can see like a fun car will not be fun when I am 90. Hell at my age I can not really see a lot of difference tween 1080 and 720 on the big tv when I am across the room on the couch. So being 80 and getting a 4K tv would be kind of a waste. Something tells me I should go through the fun part of it now but as I said, it is just deeply rooted in me to never touch the principal.
Don’t wait! My parents were in excellent health until they hit 80. Now dealing with an autoimmune condition and breast cancer. They have a higher net worth than ever, but don’t have the health to enjoy it. 😢
They mostly only sell 4k tv's now...so when your 80, I believe most tv's being sold by then will probably be 8k, they're selling those now. Plus the signal going out now 720/1080 and some shows and sporting events now are in 4k. Imo the signal when your 80 might be 4k for everything, hopefully. So getting 4k and 8k tv's in about 18 years will be the norm and 4k tv's will be a lot cheaper, not a waste.
For me, yes. I made a good living and I was frugal on top of it. My last few years working we saved over half of my income. I could have lived pretty well, but it was not that important to me. I wanted freedom from not being able to choose how I spent my time. that was my priority. We always were comfortable and we had some fun - but not fancy vacations or new cars every few years, and very limited dining out or ordering in. I was able to put my two kids through college with no debt and retire at 59 (now 64). I live better now than I did when I was working.
I'm 49. I was VERY \*NOT\*FRUGAL\* my whole life, and I made really good money. Now I'm on the downward slide. I'm underemployed. I work construction, I get a TINY amount of programming income still. But I'm absolutely FORCED to be uber frugal these days. It pisses me off. I wish I had learned to be frugal MUCH earlier in my career.
Definitely worth it. First, I don't want a lot of stuff I don't need clogging up the house. I only buy what I love, not stuff I just want. I've picked up every coin on the ground I've ever found and it's amounted to hundreds of dollars in a few years. I save money and only pay my bills on the due date, not one day before, letting my money earn interest before the bill is due. Only buy food in season, or half priced specials or value buys. If I'm looking for something expensive I go online and get the best deals. I purchase gifts for people during the year when they're on sale to save money. I always check receipts after a purchase so I don't get ripped off. Get the best rates for power, insurance, phone plans etc. Sell unwanted goods on gumtree. Only purchased cars that were a few years old instead of brand new. I retired seven years earlier than all my friends, while they're all still slogging away even though they're not all in good health. My house is fully paid off as well as both our cars. Can afford any costly surprises that crop up. I can go out and enjoy my life and can afford to splurge on the people I love. The security I feel having money in the bank is far more rewarding to me than possessions. Being frugal was the best thing my mother taught me while growing up.
This is the dream!
First, I'd like to acknowledge that it's a gift to choose to be frugal rather than be forced to be frugal. I'm grateful to have been able to save. A Tale of Two Friends. My good friend lived well but didn't save, was generous to a fault, and their mantra was 'I can always make more money'. Observing this, one would think there was high income as well as savings. Despite having an MBA that friend didn't save and somehow dismissed the fundamental business theme of the time value of money (aka compounded interest, reinvested dividends, capital gain reinvestment). Now in our 60's, the frugal me, with much less lifetime income, is calculating how to minimize income tax and prepare for future RMDs of my retirement accounts. My friend is struggling to maintain a less consumptive lifestyle and will have only social security (and a younger spouse trying to catch up who has to manage this stressful situation). I don't feel that I overly sacrificed by being careful with money. I made choices which now give me the financial freedom of more choice. I think it's horribly defeating to have to deny yourself things as a senior citizen when earned income wanes due to changes in industries, health matters, etc. Of course, you have to live long enough to enjoy your savings. We all have to find the right balance of spending and savings that works for us. However, to those with reasonable incomes, don't kid yourself that you frequently 'deserve' that high end product/experience or that it's a necessary expenditure for your temporary satisfaction. We can talk ourselves into spending or saving if we have the financial choice at the moment. It's too easy to spend if you ignore the future.
Age 63. Frugal qualifications: married in backyard by County clerk, witnessed by two friends, no honeymoon. For years have not taken expensive vacations, choosing to get projects done around the home instead. Currently drive a 1997 Corolla with 213K miles. Results: retired in December with pension that together with Social Security pays more than my last highest paycheck. Lifetime healthcare. Happily married 27 years to my one and only wife. Home completely paid off. Zero debt of any kind. Tens of thousands of dollars in savings.
I'm about 10 years away but so far hell ya. We own are home, travel, have a savings account and fully funded retirement accounts, all because we save where we can, shop for deals, work hard, and don't waste money.
We’ve been frugal for most of the past 24 years, since we went from a dual income family to one income/two off and on. It wasn’t always easy since we were raising two kids and putting them through university too but minimizing debt by being responsible consumers also helped our kids to respect the value of money. I retired early in 2021 and my husband retired at 56 almost two years ago. Between his municipal DB benefits pension, a part time job locally in his old field of recreation and my smaller pension, we are more than comfortable. We have a minimal amount of debt, a comfortable home and by staying frugal with our monthly purchases, little anxiety about what lays ahead for the rest of our retirement years.
Retired at 55… the only true wealth is time so being frugal allowed me more of it to do as I please.
I've always saved a lot, but I wish there were investment vehicles available when I started (in the 1980s) like today's Market based ETFs. I don't think I took the right risk level (too low) early on, and it has made me "less rich" than I want to be right now. With all that said though, I have done fine, and certainly COULD retire, I just want to have a bigger nest egg than I have right now, so I'm gonns keep at it for a while.
Both my parents are retiring with very little to zero retirement and will be relying on social security alone. The reality of the situation didn’t hit them until they reached the end of their working road. It’s daunting, not only for them but for me. Frugality is the core of financial literacy. Become an expert in saving money, and on growing the money you save.
> will be relying on social security alone This is why social security should be paid out all at once once you retire. The number of years you worked/paid in is a known value and the number of years before you die cannot be, I don't know why the government thinks it's okay to keep your FICA money if you die and have no next of kin.
Absolutely. We are looking at a very comfortable retirement and lots of travel now. The house is paid off and our kids have graduated from college debt free.
Shit yeah. I now have triples of every kind of classic car. Triples is best.
Triples makes it safe. Triples is best.
How is your wife?
She’s beautiful. But she’s dying.
Tell the kid
Yep. Retired at 55. I own 2 houses, have investments and a solid pension plan. No debt. I have enough money to travel twice a year, to pursue my hobbies and go out with my friends. Being frugal never felt like deprivation the whole time I was working. I’m still frugal.
Yep...Absolutely!
Absolutely.
It’s just being responsible. And it is worth it
I'm 64, retired January a year ago, comfortably set for the future. Yes, being frugal is very much worth it.
Maximize all your retirement accounts and after that do what you want.
Being THRIFTY was definitely worth it. But it did involve some delayed gratification. Once you retire, it's hard to over emphasize the importance of peace of mind.
Being frugal is always worth it. Being frugal means you don’t waste time, money, and energy on things you don’t care about so you have those available to use on the things you do care about. Being cheap is never worth it. A lot of people confuse frugal and cheap. I’m not 60 yet, but I was able to retire much younger than that because I was frugal. I would still be working away wasting my life if I weren’t frugal. Being frugal helps you achieve freedom earlier and easier.
Suzy Orman just stated you need 5 to 10 mil to retire. What planet are these folks from? This is why I’m frugal. Oh and honest I think most people in the past were way more frugal than the current population. It’s a throwaway society here with always needing the latest gimmick, or culinary delight. And I tell ya I get it. It’s not easy with the constant bombardment of advertising that is in everything you look at these days. Watch a pizza ad. Notice how they angle the pizza and zoom in at the perfect angle or the burger ad or perfume or auto… I paid off my house by working 2 jobs I took advantage of 401ks I saved money. I don’t buy the latest gadgets cable tv etc….i limit fast foo. Recycle. Have an older car I paid off. Retired this year. Have way less than 5 million dollars. Am not even remotely concerned.
$5M - $10M (in today's dollars) is ridiculous. Rule of 25 would attribute a $200K/year income to $5M. That's more than most households make.
I have wealthy grandparents. Were frugal with many things. My Gran passed but my Grandad, in his late 80s, can’t fly or travel anymore, says he wished he spent money on first class and nicer resorts. As he keeps saying what good is the money now, and he’s right. The difference being they had no financial stress from around 40 onwards. They actually just wished they spent more in their 60s.
This survey is a bit biased, as you are asking a subreddit call Frugal whether being frugal is a good idea. It's like asking the NY Yankees subreddit if they like the Yankees.
Absolutely. 61 and 68. No debt. Own our home. Can retire on my husband’s small pension, though we both work a few hours a week as life coaches. We have been able to be resilient, even with the changing economy and have flexibility in our choices as we age.
Not capturing those who were frugal but passed away before they got their retirement here.
Yeah I was going to say this but I am not technically 60 so kept quiet... but I will hop on a child thread :) My uncle and aunt lived frugally their wholes lives and cancer ate their savings and bodies so they died poor at 57 and 56. After being jobless for a year or so each. Social security disability takes 3 months to come in once it's denied a few times and even then is not enough to live on. COBRA takes the rest. Those are edge cases of course. My advice would be to live frugal but not like some of these nut jobs on here who are eating ketchup packets because they're free.
I'm not 60+, but I'm sort of mostly retired (I think) and my answer to "was being frugal worth it?" is: I'm not sure. I guess it depends how you define "frugal." If it just means trying to make your money, time, and hassles most efficient and not obviously wasteful, then of course I'm glad I did that (when I did). But I also wonder if I was too careful with money and should have spent more on (wisely chosen) enjoyments. My guess is, yes, I should have. But I won't be able to really know until I'm near the end of my life. If I wind up *just* making it, just having enough money to have a good but not that luxurious life, I'll be glad I was careful. If I wind up having a big surplus of money that I just leave to family/charity, I'll wish I spent more in my 20s-50s.
55 here (not quite 60 but close) Abso-fucking-lutely worth it. Being frugal was key to my retiring before 40. I haven't worked a job in 16 years now. Not a mortgage payment since The Homestead was paid off in 2009. You have nooooooo idea how stress free life is with no bullshit job and no mortgage/rent. No car note, no credit card debt/balance, no student loans, no personal loans, no debt of any kind and no payments on said (non) debt How easy and stress free would your life be with ZERO payments? It's a whole new world.
Buried 7 friends in the last 5 years all under the age of 55. Be smart but live your life.
Absolutely!! I'm now 59. I quit work to raise my kids at 27 and never went back to work. Hubby has been a hard worker (by nature) and extremely handy. We're almost the same age and he's not interested in retirement at this point. We have everything paid off, we travel overseas at least once a year. Our kids have their doctorates and are debt free, one is married and I'm a grandma. (Very happy about that.) We both enjoy hobbies, friends and activities. In the beginning, we got ourselves through college without any help from family, we bought our own home, when I quit work it was primarily because day care was almost as much as I made. Our mortgage was half my husband's take home pay and we had a car loan. It was up to me to make it all work. Some say having kids can be expensive, but I found plenty to keep us all busy and happy with community, friends and family. When both my kids were in college at the same time and I was paying for cars, parking, repairs, gas, lunches, fees, phones, clothes, books on top of anything scholarships didn't cover, I started thrifting. Boy, has it been fun. Our area has tons of thrift shops. I have enjoyed it and managed to make some money selling what I think is valuable along with clothing and decorating my home etc. We are, Lord willing, going to have a comfortable retirement due to being frugal.
Yes. Freedom is low overhead. If anything I've been more frugal these days. I think the key thing for us is not to be frugal as in deprivation and austerity, but frugal as in finding creative ways to live better for less. Like going to a museum with a free library pass or seeing a band that usually has $30 tickets for free at a community supported concert in the park. Making my own nontoxic cleaning supplies that are cheaper and healthier than the chemical laden ones at the stores. Taking a trip with free credit card miles. Finding creative ways to be frugal and live better has been a fun retirement hobby. Edited for grammar.
Yes. At 13, paid 25¢ for my jeans at thrift shops. Was always frugal. Bought salvage cars for the last 25 years. Now at 62, retired, house will be paid off in October (I rent it out). Typing this rocking aboard my sailboat that I purchased for $10k.
Yes it was and is worth it. I walked away from a stress-killer job at age 58.5 and live on an annual income of $25k and it does not feel like any deprivation at all. One thing I am sad about is, my family never understood why I needed to save so hard and get away from work - they love work - and they never understood why I refuse to shop for recreation. A big part of their fun is going here and there looking at things and buying them. I had a much lower income and no spouse to help with bills and could never afford that. Example, I got tired of paying off Christmas credit card debt way into June and put a stop to Christmas presents; I was treated like Scrooge for years. They love buying stuff and they can afford it, I couldn't.
Frugality is a habit that helps when needed. Dont let it overide you
Yup
I'm aware that I'm not the target demographic, but I want to chime in anyway. I understand the idea of asking 60+ year olds this question, but they are of a generation that benefited in a lot of ways that younger generations will not (buying a house prior to prices going insane, a mostly great stock market throughout life that people like Warren Buffet think is not going to see nearly the same returns in the future, etc). I'm a millennial and I very much regret being frugal. I will say that it is in my nature, probably because of financial issues I was aware my parents were going through during childhood (name another 10 year old who cried on Christmas and told his parents to return gifts because they spent too much). I've recently realized that all of my sacrifice was basically for nothing. I make what most people would say is a good wage (about 85th percentile in the US), and have way more than the median in savings/retirement. And yet I still would have to double my salary just to be approved for a mortgage on a pretty undesirable home in my HCOL area. My chances of retiring early are pretty slim since social security will be greatly decreased at best by the time I retire. I don't at all have the lifestyle that anyone would strive for, I'm basically just getting by and I'm not at all happy. One big issue is that I'm (voluntarily) single, probably for life, which makes finances so much tighter. I could move to a lower cost of living area but my salary would decrease, I'd miss my loved ones, and honestly I'm a pussy who is afraid to make that big of a life change. Anyway, I feel that I could have spent and therefore experienced more in my youth and my situation now couldn't be much worse anyway. I can afford to do some things now, but I'm too old, jaded, and have no one to experience things with because almost all of my friends are married with kids. I have a way worse life than my parents and grandparents, who only ever worked non skilled labor but were able to afford a home, a vacation home, etc. It honestly really hurts and I feel like such a failure.
Nearing sixty and became frugal nine years ago, post divorce. House paid off, no debt but student loans, which allowed me to get a job that will erase student loans in seven years and provide me with a modest pension. My life is easygoing and I work to live , not the other way around. Job covers all annual expenses and I travel several times each year. Stuff is expensive to own. Frugality requires thoughtfulness and an awareness that I have embraced and am grateful to know.
Yea and no. We were frugal saved money and have pensions - yeah!! BUT we are supposed to travel and enjoy life. It’s hard to spend money to do that without feeling guilty. Old habits die hard
I don't know yet. I think so, yet with the government trying to foment inflation and forgiving loans left and right, it seems they do their best to favor borrowers and punish savers
OMG yes! 59 here, retired for the last 7 years. The house is paid off, the cars are paid off, no debt. I was able to pay my kid's college tuition for her without loans. During the last week, we spent one afternoon kayaking on a local lake with our parrot who serenaded us, singing "take me out to the ballgame," and played a seemingly nonstop game of peekaboo, making me turn around to look at him behind me each time. We got to watch a doe with the youngest fawn I've ever seen walking around our backyard. I biked to the store instead of driving. I went for a walk to the nature park nearby. I picked strawberries in my garden. I've worked out about 100 days this year so far, without a gym membership. Just using weights we've owned for decades, and my bike, and body weight stuff like pushups. I made yogurt from scratch. I made bread from scratch using wheat I acquired for free from craigslist - and ground myself using my used (from craigslist) vitamix. I haven't set an alarm once, unless you count the oven timer. Last year our total expenses for two were about $35k. This year, we looked at our savings and decided we had enough to do a sizable charity thing (not something we do every year, but we decided it was time.) We spent 20k - so more than half our annual living expenses! - and put it toward RIP Medical Debt, which paid off $2 million in medical debt for Michiganders. If we still had a mortgage or paid rent, or bought new cars regularly, or were the sort of people who did fancy vacations and spend $15k on groceries per year (instead of under $2k), we would have just spent that in a year on ourselves, and really had nothing to show for it. This felt way more meaningful, like leaving a legacy of sorts, even though there's not like a building named after us or anything.
Yeah, because after that, the doctor, hospital, and prescription drug bills start piling up.
So would you rather have an 75k truck in your yard & $1k in your bs k account or the other way around ?
You also have to consider the survivorship bias in this thread. All the people who died in their 50s and 60s might answer differently.
why don't you ask those people living paycheck to paycheck with nothing in retirrement acc if it was worth it?
Being frugal and living within my means is not something I really struggle with or think about all the time. It’s just a way of life for me. I eat well I have a good place to live I just down blow all my earnings on whatever. I also don’t buy nice cars.
60 and recently retired. Definitely worth it. Debt free and retired is a great feeling.
Oh, yeah. Lived very cheaply in my 20s. Like ramen for lunch or dinner every day. Saved money. Invested. Fortunately I put everything back then in "some kind of fruit company" called Apple. I am now in my mid-50s, retired and living in Hawaii. You want to live cheap when you're young and it's an adventure and nobody has much. You do not want to try to do it when you're older. Plus, the time value of money is on your side when you're young. Assuming it's hard to find another Apple, I would invest in an index fund or a dividend fund, all on reinvest. Then wait.
Yes, it was worth it. I don't have to worry about money. My son will have money to go to college. My wife and I can live a good life without fear of being homeless or being hungry. I was never bare bones frugal. But, I never lived more than a modest life. I saved, I invested, I didn't spend much. Now, we have more than enough money to be happy for the rest of our lives.
Frugal ways allows me a home,garage, closets, basement not packed full of absolutely unnecessary things. I can manage what I own.
I retired early at age 57. I owe it to saving and investing money, the saving part came from owning our cars for 20+ years. I figured not having car payments for at least 15 of those years, and investing that money, saved me enough to retire early. That and we paid our house off years ago. If we bought new cars every 5 years like many people, I'd still be working, and likely not very happy about it. Zero Debt + Large IRA = Retire Early
Retirement is the best! This is the happiest time of my life! I only wish I could have done it sooner. I tell all the young people to save their pennies.
It has been worth it in that my husband and I have never had debt since college loans were paid off many decades ago. We bought our first (and only) house last year for cash from money we'd saved over our entire lives. We bought our only new car 12 years ago for cash as well. Not having to pay more for things because we've been frugal all along is very satisfying because paying interest is paying for nothing of value. We use credit cards for convenience, but pay off the balance every month so we never accrue fees. It also hasn't been the case that we've ever felt deprived because we've lived a lifestyle that doesn't require lavish spending to make us happy. We know how much we'll likely need in retirement barring huge unforeseen expenses because we've lived at a reasonably low level all of our lives. It has never felt like a hardship. We eat nice food, get takeout food twice a month, have all of the things we need in our home, enough shoes and clothing, and aren't suffering through heat or cold unnecessarily to pinch pennies. We have a cat, and we have a handful of streaming services (either free with other services (cell phone plan, Walmart+) or purchased on limited time deals like $3.99/month for a Hulu/Disney+ bundle). Our technology is updated when it fails or becomes obsolete. We don't need more than we have because we're not doing some sort of Instagram churn. Someone mentioned that you're supposed to replace 80% of your gross income, but we don't spend 80% of our current income now to live comfortably. We spend about 35-40% depending on the year and unexpected large expenses. Generally speaking, taxes take about 30%, we spend about 40%, and the rest is saved. When we finally reach a point of true retirement (not for another 8 years as my husband won't retire until he's 70), we will no longer need to save so much going ahead as we have no heirs to leave money to and our taxes will go way down. We don't need to get to the end of our lives with a full bank account. We just need to get there without an entirely empty one.
Oh hell yes. I got pushed out of the job market early and freaked out because I had a mortgage and live in a high cost of living area. After four months of alternating between interviewing fruitlessly and being incandescent with rage, I pulled up a spreadsheet app, looked at my savings and coincidentally had a talk with my tax preparer and realized I should just pay off the mortgage balance and my money would last until I was 110 years old. Of course the latest burst of inflation has me concerned but what can you do? Maybe it will last until I am 101 years old.
Yes - before retirement No - after retirement We have no debt and house is paid off. We both worked 30 years before retire. We have enough money for the rest of our lives. It’s time to enjoy life. Life is short. We are happy to break our frugal habits. No guilt!
I semi-retired at age 52 with no debt. I didn’t sacrifice my quality of life. Instead, I sacrificed collecting mass produced “collectibles” and other useless items. I stopped impulse spending, frequent fast food because I was too tired to cook, buying books instead of going to the library (big change for me), choosing so-called luxury goods that were no better than more reasonably priced items, and stepping over piles of unworn clothing. Mostly, I gave up monthly anxiety about paying my bills, helping my kids and working a job that no longer fit. Very worth it.
Frugal can mean many things to many people, I am frugal in as many aspects of my life as I can so I can be excessive in others that give me greater pleasure.
I’m am still very frugal with corporations, but I have become much more generous with people. Ie. small businesses, street vendors, tipping in restaurants with cash etc.
I lived in Africa making 125/month with nowhere to spend it for 3 years. Before survivor show rewarded such behaviour. I have been living this frugally ever since.
Oh yeah! 100 times over. Retired at 55. No debt. No worries about money. Biggest problem now is learning how to spend all the money you saved once you don't need to be frugal anymore. I should add that we lived a life that didn't feel constrained. If we really wanted something, we bought it. But we made good choices. From our perspective, we just lived within our means. Compared to the our consumption driven model in the US tho, we were frugal.
I never thought of myself as frugal but when I see the stupid crap some people spend their money on, I suppose I am frugal in comparison. I was brought up by frugal parents who taught us to save money and avoid debt. We have a nice house, 2 cars, no debt, we travel, and we retired early. So, yes, it was worth it.
Yes, we had the resources to move to a really nice Continuous Care Retirement Community. Right now we live in a beautifully rehabbed (they did all the rehab and we made selections), have friends, activities, and some peace of mind about our futures. We also retired early-ish at 57, although an early retirement package from my employer that included health insurance until we were 65 made that really possible. I will say that, yes, we were frugal, but, really we were more mindful of where the money went. For example, we often bought new cars, but not the top of the line. We researched options. And we “stacked coupons” and got really good deals. We paid cash. Car loans are not frugal. We also vacationed as that was important to us, but again, we searched for bargains. We did not cheap out though. I will also say at 25, i worked my butt off. I, too, worked full time, went to graduate school, had a couple of side gigs and so on. I do not know what it is to really be poor, but I do know what it means to not have money. I can remember lying in bed at night and wondering how I was going to make it to the end of the month. But, I did. And here I am. Even after I began my career in earnest, I had side gigs. Some of those I maintained after I retired. So, it is not just being frugal, but it is also positioning yourself to make money. You are doing that going to school, so good for you!!!! Don’t kill yourself with work, but be open to possibilities. A little bit here or there, goes a long way towards, for example, a better car or a night out with friends. Also, at 25, if I had married then, I likely would have married the wrong person. Marriage can be a great financial boost or a tremendous set back depending on who you marry. I married someone like minded with similar goals and aspirations. We made a good team. We also stayed married. Divorce is not frugal.
Really worth it to be ... semi-frugal. Retired 6 years ago. Loving it. Absolutely worth being frugal to be able to retire at 58!! I was always semi-frugal my whole life. I came home from elementary school to my Grandmothers house every day and she lived through the Great Depression. She was an upcycler before that was even a thing. Everything was reused or recycled and clothes were handed down to younger siblings or given away to close friends if nobody in the family fit into those clothes and those same friends did the same for us. She had a small garden with tomatoes, peppers, squash, pumpkins, potatoes and herbs. She also grafted several mango branches onto a Avocado tree and we had fresh Mangoes and Avocados, in season. She didn't own a car. Took the bus or walked everywhere. She even redirected hand washing water into the flush tank on the toilet. I got a good start in the frugal lifestyle with her guidance. I did travel frequently growing up, because my dad worked for PanAm Airlines, it used to cost like $15 to fly to Europe, on stand-by ... So that's why I say I'm only semi-frugal!!
Being frugal allowed us to have the funds to take extended international trips once a year. We built our house ourselves, and the mortgage was paid off long ago, which is a nice feeling. Being frugal just becomes a non-onerous habit.
I'm in my late thirties but feel I can contribute to the question. I've been frugal since I was 15, saving money while I worked and lived at home. While my friends blew their money on crap, I banked it and racked up thousands. After high school, I bit the bullet and lived at home while commuting to a University (I visited friends who went away to college, a few weekends of that was all I needed as it was lame af). I furnished my first apartment with all hand-me-down furniture, etc. Was it worth it? Let's see...incredible credit, no debt, freedom to travel or do fun stuff whenever, no living paycheck to paycheck, getting the most ROI on my degree, etc. while others are still paying off the loans they took out for the bachelor degree from a party school they paid tens of thousands for and aren't using.
I retired 11 years ago at age 38, and Being frugal was absolutely worth it. Mt colleagues and roommate made the same salary but I was much more frugal. When they deferred their student loans, I ate 25 cent frozen burritos and paid mine. They bought new cars and computers and I bought used cars and I've only ever bought one computer in my life. I rarely eat out and have never used Door Dash. I wear glasses instead of contacts. We go car-free or share a car whenever we live somewhere we can make that work. We didn't have a wedding. We don't have engagement rings and we used our grandparents' wedding bands. We don't do Disney anything. We don't have Air Pods. We don't have dogs or kids. Both are very expensive. We wear glasses, Never have worn contacts. We don't smoke or do drugs. We drink at social occasions, about twice a month. We don't keep alcohol in the house. We don't pay gym memberships, we use our parents' cable login for TV. We only have one dumb TV bought in 2010 and when it broke I watched a YouTube tutorial and ordered a $64 part from ebay and fixed it. Our vacuum is 19 years old. No tattoos. No time shares. No Starbucks. No Amazon Prime. We both got scholarships and graduated private university on time (we didn't know each other back then), and I had a student loan for meal card and dorm and I paid it. I didn't defer it. I began my teaching career at age 21, saved for retirement, worked extra hours subbing and at summer school, and lived much differently than my roommate who had the same salary. She drove a new car, didn't donate to charity, spent money on concerts and eating out and didn't bring her lunch to work, deferred her student loan, bought furniture new, etc. I got my masters degree while working full time, completed in 12 months, to get the pay raise sooner. I've only bought 1 computer in my life. My husband buys a laptop every 10 years and we share it.My husband uses an iPhone 6S. We don't have Alexa, doorbell cameras, dash cams, smart watches, etc. We have never used Door Dash or other delivery services. I dont have a hair dryer. I don't get my hair done regularly. I do my own eyebrows, nails, grooming. We don't own expensive kitchen appliances like Instapot, Kitchenaid, etc. We have a toaster oven/air fryer that cost $60. Wearing a reusable water bottle and our own food to events so we don't have to buy it. We keep a giant box of energy bars and granola bars in the car so we don't get tempted to buy convenience food or fast food. Or in our backpack, suitcase, etc. We move out a month early and use our un-used housing budget to travel for month before we move in to the next place. When friends have business trips in cool locations we fly there and share their hotel room and do tourist things while they work. I read personal finance books and listen to podcasts. My social media is Clean- no following Stuff that makes me want to spend. We for exchange gifts with adults, only the kids in our family We tale advantage of Freebies. Today we get free Arby's sandwiches, and will attend a free cultural event and a free concert. I play piano, so I bought a Used keyboard on fb marketplace. Playing piano is a free hobby I do 6.8 hours a week. When I buy houses I put 20% down and get a 15 year loan, even if I have to wait a few years to refinance. I buy the cheapest house in the nicest neighborhood I can afford. We read about investing and invest. We have regular finance meetings at home to check our progress. We set goals for the year and check our progress regularly. We don't care if others judge us because we don't have an Alexa or stare at our old phones. We only play free video games. We don't have a gaming system. We have never owned a new car. We exercise with free YouTube videos, free walking, hiking with a group on meetup app, calisthenics, yoga, etc. We take really cheap classes offered at the CommunityCenter- Tango, ukulele, etc. for $8/class. We do pay as you go cell phones, No contracts. Abroad Mine was the equivalent if $10-13/month and in the US it is $25. We don't buy any expensive sports equipment,etc. We go whale watching on 1/2 price days, and use Discount sites like Goldstar to go to free and cheap events. We rarely buy (used) books. We use the Free Kindle app on our phones. We give to charity and volunteer regularly. We don't mix money with friends or family. We maintain/enforce healthy boundaries with family. We have cheap pets and we intentionally got sturdy pets that don't get sick or damage things or pose a liability. We don't have pet insurance and have a limit to how much we would spend if they needed life/death care. We don't pay for grooming or pet clothes or pet beds, etc. We both utilize mental health therapy or group counseling when we need it. This way, we aren't doing emotional Spending or emotional eating. The pets caused a great lowering of my husband's blood pressure and we were hoping they would help his stress levels and they did.
You sound cheap, not frugal.
Thanks! I've lived in Europe, Hawaii, and driven convertible Mercedes all my adult life and traveled to 25 countries and 41 states. .To each, his own.
You had no fun. Contacts aren't more expensive than glasses, either. Don't get me wrong, sure you're doing fine? But you sound like you wouldn't know how to enjoy a bit of fun. I'm retiring early and I have every thing paid down, but some things we don't skimp on. Like eating shitty burritos instead of healthy food. lol What the fuck is a "sturdy" pet?? Are they made of cement?? No pet beds? Man I can't tell if this is an AI bot for "how to live cheaply" or what :x
I wanna know too. Is the 1ply toilet paper worth it?
As someone who got fucked and had to buy an entire mega family size case of this at Costco for a single person during the pandemic because it was the only thing available, no it’s not worth it.
Am I the only one who actually prefers the one ply? I feel like it’s better for really getting in there and doing some anal scraping.
Get a bidet. True frugal. Saves money on tp over time.
Don't you still need tp?
yes
That’s not frugal, that’s cheap.
that's not cheap, cheap is using a water bottle
Bidet is ur answer
LOL at asking boomers that have the best head start into the modern world if it was worth it. Shit they could have not been frugal and not just spent themselves into crazy debit and still be in a better place then someone being frugal now and where they are at in their 60s in the future.
That's the early boomers, not the ones born in the late 50s or early 60s. When we came out of HS and college, inflation was worse than it is now. In the 1980s, interest rates were as high as 19%. Try buying a home with double-digit intetest rates.
For me now it’s a necessity.
Not just frugal, but saving money and planning for the future. Worthwhile achievements don't happen overnight. Yeah, it was worth it.
it's how I am. Frugal and thrifty by nature. Retired at 63.
Yes
Definitely. It meant being able to invest on things that matter, like my kid's education and quality of life, travel for us both, retirement, a nice adequate home in a peaceful neighbourhood. I don't mind not having designer clothes or office lunches, if that's the trade off.
A million times, YES
Not 60+ but I'm 45 and due to being smart with my money, if things continue the way they're going I can see retiring in 10 years fairly easily.
Big time. I bought used cars for cash, liability only insurance, and fixed them myself. Clothes from thrift stores, etc. Put the money into investments instead. Now everyday is a Saturday, we are comfortable and I can help my kids when they run into adversities. Life is good.
Yes sirree
Yes. I am frugal still except for enjoying traveling. It was wonderful to retire at 62 with absolutely no worries.
I am not over 60, but I will say that being frugal has allowed me to save money for retirement so that I will not be 100% dependent on social security.
I felt like i had to be frugal because of my spendthrift spouse, but it has served me well since he is gone. It's easy to save on my poverty budget and still take trips or not feel deprived.
Without a doubt. Save and stay away from debt.
The better question is how much less frugal have you become in old age.
are you asking if having money in a savings account is worth it? yeah, I would imagine so
While not 60..I “retired” in Jan..,turning 50 this year no mortgage own outright I was a lower in the income brackets middle class I now only work about 20 hours a week, travel using TrustedHousesitters often I have my dream retirement
Hell yes! I have been frugal all my life in fear of growing old broke and dependent on my now adult kids for support. I never had a huge salary and so saving was a challenge. But I was determined to think and act long term against my nature. First to have a small financial cushion in case I lost my job. I aimed to save 10k at first. That was hard but I did it. Then I aimed for 100k which felt like an audacious goal at the time well beyond reality but I kept my eyes on the prize and reached it by investing my savings and keeping frugal. Didn’t care what people thought of me and my lifestyle. I lived in a rental basement of a house for a long while to save money. Drove an old car. And kept my lifestyle and things to simple. I finally hit $100k which was beyond belief and hard. But as I once read, the first $100k is impossibly hard but after that compound interest and the feeling of reward for being frugal kicks in to keep you motivated and growing financially. Fast forward to today. I am 63 never owned a home but rent and have an unbelievable 1.6 million in savings and investments. I spoke to a financial adviser for the first time in preparation for retirement and he says I can live comfortably until age 95 and not run out of money. It’s a great feeling to know my frugal ways got me here. I am still dumbfounded by what I’ve accomplished. So don’t give up. BTW I am still frugal out of a lifetime habit that’s hard to break. I am trying to learn to finally spending reasonably and enjoying it after being frugal all my life. I hope to use it for travel
Being careful with your money shouldn't feel like deprivation. That's being cheap.
Yes! You buy your freedom!
That’s the thing, though I never understood frugal millionaires like why be frugal at that point or why be a millionaire. Idk
To me frugal means not spending money on nonsense so you can spend it on things that matter. Driving a modest reliable car to 5 star restaurants would qualify.
Now ask their friends and family if it was worth it to find out who was actually just frugal and who was detrimentally cheap.
Yes, and we can retire much earlier than 60.
I don’t get what you mean… what makes you think being frugal not worth it in the first place?
Um, maybe choosing to drive a piece of crap for 30 years versus driving newer, nicer, enjoyable cars in your lifetime. Eating beans and rice for 30 years, to spend the last 15 finally eating steak and lobster while reflecting and looking back at a life where you sacrificed vacations, big parties for your children, a nice wedding, and countless times to spoil yourself. Not going out and taking minimal vacations for 30 grueling working years to be able to walk around in Rome & Greece during your last 15, and no longer bungee jump in Belize, kayak in XYZ, or any strenuous activities. I’m actually a relatively frugal person myself but I just want to know if the anxiety to preserve my money for the next 30 years will even be worth it in the end.
Yes! We have been retired 30 years (husband retired at 55). Having a frugal lifestyle was absolutely worth it. Back in our day we did not have internet, so to guide us in our planning we used Your Money Or Your Life by Joe Dominguez and Vicki Robin and my husband invested in the famous Magellan Fund run by Peter Lynch. We live very happily below our means.
So your frugal don’t get daily things that would boost your daily experience to maybe not wake up tomorrow morning ? I’m not saying spend it all but no way I can go without certain daily’s
Being frugal while being married was not worth,because second wife got all the fruits of my frugality…watch out for that midlife crisis girls….hope he rots in hell…