Building Frugal Habits

When it comes to building frugal habits, I think the biggest and most important step you can take is to adopt philosophy. Think about the things you do, and ask yourself why you do them. This is the key to so many things, and being frugal isn’t an exception.

Now, be warned, taking a long, hard look at any aspect of your life can present you with both good and bad revelations. When it comes to being frugal, once you truly embrace it, it becomes an addiction. Not spending money is an addiction? That’s jazzing it up a bit. It becomes addictive to only spend money on what you need.

Since I truly embraced being frugal, I’ve put so many things back on the shelf, removed them from my shopping cart, and deleted them from my wish list. This may sound a bit ridiculous, but it’s very satisfying when you know you have only purchased what you will need and use. Now, when I do buy something, I am extremely satisfied knowing that it was money well spent.

The things I do own, I cherish, and the value goes beyond money. Once you know what you value, and you can see through the facade of more and be happy with less. Frugal is a mindset, and isn’t really easy, but it does have a huge amount of impact on your life. In my opinion, it makes life better. Really.

-Mike

 

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Ask Your Coworkers How Much They Make!

This is always a touchy subject for people. For some reason, we have been convinced to not talk about our salary. Whoever made this the norm, is a genius social manipulator. What do you have to lose by asking? Nothing. Sure, it might be embarrassing to find out other people make more than you..but it should light a fire under you to change that!

It is equally as important to keep an eye on what the going rate for your skill set is.

  • What is the highest amount people are getting paid?
  • What is the lowest amount people are getting paid?
  • Where are you on this spectrum?
  • Which companies/industries pay the most?

Make a determination to see if a few words with your boss might get you a sweet increase. I’m a saver, but all the saving in the world could be in vain if you’re getting under paid. What is your time worth? What is your pride worth?

Get out there and ask! If you’re low, make a plan to get even or better. Find your worth and get it.

-Mike

Travel Canada in a Camper

Quick Rant: I talk a lot about alternate lifestyles. Some of these lifestyles may seem strange but in the year 2017, a lot seems strange. With climate change, dwindling resources, and uncertain political climates, we need some drastic changes in the world to help get back on track and survive as a species. Okay, maybe that’s a little dramatic, but it doesn’t seem too farfetched does it?

Not too long ago I discovered /r/vandwelling while being SUPER productive one day. Despite not spending my time usefully that day, I really discovered something I’d like to do. With a homestead as a frugal home base and a warm weather getaway property, living costs might cut into my travel budget. Enter an adventure van.

North America is a massive place, and I’ll certainly never see ALL of it. A van will help me get around to a lot of it, and do so on a budget. Never needing accommodation, having a place to cook, and keeping the amenities of home; these are all advantages of an adventure van.

There may come a day when I don’t need the van anymore, so I can pass it onto the next. The value from retrofitting a $5000/$6000 van will pay itself off in no time! RVs are hugely expensive and guzzle gas; I’m looking for a smaller platform. If I fall in-love with living in a van, I could always upgrade as well. An adventure van seems like a great way to test the waters of a different lifestyle. Check out the stories available on the web, instagram, reddit, and more. If van life isn’t for you, it’s certainly an interesting look into a different type of life.

I’ll continue to write about different lifestyles, with the hopes of people looking at alternatives. You never know how you might find happiness, try something new!

-Mike

Canadian Pension Plan

I recently stumbled upon this excellent tool from the Canadian government that you can use to determine your retirement income. A lot of the data you’ll need may require some digging to find but it should give you a pretty clear picture of what your current situation and future situation will look like.

I came upon this will trying to figure out how much CPP I will receive in early retirement and it’s entirely dependent on how many years you have been earning and how much you earned each year. I can’t recall what I was earning before starting my career, so I can only assume I’ve been hitting the top target for 4 years. That means I’ll need to work another 16 years in order to receive 50% of the maximum monthly payment. It’s not a lot, but every dollar counts.

How do Canada’s social programs factor into your retirement?

Retirement Plan & Forever Lists

As part of a FIRE retirement plan, you need to have an idea of total cost. As a minimal apartment dweller, I don’t have all of the things I’ll need for my retirement. While I may not have these items yet, I’ve compiled some starter ‘forever’ lists of what I think I’ll need to meet my needs for my entire life. My retirement plan is comprised of 3 main pieces:

  • A Canadian homestead
  • A Canada-based adventure van
  • A foreign property in a warm climate to hide from winter

I haven’t fleshed out my plan for more foreign property yet, but I have started to think about needs for my adventure van and homestead. A lot of the items listed cross over between the two, so I’ll have a shared, homestead, and van list. Let’s get into it!

Shared Items

  • First Aid Kit – Safety First, folks! [PURCHASED] [Needs Upkeep]
  • Fishing Rods – Teach a man to fish, and he’ll eat for a lifetime. [PURCHASED]
  • ChopsticksThe only utensil you’ll ever need! [PURCHASED]
  • French Press – Always keep good coffee on-hand. [PURCHASED]
  • Hand Coffee Grinder – Don’t waste power grinding coffee. [NEED]
  • Cookware, Silverware, Tableware – Stainless steel will last forever. [PURCHASED]
  • Mattress – Good mattress = Good sleep. Good sleep = Longer Life. [PURCHASED]
  • Fire Extinguisher – Safety First! [NEED] [Needs Upkeep]
  • Butane Stove – Portable stove for indoor, road, and outdoor use. [NEED]
  • Carbon Monoxide Detector – Safety First! [NEED]
  • Smoke Detector – Safety First! [NEED]
  • Water Jug and Pump – Depending on water use, this may not suffice. TBD. [NEED]
  • Wire Rack – For campfire cooking at home and abroad. Incredible [NEED]

Adventure Van Items

  • Dash Cam – Gather video, and cover your ass. [NEED]
  • Car Toolkit – Carjack, Jumper Cables, Pump. [NEED]
  • WiFi Extender – Use wifi from outside a store..keep a lower profile. [NEED]
  • Sleeping Bag – A warm weather sleeping bag that works into fall. [PURCHASED]

Homestead Items

  • General Toolkit – Screwdrivers, Socket Set, etc. [PURCHASED]
  • Canning Pot + Jars – Preserve the fruits of your labour. Literally. [NEED]
  • Hunting Rifle – Hunting offers a great opportunity for food and experience. [NEED]
  • Tiller – Cut time and expand your garden operation. [NEED]
  • Fruit Trees – Start these as early as possible. Pears, Apples, Peaches, etc. [NEED]

What do you have on your forever lists?

-Mike

Food Budget: Reimagined

Up until recently, I was trying to reduce my grocery bill as much as possible. Tweaking what I was buying, when I was buying it, and how much I was buying to tweak every cent. I realized that I was missing the mark a little bit and here’s why.

I was dedicating a fair amount of money to eating out. Eating out with friends is a social thing that I really enjoy, but I was definitely due for a restructuring of how I eat out with friends. Previously I’d spend a certain amount a month, eating at wherever I felt like. When this money ran out, I’d randomly crave sushi, Korean BBQ, and Japanese Ramen. Darn, I’m out of funds..I guess I’ll wait until next month.

The way I approach this now, is I make my social meals target things that I can’t make at home. I’ve reduced my eating out budget, and increased the enjoyment I get from it. The money I saved has been put into my food budget for greater flexibility. This flexibility has increased my recipe repertoire, allowed me to purchase bulk items on sale, and nickel and dime myself less when shopping.

Having more monthly spending for groceries also means I can have friends over for dinner more often, and share a homemade meal that always leaves other full and impressed. I’ve fulfilled my social needs, my love for cooking, my thirst for a better budget, and I’ve paid away less of my money in tips. Servers play an important role, but tipping has changed a lot in the last 30 years to make up for stagnating wages. Don’t get me wrong, I always leave a good tip and so should you. Now I just do it less often.

Think about the way your life works and align your budget to it; it will make you happier!

-Mike