I was recently asked by my friends over at Daily Trade Alert to put together a series of articles on how exactly I live so frugally. See, the secret behind my ability to be in a position to retire in my early 30s has been living well below my means. Can’t invest what you don’t have. And you can’t keep what you’re spending. The more you can save, the more you can invest. And the less you spend, the less passive income you need to cover your lifestyle.
This is the second article in the five-part series. The series focuses on real, actionable ideas to save money. And we’re going way beyond just cutting down on the daily latte here. I hope you enjoy!
I’ve lived extremely frugally for years now.
A thoughtful approach to spending has been a key component to the overall lifestyle that has allowed me to retire decades before most people.
But nothing I did is off limits to you or anyone else.
Everything I did (and still do) to save money can be replicated by anyone.
To prove that point, I’m going to discuss five real-life changes I’ve made over the years to my own spending.
Image courtesy of: Sira Anamwong at FreeDigitalPhotos.net.
I’m shocked at what the average consumer unit spends on transportation. That’s so much more than I’ve ever spent in a year…and I even bought a brand new car seven years ago! I do look forward to potentially living car-free in early retirement, or perhaps even sooner. It’s not just the direct financial expenses that most people think about, but also the liability exposure and all the wasted time that gets spent sitting at red lights or in traffic. I’m sure most people would think it’s pretty extreme to live without a car in Sarasota, but I’d like to think that if you can do it, why couldn’t others? Thanks for sharing.
TJ,
It’s so much money we’re talking about. I say to each their own, but I believe a lot of people do certain things and spend money without giving it much thought. It’s just kind of a thing where you do what everyone else is doing.
I love living without a car. It’s not even about the money anymore. If I really wanted a car, I could go out and get one. It’s been a bit tough in Sarasota – and it’s gotten tougher as they’ve cut back on routes and schedules. That’s one reason I want to move somewhere where urban planning, walkability, public transportation, and smart urban growth are taken serious.
Thanks for dropping by!
Best regards.
I don’t have a car, I use my bike almost every day, except now when the roads are icy, you really get used to it, and we have excellent public transportation here in Switzerland. I live in walking distance to my workplace (no frustrating search for free parking space), and supermarkets are close by, saves me all so much money 🙂
Maxi,
That’s the way it’s done! 🙂
It was a little odd for me at first, back when I first got rid of my car. But I genuinely prefer it now. I love walking. So I walk whenever possible. But public transportation is so much better than driving when I have to head a few miles down the road. No stress. No concerns about traffic. I don’t have to pay attention to anything. I’ve actually come up with some of my best ideas for content when I’ve just been sitting on the bus. It’s great.
Keep it up over there!
Best wishes.
I’ve considered dropping the car myself, but instead will just go with an economic option instead.
I am curious, though, does your significant other also not own a car? If she does, I know if you were by yourself you could get by car free, but fact is you aren’t by yourself. If she is car free, that’s amazing. If she isn’t, 1 car for a 2 person household would still be a great accomplishment. I’m sure if she does have a car, you would only get in it for whatever purpose she has, but that’s part of being in a symbiotic relationship.
Best regards,
Sean
Sean,
Right. The car-free lifestyle isn’t for everyone. I wasn’t sure how it’d be when I first got into it. I now couldn’t imagine doing it any other way. But to each their own.
My significant other doesn’t own a car. She hasn’t had one for pretty much the entire time we’ve been together. Her budget is her own, so she could go out and get one, but she also likes living without one. She lived in Europe for a while without a car, and her exposure to that kind of lifestyle, I think, shaped her. She might get a car down the road, however, as the bus service here in Sarasota has been deteriorating. They’re cutting coverage and service times, so it’s becoming a bit more difficult to get around. Of course, Sarasota isn’t exactly a great place to live without a car, which just speaks to how many other great opportunities there are out there to live like this. If I can do it here, it can be done in a lot of places.
Thanks for dropping by!
Cheers.
Years ago, our transportation costs were more than our housing costs. Thankfully, we have fixed that horrible situation! I even have a bike (bicycle) now! Saved on gym membership costs too!
TPOHappiness,
That’s awesome. Congrats for turning it around. That’s what it’s all about. You identify some budget categories that can be adjusted, then make the appropriate changes. 🙂
Great job biking. I wish I could get into biking. I prefer walking and using public transportation, but biking is an awesome way to get around!
Thanks for dropping by.
Best wishes.