Super Saver

I have listened (and recently re-listened) Paul's podcast with Jacob Lund Fisker and am always amazed at Jacob's insights. I was really impressed when I read this article where they describe a family of 5 saving 70% of their income and who are mortgage free.

Confessions of super savers: How they hoard their cash

I think those of us who have land can aspire to be super investors in land improvements. Money spent on the right trees can gain value faster than most investments.

For young people who are saving for land, cash hoarding is great.

It amazes me that some families will spend half of their income keeping a roof over their heads. I have never come close to that. I currently spend $350 per month in a shared space. Victoria has expensive housing. The average price being around $600,000. My rent is exactly the same as my day rate of $350 should someone need a demolition crew managed or a house sliced in half. For many years I spent far less on accommodation, but it was various vans that resided at job sites. Ultra frugality becomes habitual and a bit of a contest. I often compare expenses with other cheapskates. My friend Bill just picked up a good mini van, for $300, so he is this month's winner.

Adrien Lapointe wrote:Confessions of super savers: How they hoard their cash

Very interesting! (And maybe even more timely this year!)

My favorite bits were:

"So in 2014, [Cait] Flanders decluttered her home and embarked on a one-year shopping ban. She could only buy necessities — such as toothpaste."

Flanders: "'It was just my lifestyle. I was just really able to see I don't need to spend money to find any kind of happiness.'"

"To make their dollars stretch, the [Knight] family has all sorts of money-saving techniques. They practice "deferred gratification." Any purchase over $20 requires a waiting period to decide if it's really worth it."

I think I might personally go on a shopping ban. I want to know how little I can live on. (I won't include the rest of my family in it, though!)

I have found it is pretty easy to draw a line and not cross it.   We have significantly reduced our spending  since November.  

Thank you for reviving this thread, Rachel.

One of the things that I have found since the events of 2020 changed how we shop is that we no longer have trouble saving money.

Having a ban on shopping really teaches some excellent lessons.

I would recommend that if a person is having trouble staying within a budget then place a ban on shopping.

Becoming a super saver will not hurt either.