Comments on: 42 Ways To Radically Simplify Your Financial Life

By: How to Apartment Hunt

How to Apartment Hunt — Fri, 19 Mar 2010 00:58:33 +0000

[...] We had a favorite, but they were a bit higher than the other places we saw. We decided to speak with our first choice and explain we had some cheaper offers and asked if they were willing to lower their monthly rent to be competitive. I was trying to negotiate a fair deal. I gave a reasonable number, in the $600s, and they were willing to lower the price! It’s a better community (friend’s brother lives there and loves it) with more amenities, we got several move in fees waived (saved us about $300), and we can continue house hunting while saving money. Another benefit of the apartment is that it is adequate enough in size to keep our stuff in the apartment instead of paying for a storage unit. We plan on taking out only what we’re using since we don’t want to unpack and repack everything. Who knows, we may find that we don’t need so much stuff. [...]

By: Wednesday Wisdom | Big Red Tomato Company

Wednesday Wisdom | Big Red Tomato Company — Wed, 17 Mar 2010 05:04:43 +0000

[...] of our readers like to travel which is why I’ve included the excellent post by Adam Baker on Man vs Debt called 42 things to radically improve your financial performance. Many of which are instantly could [...]

By: Laura @ wanderingvagabond

Laura @ wanderingvagabond — Sun, 14 Mar 2010 03:23:13 +0000

Interesting tips and congrats on the new book!

By: Joshua Lance

Joshua Lance — Thu, 11 Mar 2010 02:51:29 +0000

Sounds like you’re reaping the benefits of being car-free, I admire that. I would love to live without a car, for now I need one because I’m an artist and do shows 1x week in town. To paint and be car-free is music to my ears!

By: Joshua Lance

Joshua Lance — Thu, 11 Mar 2010 02:47:07 +0000

Hey Baker,
I just got your new ebook, it’s really good, and I like that simplified monthly budget pdf too.
I’m an artist and starting to do outdoor shows, though I would really love to get rid of the car because I have college debt as well. (But no mortgage, kids or credit cards) I would love to not depend on a car, though I have a Chevy Prizm with good gas milage, so it’s not so bad, just the stress of driving is tough. I really admire your traveling lifestyle and would love to somehow incorporate my art career with traveling. Keep up the good work!

By: Automation: Better Control or Loss of Control?

Automation: Better Control or Loss of Control? — Wed, 10 Mar 2010 12:07:26 +0000

[...] Budgets and Bills I was reading Baker’s thoughts on automation in his new guide and he brought out something I hadn’t really thought about before. [...]

By: Sheila (yeah, it's really my name)

Sheila (yeah, it's really my name) — Wed, 10 Mar 2010 02:01:01 +0000

Much as I see the wisdom of using cash and the envelope system, I have never been able to bring myself to try it. I am more comfortable carrying a credit card because of my size (I’m tall but lightly built, and anyone could knock me over and take my cash from me), my worries about misplacing cash, and because I like to keep a simplified wallet (I carry only a credit card, medical insurance card, and an ID). I try to adapt the same ideas that people use for a cash-based system into my credit-only life.

I created a modified “envelope” system using Quicken. I pay myself first by transferring money from my checking to my savings. Then I write checking account entries for my bills (insurance, utilities, etc.) and then add an entry each week for gas/groceries/misc. spending. I reduce the amount in the gas/groceries/misc. entry as I make a credit card purchases. I’m good about keeping within my limits, and I pay my credit card bill every three days, so I’m not out any interest expense.

I liked Bank of America’s “keep the change” idea — where they round up each debit purchase to the next dollar, then put the difference in a savings account — it’s just like saving pocket change. But I don’t like debit cards any more than I like cash, so I’ve started to keep track of the change from each purchase and will transfer the “change” to savings a couple of times a month.

If ever my credit card should be lost or stolen, the issuer will replace it in a jiffy, and I’m only out US$50 maximum — that is simplicity for me. My credit card is a rewards card, and in the last year, I’ve earned nearly $900 (I’ve put all of it in my savings account). Granted, the rewards programs have been revamped and won’t be as rewarding from now on, but it’s still free money.

I’d love to hear if any other credit-loving types have other “money hacks” that they are using to make life simpler and easier.

By: Adam Baker of Man Vs Debt: Unautomate Your Finances

Adam Baker of Man Vs Debt: Unautomate Your Finances — Tue, 09 Mar 2010 15:22:26 +0000

[...] the best article I have read at ManVsDebt and still in the TOP 5 of favorite blog posts EVER is 42 Ways to Radically Simplify Your Financial Life. 42 Ways was a great piece of work because it exemplifies minimalist finances. It addresses the [...]

By: Justin King

Justin King — Fri, 05 Mar 2010 04:48:49 +0000

Reallly good list. Nice work!

By: JMK

JMK — Thu, 04 Mar 2010 16:46:54 +0000

Great list!
A suggestion of a no spend day always makes me smile. It’s a good suggestion, don’t get me wrong. It’s just that a normal day for us is a no spend day. I normally work from home so no spending opportunities. My hubby is at his desk downtown by 7, takes a packed lunch, and heads straight home after work. By the time we have dinner, supervise homework, take someone to a sports practice or music lesson, and have a little quiet family time the evening is full. We only head into town for a restaurant for a very special occassion. It’s just not that important to us, and frankly when you live 20 minutes out of town it’s just enough to make it less convenient that cooking dinner at home. A few weeks ago we were all downtown to check out the ice sculptures at the winter carnival. Walking back to the car we passed block after block of restaurants and shops. By the time I got to the car I realized I felt like I’d had 5 coffees. Talk about over stimulation. I can see how living frugally in that environment would be a real test of strength, and having a no spending day would be an accomplishment. Living where we do we have to consciously get in the car and go somewhere to spend money. Yes living where we do means we need a vehicle (or two) but I now think it’s actually cheaper than living in close proximity to so many businesses all trying to tempt you.

We head out Saturday morning and get our weekly coffee, groceries, gas and head home. If someone wears a clothing item or there’s a home repair to do we’ll add a stop at the second hand clothing or hardware store. We absolutely don’t go to a store “just in case”. There’s always a list and a purpose, and for major purchases there’s been a lot of research done in advance.

We spend very frugally on day to day expenses (55% of our take home) and all the rest goes to retirement savings, extra mortgage payments, and our one splurge – a major trip every other year. We plan to retire in our early/mid 50s but want to travel with the kids now. We could retire a few years earlier but have decided travelling with the kids (8 & 15) now is more important.

FYI – have to disagree on getting rid of the credit cards. It’s good suggestion if you find you have trouble controlling your spending I guess, but we don’t have that issue. We buy everything possible on them to get the flight points. I pay them off WEEKLY and have never paid interest. I kind of look at them as the same as cash, but with a few days delay on actually handing over the cash. I’m not tempted to spend any extra because of the method of payment, but in another few weeks we’ll have enough points for all four flights to Europe for this summer. I love getting those flights for doing exactly what I would have done anyway.