2664: Stuff We Just Stopped Buying by Lisa Harrison of Mad Money Monster on Saving Big

[00:00:00] This is Optimal Finance Daily, Episode 2664. Stuff We Just Stop Buying by Lisa Harrison

[00:00:08] of MadMoneyMonster.com and I'm your host and personal finance enthusiast, Diania Merriam.

[00:00:14] Now let's get right to it and continue optimizing your life.

[00:00:22] Stuff We Just Stop Buying by Lisa Harrison of MadMoneyMonster.com

[00:00:28] I've recently noticed that there are a lot of everyday things that Mr. MadMoneyMonster

[00:00:33] and I just don't buy.

[00:00:35] Not surprisingly, skipping out on these little items have added up to big savings over

[00:00:40] the course of a few years.

[00:00:42] After getting married in 2015 and deciding to make our finances a priority, quite a few

[00:00:48] things made the chopping block.

[00:00:50] If you're curious to see what kind of stuff we just stopped buying, keep listening.

[00:00:56] Number 1 New Cars Let's start with a big one.

[00:01:01] This isn't something we stopped buying, this is actually something we have never purchased.

[00:01:06] Even before we met each other, we never bought a new car.

[00:01:09] I can't see this changing in the future ever.

[00:01:12] In our opinion, it's a surefire way to flush a few thousand dollars down the proverbial toilet

[00:01:18] the moment you leave the dealership.

[00:01:21] We currently have two vehicles and are seriously considering taking it down to one.

[00:01:26] One is paid for and the other has a balance of 7,000 dollars.

[00:01:30] Quite affordable yet a huge frugal no-no.

[00:01:33] Geez, give us a break, we just started on this hardcore journey a few months ago.

[00:01:38] I think I remember reading somewhere that Rome wasn't built in a day.

[00:01:43] Update We paid off our car with the 7,000 dollar balance early last year.

[00:01:48] Once then, we ditched Mr. Mad Money Monsters car with the help of the Facebook Marketplace

[00:01:54] and bought a conversion van in its place.

[00:01:57] Basically, we're down to one car, our Mazda 3, with our van being reserved for family vacations

[00:02:02] and other various cross-country adventures.

[00:02:06] Number 2 Cable TV We decided to cut the cord a few years ago

[00:02:11] and haven't looked back.

[00:02:13] Many monster isn't bombarded with the latest advertisements, and neither are we.

[00:02:17] Since we're not a big sports family, Netflix covers our entertainment needs just fine.

[00:02:23] Oh, win for everyone!

[00:02:25] Number 3 Paper Products Minus Toilet Paper

[00:02:29] Is it really necessary to purchase these items?

[00:02:32] I'm not an expert but I'd estimate that you could easily drop $5 a week on set items.

[00:02:37] At $5 a week, you're dropping $260 a year on paper.

[00:02:43] Yes, we do blow our noses.

[00:02:45] We just tend to use toilet paper for this.

[00:02:48] This started because I absolutely hate clutter and I'm probably the biggest minimalist

[00:02:52] whoever lived.

[00:02:53] In fact, I was a minimalist before it became trendy and before I knew I was one.

[00:02:58] Lucky for me, it just so happens that minimalism goes hand in hand with frugality.

[00:03:03] Thanks to my little neuroses, we don't spend money on tissues ever.

[00:03:08] Granted, it could be awkward offering a sniffling guess some toilet paper to blow their

[00:03:12] nose, but if they're in our house, it's a fair assumption that they know us well and wouldn't

[00:03:16] care.

[00:03:18] As for napkins, we like using cloth.

[00:03:20] They're classy and make you feel like you're dining at a fancy restaurant and who doesn't

[00:03:24] like that feeling.

[00:03:26] But what about paper towels?

[00:03:27] How can you live without paper towels Mrs. Mad Money Monster?

[00:03:32] Truth be told, we always have a role of paper towels on hand for the unfortunate event

[00:03:36] of pet vomit.

[00:03:38] Yuck!

[00:03:39] It happens.

[00:03:40] Otherwise we use rags from old worn out clothing to help us in the cleaning department.

[00:03:45] Oh, how I wish we had a cleaning department.

[00:03:49] Number 4, shaving cream.

[00:03:51] Nope, you're not going to see it in our house despite Mr. Mad Money Monster shaving his

[00:03:55] head.

[00:03:57] We both use a good old fashioned bar of bath soap to lather up for our shaving needs.

[00:04:01] I started doing this when I ran out of shaving cream quite a few years ago and realized

[00:04:05] it actually worked.

[00:04:07] I never looked back.

[00:04:09] When I met Mr. Mad Money Monster, I noticed he didn't waste his cash on shaving cream

[00:04:13] either.

[00:04:14] That's when I knew we were a match.

[00:04:16] I highly recommend you try it.

[00:04:19] Number 5, soda and juice.

[00:04:22] Again, we just don't buy it unless we're entertaining family or friends.

[00:04:26] We both grew up with less than most of our friends, so having this stuff in the house wasn't

[00:04:30] a daily thing.

[00:04:32] I grew up loving water and milk, preferably chocolate of course, and so did Mr. Mad Money

[00:04:37] Monster.

[00:04:39] We're perfectly fine doing the same thing now.

[00:04:41] We certainly don't feel deprived, especially since they're not really good for you anyway.

[00:04:47] Sometimes Mini Monster's grandma brings some juice boxes.

[00:04:50] Thankfully, they usually just sit in our refrigerator and go to waste unless we have some kids come

[00:04:55] over for a play date.

[00:04:57] Nobody needs that kind of sugar, and we're certainly not going to pay for it.

[00:05:01] Number 6, family photos.

[00:05:04] Is it really necessary to drop cash on posed family pictures with the change of every season?

[00:05:09] Don't call me a cramudge in.

[00:05:10] I like these pictures, but I would never pay a professional photographer to take them.

[00:05:15] If you absolutely cannot stand the thought of foregoing these pictures, have a friend

[00:05:20] take them or set a timer and take them yourself.

[00:05:23] It doesn't take a rocket scientist to figure out the standard poses.

[00:05:26] So sit in the leaves, hold your children and strike a pose.

[00:05:30] I guarantee you they will be Instagram and Facebook worthy.

[00:05:33] Of course, this list isn't all-inclusive.

[00:05:36] There are tons of other things we just stopped buying, but that didn't make our list.

[00:05:41] And number 7, pet care.

[00:05:44] It's no surprise to anyone that our pets are incredibly important to us, but that doesn't

[00:05:48] mean we spare no expense.

[00:05:50] We absolutely spend money on their annual checkups and health care needs.

[00:05:54] On top of that, we have no problem purchasing grain-free foods to ensure they're eating well

[00:05:59] and staying healthy.

[00:06:00] But on the other hand, we're certainly not paying for doggy daycare or the latest toys.

[00:06:05] We prefer to spend time with our animals, lots of time.

[00:06:09] We also prefer making their toys over buying them.

[00:06:12] Tying a few t-shirts together for a tug toy makes them super happy and it's great for

[00:06:16] recycling our old stuff.

[00:06:22] You just listen to the post titled Stuff We Just Stop Buying by Lisa Harrison of MadMoneyMonster.com.

[00:06:29] And I'll be right back with my commentary.

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[00:07:46] I often see posts in various forums or on social media where people like to criticize how

[00:07:51] other people spend money.

[00:07:53] But here's the thing, everyone has different preferences and there are no rules on what

[00:07:58] makes something a morally good or bad purchase.

[00:08:02] The only thing that matters is that one spends less than they earn and invest the difference.

[00:08:09] Some people are still living beneath their means even if they buy all the things listed

[00:08:13] in the article today.

[00:08:15] If they have more significant means, they can spend more extravagantly and still practice

[00:08:20] good money management habits.

[00:08:23] I did a presentation for a group yesterday where I talked about how I was able to save

[00:08:27] and invest 60% of my income.

[00:08:29] One of the things I mentioned is that I drive an older paid off car.

[00:08:34] Someone in the audience raised their hand and said that they weren't willing to do that.

[00:08:38] They enjoy driving newer cars and were curious how they too could save and invest more.

[00:08:44] I told them that if they didn't see any other way to reduce spending, then they should

[00:08:48] take on a side hustle or otherwise increase their income.

[00:08:52] They didn't like this response.

[00:08:54] I get these sorts of questions a lot.

[00:08:57] How can I learn to invest if I'm not willing to read the book you recommended?

[00:09:01] How can I save more money if I'm not willing to reduce my expenses or increase my income?

[00:09:06] It's kind of like asking how can I lose weight if I'm not willing to change my eating

[00:09:10] or exercise at all?

[00:09:13] The short answer is that without any willingness to change anything, you're going to stay

[00:09:18] in the exact position you're in now because there are no shortcuts to building wealth.

[00:09:24] But that should do it for today.

[00:09:25] Have a great day and start your weekend.

[00:09:27] Thank you for listening, and I'll be back here tomorrow where your optimal life awaits.