I don’t know about you, but when I first found this financial community back in 2015 I was ecstatic. Not only was I devouring blogs left and right, I even started my own. Yeah, you know, the one you’re reading right now.
All in all, I gain a lot of satisfaction from sharing my story and helping other people take control of their money, but let’s be honest, some of the content out there revolves around financial gimmicks that aren’t sustainable for the long haul. I know this because I, too, tried some of them. Shocker.
In this post, I want to dive into some of these gimmicks you should consider ditching in exchange for a more rewarding and balanced life.
Financial Gimmick #1: Clothes-Buying Ban
Yep, I sure did implement one of these. And I blogged about it, too. Hey, other people were doing it, so why shouldn’t I give it a go? It seemed like a sure-fire way to demonstrate my commitment to getting out of debt, turning my financial life around, and saving a fortune all at the same time.
In retrospect, it was okay, but it isn’t something I’ll recommend to other people moving forward. As it turns out, when I finally quit the ban and allowed myself to buy some new clothes, I probably spent way more than I needed to in an attempt to combat the self-imposed deprivation I experienced for over a year.
Just like when I try to go on a gimmicky diet and not eat a particular type of food, all I end up doing is obsessing about that particular type of food! I’m lookin’ at you, carbs.
In the future, I’m skipping the bans and buying clothes on an as-needed basis – just like I always did. I was never a huge fanatic when it came to buying new clothes, so there was really no need to embark on this gimmick in the first place.
Related:
Financial Gimmick #2: Never Go Out To Eat. Ever.
This is a really big one tossed around within the financial independence community. And for good reason. There is no doubt about it, eating out will send you spiraling down a financial rabbit hole FAST.
I have fallen victim to this rabbit hole many times throughout my life. For me, eating out is so much more than the food, actually, it’s not about the food at all. I indulge in it because I love getting out of the house and being in a different atmosphere. I also love the chitter chatter of other people all around me.
In my mind, it’s a great use of my time because it’s entertaining and a bonding experience with whoever it is I happen to be dining with.
With all that said, I mostly stopped going out to eat at the beginning of my financial reboot to the detriment of my psyche. I know that’s a strong statement, but it’s the truth.
I mean, I didn’t and don’t hate cooking and eating at home, but sometimes I just like enjoying the experience of eating out. I’ve come to realize the fact that absolutes rarely make for an enjoyable life. So, I have accepted the introduction of eating out back into mine with open arms and heart. The key is to keep it to a minimum and re-calibrate if it starts to get out of control. The money monster within that tells me it’s only one dinner or just a few dollars can really get out of control if I’m not careful and constantly monitoring our routines.
Sometimes I think about how big my net worth would be today if I hadn’t gone out to eat so much in the past. The figure truly is staggering, but I really enjoyed it and there’s no room for regret. Moving forward, I have chosen to be highly aware of the frequency of our dining out behavior and keep a pulse on how much money we devote to it each month.
You’d be surprised how incredibly delectable a meal at a pizza shop tastes when you spend all week looking forward it. And dropping $20 on pizza shouldn’t break anyone’s bank.
Related:
Financial Gimmick #3: Stop Wearing Makeup
Now, this is one I never implemented. In fact, it wasn’t even a consideration because I will never not wear makeup.
Do I think I need it? Not at all.
Do I think I look better and more polished with it? Absolutely.
Do I feel better when I think I look polished? You betcha!
Sorry, but I’m simply not going to ditch my makeup to save a few dollars each month. And it literally is a few dollars each month. My modus operandi when it comes to makeup is to stick to the basics and not buy the expensive stuff.
I wear the kind of makeup that makes me look like I’m not wearing any makeup. Or, at least that’s what I’d like to think. No bright red lipstick or black eyeliner here – not that there’s anything wrong with that.
In fact, if I were going to an event that required me to get all gussied up, I’d have no problems breaking out the lips and liners, but most days, a basic foundation, a pale pink hue on my cheeks, and a shimmery lip gloss suffice.
All this for the bargain basement price of about $10/month. And I’m not giving it up. Ever.
Financial Gimmick #4: The Latte Factor
Yes, this has been discussed ad nauseum by everyone from its creator, David Bach (that’s an affiliate link), to basically all the financial bloggers in the world, but, hey, let’s go there one last time.
At the beginning of my financial turnaround, I gave it all up. I embraced frugality to the nth degree and nearly eliminated my weekly date with my husband to our favorite coffee shop to discuss our relationship, our dreams, and life in general.
Instead, we started cooking brunch at home and brewin’ our own coffee concoction on Sunday mornings. For me, I absolutely LOVE getting out of the house (see my well-thought-out case for Financial Gimmick #2), even if it’s just for a coffee. It simply invigorates and motivates me to get things done when I’m out and about and in the company of seemingly like-minded individuals.
Giving up my lattes was just not a big financial win for me. I’m actually not even a huge fan of coffee unless it’s loaded with cream and sugar, hence my love for lattes. Due to my lack of love and non-obsessive coffee consumption, I’m not running to Starbucks every morning to pick up a $5+ drink.
At most, I enjoy our Sunday morning coffee experience at a local, trendy shop (see our favorite local, trendy shop here) and I enjoy occasionally going through the BK drive-thru for a $1 mocha coffee on my way to work.
Last time I checked, that kind of spending wasn’t going to send anyone into financial ruin. So, this financial gimmick was sent to the chopping block.
Nowadays, every Sunday my husband and I decide if we want to go to said coffee shop or not. If we want to, we go. If we’re not quite feeling it, we make some drinks at home and enjoy it downstairs at our pub table with some background music. Remember I LOVE the atmosphere, so re-creating something that resembles less of what we do every day is super satisfying.
Related:
Financial Gimmick #5: Tiny Houses
The first thing I want to say about tiny houses is that I know first hand what it’s like to live in one. I grew up in an 8′ x 50′ mobile home with 3 siblings, 2 parents, and a Boston Terrier. And I gotta tell ya, I have fond memories of my childhood.
However, my memories do not necessarily reflect the reality of how it felt at the time. Although my mom kept it spic-n-span and organized to a T, we were cramped. Since I was the youngest of the 4 kids, the tiny quarters didn’t bother me as much as it did my older sibs. Sadly, my two oldest sibs both left the nest at 18 years old without much of a plan other than to get out of that trailer.
As I got older and became more aware of my tiny surroundings, I, too, grew tired of it. I was always embarrassed by our little house and avoided making new friends because I didn’t want to go through the hassle and potential judgment of having to tell them where I lived.
We lived in that tiny trailer because, financially, we had to – not because my parents were chasing early retirement. I often see people choosing to go tiny to chase the early retirement dream. And to each their own, if that’s what makes them happy. BUT, if living tiny isn’t necessary to make financial ends meet, I truly caution anyone considering it – especially with a family.
Although my husband and I already live in a smaller home based on today’s standards, we have actually discussed mobile home living as an accelerant to financial independence. After much discussion and consideration (our young daughter is totally against it, btw), we decided the cost savings isn’t worth the angst and stress it would cause our little family.
Related:
- Tiny House Living: 7 Things You Need To Consider Today
- The Original Tiny House
- Resisting The Temptation To Buy A Bigger House: The Struggle Is Real
Financial Gimmick #6: Early Retirement
Ooh, yes, I said it. The idea of striving for an early retirement turned out to be a romanticized concept that is a better idea than it would be a reality for me and my husband.
Having a little life experience under my belt has allowed me to watch others from afar. I have seen what happens to older people that run out of money or never had enough to stretch until the finish line in the first place – and it’s not pretty.
Now, that’s not to say it’s not a wonderful goal and a fabulous reality for others. The more I dove into the idea of what I really wanted for my life and what actually motivates me, I realized that early retirement isn’t it. It just doesn’t jive with my personality.
For me and my family, I’d rather work a job that I mostly enjoy, continue to save a ton of money, and enjoy my time both now AND later.
Related:
Balance Is Key To A Better Life
In the end, financial gimmicks aren’t all bad if they motivate you to achieve a goal. I still employ a few myself that work to improve my overall finances and life satisfaction.
One of my faves is resisting the urge to eat out and investing the money instead. It’s an instant win-win, and it motivates me to say no to that little imaginary money monster telling me to do it.
After embarking on this financial independence journey back in 2015, I realize that balance is key to a rewarding life.
Generally, by making smarter choices overall, I don’t need to prohibit myself from spending money or engage in extreme deprivation. Allowing myself to live a balanced life means I can buy clothes and go out to eat as long as I’m also investing a healthy chunk for my financial goals.
If you’re ready to reboot your finances and live a better life, sign up for my free 5-day email course!
6 Comments
There is a woman I know who HAAAAATES her job and every time I talk to her, she keeps telling me, only 3-5 years left! OMG!!! That’s 3-5 bleeping years of misery, JUST so you can say you reached FI??? How about look for another job you can at LEAST feel some contentment at, even if it’s not as much money, but you have time NOW to enjoy life too! It’s too imbalanced if you ask me!
EXACTLY! You hit the nail on the head. If you just construct a life you enjoy, including your job – whatever that may be – you don’t need to deprive yourself of all luxuries to reach FI or early retirement.
Thanks for stopping by, Tonya!
Great read! I couldn’t agree more with you that extremes and absolutes rarely makes sense in financial matters. I am a big fan of spending and enjoying life, maybe a bit too much sometimes, but it makes me happy. I can only make others happy when I am content.
Thanks! Yeah, after a few years of intense frugality and denying myself small pleasures that truly make my life more enjoyable, I have decided to ditch the deprivation route – within reason, of course.
I like this perspective (it closely aligns to the way I am), but I can see how it would be controversial to some people who genuinely enjoy the challenges inherent in the gimmicks.
I had a clothing ban as well for one year. I suppose that experience taught me something (and what I learned became a lesson leading to “the more relaxed way” that I am now). In essense, I trust myself and don’t need silly games, but I liked those rules at first on my saving journey.
Yeah, I agree. And like I said in the post, I like some of the gimmicks myself. It’s just the idea of constant, extreme deprivation that irritates me.
It’s just not realistic or something that most people want for their lives.
In my opinion, financial independence is well within reach without the gimmicks.