Skip to main content

EXTREME SAVERS

You can put away a lot more than the average American without living a deprived life. 

#Avoid Debt! 

Since they married two decades ago, Ed Haskell and Debbie Chasteen have saved more than half their income every year. But Ed's aggressive savings habits go back even further. From his early 20s, Ed was determined to live frugally so that he didn't have to work into his 60s. When the couple was dating, Debbie realized how serious Ed was about saving when she needed a new car but didn't have the cash. Rather than have her borrow, Ed offered to put up the money so she could continue maxing out her retirement plan. That avoidance of debt has been a key to their success.

Before they make any purchase, even big-ticket items like cars, they save up the cash. In 1996 they paid cash for their first home, a $105,000. "Sure, we could afford a bigger house and more expensive cars, but we're content with the things we have," says Ed, who retired 10 years ago and now teaches and consults. By the time Debbie retires in six years, Ed estimates they'll have a $2.5 million retirement nest egg.

#Delay Gratification

Nicole is a master of the long wait. She regularly holds off for three to six months before buying anything that costs more than $100, and she never spends more than $30 without first checking with Mitch (he does the same). She once put off buying a $3.99 ringtone for her cell phone for weeks to see if she really wanted it. And when she saw a $195 pair of earrings she liked, she trimmed the grocery budget for five months to find the cash. "I usually mentally buy something before I actually do it." 

Nicole and Mitch budget for everything, because they've socked away $250 a month since the day daughter Maude was born 11 years ago, they already have $50,000 in her college plan. And they constantly are looking for ways to save. But it's their ability to curb impulse buys that has fueled the family's savings. "We're not perfect, and sometimes we overspend. But if you have a game plan for savings, you don't get too far off track," says Nicole.

#Create Multiple Streams of Income

Tiffani Murray's friends call her an extreme saver, but Murray prefers to call herself a smart saver. "From the time I was a kid, I liked to have money so if I wanted something I could buy it myself," says Murray, who opened her first savings account at age 12. Twenty years later she regularly uses coupons, always files for rebates, buys plane tickets with credit-card points and earns free stays at hotels in exchange for writing reviews about the service as a mystery shopper. "I have found many ways to stretch a buck and still live the lifestyle I enjoy." 

Murray, who earns a six-figure salary, owns a three-bedroom home in Atlanta and drives a three-year old (recently paid off) Infiniti Coupe. "I could afford a bigger house or fancier car, but what I've got is just fine," she says. What's more important is her long-term goal of retiring by age 55. 

To find more money to save, Murray turns her free time into extra cash. After work and on weekends, she writes freelance articles on career advice, retools résumés and even does event planning. This work she enjoys can add up to $25,000 a year in extra income. "I'd like to retire early and when I do, I won't have to want for anything," she says.

#Live Below Your Means 

Marcus and Sheila Seitz earn more than $250,000 a year, but you might not guess that from the modest home they share with their teenage children, a 1,700-square-foot townhouse, or the family vacations of camping trips and visits to D.C.'s free museums. "We've always lived below our means," says Marcus, who hopes to retire by age 50. "By saving now, we will have unlimited options later on." Those options might include traveling for a year or moving to Vegas, where Marcus hopes to test out his poker skills and Sheila would like to teach. 

With those goals in mind, the Seitzes do all they can to maximize their savings. By living in a townhouse rather than a McMansion, they not only have a smaller mortgage payment (their only debt), but they also pay less in property taxes, utilities and maintenance. The Seitzes also take advantage of the perks of being in the military (Sheila was also in the military before moving to the private sector), shopping at military stores and taking advantage of the post-9/11 GI bill, which allows them to transfer Marcus' educational benefits to their children so their college expenses will be covered.

#Cut Down on Everyday Expenses

Thanks to her husband's successful law career, Julie Arnheim has been able to stay at home full time for the past 10 years with her daughters, ages 9, 12, and 14 (she previously worked in sales for a financial software firm). But living in the San Francisco suburbs is expensive, and Ralph hopes to retire by 55 or 60, so the Arnheims do all they can to keep a lid on spending. Julie describes their savings strategy as "eco-thrifty" -- they cook at home six nights a week, skip Starbucks, get most of their fruits and vegetables from their garden and keep chickens in the backyard for eggs. 

Instead of socializing in restaurants, Julie organizes pot-luck dinners with friends. The Arnheims swap items with neighbors, everything from books and kids soccer equipment to party dresses for their daughters and jewelry and scarves for the adults. Julie says some of their eco-thrifty habits are inspiring the neighbors too: "Several neighbors and local friends have either already gotten the poultry raising itch or are curious about it," she says.

Courtesy of Ed Haskell

#Copied

#June

#Enterprise 

TLF💚

Comments

Popular posts from this blog

Theme

For us in TLF we are going to be focusing on Enterprise aka Labour aka Work for the entire month of June. We are urged to work. If you do not work how would you meet your daily needs? Like food, shelter, clothings and transportation? What about having what to give to others in need? There are so many reasons to work. I know many of us love to do what we love, we do not like to go to work if we do not like the job. But what if what you are doing as work and being paid for is actually what you love? What you love may not turn out to be a source of income, but we must still do what we can to earn. Are you enterprising? Please keep it up. Are you in paid labour in the private or public sector? Please do your work as unto the Lord God. Are you working all by yourself as a self employed worker? Please continue to grow and progress for greatness. Always know that in - Happy moments, praise God.  Difficult moments, seek God.  Quiet moments, worship God.  Painful moments, trust ...

UN Days for the Month of June.

The United Nations designates specific days, weeks, years and decades as occasions to mark particular events or topics in order to promote, through awareness and action, the objectives of the Organization. Usually, it is one or more Member States that propose these observances and the General Assembly establishes them with a resolution. On occasion, these celebrations are declared by the specialized agencies of the United Nations, such as UNESCO, UNICEF, FAO, etc., when they concern issues that fall within the scope of their competencies. Some of them may be later adopted by the General Assembly. 1 June Global Day of Parents   3 June World Bicycle Day  4 June International Day of Innocent Children Victims of Aggression   5 June World Environment Day  5 June International Day for the Fight against Illegal, Unreported and Unregulated Fishing  8 June World Oceans Day   12 June World Day Against Child Labour 13 June International Albinism Awarene...

Thank God For The End Of Our mid-Year Crossover Prayers For 2025

Dear Lord, I thank you for this day, as we continue this second half of this year. I thank You for our  being able to see and to hear this morning. We’re blessed because You are a forgiving God and an understanding God. You have done so much for us  and You keep on blessing us . Forgive us  this day for everything we  have done, said or thought that was not pleasing to you. We  ask now for Your forgiveness. Please keep us  safe from all danger and harm. Help us  to start this day and second half of the year 2025 with a new attitude and plenty of gratitude. Let us  make the best of each and every day to clear our  mind s  so that we  can hear from You. Please broaden our  mind s  that we  can accept all things. Let us  not whine and whimper over things we  have no control over. Let us  continue to see sin through Your eyes and acknowledge it as evil. And when we  sin, let us  repent, and confes...