We lived with one car for a while. I dropped DH off at work and picked him up every day. Then, after we had our DS, we still only had one car which was a little harsh. If I didn't get up and take him to work, I was stuck all day. And, the baby was sleeping 6-9:00 a.m. so I wanted to sleep too! We got a second car again when DS was about 6 months old. All in all, I think we did it for about a year. It can be done!
I wish we could ditch a car, but with 3 very active small children in town who attend multiple activities and a hubby who works an hour away from us, it's not in the cards right this moment.
However, we ARE taking steps to solve some of these problems. We have no sidewalks in our town and very busy main roads. Only a damned fool would walk a stroller or walk with their kids down the road! Services (school, groceries, activities) are spread out nilly willy. There is no public transportation whatsoever in town except a senior citizen van back and forth to the senior center.
I've volunteered for a town committee that is trying to fix some of these problems by advocating for sidewalks (safe routes to school), bike paths, and bus service. We also work with other town committees to do things like Smart Growth zoning. It's expensive, so we've only gotten one new sidewalk in town from a very populous housing tract to a school, but just that one sidewalk has allowed more kids to walk to school and consolidate a school bus route. I don't think we'll ever be able to go one-car so long as we have both kids and two jobs (one a long commute job, the other a job that requires mobility), but once the kids are gone and hubby retires in 15 years perhaps we could do it.
Muhahahahahahahaha????????????????????????????????????????????? I know small car cost cheaper than big car. big car attend to take a lot of gas. Peace out cuzz???
Technically we have two cars, but mine has been sitting with a broken compressor and belt drive for a little over a year. The parts are in the kitchen, but we haven't been able to coordinate getting them replaced. Oh how I wish my husband had taken auto shop instead of video lab. Anyway, we're not technically in the suburbs, but a small rural town 30 miles from the nearest city. He works in the city 4 days a week. I don't really go anywhere on those 4 days and rarely need to. My kids who are in school ride the bus to and from, and the church van picks them up on Wednesdays for their bible club. If I absolutely must go somewhere here in town when he's gone I ask a friend. So far that's worked out ok, but I still want to get my car fixed. I probably still wouldn't go anywhere most days, but if one of the kids got sick or I really needed to go somewhere I could.
I would love to be able to give this a try, but alas, it's just not in the cards for us. I work 13 miles away (but it's 30 minutes minimum with traffic), and DH is an hour away in the opposite direction.
I do know that there will someday be a trail that extends right from where we live to the town where I work, and if traffic keeps getting worse, it may be faster to bike the 13 miles than it is to drive. By then the kids will be big enough that they'll both be on a bus. Only problem is how I bring my dress clothes without wrinkling them!
Thanks so much for sharing your experience and letting people know that it IS possible, even in the suburbs, if you are motivated to give it a try and your circumstances allow it.
for my wife and I - we live in an outer ring suburb of Minneapolis, and we both work during the same hours - in different directions. Add to that we both have drives of at least 20-30 minutes, it makes it nearly impossible for us to carpool or drive with only one car. Add to that the fact that there is no bus service from our suburb towards where we work - and I'm afraid we'll always be a 2 car family.
My cell phone costs $10.46 a month, so I can use the savings to buy those items the iphone helps you find to save on. I use the internet BEFORE I go out shopping, so don't need to check prices once I'm in a store. Why waste time going somewhere then finding out you should have gone somewhere else? Nothing "apps" can do that my home internet can't do before I step out. And with the money my phone saves, I can afford to buy once I get to the store.
I'm sorry to disagree but the only advice you should ever heed with a credit card is to pay off immediately, right now, don't delay just pay off whatever you can afford right now.
Credit cards are evil and when you have been in debt like I have (now thankfully out of debt) then you can see them for what they are.
Pay the minimum? Absolute rubbish.
One of the easiest methods to use is a sink plunger for small dents. You just apply it and gently pull it back out and hey presto! The dent is almost gone.
Honesty is most definately always the best policy. I got caught out about 12 years ago when I knew something wasn't quite right and I didn't report it. The result was that I also got prosecuted for not reporting it when I knew something was wrong. I have learnt my lesson the hard way...
Does anyone have the region hack for an RCA RTD217? I've looked everywhere and done multiple searches.. I haven't found anything yet. Any help would be very much appreciated!
I think one important issue consumers should consider is the transport distance implicit in the produce they buy. All else equal, a customer in Maine who buys a peach from California is being less green than if she buys a peach from New Jersey. And if the transport costs are lower, then the prices are likely to be lower too (not always, of course, but usually).
This means looking at the country of origin label on your produce, looking for signs in your grocery store for local or in-state fruits and veggies, and also seeking out farmstands and farmers markets in your community.
Focusing on transport distances can really help you "save green while being green."
I'm probably too late to the party and my comment will not be read anymore. Anyway, I have to disagree with your assessment of #19: Cutting the engine everytime you have to stop because of a red light is a very effective way to save a lot of money in the long run (not to mention the environment which will be grateful as well). Here in Switzerland, there has been an extensive campaign a few years back urging people to switch off their engines at red lights. Neutral experts and engineers from the automobile industry confirmed that there is absolutely no danger to or excessive wear on a modern engine. And it will demonstrably save gas, as long as you don't press the pedal when re-starting the engine (which you don't need to do because the ignition of any modern car is computer-controlled and will inject exactly the right amount of gas). This is why TCS, the automobile club of Switzerland (i.e. hardly a bunch of zealous environmentalists) recommends cutting the engine everytime you have to stop at a red light.
My husbond and I travelled through Australia, from Adelaide in the midsouth and all the way up to Darwin.
We highly recommend travelling with a company like Adventure Tours (http://www.adventuretours.com.au/) or one of the many different companies that offer what we did: Mini bus with 12-14 people from all over the World (Aussies also!), tenting/camping, selfcatering together as a group, some nights sleeping in swags under LOADS of stars. We would never dare to drive through the outback on our own (what if the car breaks down? You might be 300 km away from other people...), and flying or going by train is boring and expencive.
I understand your dilemma of balancing budget and experiences. With a organised group tour like this, at least there are no hidden costs, so it's easy to budget beforehand if you are able to go. Don't worry, it's not claustrofobic! :-) I'll be surpriced if you don't like it.
i guess i am one of those lucky few who absolutely loves what they do. i think i am going to do this as long as i can or until i get bored. as for the death part, i have no idea why people dont like talking about it. it is as inevitable as taxes but most(read the young) think that they are immortal and thus make no plans whatsoever with their finances or health or any other important thing and then when the bloom of youth wears away the sad reality strikes that they are indeed mere mortals. it is strange but i think about death very many times and there is a way that that it keeps me on my toes.
Congrats for being completely debt free and selling your house! You said it, regarding "living the life you want to create today, and not when you retire." It's all about balance, and all too often in corporate America, we lose site of things because we're so stressed out working like dogs. I've got to work on that balance, and i've planned to finally use at least 75% of my yearly vacation days.
Your goal to make some side income through writing sounds great. It's so funny b/c I think a lot of us have a lot of good stuff to say. It's just that we lack an audience. Thank goodness for online media and social networking sites to help us small timers out. Linsey at Wise Bread has been great to listen to some of my ideas, and I hope you find your own Linsey in your particular field of writing!
Best.
Keigu,
Financial Samurai
"Slicing Through Money's Mysteries"
Thanks sharing your thoughts and congrats for retiring by 59! That's a great accomplishment. Having health care and having no debt sound like two of the most important variables.
If we have no debt, and have health care coverage..... how much do we really need to enjoy life? I would peg the figure at around $30,000-$50,000 a YEAR in today's dollars, and that's living in a big city like San Francisco for me.
Life is so cheap without debt. I just got back from playing a league tennis match in the park, and all it cost was a $2 dollar can of balls! Do a little writing here and there, play some hopefully competitive tennis, read a library book and spend time with loved ones doesn't cost that much at all.
Keigu,
Financial Samurai
"Slicing Through Money's Mysteries"
We have about half a year's salary in retirement savings (took a big hit with the market downturn losing about 40%), and I always feel like it's not "enough" for a couple of our age (33 and 32), but this helped put my mind at ease.
We have young kids, and I'm staying at home with them for now, so it limits our earning power.
In about 5-6 years I anticipate working full-time from home, and that my husband's salary will increase, so we'll just bank those increases.
Meanwhile we're paying off debt, and will have a paid for home by the time we reach retirement age even if we simply follow our 30 year mortgage's schedule.
Our kids will be grown, we'll be able to downsize to a smaller/less expensive area and home by then as well.
We'd also love to continue working on things we enjoy past typical retirement age.
I think we can retire on a lot less than most calculators suggest.
Like you, I'm doing my best to live within my means and get out of corporate America. The safety of the 'golden handcuffs' (paycheck, medical benefits, 401k, etc), isn’t getting me to my financial freedom, however.
I spent my 20s getting out of debt. In my 30s, I worked for corporate America making a mediocre salary and saving what I could. Now in my early 40s, I'm completely debt free but I don't own my own house. I still work for corporate America, but doing what I can to climb down the corporate ladder! Simultaneously, I’m taking specific action to generate income through semi-passive avenues. I don't know any way to make money truly passive at this juncture without risk -- but I'm willing to learn!
The most important factor in my life right now is that I stay in the moment and enjoy today.
Here's how I'm doing it:
1. Sold my house and moved to the Carolina coast because that's where I want to live
2. Identify a niche in my new home town that I can fill and create a business that I think I will enjoy doing (event planning).
3. Start writing freelance. My first writing project is for a pre-paid debit card, Mango Money. With this writing gig, I can earn extra money monthly but also become more disciplined in managing my monthly budget with their product.
As I build up my new event planning business and earn money through writing, I hope to wind down the corporate job. Step by step.
I'm taking a leap of faith so that I can live the life I want to create today, not when I retire. Unlike this article, though, I don’t think I will have a nest egg built up enough in 7 years when I’m 50 .
First, I'd like to speak up in favor of "making do" and "getting by." That is, I don't think you necessarily need to put the word "just" in front of either of those.
Second, there are a lot of reasons why someone might have a high income and almost no savings. Of course it could be too much spending on frivilous stuff, but it could just as easily be high levels of spending on serious stuff. For example, sending a series of children to expensive colleges might well keep someone from doing any significant retirement saving until later than the personal finance books would recommend.
Finally, and kind of the point of my article, it's possible to fine-tune all the necessary variables. Cutting spending simultaniously cuts your cost of living not only now but on into the future. Continuing to work after normal retirement age is an option for most people. Continuing to earn some amount of money after "retirement" is also an option for most people. And there other little possibilities--earning extra money, for example.
So, as I say, don't despair, just because your retirement savings aren't as high as the book say they ought to be.
In the early 90's I worked in the US for a few years. In order to match the benefits we had at home, the company I worked for arranged some HMO coverage for me and my colleagues. Due to urinary tract infection, I went to the specified clinic and a doctor prescribed some antibiotic and sent me home. As soon as I finished the medicine, my problem came back. Went back to the clinic, another antibiotic and the same thing happens again. I was real upset and did not know how to deal with it. An American colleague told me to call the HMO Customer Service and tell them that I would sue them if they did not let me see a specialist. Did that and problem was solved. I was very young then and did not quiet know how to seek my rights. See me now!:)
25 m from Istanbul, Turkey.
Great article, great points that i am familiar with.
My parents also do the same way. Is it because they are
immigrants or mediterranean? I am not sure.
We lived with one car for a while. I dropped DH off at work and picked him up every day. Then, after we had our DS, we still only had one car which was a little harsh. If I didn't get up and take him to work, I was stuck all day. And, the baby was sleeping 6-9:00 a.m. so I wanted to sleep too! We got a second car again when DS was about 6 months old. All in all, I think we did it for about a year. It can be done!
I wish we could ditch a car, but with 3 very active small children in town who attend multiple activities and a hubby who works an hour away from us, it's not in the cards right this moment.
However, we ARE taking steps to solve some of these problems. We have no sidewalks in our town and very busy main roads. Only a damned fool would walk a stroller or walk with their kids down the road! Services (school, groceries, activities) are spread out nilly willy. There is no public transportation whatsoever in town except a senior citizen van back and forth to the senior center.
I've volunteered for a town committee that is trying to fix some of these problems by advocating for sidewalks (safe routes to school), bike paths, and bus service. We also work with other town committees to do things like Smart Growth zoning. It's expensive, so we've only gotten one new sidewalk in town from a very populous housing tract to a school, but just that one sidewalk has allowed more kids to walk to school and consolidate a school bus route. I don't think we'll ever be able to go one-car so long as we have both kids and two jobs (one a long commute job, the other a job that requires mobility), but once the kids are gone and hubby retires in 15 years perhaps we could do it.
does a honda is cheap to?? just wondering?
Muhahahahahahahaha????????????????????????????????????????????? I know small car cost cheaper than big car. big car attend to take a lot of gas. Peace out cuzz???
Technically we have two cars, but mine has been sitting with a broken compressor and belt drive for a little over a year. The parts are in the kitchen, but we haven't been able to coordinate getting them replaced. Oh how I wish my husband had taken auto shop instead of video lab. Anyway, we're not technically in the suburbs, but a small rural town 30 miles from the nearest city. He works in the city 4 days a week. I don't really go anywhere on those 4 days and rarely need to. My kids who are in school ride the bus to and from, and the church van picks them up on Wednesdays for their bible club. If I absolutely must go somewhere here in town when he's gone I ask a friend. So far that's worked out ok, but I still want to get my car fixed. I probably still wouldn't go anywhere most days, but if one of the kids got sick or I really needed to go somewhere I could.
I would love to be able to give this a try, but alas, it's just not in the cards for us. I work 13 miles away (but it's 30 minutes minimum with traffic), and DH is an hour away in the opposite direction.
I do know that there will someday be a trail that extends right from where we live to the town where I work, and if traffic keeps getting worse, it may be faster to bike the 13 miles than it is to drive. By then the kids will be big enough that they'll both be on a bus. Only problem is how I bring my dress clothes without wrinkling them!
Thanks so much for sharing your experience and letting people know that it IS possible, even in the suburbs, if you are motivated to give it a try and your circumstances allow it.
for my wife and I - we live in an outer ring suburb of Minneapolis, and we both work during the same hours - in different directions. Add to that we both have drives of at least 20-30 minutes, it makes it nearly impossible for us to carpool or drive with only one car. Add to that the fact that there is no bus service from our suburb towards where we work - and I'm afraid we'll always be a 2 car family.
I at least carpool which helps i think.. :)
I need to learn it and live it :)
then we really mightcould be a one car family.
great post as my definition of that is one which gets me thinking...
My cell phone costs $10.46 a month, so I can use the savings to buy those items the iphone helps you find to save on. I use the internet BEFORE I go out shopping, so don't need to check prices once I'm in a store. Why waste time going somewhere then finding out you should have gone somewhere else? Nothing "apps" can do that my home internet can't do before I step out. And with the money my phone saves, I can afford to buy once I get to the store.
I'm sorry to disagree but the only advice you should ever heed with a credit card is to pay off immediately, right now, don't delay just pay off whatever you can afford right now.
Credit cards are evil and when you have been in debt like I have (now thankfully out of debt) then you can see them for what they are.
Pay the minimum? Absolute rubbish.
One of the easiest methods to use is a sink plunger for small dents. You just apply it and gently pull it back out and hey presto! The dent is almost gone.
Honesty is most definately always the best policy. I got caught out about 12 years ago when I knew something wasn't quite right and I didn't report it. The result was that I also got prosecuted for not reporting it when I knew something was wrong. I have learnt my lesson the hard way...
Does anyone have the region hack for an RCA RTD217? I've looked everywhere and done multiple searches.. I haven't found anything yet. Any help would be very much appreciated!
I think one important issue consumers should consider is the transport distance implicit in the produce they buy. All else equal, a customer in Maine who buys a peach from California is being less green than if she buys a peach from New Jersey. And if the transport costs are lower, then the prices are likely to be lower too (not always, of course, but usually).
This means looking at the country of origin label on your produce, looking for signs in your grocery store for local or in-state fruits and veggies, and also seeking out farmstands and farmers markets in your community.
Focusing on transport distances can really help you "save green while being green."
Dan
Casual Kitchen
I'm probably too late to the party and my comment will not be read anymore. Anyway, I have to disagree with your assessment of #19: Cutting the engine everytime you have to stop because of a red light is a very effective way to save a lot of money in the long run (not to mention the environment which will be grateful as well). Here in Switzerland, there has been an extensive campaign a few years back urging people to switch off their engines at red lights. Neutral experts and engineers from the automobile industry confirmed that there is absolutely no danger to or excessive wear on a modern engine. And it will demonstrably save gas, as long as you don't press the pedal when re-starting the engine (which you don't need to do because the ignition of any modern car is computer-controlled and will inject exactly the right amount of gas). This is why TCS, the automobile club of Switzerland (i.e. hardly a bunch of zealous environmentalists) recommends cutting the engine everytime you have to stop at a red light.
My husbond and I travelled through Australia, from Adelaide in the midsouth and all the way up to Darwin.
We highly recommend travelling with a company like Adventure Tours (http://www.adventuretours.com.au/) or one of the many different companies that offer what we did: Mini bus with 12-14 people from all over the World (Aussies also!), tenting/camping, selfcatering together as a group, some nights sleeping in swags under LOADS of stars. We would never dare to drive through the outback on our own (what if the car breaks down? You might be 300 km away from other people...), and flying or going by train is boring and expencive.
I understand your dilemma of balancing budget and experiences. With a organised group tour like this, at least there are no hidden costs, so it's easy to budget beforehand if you are able to go. Don't worry, it's not claustrofobic! :-) I'll be surpriced if you don't like it.
i guess i am one of those lucky few who absolutely loves what they do. i think i am going to do this as long as i can or until i get bored. as for the death part, i have no idea why people dont like talking about it. it is as inevitable as taxes but most(read the young) think that they are immortal and thus make no plans whatsoever with their finances or health or any other important thing and then when the bloom of youth wears away the sad reality strikes that they are indeed mere mortals. it is strange but i think about death very many times and there is a way that that it keeps me on my toes.
ps;great post btw
Congrats for being completely debt free and selling your house! You said it, regarding "living the life you want to create today, and not when you retire." It's all about balance, and all too often in corporate America, we lose site of things because we're so stressed out working like dogs. I've got to work on that balance, and i've planned to finally use at least 75% of my yearly vacation days.
Your goal to make some side income through writing sounds great. It's so funny b/c I think a lot of us have a lot of good stuff to say. It's just that we lack an audience. Thank goodness for online media and social networking sites to help us small timers out. Linsey at Wise Bread has been great to listen to some of my ideas, and I hope you find your own Linsey in your particular field of writing!
Best.
Keigu,
Financial Samurai
"Slicing Through Money's Mysteries"
Hi Karen,
Thanks sharing your thoughts and congrats for retiring by 59! That's a great accomplishment. Having health care and having no debt sound like two of the most important variables.
If we have no debt, and have health care coverage..... how much do we really need to enjoy life? I would peg the figure at around $30,000-$50,000 a YEAR in today's dollars, and that's living in a big city like San Francisco for me.
Life is so cheap without debt. I just got back from playing a league tennis match in the park, and all it cost was a $2 dollar can of balls! Do a little writing here and there, play some hopefully competitive tennis, read a library book and spend time with loved ones doesn't cost that much at all.
Keigu,
Financial Samurai
"Slicing Through Money's Mysteries"
We have about half a year's salary in retirement savings (took a big hit with the market downturn losing about 40%), and I always feel like it's not "enough" for a couple of our age (33 and 32), but this helped put my mind at ease.
We have young kids, and I'm staying at home with them for now, so it limits our earning power.
In about 5-6 years I anticipate working full-time from home, and that my husband's salary will increase, so we'll just bank those increases.
Meanwhile we're paying off debt, and will have a paid for home by the time we reach retirement age even if we simply follow our 30 year mortgage's schedule.
Our kids will be grown, we'll be able to downsize to a smaller/less expensive area and home by then as well.
We'd also love to continue working on things we enjoy past typical retirement age.
I think we can retire on a lot less than most calculators suggest.
Like you, I'm doing my best to live within my means and get out of corporate America. The safety of the 'golden handcuffs' (paycheck, medical benefits, 401k, etc), isn’t getting me to my financial freedom, however.
I spent my 20s getting out of debt. In my 30s, I worked for corporate America making a mediocre salary and saving what I could. Now in my early 40s, I'm completely debt free but I don't own my own house. I still work for corporate America, but doing what I can to climb down the corporate ladder! Simultaneously, I’m taking specific action to generate income through semi-passive avenues. I don't know any way to make money truly passive at this juncture without risk -- but I'm willing to learn!
The most important factor in my life right now is that I stay in the moment and enjoy today.
Here's how I'm doing it:
1. Sold my house and moved to the Carolina coast because that's where I want to live
2. Identify a niche in my new home town that I can fill and create a business that I think I will enjoy doing (event planning).
3. Start writing freelance. My first writing project is for a pre-paid debit card, Mango Money. With this writing gig, I can earn extra money monthly but also become more disciplined in managing my monthly budget with their product.
As I build up my new event planning business and earn money through writing, I hope to wind down the corporate job. Step by step.
I'm taking a leap of faith so that I can live the life I want to create today, not when I retire. Unlike this article, though, I don’t think I will have a nest egg built up enough in 7 years when I’m 50 .
All my best,
Kim
First, I'd like to speak up in favor of "making do" and "getting by." That is, I don't think you necessarily need to put the word "just" in front of either of those.
Second, there are a lot of reasons why someone might have a high income and almost no savings. Of course it could be too much spending on frivilous stuff, but it could just as easily be high levels of spending on serious stuff. For example, sending a series of children to expensive colleges might well keep someone from doing any significant retirement saving until later than the personal finance books would recommend.
Finally, and kind of the point of my article, it's possible to fine-tune all the necessary variables. Cutting spending simultaniously cuts your cost of living not only now but on into the future. Continuing to work after normal retirement age is an option for most people. Continuing to earn some amount of money after "retirement" is also an option for most people. And there other little possibilities--earning extra money, for example.
So, as I say, don't despair, just because your retirement savings aren't as high as the book say they ought to be.
Wonderful article. Should be a required reading for all students. Do share with your friends and family.
In the early 90's I worked in the US for a few years. In order to match the benefits we had at home, the company I worked for arranged some HMO coverage for me and my colleagues. Due to urinary tract infection, I went to the specified clinic and a doctor prescribed some antibiotic and sent me home. As soon as I finished the medicine, my problem came back. Went back to the clinic, another antibiotic and the same thing happens again. I was real upset and did not know how to deal with it. An American colleague told me to call the HMO Customer Service and tell them that I would sue them if they did not let me see a specialist. Did that and problem was solved. I was very young then and did not quiet know how to seek my rights. See me now!:)
25 m from Istanbul, Turkey.
Great article, great points that i am familiar with.
My parents also do the same way. Is it because they are
immigrants or mediterranean? I am not sure.