She Strengthens

A Year of Radical Frugality: How We Saved Thousands and Changed Our Lives

Taking Control of Our Finances

When it comes to setting New Year’s resolutions, my wife Jaime and I like to think big. In 2016, we resolved to be as thrifty as possible, and our efforts paid off – we paid off $24,000 of mortgage principal and increased our net worth by 30 percent. But we didn’t stop there. Last year, we embarked on an even more ambitious experiment: to buy nothing new in 2017.

The Motivation Behind Our Experiment

As a family of five, we realized we had fallen into a pattern of overspending. Despite our best efforts to be thrifty, we found ourselves constantly replacing old items with new ones, only to discard the old ones. This habit was not only hurting our finances but also contributing to waste and harming the environment. Our goal is to achieve financial independence, and we knew that cutting back on unnecessary expenses would bring us closer to our target.

The Rules of Our Experiment

We set out to buy nothing new in 2017, opting instead for used, refurbished, and reclaimed items whenever possible. We relaxed our standards, letting our kids wear clothes they already had instead of buying new ones for special occasions. We also got more disciplined about fixing items instead of replacing them, and used other things we owned to do the same job.

The Results of Our Experiment

Our experiment was not without its challenges, but the results were well worth it. By cutting back on extras, fixing stuff instead of replacing it, using other things we owned, making our own using materials we already had, and buying used as much as possible, we saved at least $2,500. This might not seem like a lot, but if we can sustain this lower spending level, it could shave $62,500 off our retirement goal.

Lessons Learned

One of the most significant lessons we learned was the importance of being resourceful and creative. By fixing items instead of replacing them, we not only saved money but also reduced waste. We also discovered the value of buying used items, which often cost a fraction of the price of new ones. Perhaps most importantly, we learned that small changes to our daily habits can add up to make a big impact on our finances and the environment.

The Future of Our Frugal Lifestyle

While we didn’t follow the rules perfectly, our “nothing new” year has had a lasting impact on our lives. We’re looking forward to continuing our frugal habits, albeit with a bit more flexibility. We’ll continue to shop at thrift stores, hold off on purchasing new items unless absolutely necessary, and find ways to reduce waste. These simple habits may seem insignificant on their own, but they can add up to huge savings down the road.