I REGULARLY READ blogs written by those who retired early to a life of ultra-frugality. Do you consider yourself careful with money? Even so, I doubt you’d enjoy the frugal lifestyle of many followers of the FIRE (financial independence/retire early) movement. I certainly wouldn’t.
If I go on another cruise, I won’t be booking an inside cabin. I can’t imagine my wife buying clothes from a thrift store and wearing them for the next 10 years.
Things that strike me as too frugal: Never going out to eat. Never traveling. Not owning a car. Living on a remote piece of land and chopping firewood for heat. Picking up toys from the curbside for the kids. Moving to Mexico for the low cost of living. And, no, I’m not trusting my eyeglasses to an online service to save money.
Don’t get me wrong: I shun designer frames and designer everything else. I lean toward frugality. I avoid impulse shopping, buying the latest trendy thing and accumulating unnecessary stuff. Still, you usually get what you pay for. Have you ever read about the things you should never buy from a dollar store? But it isn’t just the extreme frugality of the FIRE folks that bothers me. Rather, it’s also the related claim that they’re financial independent.
Don’t get me wrong: I’m not mocking these frugal folks, nor am I being a snob. But it’s important to understand the lifestyle necessary to be financial independent if you’re living on a tiny budget. To be sure, these folks seem happy with their choices. Many are actually income-earning bloggers, authors and podcasters who are sought out by the media. In that regard, I’m jealous. Nobody seeks me out. Being an old school dinosaur is not news.
One blogger claims to have lived on $7,000 a year or less for a decade. Another says his family of five lives on $40,000 a year and spent just $296 on groceries in March. The U.S. Department of Agriculture puts a low-cost grocery plan for a family of four at $892.90 per month. Even a thrifty food plan is estimated at $676.80 per month.
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Source: Too Frugal for Me – HumbleDollar