Tightwaddin'

I'm Lewis and I'm a massive tightwad.

My partner and I save about 60% of our pre-tax income. I do it because (in the long run) I want to retire at age 50, or at least have the choice of doing a nice relaxing part-time job in my later years. Eventually I plan to move into the garden shed full-time.

I also do it because, after having being an intentionally terrible consumer for a few years, I've realised that buying more and more consumer products was not actually making me (or anyone) happy. This was an ironic realisation as I was formerly a product designer.

Neither of us is on an amazing salary - both decidedly average, in fact (admittedly we are DINKYs).

Here are some tightwaddin' highlights:

• For years we were housesitters instead of renting. We lived in a university town in NZ, which meant that the professors would often go on sabbatical for six months or so (because every other university is so far away). We were offered a three-month housesit, which led to another, and another. It culminated in a year's sit in a very grand five-bedroom house with a tennis court and a sea-and-mountains view. We didn't pay a penny in rent for nearly four years.
  
• Housesitting hasn't worked out back in the UK (I suppose since it's so easy to travel) but we can still make choices about where we live. We rent a very modest 1-bed flat that's within cycling/walking distance of our jobs. A friend of mine rents a 2-bed flat because he needs another bedroom for all the shit he doesn't use, and a garden to enjoy all the beautiful northern weather. He pays twice as much as we do, and we have a park literally on our (back)doorstep.
  
• Bangernomics. I drive a 15-year-old Ford Focus. I bought it for 600 quid, with 80,000 miles on it, from a man who had owned it since new. A lot of my co-workers lease their cars 'because new cars get better fuel economy'. My car gets 50 to the gallon. Maybe your car gets 60, but it costs you 400 a month to lease. How far are you driving to claw that back? All for the privilege of driving on the same shitty congested roads that I do.
  
• Holidays. My friend and his partner went to Iceland last year to do a 5-day hike. It cost him something daft like two grand. Iceland looks great and I'll visit one day, but Scotland's just as beautiful and our 5-day hiking trips cost maybe 40 quid in petrol plus a bit for food (and hiking food is cheap, because you can make your own flapjacks and dehydrated noodle soup). AirBnB is amazing. You could pay good money for a hotel in some European city and end up in some shit cafe where coffee is 14 quid a cup, or pay peanuts for an AirBnB which comes with a host who tells you where the best places are.
  
• Gadgets. I had my old Motorola smartphone for about 6 years before I lost it, and the fucker still didn't have any cracks on the screen. I replaced it last month for a Huawei something-or-other which is a fiver a month for more data than I can use. My colleague pays £20 a month because 'he wants to watch Youtube on the toilet'.
  
• Food. My friend and his wife spend £120 a week. Half on frozen meals and takeaways, and the other half he just throws in the bin. And he looks really unhealthy (spotty, overweight, breath so bad he leaves residue on the phone etc). We shop at Aldi and eat a lot of soups, stews, chilli, curries - all cooked up in big batches and frozen. Weekday dinners are as effortless as a shitty ready-meal. All this for maybe £40 a week, for both of us.
  
• Unexpected bonus - my family thinks I'm poor because I have an old car. This means there's always a new shirt or pair of socks waiting for me when I visit. So by saving money, I save even more money... amazing.
  
  

Reading this back it is clear I am frustrated by my peers. I am not doing this as a sanctimonious protest, though - I genuinely am a massive dirtbag. Anyone else out there? What are your reasons and goals?

Cool story bro

Not trying to sound negative, but what if something happens to you before you're 50? I can understand the need to think about your future, but is it coming at a cost of living in the now? I'm more in the camp of, if you have it, spend it, even though I'm not well off by any means. But each to their own, whatever works for you.

@lae
Fair play to you but, honestly, I'm really glad I'm not you.
GLWS.

Holidays. My friend and his partner went to Iceland last year to do a 5-day hike. It cost him something daft like two grand. Iceland looks great and I'll visit one day, but Scotland's just as beautiful.

I don't know man, I'd love to experienced Iceland to do a hike there, Scotland's kinda easy with taking the train to Fort William and the bus to Glen Coe.

@poetic kinda have a point, I earn just a little above mim wages, but want to experiences life as much as I can, even if that mean eating cheaply for the next month.

@lae I like your style. spend less now work less long term sounds good to me.

I'm totally with @lae... I'm not as big a cheapskate but getting there... My salary has dropped quite considerably since arriving in Oz but I'm still tucking money away... Food is where we make a massive saving, buy everything fresh from the market, 'ugly' fruit and veg where possible and then cook up a storm... I don't go to the pub regularly anymore so that saves me a fucking fortune too, two or three six-packs a week is all I need...

Since arriving I've bought a Brompton, four guitars, eight boutique guitar pedals and two guitar amplifiers... That's gonna stop now...

I'm about to liquidate a load of sneakers, streetwear and other tat I've got lying around to make our house deposit even bigger... It's the only way... I'm probably quite a bit older than @lae tho'... Consume less!

@Poetic yeah a few people have said similar things. Statistically I'm extremely unlikely to die or become incapacitated before I'm 50. I'll most likely still be active until I'm 70. Even in my 70s I can enjoy the fruits of my labour.

More importantly though, I don't feel like I am depriving myself! I think by focusing our spending on what makes us happy, we've actually been able to do a lot more. In the last year we've had three weeks in Australia, three weeks climbing mountains around NZ (granted we did already live there, but having a big wad of cash made taking unpaid leave a lot easier), a dozen weekends hiking or mountain-biking in Scotland or Wales (wild camping of course)... next week we're doing a relaxing three days on the South West Coast Path and we've still got the week before Christmas off (maybe Lake District). I still see mates 2-3 times a week, go out to restaurants occasionally. Maybe outdoors isn't your thing - focus on experiencing great food, or theatre, or vintage farm machinery - strip back on all the useless crap and you can do more of the good stuff whilst saving more money.

(@edscoble my point about Iceland was that it's possible to have an equally-remote and equally-challenging experience without breaking the bank (not that his hike was either remote or challenging). Glen Coe is just the start of the tourist trail, for two grand you could see all of Scotland)

And @Poetic I also think there is a health benefit to saving money. When I left uni at 25 I was stressed about my finances and future security, so I started saving. Four years later I've got friends and colleagues, some earning far more than me, who have been reduced to tears by an unexpected bill or car repair. I know they still have that same stress simmering away just under the surface - and their 'life enhancing' Volvo-Labrador-penthouse flat are probably the cause. I haven't had that feeling for years. We've stopped arguing about money. Car repair, who gives a fuck. If my car blows up, I'll just buy another 600 quid car.

@>>>>>> yup food's a really big one. I like cooking so that helps. Something I really liked about Australia was all the cheap local produce. Even in the centre of Melbourne people were growing stuff. I suppose this cancels out the $20 limes from Woolies.

I've got a bit of a rule about buying and selling. If I want something I ask if I'll use it at least once a week for a year. If the answer is no, I won't buy it. If the answer's yes, I'll sleep on it, and by morning the answer is usually no. If I own an item that I'm thinking about selling, I work out what I could get for it, and then ask myself if I'd buy it for the sale price (taking into account the rules above). Usually the answer is no, so I'll sell it.

I'm also a fan of serendipity. Just wait a little longer to make that purchase, and you might just get it cheaper, or even for free. A few months ago I wanted a roller-tray toolbox. I waited a little while for a cheap one to come up on ebay... but after a few weeks I found one in a skip. My entire house is furnished this way.

Again I don't want to come off as smug. Partially I am frustrated by some of my friends (and our culture) for whom consumerism is a source of stress and lost time. And partially I'm wondering if anyone else is a massive Tightwad For Life.

Interesting post.

14 years ago (wow, 14 years!), I was running a business and had just bought a house with my partner and we were about to start a family. I was worried (rightly, as it turned out), that for various reasons over which i didn't have control, the business might not continue indefinitely.

I realised pretty quickly that the best route to financial security is to spend less, and within a few years had saved over one year's living costs, plus started over paying the mortgage.

Fast forward to now, and I have to say that I've become a lot less disciplined over financial matters. I guess being in a secure job, having a house that has gone up 300% in value since we bought it, and two kids; I have become a bit lazy and also adopted more of an approach of enjoying the time I have now, particularly with holidays. Still live within our means but considering we have two good incomes, we could save or pay off our remaining mortgage quickly.

Ironically, a friend of mine who I lectured about financial prudence when I was in my tightwad phase, paid off the last of his mortgage this year - apparently as a direct result of our conversation 10 years ago.

So your post has caused me to realise I need to re-evaluate. Spending money does not result in long term happiness; I need to have another look at my priorities.

Thanks!

Watching youtube on the toilet is a right not a privilege, damn you!

I'm not a tightwad per se but I run a pretty tight ship. generally speaking if I buy something I will buy good quality and won't stint myself. Im not a regular buyer of clothes, electronics or anything like that. My phone is shite, and my car is almost worthless.

I grow my own veg in my greenhouse and have recently taken on an allotment. We don't go away on luxury holidays rather will spend a few hundred quid going to Turkey or similar.

What I do have is a relatively valuable house in London with a very small mortgage on it, and I'm aiming to get that paid off in full in the next 5-7 years. I'm 31 and have a good pension through work - some people I know of the same age have no pension provision at all and that would terrify me.

But that said, you might get hit by a bus. Or your family might have a history of heart attacks at aged 60- in which case you may as well do what you want.

I'm actually reading 2 books sort of in this subject: Henry Thoreau , walden or life in the woods , and Ralph Emerson, self reliance. I haven't finished either yet but both are interesting reads.

I think it's pretty true that the things you own end up owning you. People think that new car on lease or a 700 quid iPhone will make them happy, when it's patently obvious to all and sundry that their consumerism is a sticking plaster over another problem..

I realised when I emigrated that I didn't want half the junk I brought with me, since leaving my ex wife 12 years ago I've been carrying most of this stuff around with me like some kind of deranged consumerist nomad... It's all going, I'm just being a bit slow about it...

Realised yesterday that I own a pair of sneakers worth up to £1k, I've got loads of this rubbish that's totally useless to me now... Guitars on the other hand... 😉

I can understand your point of view. If you're still doing the things that you want to do and it works for you, then more power to you.

I have definitely become less of a consumer over the years, but at the same time I don't have a problem throwing what money I have on holidays or hanging out with friends. Having material things is really not as important to me as having good experiences.

I moved from Sydney to London nine years ago and could fit everything I have here in less than ten boxes. I had a nice place, a really good paying job, and a ton of shit that has been in storage for nearly ten years that I have totally forgotten about. My ex and I were going to buy our apartment in Sydney ten years ago, went to the bank, sorted out finances, then dropped out at the last minute to come over here and try something new. Every time I go home to visit I get friends telling me how stupid I was for not buying when I could of, and how the place has now doubled in price and I'll never be able to afford to buy in Sydney now, but you know what, I can honestly say it really doesn't bother me. The amount of stuff I have done over the past decade that I would not have had the chance to do if I had bought the place means more to me.

You said you get frustrated by your peers. I get frustrated at my two best friends back home (one who earns four times what I do) who every time I call or visit, have to listen to about property prices and how much money they have saved, yet have never been or done anything interesting in their lives. And can still complain about the price of a round of drinks or dinner out, despite not having seen them for a couple of years.

Maybe they are the smart ones, and I will come to regret my choices later in life? Who know's.

Life experience over money every time, I feel like I've already lived three or four lifetimes compared to my schoolmates... They're happy enough but I wouldn't trade my experiences for theirs....

Only just started paying into a pension (at 48!), never owned property, no kids and I'm super happy... I do want to live a simpler life now, moving to another country and a total change of career has made me take stock... I want a house with a backyard (they're cheap here) where I can grow my own veggies and play my guitar(s)...

In many ways it's not surprising that 'the young' spend so much money

Many of them have sod all chance of buying a property so instead of saving for a deposit they spunk it on the latest gadget.

Additionally, and I was guilty of this myself, at the start of your career, you dress well to impress those higher above you, and, to a certain extent, cover up that you are new in the game and finding your feet.

The older you get, and the more experience you get, the less it starts to matter. That's not saying you can go to work wearing a bin bag, but when I would think nothing of spending 30/40 quid on a t m Lewin or Thomas pink shirt when I was 21 and starting out, I would never dream of spending that sort of money in clothes now. In fact the last shirts I got for work were from George at Asda.

Perhaps it's also me giving less of a fuck about my career and the people I work with. That in and of itself is pretty liberating too.

I like the idea but for me I need a more of a balance. I like stuff, buying stuff doing stuff, eating stuff, riding stuff. Even so I over pay my mortgage, I have a reasonable pension and I save a bit each month and that's on a modest income.

I understand your perspective but I've seen too many people postpone life for an imagined ideal only to realise things don't work out the way you hope.

Hahah great read, and very interesting about the house sitting gigs in NZ.

I can relate to a lot of the above. When I was younger I would obsess about tech that I wanted (e.g. the Creative Zen, the matching speaker system...) until I saved up to buy a PSP, bought one, and realised that I had made a huge mistake. This happened at quite a young age and I think it saved me from wasting a lot of money as I grew up. Since then being a student and not really having much disposable cash, and then graduating and not really having much disposable cash, has kinda trapped me in a frugal lifestyle. I say trapped, but I don't mind it at all. When I look at other people's spending habits and lifestyles I don't envy them at all. For example, I got a very cheap but pretty much mint condition iPhone 5 from my ex-boss because his kid wanted the new one, and then a few months later he offered me the iPhone 6 because a newer phone was coming out that his kid wanted. The same guy was also moaning about how he had spent thousands of pounds on an all inclusive holiday half way across the world, when he could have probably had a very similar experience somewhere in Europe for a fraction of the price. Even closer to home I see members of my family waste so much money buying stuff that they don't need- gadgets, clothes, etc. When it gets to this point in the year and everyone is stressing about money I can't help but think that if they had said no to a cheeky Nandos here or there, or not bought that 10th pair of trainers, they would probably be a lot happier as a result. Maybe I am a bit of a MTfL, but I think it's a good thing to practice in moderation. I don't scrimp on the important things (bikes, beer/alcohol, family/friends, experiences, bin bags) and it's nice knowing that I can buy my family presents this year without getting into debt. I am working on becoming less tight though. You can end up worrying too much about spending money even when you have it, which isn't a good thing. Also there's no point saving for a rainy day if it comes and you decide that you'll make do with a bin bag instead of that wavey Northface GoreTex jacket.

I've been carrying most of this stuff around with me like some kind of deranged consumerist nomad... It's all going, I'm just being a bit slow about it...

When I broke up with my ex, I went back home to separate our stuff that was in storage at my brother-in-laws lock up. I couldn't believe how much crap we had gathered over the years. We decided to go 50/50 on things, but when I got back I realised how much I didn't think about or need the things that were there, so ended up not even bothering going through it and just giving it to her.

I don't want to come off as smug

Right... I'm sure you have reasons to vent all this but try to keep your feet on the ground

Life's too short. You may get hit by a bus tomorrow so enjoy what you're doing now. I'm not saying live like there isn't a tomorrow, but you've got to make the most of the time we have on this planet.

Like doing the whole RHC, that's my thinking too.

Wouldn't have ridden to Morocco if I was being tight (ironically only cost me £300)

It cost me my job and spend 6 months finding another one but it's totally worth it.

Yeah, fuck it. I'm not putting anything in to savings but in 10 years I will regret not getting involved in things.

save enough to be comfortably unemployed while looking for work. burn the rest.

@lae as to the important things: you drive a banger but what about your bike(s) ?

Cinelli Laser.