What Has Happened to You Since Becoming Frugal?

[QM]

This is going to turn out to be a brag thread because with becoming frugal comes many, many benefits. Some people may look at frugal living as a depressing and miserable state, but I personally look at it as having an enriching and rewarding outcome.

I really became frugal in October 2008 and since then I've paid off almost $3,000 towards my Line of Credit. We have this line of credit because when we moved into our house in the summer of 2007 we had lots of home renovations done to make it look younger and re-vamp the 'older' look. I don't regret updating my house because I know that when our Line of Credit is paid off we'll make a much bigger profit on the house when/if we sell in the future.

I really look forward to fully funding my EF and setting up DH's and my RSP's and our kid's RESP's. We have a bank appointment next Monday to 'set things up'. I can't wait to get things going because I know my family is not getting any younger.

What things have you paid off or done since you started your frugal journey? What have you learned along the way? For some frugal living may have started a week ago...for other many years ago. I look forward to reading the responses. Thank you for sharing your story.

[forHISglory]

Great Question!
I'm older than most on this forum, so my experience will be a little different. Hubby and I have been frugal most of our lives. But we became very seriously frugal when we decided to build a house. At the time we were living in a little house that was built the same year I was. When we looked into the cost of building a larger home, I was aghast. I could not justify spending that kind of money! At the time I was a stay at home mom and Hubby was a teacher who didn't make a lot of money. We had a car loan and a truck loan, and a mortgage on that little starter home, and no other debts.

Our habit is to put our large decisions into the Lord's hands. His hands are more capable than ours. We decided to put our home on the market, and we figured if it sold, then the Lord was telling us to move on. It sold in a week.

Then we set about looking for land. We made a hit list of what we needed: 5 miles or less to town, county water and sewer, woods, electric to the site, 3-5 acres. We found a piece of land that met all requirements at a price that we could pay. Then we needed a place to move to while we built our home. A little house two doors down was for rent, so we moved there after our home sold. At the time, lumber was very cheap, but was rumored to begin rising quickly in a few months. So we bought the lumber needed for our new home, and stored it in the garage of the rental home. And then we began to build in the spring. The Lord certainly guided us through that and the house is still standing! LOL! We had to take out a construction loan, and our bank agreed to stake that. We wanted to have it all paid back in 5 years, and that worked out. Meanwhile, we worked on paying off the vehicles.

Bottom line was that in about 5 years, we owned our home and vehicles. We have never had any other type of debt. Becoming seriously frugal has enabled us to have extraordinary freedom. We have been able to travel and to give charitably. It gives incredible peace of mind to e debt free. We look at the world and its things in a different way than most of the population and that's just fine by us!

[MoonMommy]

We had to "watch our spending" when I decided to stay home with my kids, but shortly after I realized that that wasn't going to cut it and I really needed to become frugal and make some choices.

We are a bit more comfortable now, but I think that is a combination of us being frugal as well as Dh getting a better job that is close enough that he can walk to.

Also, being frugal has gotten me closer to my family. I find that I look for fun things to do with the kids that will allow us to save a few bucks. Or I try to be frugal in one part of our life, say the food budget, so that we can afford to have family vacations. We get to take the kids places where we both can learn stuff and have a great time together as a family

Finally, I think being frugal has given me peace of mind. I think in my past, I don't know "how I could have lived" withouth X, Y, or Z. Now, I know that there are always ways that you can cut the costs of things but still feel like you are living a full life. I know that by us being frugal now, we are going to be able to have a more comfortable retirement, we are going to be able to help our kids go to college if they want, as well as give them some money when they get out of school to start out their life.

[Linus]

I've just started my frugal journey and am many steps behind many of you. But even in my few meager and limited steps I have found a few things have happened since I began this journey. I'm more aware of what advertisers do to try to get me and my g/f to spend; more aware of the things we don't need; more aware of what can come with diligence; has brought me close to my buddhist leanings and wanting to stop suffering.

I believe I'll be able to return here in a few years with a success story of credit card debt paid off, house/land purchased, kids and kidlets (aka furrkids) driving us nuts and knowing that I've done it once before will do it again with the same soul-freedom achieved.

[Contrary Housewife]

We have paid off everything, car loan, legal bills, student loans, multiple credit cards, etc.

We have learned that we can have a wonderful, rich and rewarding life by living within our means, without the use of credit cards or line of credit loans. Our friends don't understand how we can afford vacations 2-3 times a year while they are scraping by barely able to make payments on stuff they "need".

[craftypam]

My frugality started out of necessity; My dh had a seasonal job when we got married. When he started making better money we bought a different house and I started paying everything down. I now have no mortgage; no car payment; a sep (retirement account) a large savings account. I do have some credit card debt I'd like to pay off by the end of the year if our economy allows it. DH is in the construction business. He recently got a part time job so we do not have to touch our savings account. Financially I love where we are because we can now go on vacations; something we haven't done much in the 33 years we've been married.

[jilly_beans]

Being frugal started out of necessity. We have done it for years now & I am still learning!
That being said; one of the best things of being frugal is my 16 yr old daughter loves thrift stores & garage sales! She refuses to buy full price or shop retail. She has started taking her friends to the thrift store with her & they are all avid thrift shoppers now too!
She makes this Mom proud!

[Momto2Boyz]

Dh and I were always pretty frugal, but when we both got laid off at the same time, and we had tons of cc debt, we HAD to frugal.

But we learned to get our spending under control, and since then, we have been able to spend less than we earn and pay off all of our debt. We learned that debt is "evil" (at least in our eyes) and we save for everything we buy.

Since turning to a very moderate frugal lifestyle, DH has gotten a better job, I have been able to stay home with the kids, and we've been able to get and stay debt free!

[Maine Girl]

So far i have been able to pay off small credit cards and working on my other cc. I have learned so much from this site on being frugal. I think one of the first things i learned was to make my christmas gifts. I use the library instead of buying my books at goodwill. I am not out shopping every weekend. I live by a budget!!! which is huge.

[staceyy]

Its allowed me to become a SAHW, and to not lose our home or savings when I was laid off several years ago.

[ForMiri]

Since becoming frugal I:

-no longer fear looking at my bank statement online
-paid off the credit card
-cut my electric bill in half
-am conserving water and heat
-can realistically plan for the future
-have become more creative with gifts/crafts
-have relieved my husband
-can focus more on what is really important

[Marie78]

I started my frugal journey almost 4 years ago and since then we have paid off all of our credit cards, both car loans, and my college loan. As of last month my Dh and I are completely debt free and it's a total relief. I liked the journey and we continue to fund our EF and make the wisest money choices that we can for ourselves. At this point in life we are expecting our first baby and it's such a relief to know that we will begin our family without debt.

[Thevail]

Dh and I have never been "big spenders" anyway, mostly we frittered away a stunning amount of money..we're still not sure on what.

But since beginning our frugal journey we've become so much more aware of what things cost, and EXACTLY how much money we have.

It allowed us to "find" so much money. We don't owe anything but the mortgage. But we were only able to afford the house because we were being frugal.

Now we're applying all our frugality skills to paying off the mortgage early.

[tigo]

The journey for me started as a single mom. Now the kids are all young adults/teens. Three are parents themselves and I see them practicing the same frugal habits they learned at home. The benefit is we have more room in the budget for the little things that are always popping up and were able to get through a rough year (medical cost - wise) without digging ourselves too big of a hole. Since we are all putting away for a rainy day and stock-piling we are less stressed than our friends or co-workers.

[larabelle]

I have started paying attention to where my money goes thus I have:
1.) Paid off my credit cards (#2 VISA accounts)
2.) Paid my Dad back for a loan
3.) Paid off the first of my student loan
But I think the best benefit by far is the peace of mind knowing that I am handling my money in a responsible manner which will benefit me in the future.