The Thrifty Therapist

How to be thrifty?

I think that this will become more of a focus for me in the next several years as I transition from full-time work at my current job to retirement and other work in a politically charged environment where I will not be better off. I've lived through this thing before, and I know from experience that I will not be better off once I retire. (One year and seven months from now... not that I'm counting or anything!) Some of my current plans will have to change to accommodate new experiences and taxes and the loss of Social Security or a change in the retirement age - all things that are currently being discussed.

I am a bit in panic mode about all of this, but I also know that I will be okay. I do not plan on being completely retired once I leave my school job. I intend to take my pension after 30 years of work at my current facility, and then I also intend to work somewhere while working on my side hustles. I will still need health insurance and something to do to generate income, so I will not be completely retired. I have been fantasizing about working as a stock person at my favorite craft store - morning shift. I have no idea if that will be something I can do, but at least I have options.

So, back to topic...

How can I be thrifty with changing financial statuses? 

My first level of thrift is to put money into my retirement fund every month. This will be another form of financial support during the rest of my life, so it is important to continue to contribute to this. I have three different funds. Two are active and the other has not had any money contributed for about 15 years (when my school district stopped working with the company for our 503(b) accounts). I cannot access any of that money until I leave my job, so it just sits there, earning low interest amounts. I am not contributing large amounts at the moment, but I figure that once I have my pension coming in with an income from another type of job, I will be able to continue to contribute.

My second level of thrift is to continue to act like I am having financial struggles similar to what I experienced when I first moved out here. When I first got here, I was earning minimum wage, paying tuition, and having to decide if I would pay for cable or meat each month. I am falling back into this mindset to help me cut back on my spending.

My third level of thrift is to repurpose as much as possible. I am getting ready to make some kitchen baskets out of the paper bags that we have to get now due to a plastic bag ban in my town. I have tons of these, so I figured I would try making some baskets for my tupperware-type lids. I have to move my long arm stapler and cutter upstairs to help me accomplish this. The bottom of the paper bags will fit in my cabinets, so I can start as soon as I get those tools where I want them. Anyway, I am trying to find ways to extend the life of instruments, toys, materials, trash - you name it.

I am considering a form of envelope budgeting for big ticket items. Have you seen that system? You have an envelope for  each category that you need to save for. So, there might be an envelope for car maintenance and another for gifts. Each month, you stuff the envelope with cash. You keep track of the amounts, and then you have the money that you need when it is time to do the car maintenance or buy the gifts. I might carve out some of my monthly budget for this type of system - a way to passively collect funds for different things that happen in my life. Goodness knows that I have plenty of envelopes that I can repurpose for just such a system!

It is time to head out into the world. See you soon.

Comments

  1. Anonymous9:21 AM

    Great tips as always! I would like to state that I approach these questions from privilege (though I remember leaner times for me). I have never been a fan of the envelope system. When I did it, dividing my savings in such a way cut off opportunities to grow. When I consolidated my various accounts I squirreled away and got a comprehensive strategy I was able to reach goals faster. I suppose the envelope system gave me a good start.

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