Like many Get Rich Slowly readers, I credit Your Money or Your Life with changing the way I approach my personal finances. This book transformed my relationship with money, and helped me to understand that by spending beyond my means, I was sacrificing a secure future for today’s passing pleasures.
One of the book’s key insights is that time really is money. Or, approaching it from the other direction, money is time. The authors write:
Money is something we choose to trade our life energy for. Our life energy is our allotment of time here on earth, the hours of precious life available to us. When we go to our jobs we are trading our life energy for money. This truth, while simple, is profound…
Our life energy is more real in our actual experience than money. You could even say money equals life energy. So, while money has no intrinsic reality, our life energy does — at least to us. It’s tangible, and it’s finite. Life energy is all we have.
I know this sounds a little hokey. In fact, when I first read Your Money or Your Life, I dismissed this section as New Age mysticism. That was a mistake. If you can look past the unfortunate terminology, there’s a lot of power to this concept. What Dominguez and Robin are actually saying is that time is money.
Your Money or Your Life uses this notion as the foundation to its philosophy of financial independence: time and money are intertwined, and the relationship between them frames all of our financial decisions. To illustrate, the authors encourage readers to calculate their real hourly wage.
Nominal Hourly Wage
We don’t earn as much as we think we do, write Dominguez and Robin. You may be paid $15 an hour, but your real hourly wage is less than that. Possibly much less.
Let’s say we have a friend named Joe and that he’s a plumber. Though Joe hopes to earn $250,000 a year eventually, he currently makes the national average for his profession, or about $48,000 a year for a 40-hour workweek. His nominal wage is approximately $24 per hour.
Based on these figures, if Joe the Plumber decides to buy an iPod nano ($150), he’s exchanging about six hours of his time for it. (6 hours worked x $24 per hour = $144 total wages, which is close enough.)
Ah, but it’s not that simple, argue Dominguez and Robin. Joe’s real hourly wage isn’t $24 — it’s something lower.
Hidden Expenses
Think about your job. Think of all the things you do and the money you spend that you wouldn’t if you did not work. How long does it take to drive to work? How much does the gas cost? Does your job require that you own a suit or a uniform? Do you have to take vacations to cope with the stress in your career?
Your Money or Your Life lists eight such possible job expenses, including a few which might be applicable to Joe:
Commuting — Joe’s office is 20 miles from his home. Every day, he spends an hour commuting to and from work in his 2000 Ford Focus, which costs about 38 cents per mile to operate. His weekly commute costs 5 hours and $76 (38 cents times 200 miles).
Clothing — It doesn’t take Joe extra time to get dressed in the morning, but it does cost him a little extra money. Several times each year, he has to buy new work clothes because the old ones keep wearing out. Maybe he spends $300/year doing this.
Food — Joe might take a sack lunch if he were on his own, but he works with a partner who prefers fast food. Joe likes McDonald’s and Subway, too, so he’s happy to go along for the ride. Each day, Joe spends about $5 and one hour for lunch.
Though Your Money or Your Life lists several other ways in which work can cost you money, these are Joe’s only expenses. His job costs him about 10 hours per week (or 500 hours per year) and about $107. We’ll round it down to $100 per week, so that’s about $5000 each year.
Real Hourly Wage
Once he’s estimated the extra time and money he spends on the job, Joe can compute his real hourly wage. The equation is actually very simple:
First, Joe subtracts his work-related expenses from his annual salary to find his actual earnings.
Next, he divides his actual earnings by the total number of hours he spends each year on work-related tasks (including business trips and Christmas parties, etc.).
This simple equation produces Joe’s real hourly wage.
Using our earlier figures, Joe the Plumber’s actual salary would be $43,000 per year ($48,000 base minus $5000 for commuting, clothing, and food). Joe leaves the house at 6:30 in the morning, and does not return until 4:30 in the afternoon, which means he’s devoting 50 hours per week — or about 2500 hours per year — to his job.
Joe is spending about 2500 hours per year to earn $43,000. His real hourly wage is $17.20. Not bad, but still much lower than the $24 per hour he thinks he’s earning.
Knowledge is Power
Why does your real hourly wage matter? Remember that time is money — literally. When he’s making $48,000 a year, it only takes Joe six hours to earn enough for an iPod. That’s less than a day’s work. But based on his real hourly wage, it would take Joe nearly nine hours to earn the same amount. To earn the money for anything he wants to purchase, Joe has to spend 40% more time working than he thinks he does.
Computing your real hourly wage allows you to see how much you’re really getting paid, which can change your perspective. When I first did this in 2004, it had an immediate effect.
At that time, I was spending a lot of money on comic books. After I calculated my real hourly wage and applied the number to my expenses, I was able to see how much time each book was costing me. Was it really worth three hours to buy a collection of Aquaman stories I’d probably never read? For me, the answer was “no”, and I began to reduce my spending.
This “real hourly wage” is also a great tool for comparing prospective jobs, especially when there are a lot of variables. All things being equal, a job with a higher real hourly wage is better.
Now that I’ve spent several hours of my life energy explaining this concept, later today I’ll describe an even better way to look at spending decisions, one that takes into account taxes and living expenses.
Note: If Joe really did earn $250,000 a year, and all our other assumptions remained the same, the iPod would only cost him an hour-and-a-half of his life energy.
How Much Time Does Stuff Actually Cost?
After you’ve computed your real hourly wage, you can use it to measure how much things cost. An iPod might cost nine hours of work, or a new sweater might cost three. (You don’t even want to consider how much a new car would cost…)
But does it really make sense to look at spending this way? Does this really tell the full story? During our discussion last week about unconventional money tips, BW wrote with a better way to look at spending. He points out that not every dollar can be counted as disposable income:
I don’t like to think about how many hours I worked for an item I want to buy because it makes the item seem too cheap…A better way to think about it is to subtract fixed expenses from pay first.
He’s right. Let’s say your nominal pay rate is $24 per hour. You compute your real hourly wage as recommended by Your Money or Your Life and find that it’s $17.20. But that’s not the end of the story.
From this money, you must pay taxes, purchase housing and transportation, buy food and insurance, and more. If we make the arbitrary assumption that your fixed expenses (including savings) consume 80% of your pay, your actual disposable income would be $3.44 per hour.
This provides a drastic change to the length of time needed to work for a $150 iPod:
Method
Rate
iPod Cost
Nominal Wage
$24.00/hour
6.25 hours
Real Wage
$17.20/hour
8.72 hours
After Expenses
$3.44/hour
43.60 hours
Using this example, it doesn’t take you just a day to earn an iPod, but an entire week.
Now, I don’t recommend that you walk around evaluating every buying decision based on “real wage after expenses” units. While educational, this is likely to quickly drain the joy from living. (You might run the numbers once and examine some hypothetical scenarios.)
However, I do believe it’s important to be mindful of your spending. Evaluating your purchases based on the time required to pay for them is an excellent way to become more aware of the actual costs for the things you buy.
America’s national parks are legendary: You can probably conjure up images of Old Faithful at Yellowstone, El Capitan at Yosemite, and the Great Smoky Mountains without too much trouble. But what you may not realize is that our country’s network of over 400 national parks can also be a terrific, budget-friendly vacation destination.
Planning a road trip to a national park with the family or your BFFs can be an amazing way to see the natural beauty of the U.S. And it’s a popular idea: In 2022, the parks welcomed 312 million visitors, up 5% from the previous year.
By doing some prep work, you can be among those travelers who revel in the iconic landscapes of the parks while having an environmentally friendly, low-cost adventure. Here, you’ll learn the ropes, from advice on destinations to ideas for keeping expenses down.
Cheap National Parks to Visit
Unlike other standard vacation destinations (theme parks, etc.), most national parks don’t charge an entrance fee. Over two-thirds of these sites, including the Great Smoky Mountains National Park on the border of Tennessee and North Carolina, are free to enter. So the vast majority of these destinations are indeed cheap national parks to visit!
Even if you choose one that does charge, you’ll most likely pay by the carload, like the 7-day pass for your group at Rocky Mountain National Park in Colorado for $35. The ever-popular Yosemite and Acadia National Parks charge the same fee.
If you want to see which parks charge a fee, check out the National Park Service’s website .
Here’s an important warning, however: During peak times, you may need a reservation simply to drive into a park. You may gain admission if you have another kind of reservation (hotel room, say, or campsite), but double-check. Keep this top of mind if you are thinking you can just cruise on over and take selfies at, say, Half Dome for a day in August. Probably not going to happen without advance planning.
You can also take advantage of fee-free days. The National Park Service selects certain holidays and special occasions each year to offer admission-free entrance to everyone. So, you can visit over 400 sites at no cost in 2023, like on Great American Outdoors Day on August 4.
To find parks conveniently located near you, use the National Park Service’s “Find a Park ” tool online. Then you can compare options and see what type of landscape you’d most like to visit.
Setting a Budget for Visiting National Parks
If you have a vacation in mind, you might have already started budgeting for it. Saving money for a trip is an important step and allows you to explore the world guilt-free. But to make the most out of your visit to a national park, you need to know exactly what type of costs to expect. That way, you never have to worry about not having enough money on hand to enjoy yourself.
Here are some expenses you should account for in your national parks budget.
Food & Drink
Saving money on a road trip is often challenging since you don’t have all your basic necessities ready at your disposal. That includes food and drink, whether your style is more drive-through or sit-down dining or “I’m happy to cook for myself.” You’ll need to factor the cost of meals into your travel budget.
One budget-smart option is to rent a cabin with a kitchen. With that, you can pick up groceries once you arrive and cook your meals instead of ordering out. That’s a big savings right there!
You may not be the type to cook on vacation, though. If not, you can look for affordable options near you for meals. But keep in mind: You’ll need to budget for your three meals a day, plus you’ll probably want some water and a snack here and there, lots of liquids to fuel you on hikes, and perhaps to go out for a beer or two one evening. There will likely be taxes and possibly tips involved. See how it all adds up and what you can afford.
One very dollar-smart move to stay well-fed and not blow your budget: Use a backpack cooler. If you want to spend your days hiking and walking, you’re going to get thirsty and hungry pretty quickly. You can load a cooler up with protein bars, nuts, apples, and granola, preventing you from buying potentially pricey food throughout the day.
Gas & Travel
When it comes to the expense of traveling to national parks, the nice news is that a destination might be closer than you think. Many of us hear the phrase “national park” and think of large, sweeping spots in the West, like the Grand Canyon. But that’s just one iconic site. There are actually hundreds of places in the U.S. under the National Park Service’s care, from historic sites to scenic trails. So you may not have to plan out a cross-country trip to enjoy what this country has to offer.
However, if you have to travel a significant distance, why not whittle your transportation costs? For example, if you need to fly, it can pay to be flexible with your dates and look for the lowest possible fare. Sites like Expedia and Kayak can notify you when prices drop on flights you are interested in. Another smart move is to pack light so you won’t pay those ouch-inducing baggage fees.
Perhaps you’re driving to your destination, though. If you want to improve gas mileage and get the most out of your trip, try to choose a park that isn’t isolated. For example, there are multiple national parks near Las Vegas, such as Death Valley National Park and Zion National Park, which are about two and a quarter hours apart. Once you’re at Zion, you might decide to hop over to Bryce Canyon National Park, barely an hour and a half away, and see the incredible rock formations known as hoodoos.
You’ll be able to visit multiple parks without too much drive time, save money on gas, and see all the more spectacular sights. It may be the best way to travel around America on a budget.
Recommended: Guide to Renting a Car
Lodging
You know the law of supply and demand: When demand is high, supply gets scarce — and potentially pricey. With that in mind, note that the peak season for visiting national parks is summer. Kids are off from school, temperatures are warmer, and international travelers may visit our lovely landscapes. So that means bigger crowds, which impacts local lodging. It will be harder to find accommodations, and their prices will be higher, too.
Because of this, it’s best to book your lodging in advance so you don’t get shut out of affordable rooms. National Parks have a wide range of accommodations; during spring 2023 at Yosemite, for instance, rooms ranged from $101 to $500+ a night. A location farther out from the park will be cheaper as well. Those who accumulate points on a travel credit card may find lodging nearby at a discount.
Of course, that’s not your only option. You can also rent an RV or stay at a campground. If you choose to camp, check to see if you need a reservation. At national parks, the average price is around $20 per night, though prices can range from $5 to $30 or so. These sites usually offer electricity hookups, water, camp stores, and fire rings. Research what your campground offers to help plan out your packing needs. If you snag one of these spots at a free-admission park and already have tents and other gear on hand, congrats! You may have scored one of the cheapest national park visits to be found.
Activities and Entertainment
If you have never visited a national park before, you might not know what they offer. While part of their appeal is just being in the great outdoors and soaking in the views, you also have activities available to you. There may be anything from guided walks and museums to talks and films, and they all typically come at no extra cost. It can be a great way to learn about local wildlife, fossils, history, and more.
In addition to that, you might seek other activities. For instance, if you are visiting Florida’s Everglades National Park, perhaps you want to go on a kayak adventure with a guide. It can be a terrific way to see the mangroves and sawgrass marshes the area is famous for. That will be an additional cost to keep in mind.
There’s also every chance that you may pass all kinds of mini-golf, waterparks, multiplexes, and other attractions as you explore the area near a national park. If a vacation isn’t a vacation without indulging in these offerings, factor that into your budget, too.
Permits & Passes
Again, most parks are available to the public for free. But if you want to visit multiple national parks, consider opting for a National Park Annual Pass. It typically costs $80 ($20 for seniors) and gives you unlimited entrance to over 2,000 federal recreation areas, such as national parks.
Recommended: How Credit Card Travel Insurance Works
Saving for Your Travel
Saving up for your trip can be pretty straightforward. One way is to set up a dedicated travel fund. Separating your vacation money from your regular savings account will make your progress that much easier to track. You can also maximize your savings by setting up automatic contributions to your travel fund. That way, you never forget to put in a few dollars on payday.
If that sounds appealing, you need to pick the correct type of account. Some options, like a high yield bank account, promise higher interest rates than your standard version. However, your choice will depend on your timeline. For example, someone taking a trip in a year has more time to accrue interest than someone taking a trip within a few months.
Let’s say you don’t have much time, though. Even if you can’t build much in the way of interest, you can still find extra cash in your life. You might need to budget a bit differently. For example, if you have a streaming service membership, you can cancel that for a while. Or perhaps you can pick up a side hustle on the weekends, whether that means driving for a rideshare service or walking dogs.
The Takeaway
Vacations are a time to relax, enjoy yourself, and make memories with your loved ones. The last thing you need is for that time away to leave you deeply in debt and saddled with stress. That’s why a trip to a national park can be such a terrific destination: You’ll explore the great outdoors but can do so without breaking the bank, thanks to low fees, free activities, and the smart saving advice you learned here.
Are you considering a week wandering around Yellowstone? Or maybe a weekend at a nearby park? Or just looking to stash some cash while you figure things out? We’re here for you! SoFi Checking and Savings offers eligible accounts a competitive APY. That means your money grows faster. And we are devoted to being account fee-free, with no monthly or minimum-balance charges.
Let SoFi help you afford your next adventure sooner.
FAQ
Is it expensive to visit national parks?
In many cases, it’s a more affordable vacation than other options. Over two-thirds of national parks offer free admission year-round. Plus, there are many throughout the country, meaning you can pick one that’s close and may not have to spend much on travel costs. The main expenses will come from your lodging, food, and additional activities.
How many days should you spend at a national park?
The length of your stay should depend on the type of itinerary you want to build and the size of the park you are visiting. There are many itineraries for Yosemite online that involve staying three to five days, but you could certainly spend much longer or shorter periods of time. Worth noting: Some smaller parks and historic sites may not be open every day. Larger parks may close due to weather events. Always check in with a park (either online or by calling) beforehand.
How much does it cost on average to visit a national park?
Most national parks are free. The National Park Service allows you to see the entrance rates for each fee-charging national park. Use their listings to see if the park you want to visit charges an entrance fee. The per-vehicle prices are often between $20 to $35 for seven days.
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From saunas to serene city views, these are the most relaxing spa-style apartments in Denver.
As one of the most active and fastest-growing cities in the country, Denver has a lot to offer. With everything from skiing to river rafting to barhopping all close by, it can be tough to carve out time for yourself.
One way to make it easier to prioritize personal time is to move to an apartment complex that provides all the spa-style amenities you crave. The apartment communities that grace this list are some of the best-equipped abodes in Mile High City to help you unwind.
Source: Rent. / Bromwell
It’s darn near impossible to stay stressed at a rooftop spa. Bromwell provides residents with an expansive rooftop pool and hot tub area complete with cabanas, loungers and views of Alamo Placita and beyond.
Along with a luxury spa-style pool and hot tub area, Bromwell also boasts a number of indoor and outdoor shared spaces that all provide residents with everything they need to unwind and forget about the stresses of the week. Whether you’re a Sunday soaker or a cabana coffee drinker, there’s something for you at Bromwell.
Source: Rent. / The Seasons of Cherry Creek
The Seasons of Cherry Creek is one of the only apartment complexes in Denver that houses an on-site sauna. A great place to cure sore muscles, detox after a big weekend, improve circulation and more, it’s here that you’ll find the benefits of regular sauna sessions are all-encompassing.
Located in the highly sought-after Cherry Creek neighborhood, this beautiful complex also boasts a huge resort-style pool, wine cellar, private art collection and a communal firepit. The long list of amenities at this luxury complex provides resources to detox, retox and everything in between. Long story short, stress isn’t going to find you here.
Source: Rent. / The Quincey
The outdoor pool and spa at The Quincey are truly second to none. With two side-by-side rectangular hot tubs situated next to the large rectangular lap pool, this glass-lined pool area is always pristine and the pride and joy of this exclusive community.
This Central Business District apartment complex also has a spa specifically for the four-legged residents. This pet spa is so nice that it just might have your dog begging for bath time. Beyond that, The Quincey also provides residents with a yoga studio and stretching area that is the ideal spot to work out the demons of a long week or meditate before heading to work on a Monday morning.
Source: Rent. / The York on City Park
The York on City Park boasts one of the coolest communal areas you’re ever going to find. Centered around a mid-century modern fireplace, the indoor lounge at this City Park apartment complex invites residents to step back in time and unplug from the stresses of daily life by getting lost in the fire and wilderness view outside the large windows.
The York on City Park also boasts a beautiful outdoor pool area. While the pool may be slightly too small for swimming laps, it is the perfect size for relaxing, lounging and breathing in that fresh mountain air. Regardless of what’s going on with the weather, you always have somewhere to escape to at The York on City Park.
Source: Rent. / Gables Cherry Creek Apartments
With beautiful stonework around the spa and a stunning view from the pool, the rooftop at Gables Cherry Creek Apartments is one of the more relaxing places in Denver to spend a day (or an entire weekend).
This Belcaro beauty also houses an onsite pet spa, spin studio and multiple communal lounges with comfortable furniture, WiFi and unobstructed views of the city. Crack open a book, kick off a conversation with a neighbor or find a quiet place to sit and think about the twists and turns life takes. Regardless of what your relaxation goals are, all the resources you need to meet them can be found at Gables Cherry Creek Apartments.
Source: Rent. / EVIVA on Cherokee
The pool at EVIVA on Cherokee is one of the more distinctly styled apartment swimming areas you’re ever going to find. With an oval shape and city views alongside a half-circle-shaped green space equipped with lounge chairs and a hammock, this is a sweet place to hang out and let stress slip away.
This Capitol Hill apartment complex also boasts a light-filled, street-level lounge with floor-to-ceiling windows, designer furniture and a coffee bar. This is in addition to the on-site yoga studio and demonstration kitchen. Whether you like relaxing by the pool, working on your flexibility or whipping up a healthy meal, you can do it all just steps from your front door at EVIVA on Cherokee.
Source: Rent. / Gables Vista
The elevated pool area at Gables Vista is a serene place to soak up the sun and breathe in the mountain air. With a side-by-side pool and hot tub, lounge chairs under umbrellas, and stellar views of the city, Gables Vista is a great place to unwind and find your inner peace.
This Belcaro apartment complex also boasts a covered open-air dog run so you can walk your furry friend in the winter without having to traverse the snow. It’s forward-thinking amenities like this that make Gables Vista one of the premier spa-style apartments in Denver.
Source: Rent. / Steele Creek Apartments
Steele Creek Apartments is an undeniably relaxing place to call home. One of the main amenities that give it that distinction is the on-site yoga studio. With dark wood flooring, mirrored walls and a large flat screen for guided classes, you can always stretch and decompress in this serene space.
Located in the heart of Cherry Creek, this upscale apartment community also boasts a thin, rectangular rooftop pool with stunning views and an elevated fire table area, perfect for cold Denver days and chilly summer nights. Take a dip or take a sip. Either way, you’re soaking in a stellar view and breathing the fresh mountain air.
Source: Rent. / AMLI RiNo Apartments
AMLI RiNo is an amenity-heavy apartment community in Curtis Park. Curated to provide residents with everything they need to relax and unwind, this expansive 390-unit complex offers spa-like amenities at every turn.
AMLI RiNo boasts numerous luxuriously adorned indoor and outdoor communal areas, a resort-style pool and a rooftop deck. Beyond that, this complex backs right up to the South Platte River Trail. This beautiful treelined trail has water views and is the perfect place to clear your head or do some breathwork in peace.
Source: Rent. / Sentral Union Station
The lobby area just off the expansive fitness center at Sentral Union Station is one of the best-designed and most spacious apartment common areas in existence. With an aesthetic that’s part Apple Store, part WeWork and part serene escape, this is the perfect place to crack open a book or spark up a conversation. Either way, the stress of the day will never find you here.
Just blocks away from Coors Field, this complex benefits from being in the middle of it all. With all the hustle and bustle going on outside, Sentral Union Station does a great job of separating itself from the buzz of the outside world and provides residents with a safe haven to relax and recharge.
Decompress from your home in Denver
It doesn’t matter if your favorite form of relaxation is hopping in the pool, sitting around the fire, cracking open a good book or anything in between, the apartments on this list offer the most comprehensive spa-style amenities in Denver. Find the one that fits your lifestyle best and fill out your application today.
Featured image source: Rent. / Steele Creek Apartments
By Peter Anderson16 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited November 4, 2011.
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Christmas time is only a month and a half away! At our house it’s one of the most joyous times of the year as we celebrate the birth of our savior, and revel in all the blessings we have seen in our lives during the year. This year we’re celebrating the birth of our first born son – and he’s celebrating his first Christmas!
The most important parts of Christmas aren’t physical or material things, but in our culture it’s often expected to give gifts during the Christmas season. Because of that, if you’re not careful it can quickly become one of the most expensive times of year. If you’re trying to cut down on spending, like we are at our house, it can become a challenge to find creative gifts to give.
Check out the newly expanded list: 100 Frugal Christmas Gifts
Here in this post I thought I would put together a list of ideas for some good frugal gifts that you can give this Christmas.
NOTE: The frugality of the gifts vary from gift to gift, but I’ve linked some possibilities on Amazon. You can probably find some cheaper ways to put these things together yourself if you try. Feel free to chime in on the comments section down below with your own frugal gift ideas!
The Big List Of Frugal Gifts
Baked goods: I don’t know any guy who wouldn’t love to get a box full of cookies, banana bread and pastries! (Hint: not good for someone on a diet)
If you’ve got an old laptop, make a frugal digital picture frame out of it!: At 14-15″ it’ll be bigger than most you buy at the stores, and cheaper since you’ll be using old parts!
Personalized Calendars: Most photo processing places will have these personalized calendars you can buy, or pick up pre-made ones in Target’s dollar bins. Get photos of you and the person you’re giving the gift to in each season, and place them in the appropriate month/season of the year!
Themed gift baskets: Give a themed gift basket. For example, a movie night theme basket with microwave popcorn, a movie or two, and some cheapo popcorn buckets from Target dollar bin.
Custom t-shirts: Create your own custom t-shirt for a family member on Cafepress. It can be cheaper than you think!
Scrapbooks: Make a scrapbook for a close friend showing moments you’ve shared together. My wife did this for a friend’s wedding. Very meaningful.
Donation to a local charity: Give to a local charity in someone’s name. Make sure it’s a charity that they would actually give to.
Handmade Christmas ornaments: make personalized Christmas ornaments for your friends and family!
Board Games: buy a board game, a gift that gets the family together and keeps on giving all year long! Even better, if you can find some board games at garage sales or on ebay, create a themed game night gift basket (see above)!
Family history DVD: Put together a family history DVD with photos, written family histories, family tree, video and anything else you can think of.
Framed family picture: Take a picture at a family event, frame it, and give it as a gift!
Coupon Books: Make a personalized coupon book with such favorite coupons as “back rub”, “dinner” or “clean the house”.
Make a blanket: make a nice fleece blanket. Instructions here.
Make some custom painted wine glasses: Make some custom painted wine glasses, and then give them along with a bottle of wine. Instructions here.
Give a magazine subscription: My brother loves reading National Geographic and the Economist. We gave him subscriptions as a gift.
Romantic evening gift set: Candles and silk flower petals! Cheap and fun!
Keeping warm gift set: Give a gift set of hat, scarf and gloves. Add long underwear as well if you wish!
Leatherbound journal: buy a nice leatherbound journal at your local Borders or Barnes and Noble. They make for a nice gift. Add a nice pen if you want to pay a little more.
Craft Kit: Put together a crafting kit with things like markers, glitter, scissors, clay, crayons, glue, paper, etc.
Photo Collage: If you’re handy with Photoshop or another image editing software, create a photo collage/montage, print it out and frame it! Or if you don’t have Photoshop, print separate pictures and create a collage.
Movie Tickets: Buy a pair of movie passes or a movie gift card for someone to go see a movie. Not as cheap as it used to be :).
Buy a single stock: Buy a family member a single stock to get them started, and give them a copy of a finance book like Dave Ramsey’s Total Money Makeover (although you may want to stress that you’re giving it because it has helped you. People can get touchy about money related gifts)
Flannel Sheets and PJs: Buy a keeping comfy gift pack with flannel sheets and pajamas!
Coffee lovers gift pack: Buy some gourmet coffee and a personalized coffee cup for the coffee lover on your list.
Set of soaps, towels and soap dish: Put together a nice matching set of hand towel and soap dish, and then give some handmade soaps.
Big breakfast gift pack: Put together a gift pack with pancake mix, batter dispenser, syrup and pancake mix-ins.
Puzzle day: Give a gift pack of a puzzle and snacks to eat while you do the puzzle!
BBQ Kit: Get some BBQ sauce from local source, and add it to a nice BBQ Utensil kit.
Basket of spices and seasonings: Put together a basket of seasonings and spices from a local spice or grocery store. Make sure to get a good mix for cooking, BBQs, etc.
Netflix subscription: Pay for someone to have netflix for a couple of months. If they have a connected device, they can even stream movies!
Deck of cards and book of card games: Buy a cheap pack of cards, and a book listing the rules of different card games. Good for hours of fun!
Cheap keychain digital picture viewer: Buy someone a cheap digital picture viewer keychain (around $20?) and fill it with pictures.
Bath time gift pack: Buy a nice wash clothe, some bath oils/beads and even some lotions at your local bath store.
Laser Etched Crystal: Need a unique Christmas gift? Turn any photo into a 3D crystal image. While this isn’t the most frugal option on the list, if you’re looking for something special, you can find something well under $100. Use coupon code HOLIDAYCHEER to save 30%.
Botanicals: buy a nice low maintenance plant to brighten up their day, along with a small watering can.
Make a recipe box: If you’re good with wood, make a nice recipe box, and fill it with blank recipe cards.
An appreciation book: Get a nice journal, and write in it to the person about how much you appreciate them, things you love about them, shared moments and experiences and general encouragement. Even add a few photos.
Book gift pack: Find some books on your own shelf that you’ve already read, and put together a gift pack of books
Chocolate attack!: Put together a gift pack with all kinds of chocolate. Hot chocolate, chocolate bars, truffles, etc.
Car wash kit: Put together a kit for washing the car. Can include things like sponge, tire brush, bug remover, car soap, etc.
Regifted items: Did you get a 2nd crock pot last Christmas that you haven’t used? Give it away this Christmas (to someone other than who you received it from)
“That’s a spicy meatball” gift pack: Give them a nice italian dinner with a pasta bowl, pasta, strainer, fancy olive oil, pasta utensils and even some sauce.
Give your service: Good at cooking? Offer to come over and cook a gourment meal. Are you a designer? Offer your design services for free. Good with computers? Offer free tech support. You get the idea.
Wine and cheese gift pack: Buy a variety of specialty cheeses, crackers and a bottle of wine. Put it together and you have one gourment evening!
Picnic pack: Put together a picnic pack with a blanket, a basket, some cheap utensils and plates.
Sewing Kit & lessons: put together all the sewing essentials (thread, needles, pins, etc) and then give the person lessons on how to sew.
Gardening gift pack: Buy the person gardening gloves, gardening tools and some seeds. Put them all in a small bucket or waterging can.
Handmade jewelry: Make a handmade necklace or bracelet at a local bead or craft store. Give it as a meaningful gift.
Music lover’s delight: give an itunes gift card, along with a book about their favorite artist or band
Beer afficionado gift pack: Give a beer mug, snacks and gift card from a local brew pub.
A Birdhouse: Give your loved one of these bluebird houses so they can relax on the porch and watch the colorful avians.
Outdoorsman gift pack: Put together a gift pack with a leatherman mini, a pair of choppers, and an aluminum water bottle (or your choice of other outdoor gear)
Used electronics: Have an extra MP3 player and know someone who needs one? Clean up your spare and give it as a gift!
Art lovers gift pack: Get a free photo canvas of one of your favorite photos, along with supplies to hang it. If the person is artistic, put together a gift pack with art supplies!
Give a memory photo book: Give the person a photo book that includes memories of you and that person together.
Active lifestyle gift pack: Put together some small gifts like a BPA free water bottle, workout video or video game and some wristbands. Be careful not to offend anyone with this one. 😉
Accessories: Know someone with an Ipod? Give them an Ipod accessories pack. Father with a cell phone? Give him cell phone accessories.
Host a party: Instead of giving gifts to a large group of friends, invite them over for a Christmas party that you host.
Gingerbread house kit: Give all the things needed to make gingerbread houses, along with recipes for frosting and building instructions. (Best if given before Christmas)
Give the gift of a blog: Know someone who might enjoy blogging? Buy them a domain name, setup their blog and host them on your hosting account if you have one! Buy a copy of my ebook for them!
Give the gift of communication: Know an older member of the family who doesn’t have a cell phone? Buy them a cheap pre-paid phone and a small amount of air time. As cheap as $20-30!
Take someone out to dinner: Take a friend or family member out to dinner at a reasonably priced restaurant on the house!
Tea gift pack: Give a nice teacup along with a selection of teas.
Make a music mix: Purchase some of your favorite music for someone from Itunes and put it on a thumb drive or CD-RW! (no illegal content distribution folks!)
Make a memories CD for a parent: If you’re younger make a memories CD for your mom and dad with photos, audio or video of you talking about good times you’ve shared, and maybe some written memories.
Yard Work Coupons: Have an elderly family member or friend? Make up some nice looking coupons for free yard work or other odd jobs on your computer.
Scrappers gift pack: If you know someone who enjoys scrapbooking, put together a nice canvas bag with scrapbooking materials, and maybe a gift card to Michael’s or other craft store.
Sports gift pack: Know a kid who enjoys sports? Put together a sports gift pack with equipment for several different sports.
Recipe gift pack: Give the gift of several of your favorite recipes, and a gift card to a local grocery store.
Create a memory jar: Have a bunch of friends write down favorite memories of the person receiving the gift – get as many as you can. Then put them all on small pieces of paper, and put them in a decorated jar with the instructions to open one fun memory every day.
Put on a concert: If you’re musically talented, put on a Christmas concert for family and friends. If you want to give to others, go to a local nursing home and play!
Football gift pack: Have someone obsessed with football? Get them a t-shirt for their favorite team, a team blanket for cuddling up and watching games on Sunday and some snacks!
Write a poem: Write a “Where I’m From Poem”, either about yourself for the gift receiver, or about them. Details here.
Custom collage notebook: One year my brother made me a notebook that had a fun photo and magazine clipping collage on the cover. It was creative and I used that notebook for quite a while.
Movie based on a book: Buy someone a book that you enjoyed, as well as the movie based on that book.
Now that I’ve given you some ideas for some frugal Christmas gifts, why don’t you give us your own ideas! Leave a comment with your idea for a good frugal Christmas gift below!
More Frugal Christmas Gifts & Ideas
75 ideas not enough? Here’s some more ideas for a frugal Christmas!
They lived in a modest 1,800 square foot home. They both drove Buick’s that were both completely paid off.
He retired from a manufacturing plant and she a grade school as an English teacher.
Despite their simple ways, they were both millionaires and were one of the first clients I landed as a financial advisor.
So what was the secret sauce? Did he buy Apple stock a few decades ago? Was it some crazy pension buy out? A salty family inheritance?
How about none of the above.
When I asked the husband what their secret was he shared the story about how every time he received his paycheck he would ALWAYS take a portion and purchase savings bonds (Remember: this was long before 401k plans).
That simple routine, which became a good flippin’ amazing financial habit, was the catalyst for them becoming millionaires.
It doesn’t matter if your goal is to become debt free, increase your savings, or become millionaires; all off them require you have good financial habits.
Everybody wants to be financially stable, but unless you have plan to get you there, it’s not going to happen.
Here are 27 that will enable you to set (and reach) your financial goals.
1. Live Within Your Means
This strategy is the foundation of all good financial habits. In fact, I’m not exaggerating when I say there will be no point in setting good financial goals until and unless you come to the point where you can live beneath your means.
Seriously.
There’s nothing complicated or strategic about this habit. If you take home $5,000 each month, you live on $4,500 – and bank the rest. As your savings and investments grow, your financial situation will improve dramatically.
2. Pay Yourself, You Deserve It
If you’re having trouble with the whole concept of living beneath your means, it’s time to pay yourself first. If you have a 401k (or some other employer retirement account) this is a simple way to automate the process of saving money. Allocate a certain percentage, or even a certain dollar amount, to come out of your pay each pay period, before you even see it.
Without you even noticing it, the money is transferred to savings and investment accounts, and turns into real money as the years pass. If you don’t have an employer sponsored plan like a 401k, see #17.
3. Give Yourself a Consistent Raise
Good financial goals are more easily achieved if you can build progress into your savings and investment funding. You can do this gradually by increasing your payroll savings once each year.
You can do this almost painlessly by increasing the savings payroll deduction – whether it is for retirement or some other savings or investment account – by increasing your deduction by one percentage point per year.
Let’s say you are participating in your company’s 401(k) plan with 6% of your pay in order to take advantage of the company‘s 50% matching contribution. In the coming year, increase your contribution to 7%. Plan on doing that each year, until you meet the maximum contribution you’re allowed to make.
While this is a great start, the reality is you need to save at least 20% of your income if you have any hope of retiring early (or at all). If you want to get super ambitious and retire at 30, you can take a page out this guy’s playbook and save over 50%.
When I encounter someone only saving around 5% I challenge to increase it by 1% each quarter until they reach at least 10%. From there adjust I have them adjust accordingly so they barely feel the extra amount deducted from their paycheck.
4. Buy Value
By “buy value,” I mean you neither by the cheapest goods, nor the most expensive. Instead, you look to buy the best value for the money. Sometimes it’s worth it to cough up a little extra dough for a product you know will last, rather than paying bottom-dollar for shoddy merchandise you’ll have to constantly replace.
On the flip side, keep in mind not all products are better simply because they’re more expensive – often they’re just more expensive because of perception. Read reviews and shop around.
5. If You Have to Borrow, You Can’t Afford It
Credit is an awesome thing when you’re buying something big, like a house or a car. Very few people have $150K sitting around in cash to buy a home, so for those things, borrowing makes sense. But adopting good financial habits means avoiding schemes to stretch your paycheck. Credit cards are probably the most common way to do this.
6. Pay Your Bills Ahead of Time
Paying bills late is another strategy to stretch the paycheck. But it’s also kind of like robbing Peter to pay Paul. All it does is give you a false sense of how much money you have, and then puts you under tremendous pressure to cover the difference later. By paying your bills ahead of time, you will gain more control over your finances, and that will make it easier to adopt good financial habits.
My wife is the queen at this! Instead of waiting until she receives our credit card bill, she logs into our accounts and pays it off in the middle of the month. There’s no way she’s allowing any interest to accrue!
7. Read One Financial Book Each Year
If you want to become financially stable, you’ll have to seek advice from the financial masters. Easy to do, since nearly every one of them has at least one book available.
Take advantage of that knowledge. If you only get three or four bankable ideas from reading a single book, think about how many you’ll get from reading a dozen or more.
Some of the personal finance books that I’ve enjoyed over the years include: Dave Ramsey’s Total Money Makeover, David Bach’s Smart The Automatic Millionaire, Ramit Sethi’s I Will Teach You to Be Rich. And…well there is of course the book on the left:
Shameless plug: My book, Soldier of Finance, can be purchased here.
8. Track Your Spending
If you don’t have a budget, then you probably don’t have even a remote idea where all of your money is going. This is one of those good financial habits you absolutely must adopt you if want to get control of your finances.
By tracking your spending, you will be able to identify the areas of excess. Eating out for 50% of your meals? Cut that back to even 25% and cook or brown bag the rest, and you’ll have a nice chunk of change to contribute to paying down debt or building up your savings.
Start tracking your spending now – you may be surprised to find where your money is actually going.
9. Spend Less Time Watching TV
Don’t think watching TV has anything to do with becoming financially stable? Guess what? TV is nothing but a giant advertising venue, and I’m not just talking about the commercials. Even TV shows advertise certain wares through a little thing called product placement.
It’s a place where “sponsors” come to peddle their wares, and often, to make you feel insecure because you’re not buying what they’re selling.
Much of our spending, especially impulse spending, is driven by time spent in front of the TV. The less time you spend watching it – and the ads it bombards you with – the less money you’ll feel compelled to spend on things you don’t need.
Plus, by watching less TV you can read more books!
10. Balance Your Checkbook Regularly
With online banking, it’s easy to ignore this step. After all, the balance is available to be checked every day. But the balance does not reflect upcoming charges or outstanding checks. If you aren’t fully aware of these, it could lead to an undersized balance, or even bounced check fees. No bueno.
Balancing your checkbook helps you to avoid these pitfalls, so you know exactly how much cash you have at all times.
11. Shop Without Your Credit Cards
Not only will this keep you from running up your credit card balances, but if you have to use cash or your debit card to make your purchases, there’s a very good chance you will spend less money than you would if you are shopping with a credit card, because you can’t just pay it off later.
It’s real money, being used right now, which helps you make a wiser decision in the checkout line.
12. Pay More Than the Minimum on Your Credit Cards
And speaking of credit cards, if you want to become financially stable, you will need to get rid of those balances. If you haven’t been successful in paying off your credit cards in the past, then you should commit to paying more than the minimum payment due.
On top of paying more than a minimum, you should consider consolidating your credit card debt under a single 0% balance transfer card. Once you do this all those high interest cards will be under a since zero interest card saving you money.
This will speed up the payoff of your credit cards without having to come up with huge sums of money to do it. You will simply be accelerating the payoff, and if you pay enough, it will happen more quickly than you think.
Pay attention to your credit card statements. They will often tell you how long it will take to pay off your balance if you only pay the minimum payment, and how long it will take if you pay a fixed amount slightly higher than the minimum payment. Most of the time, there’s a difference of several years.
Yes, I said years.
13. Dust Off That Business Idea You’ve Been Putting Off
Do you have a business idea you have been putting off for quite awhile? You may want to give it a serious try. The internet has made starting and running a business easier and less expensive than ever. Case in point example is my buddy, Steve Chou, who was able to replace his wife’s $100k income by launching an online store.
Another example closer to home is my wife’s blog. She was able to replace her full-time income from her corporate job after starting her blog in about a year.
Best of all, you can run a side business for as long as you like, and that can provide you with an extra source of income. It’s important to set good financial goals, but you also have to carry them through. Starting a business is one way to do that – even if you only do it on a part-time basis
14. Learn to Say “No” to Yourself
This is important when you are shopping, or just out and about. This is really about getting control of impulse buying. You’re out somewhere, and you see some item you like, and you buy it because it doesn’t cost that much. Even worse is the ability to purchase things online nowadays and have it delivered to your doorstep in just a few days. If you do that several times a week, the spending can really add up.
Making just 20 impulse purchases (or fancy coffees) per month at an average of “only” $5, adds up to $100 spent on stuff you really don’t need. That’s $100 which isn’t going into savings or investments, or to paying down debt.
One trick is to enforce a “72 Hour Rule” on any purchases, especially online items. If you really think you need to buy <fill in the blank>, after you add it to your cart make yourself wait 72 hours before you purchase it. After 3 days you should get a good feel whether you really need the item or if you just want it (and don’t need it at all).
15. Learn to Say “No” to Your Kids
If you have children, learning to say “no” to them is doubly important. First, kids being kids, they always want something. And that something tends to get more expensive as they get older. You can save a lot of money by learning to say “no” to the random things they see and decide they can’t live without.
Keep in mind, I’m not telling you not to give your kids birthday or Christmas gifts, or things they truly need. Rather, it’s about their own impulse buying – seeing something and wanting it – but instead, they’re using your money. Telling them “no” will keep more money in your pocket.
But the second issue is even more important.
How you spend money, and particularly how you spend it on your children, has important implications for the attitude they will have toward money when they grow up. Though saying “no” isn’t always easy, it’s a way of teaching an important financial lesson. It teaches your kids they can’t have all the candy in the store, and that’s something they need to grasp in preparation for adult life.
16. Buy Term and Invest the Difference
Everyone needs life insurance, but everyone complains about how expensive it is to buy it.
There is a better way.
Buy term life insurance. Because it costs only a fraction of what whole life costs, you not only save money on the premiums, but you can buy more coverage. And that money you save on the premiums can be invested to build a large investment for the future, which by itself is its own form of insurance.
17. Start a Retirement Savings Plan
Good financial habits can be elusive if you don’t have a retirement savings plan of any kind. But if you don’t have a plan through your employer, there are plenty of options. You can open up a self-directed traditional IRA or a Roth IRA through tons of different platforms. Either will provide the type of income tax deferral that is the essential to building a healthy nest egg for retirement.
If you don’t have a retirement savings plan, what are you waiting for? Set one up today, and start funding it with any money you have available.
Seriously. It’s better to start contributing a little bit now than to wait until you can contribute a lot. You can even fund it through payroll savings deductions through your employer. Our top choice is Ally Invest with the rest of best options for IRA’s here.
18. Refresh Your Emergency Fund on a Regular Basis
There’s a lot of talk on the web about building an emergency fund, but far less in regard to replenishing it once you’ve taken money out of it. And if your living expenses increase over the years, you can even find your emergency fund is no longer adequate.
Take a look at your emergency fund at least once each year, and determine if it is sufficient to cover at least 3 to 6 months of living expenses, based on your current expense level. If it isn’t, set up a plan to refresh it as needed. It’s hard to remain financially stable without a well-stocked emergency fund.
19. Save For Specific Goals
A lot of people understand the importance of saving money in an emergency fund, and for retirement. But less well understood is saving for specific goals. Those goals could include saving money for your children’s college education, saving money to replace your car without having to take a loan, or saving money to make major repairs on your .home.
This isn’t just about saving money – it’s also about becoming self-funding. That means you pay cash for the kinds of major things other people borrow money for.
I’m a huge believer in revisiting your goals every 90 days. I started this over 4 years ago and I’ve seen my revenue nearly triple while taking more days off than I ever have. So yes, I’m a HUGE advocate of goal setting. Here’s a quick peak on my last quarters goals as well as my goals for 2015.
20. Know What You’re Paying
A lot of people are not terribly concerned with investment fees, so long as their portfolios are growing in value. But there’s more going on with investment fees than people normally think. A difference of just 1% in investment fees can make a substantial difference over time.
For example, let’s say you have a $20,000 investment account earning 10% per year. If you pay 2% in investment fees, that will give you a net return of 8%. Over a ten year period, the investment will grow to $43,179.
But let’s say you have the same investment, but you pay only 1% in investment fees. That will give you a net annual return of 9%. After ten years, the investment will grow to $47,347.
That’s a difference of well over $4,000 over ten years. The difference is even more dramatic over 20, 30, or 40 years.
It’s also important to understand the type of investment you own and the fees associated with it. Recently, I had a new prospective client that owned a variable annuity. She didn’t understand how it worked or what she was paying per year to own it. She actually thought she was only paying $50 per year to own it when, in fact, she was paying over $3,500!
Moral of the story: investment fees matter!
21. Give to Others
This could donating your time to a charity or cause, tithing, or cooking a meal for a friend in need. The point is to put others needs before yours.
It’s easy to put our own worries and concerns at the forefront but when you start focusing on others, the payback is unmeasurable.
22. Become the Go To Guy/Girl at Work
Everybody wants a raise at work, but not everyone wants to do what it takes to get one – especially in a tight job market. The same is true for promotions.
But if you want to fast-track your career, work to become the go-to guy or gal in your office. That means taking on meatier work assignments and stepping up to help management and coworkers when needed. It’s not easy, and it’s not an immediate fix, but it can really payoff in the long run.
23. Get to Work 15 Minutes Early Each Day
By getting to work 15 minutes early each day, you can dramatically improve your work performance, and even reduce your stress levels. Just taking the extra time to organize your day, such as creating a to-do list that makes sure you get the most important tasks completed first, can give you a jump on the competition – your coworkers.
That can be an important part of improving both your productivity and your visibility at work. And that can eventually lead to a bigger paycheck.
24. Cut Down on Your Spending Allowance
Even people who budget can sometimes be lax when it comes to their personal spending allowance. That’s the money you use for entertainment, for casual spending, and for that latte at Starbucks.
Everyone needs a certain amount of free-spending built into their budget, but it’s equally important to make sure it doesn’t get out of control. Since it tends to be spent in small amounts over long periods of time, it’s easy to get carried away with spending on this front.
Start by giving yourself a fixed allowance for free-spending each month. Then gradually begin cutting it down to a more manageable number.
25. Cut Down on Restaurant Meals
Eating in restaurants has become so common these days we hardly notice it. But if you find yourself eating out three, four or more times per week, your restaurant habit has become a major expense without you even realizing it.
Track the number of times you eat out each week, and begin reducing it. This is an excellent way to save money painlessly. And it may force you to sharpen your cooking skills. The Food Network is there to help you with that, should you need it.
26. Drive Your Car a Few Years Longer
If you are accustomed to taking out five year loans on your cars, then replacing them as soon as the loan is paid off, you need to realize that’s a very expensive way to drive. The longer you drive it after the loan is paid off, the less expensive your auto expense will be. That’s another of those good financial habits that will point you in the right direction, and bring you to financial stability more quickly.
The average age of a car in the US is now 11.4 years. That isn’t to say you have to drive your car until it dies, but you should be able to drive it for as long as 10 years. And for the love of man, repeat after me:
Reliable transportation does NOT mean you have to buy a brand new car.
If you are paying $500 a month for a car payment, and you can keep the car an extra five years after, that will be an extra $30,000 in your bank account ($500 X 60 months). You’ll lose some of that to repair bills, but nothing close to $30,000.
27. Learn to Love the House You Live In
Some people make it a practice to trade up on their home every time they get a promotion or a new job. If you want to become financially stable, it’s critical you learn to live beneath your means – which was the first strategy on this list.
If you can keep your house payment stable while your income rises, you can redirect the additional income into savings, investments, and non-housing debt. That will improve your financial situation a lot more quickly and efficiently than buying a larger and more expensive home every few years.
So there you go – 27 good financial habits that you need to not go broke – and to become financially stable. Pick just a few of them, and watch your finances get better.
As I type this, I’m jumping through the various hoops involved in buying a 2023 Tesla Model Y, a spectacularly expensive, large luxury “crossover” that is absolutely loaded to the gills with excess: all wheel drive, faster acceleration than a Lamborghini, enough space for seven people and enough computer gadgetry to function as a small Google data center.
The total net cost of this thing to me after all the taxes and tax credits* will be about $52,000, which is just a stunning amount higher than the Honda van it is replacing. That old classic cost me $4500 when I bought it off of Craigslist twelve years ago, and it had served me dutifully until just last month, crisscrossing the mountains and deserts of this country and also helping to rebuild a considerable swath of houses in my neighborhood.
I’m supposed to be a frugality-oriented financial blogger, and I’m also known for hating car culture – I think most people use cars about ten times more often than they need to, and most people drive cars they can’t afford. So why the hell am I buying a new one?
From those first three paragraphs, you can see I’m feeling plenty of self-mockery and ridicule over this new purchase. If you’re also a naturally frugal person, you can surely relate to the thoughts and you probably also agree with me that I’m off my rocker.
And indeed, I’m still on-board with frugality and healthy self mockery. After all, it was this overall life philosophy that earned me an early retirement 18 years ago, which provides all of the glorious freedom I enjoy now.
It was also the philosophy that allowed me to procrastinate on buying this expensive car for the last four years, even as countless people both close to me and out on the Internet egged me on and told me I should just loosen up and treat myself.
But there’s a classic slogan that applies to many areas of life, and it is something I like to dig up and ponder every now and then:
“What got you here,
Won’t get you where you’re going.”
How does that piece of wisdom apply to frugal living and enjoying a long life of early retirement?
A quick story from a recent run to the grocery store will explain:
I was standing there in the bakery aisle, hoping to restock with a loaf of Dave’s Killer Bread for the next day’s breakfast with some visiting friends. But since this was in a standard grocery store rather than the Costco where I usually shop, the damned stuff was priced at an eye-watering $6.99 per loaf (instead the $4.50 or so I’m accustomed to paying, and even at the bulk store this stuff is about double the price of normal bread).
“DAMN YOU KING SOOPER’S!”
Was my first response.
“WHO THE HELL DO YOU THINK YOU ARE, TRYING TO SELL BREAD FOR SEVEN BUCKS!!!”
Then I went through a whole mental battle of what I call Grocery Shopping With Your Middle Finger:
“Should I just boycott this bullshit?”
“Hmm I wonder if any of the other competing brands are any good?”
“What else is a good substitute for bread for this breakfast?”
And then thankfully, after exhausting all other mental options, I settled on the correct one:
“JUST BUY THE BREAD YOU DUMBASS!”
“Because you are never going to wake up in the future and look at your bank account and think, shit, if only I had an extra $2.49 in there I would be a happier person.”
That night, I came home from the store and shared this funny tale with one of my guests. He understood perfectly because he too had earned his own retirement through a lifetime of grinding in tough jobs and disciplined frugality. And despite the fact that he has a net worth several times higher than mine, he admitted that he faces exactly the same mental battles over splurging on himself.
This same friend gives freely to charitable causes, has supported a local school for decades, and is always the first one to pull out the checkbook if a friend has hit hard times or is looking for a trusted business investor.
But he still has trouble bringing himself to take an Uber to the airport instead of riding the bus which takes an hour longer.
We both realized that we were being too cheap with ourselves, and we needed to work on it. And we came up with a set of three ideas that should hopefully work together to help us have more fun with our life savings, while we are still alive:
the Minimum Spending Budget,
the Dedicated Money Wasting Account,
and the Splurge Accountability Buddy.
Principle #1: The Minimum Spending Budget:
Suppose you’ve done well over the years and amassed a pile of productive investments worth about two million dollars. Yes, this is a lot of money for most people, and that is the point: this hypothetical person truly has it made.
But as it turns out, most Mustachians I know with this level of wealth are still living very efficient lives, usually with a spending level of under $40,000 per year. On top of that, they typically live in a mortgage-free house and still have various forms of side income from a small business or two.
The 4% rule tells us that this person should be fairly safe spending up to about $80,000 per year from that cozy nest egg, even if they never earn any other money.
If this person wanted to be ridiculously conservative and set the spending rate at 3%, that still leaves about $60,000 of fun money every single year.. Plus, again, any side income, future inheritances, and social security income only add to the surplus.
Thus, a reasonable minimum spending level for this person might be $60,000 per year.
And in most cases, they know this, but still go right on living on $40k or less and claim they have everything they could ever want.
But if you watch carefully you’ll still catch them firing up the middle finger at things like $6.99 Dave’s bread or the $14.00 Cabernet at the restaurant or driving around in a gas guzzler even when they would prefer to have a proper, modern electric car.
And whenever these people do get extra money, their first instinct is to stash it away on top of the already-too-big pile. In diagram form, their money flow looks like this:
Note that while this person is great at accumulating money through that big red arrow firing money back into the ‘stash, their “fun stuff” arrow appears quite flaccid and withered.
Which is a perfect segue to ….
Principle #2 – the Dedicated Money Wasting Account
Lifelong habits are hard to break, and it’s sometimes hard to “waste” your own hard-earned money on things that seem frivolous, even when you know intellectually that you have way more money than you’ll ever spend.
But have you ever noticed that if you are spending somebody else’s money, preferably an anonymous corporation, it feels different?
For example, when you’re on a business trip and you just show up at the dining table to eat and drink and you never see the bill, you probably don’t fret about the prices, right?
The key is to make your own money feel like somebody else’s, and you can do it like this:
Re-brand your main bank account – henceforth it is the FREE FUN MONEY account.
Set up an auto-deposit of your minimum spending budget that drops in each month (if you suspect that you might currently be too frugal, make this at least $1000 per month higher than your current spending level)
The only way you are allowed to use the money in this new account is to spend it on anything and everything, or give it away. It can be used for both necessities like groceries and your utility bill, but also your luxuries like travel and dining and generosity.
But the key rule is this: You are not allowed to follow your old habit of sweeping out the surplus each month to buy more and more index funds as you’ve been doing your whole life.
If the free fun money starts building up, which it probably will because you are way out of spending practice, it will stare you in the face and tell you to do a better job.
And this can and should be FUN! Now you can get the best organic groceries even when the price seems exorbitant. Go out for dinner or order delivery whenever you like. Surprise your loved ones with concert tickets, join your friends on snowboarding or beach trips, or even pay for an entire group vacation, allowing people to go who couldn’t normally afford it so easily.
Technical Note: Some people have income or wealth levels are so high that it would be insane to spend at a 3% rate. For example, a $10M fortune would lead to a $25,000 monthly spending rate, which is obviously ridiculous.
In this situation, you can still leave your dividends reinvesting but still give yourself a bigger, no-saving-allowed budget to get some practice being more relaxed and generous. The real point here is to just stop sweating the details so you can have more fun.
Principle #3 – The Splurge Accountability Buddy
Many of us frugal people tend to stick together. And most of us have different versions of the same problem: we know logically that money is plentiful these days, but our emotions keep us stuck in our old ways of optimizing too much.
But I find that when I team up with local friends who are actually trying to battle these same habits, we can question each other’s decisions, call out cheapness when we see it, and cheer on splurges when we know the other guy would enjoy it.
My super wealthy friend from above has become much better about treating himself (and his family) to quality goods for the home, amazing trips together, and just a general reduction in his stress over being “efficient with money”
My friend and HQ co-owner Carl (Mr. 1500 Days) has finally replaced his beaten-down minivan with a spiffy new Chevrolet Bolt electric car, and is loving that leap into the future.
And of course Mr. Money Mustache, after squeezing one final mountain road trip out of his 23-year-old Honda van, is finally allowing himself to get the Tesla he has been talking about for half a decade.
A recent life change (becoming a co-owner of a fixer-upper vacation rental compound in beautiful Salida Colorado) has reignited the travel fire in my heart and made me realize how much I do love getting out to distant places for visiting, mountain biking, gathering with groups of friends and my favorite activity of all: Carpentourism.
Running the Numbers: how ridiculously expensive is this car?
This is the perfect start to my experiment in spending more. Realistically, a $50,000 car is going to cost me about $10,000 more per year than my old van was burning. With the biggest costs being these:
Foregoing roughly 8% annual investment returns on the 50 grand: $4000
Depreciation on the car: an average of $3000 per year over the first 10 years
Higher insurance premiums: $1000 more per year
Replacing those exorbitantly huge performance tires when they wear out, and probably things like repairing the all-glass roof someday when it meets Colorado’s pebble-strewn mountain roads: the remaining $2000 or so.
Since I personally had a spending deficit of several times more than $10k per year, I figure this is a solid first step. And, since the car’s primary purpose is things like epic camping trips, dream dates, and long adventures around the country, it will definitely help me spend more on experiences, hotels, and go out to dinner a bit more often as well.
“This Privileged Rich Folk Talk is Making Me Sick, why don’t you give your money away to charity, or to me?”
In general, I agree: the world has problems and the richer you are, the more you should consider giving generously.
But also, to be honest, the whiny people who constantly send complaints like this out to strangers on the Internet really need to get a life. It’s great to encourage philanthropy through positive examples, but completely unproductive to send negativity to shame people you don’t even know for not following your own personal value system. The world has seen more than enough of this.
On top of that, this one-sided thinking can be counterproductive. Both of my friends have given generously throughout their lifetimes. In my own case, I have donated over $500,000 to the best causes I could find during the years I’ve been writing this blog, but I was still refusing to let myself replace that 23-year-old van.
And that overthinking was leading to even more of a scarcity mentality, as I compared my own meager spending to these bigger numbers of my donations, and found myself thinking things like,
“Damn, I’m spending $100 on this dinner date which sounds like a lot, but I also spent ONE THOUSAND TIMES more on donations last year, which sounds like even more. Maybe I am spending too much and need to cut back on EVERYTHING!”
And then the fear side of my brain would illogically chime in: “Yeah and you’re going to make us run out of money and be poor forever! waaaah waaaah! Cut back and optimize and conserve!”
I think there is a happy medium here.
Yes – be a super, duper responsible steward of your life savings.
And yes, give generously with all your heart to charity.
But yes, it’s also okay to set aside a portion of the money you’ve earned, for frivolous spending on yourself and those closest to you. You’re not a bad person for having a few nice things.
It’s okay to pay that extra hundred bucks to sit in the front of the airplane instead of the back if it helps you enjoy your vacation and spend a joyful half hour walking FREE at your destination while the 49 rows of people behind you fuss infuriatingly with their shit in the overhead bins.
It’s okay to buy the frozen berries at Whole Foods even though they cost eight times more than Costco charges, if it spares you from making a second unpleasant trip through parking lot hell.
And as for me, I am calling it okay to, at last, double flip the Autopilot stalk in my new Tesla and lean back as it it shoots me gracefully through even the highest mountain passes, forever leaving the desperately underpowered wheezing and gear shifting and noise* of the gasoline era behind, forever.
Rest in Peace, Vanna – 1999-2023
* A useful tip for more effective splurging:
Try to find the truly negative aspects of your life and focus any additional spending on improving those things. But it’s a subtle art so you have to get it right if you want lasting results in happiness.
You don’t want to just reduce hardship or challenge like hiring someone to take care of every aspect of your house, because overcoming daily hardships and having significant accomplishments provides the very core of our life satisfaction.
You also don’t want to just upgrade the things that are already good in your life. For example, a friend of mine is a gourmet coffee expert, and he suggested that I upgrade my setup at home to include on-the-spot roasting, and fancy grinding and brewing equipment. But I already love the good quality coffee I buy off the shelf from Costco, so it would be counterproductive to invest time or money into changing this part of my life.
But when you have something that causes you regular angst and stress, whether it’s a leaky roof that makes you dread rain, or a long commute that makes you dread the daily traffic jam, or a body that is giving you trouble due to not being in the best of shape – those types of things are probably a good target for improvement.
In the case of my car situation, I had a Nissan Leaf which is wonderful to drive, but doesn’t have the range to travel anywhere outside of the Denver metro area. Then I had the van which is a clunky beast to drive, but is otherwise an amazing road tripper because I could bring along whatever and whoever I wanted. But the van was getting increasingly unreliable in several hard-to-fix ways which was making me nervous every time I thought about long distance travel. Which was causing me to avoid certain trips and miss positive lifetime experiences.
In other words, my lack of a reliable long-range car was a small but consistent source of negative stress.
Finally, Vanna gave me the gift of a final hot and smelly transmission failure on a mountain pass on the way home from my new project in Salida. It was just the nudge that I needed. And now I already feel excitement rather than dread at the prospect of all the road trips in the coming decades!
* Total cost of this Tesla:
Model Y plus options and Tesla fees: $53,630
Subtract $7500 federal EV tax credit
Subtract $2000 Colorado EV tax credit
(Note: this is equivalent to a $44,150 list price if you are cross shopping with other cars)
Add back in $4674 of sales tax
Add in first 3 years of Colorado new-car registration fees: $3000
Net cost: about $52,000
New Tracker Page!
To go along with this article, I started a new page called “The Model Y Experiment” where I can share ongoing findings and Q&A about the ownership experience. I’ve driven and rented Teslas quite a bit in the past, so most of it will be pretty familiar. But as an owner I’ll get to verify the reliability and the quality of customer service, as well as any quirks and modifications and upgrades I do.
Stone walls, crocodile-filled moats, Rottweilers — our ancestors found some pretty creative home security solutions!
Today’s home security systems feature a more tech-savvy approach, but the goal remains the same: to keep your family, your property, and your stuff safe from outsiders.
Recent innovations have fueled a new surge in home security sales.
As you shop around and compare systems, consider your home’s security challenges, your lifestyle, and your budget.
Chances are good you’ll find the system you need, whether you’re a new homeowner or just new to the home security market.
How Security Systems Have Changed Over Time and Recently
Believe it or not, tech-driven security systems have been around nearly two centuries. Augustus Russell Pope of Boston combined electricity, magnets, and a bell to create a burglar alarm in the 1850s.
Marketing the invention proved difficult, though, because people feared electricity as much as they feared intruders. As the decades passed, the world caught up with Pope’s idea.
By the early 20th century, electricity had grown safer and more common. The burglar alarm started to catch on.
By the 1970s, home security systems featured motion sensors. Off-site monitoring caught on in the 1980s.
Prices started to fall in the 1990s, making systems accessible for more homeowners. Now the internet has changed the industry again.
For a few hundred dollars in hardware and installation fees — or perhaps less if you install the system yourself — you can monitor your own home from your smartphone from work, school, your commute, or even while on vacation.
These new systems have drawbacks, too, so before you jump in, make sure you’re getting the security your family needs.
Monitored Vs Unmonitored Security Systems
This has become the first question to ask when shopping for home security: Should you pay more for a system with professional monitoring included?
For decades, monitoring fees prevented a lot of homeowners from getting a home security system.
Even the lowest fees can become cost-prohibitive when you pay them month after month and year after year for the indefinite future.
For those homeowners, unmonitored systems may offer the only way into the home security market. If you have a choice, though, give this question some thought.
Monitored systems come with some advantages you may like.
Advantages of Professionally Monitored Systems
Just like with cars, computers, and houses, you get what you pay for with a home security system.
A monitored system costs more, but consider these advantages:
More seamless responses: With an unmonitored system, it would be up to you to contact fire or law enforcement officials when you get an alert about an intruder. When you’re out of town, calling 911 probably won’t work as quickly since you’d have to be transferred between areas of jurisdiction. Someone monitoring your home should be able to contact officials more quickly.
Someone else deals with false alarms: When you’re at work or out shopping and you get a security alert from your unmonitored security system, it’s up to you to assess the risk. If the FedEx guy triggered the alarm by delivering this month’s dog food, you’d feel relieved. But when something like this happens several times a day, it starts to get distracting. A monitored system can take care of these distractions, saving your attention for when it really matters.
Equipment may be included: Customers who buy an unmonitored system tend to be responsible for maintaining and upgrading their own security equipment. A monitored system would more likely include the equipment and, naturally, its maintenance and upgrades. In a fast-changing industry, your gear can get outdated pretty quickly.
Protection isn’t dependent on cell service: Most of us always know where our phones are. But what happens when you’re in an area with poor service or when you lose your phone on the Slinky Dog ride at Disney’s Hollywood Studios? (I’m not judging!) You may not have access to your at-home security system alerts when most needed. A monitored service can contact authorities to protect your home even when you aren’t in the loop.
Advantages of Unmonitored Systems
Unmonitored, also known as self-monitored, home security systems have become the fastest growing segment of the market for a reason. Advantages include:
The cost, of course: Since you could use a self-monitored home security system without paying monthly fees, you can save a lot month to month and year to year. Even if you pay a professional to install the system’s panel or cameras, you can still avoid that monthly bill.
A perfect fit if you’re renting: The home security market has traditionally ignored renters since they don’t have the authority to install hardware or enter a long-term contract. An unmonitored system offers exactly what a renter needs: flexible service with no long-term commitment.
Having more control: When you’re making all the decisions about whether to call for help or whether it’s a false alarm, you’re automatically controlling the response level. Since you know better than anyone what’s normal at your home, this can prevent some confusion. For example, the monitoring service may not know your brother has a spare key but does not know the alarm code. Since you know this, you can automatically filter out the police response as a viable option (unless you really have it in for your brother).
Integrating additional home systems: Some of the best self-monitored systems are an extension of WiFi-enabled home automation. Along with feeling more secure, you can also lock or unlock doors, change your thermostat, turn certain lights on or off, and even control the garden sprinklers (and lawn mowers!), all from an app. (Traditional monitored services have started adding these features, too.)
Can You Get the Best of Both Worlds?
Wouldn’t it be nice if you could combine the best aspects of professionally monitored and self-monitored systems?
Well, the industry has been moving in that direction.
Here’s why: The rapid growth of self-monitored home security systems has grabbed the attention of the traditional home security companies.
The leading monitored services are compensating by adding modern conveniences such as app-based customer control and, in some cases, acquiring smaller, self-monitored home security companies.
And it’s not a one-way street: Some self-monitored services have added the option to have your home professionally monitored, but with a twist. You can get add-on monitoring for a fee only when you need it. That way you could still avoid the contracts and flat monthly fees.
As the market continues to evolve, I’d expect to see less separation between these two categories.
But full-time monitoring will continue to be a separator. It simply costs more money to have someone monitoring your home and responding to problems all day every day.
And in many cases, professional monitoring equals a more secure home.
Should You Buy a Monitored or Unmonitored Security System?
This gradual merging of monitored and unmonitored home security features could, ironically, make it harder to decide what kind of service to buy.
If you like the control an unmonitored system offers, you don’t necessarily have to opt for an unmonitored system anymore. You can find a monitored system with similar capabilities.
Or, if you want a monitored system because you’re out of town a lot, you no longer have to choose from only traditional security service providers. You may be able to find an unmonitored service with added-on monitoring periods without a contract.
If you can’t decide for sure, take a look at your home, your lifestyle, and your personal preferences. They can tell you a lot about your needs.
What Type of Home Do You Have?
The kind of home you’re protecting should help drive the kind of protection you buy.
Makes sense, right?
Well, it’s easy to forget such obvious things once you start comparing features, prices, contracts, apps, and customer reviews.
Take a look around your home. If you have two full floors full of windows and doors, along with a garage door and windows to consider, you’ll need a lot of equipment installed and maintained.
You’ll also have a lot more sensors to trigger false alarms. A monitored system could be worth the cost.
On the flip side, if you live in a 2-room apartment with just a few windows and only two doors, your up-front equipment investment will be less, and you’ll have fewer trigger points to keep an eye on as you monitor things while away. A self-monitored system could do the job.
How Connected Are You?
If a home security system sends an alert to your smartphone but no one is around to hear it, does it make a sound? We could debate that question for hours, and if your phone happens to be off, someone could be stealing your stuff as we contemplate.
With an unmonitored system, you’re on call around the clock via your smartphone. If you’re the kind of person who likes to unplug after work or while on vacation, you may want to lean toward a monitored security system.
If, however, you and your phone are inseparable — if you sleep with the phone beside you on the pillow — you’re likely set up well to monitor security alerts.
That said, I’d suggest using a different ringtone for home security alerts. You wouldn’t want to ignore a serious problem thinking it was just a reminder to pick up your sister’s cat from the vet tomorrow.
How Connected Is Your Home?
Most of us have WiFi at home now. Most does not mean all, though.
People without WiFi at home will have a hard time using all the features of a self-monitored home security system.
In that case, a landline-based, traditional system would be a better option.
If you have WiFi, the quality of your surveillance will depend a lot on the quality of your Internet connection.
As more devices and appliances get online — thermostats, washing machines, tablets, phones, TVs, refrigerators, lawn mowers — there’s more demand on your network. For many of us, a DSL connection just doesn’t cut it anymore.
If you have a gigabit-per-second coming across fiber into your home, your unmonitored security features should work just fine.
How Busy Are You?
A lot of us can add tasks to our regular schedules without a lot of stress. People in the gig economy or with a couple side hustles may have just the kind of schedule flexibility they need to assess threats from their smartphones.
Sure, you may have to re-arrange a few things or tell a client to hold on a second while you check the alert on your phone, but it’s still possible. People who teach school, run meetings, perform surgery, or preside over class-action lawsuits may not have time to check their phones every couple of hours.
Just like any other commitment you take on, consider the time demands of an unmonitored security system.
I’ve been in more than one meeting where someone had to check on a security alert. (Usually, something like leaves blowing onto the porch or a delivery from Amazon triggered the alert.)
Do You Own Your Home?
I referred to this earlier, but it bears repeating. Traditional home security firms more or less ignored renters for years since they didn’t have permission to install a system anyway.
With no wires to run behind walls, a tenant can usually install an unmonitored system without changing the property.
Mounting a camera in the corner is hardly different from hanging a picture, and it’s a whole lot simpler than installing a wall-mounted TV.
Plus, when you move on to a new home in a new city, you could take a lot of the system’s components with you to use at the new rental house. Of course, check your lease agreement to make sure you have permission to make the changes an unmonitored system would require.
And, by the way, if you’re a renter who would like a traditional monitored system, ask your landlord about it. He or she may be fine with the idea, especially since a system could reduce your landlord’s homeowners insurance rates.
Best Security System Providers For 2023
We’ve chewed on a lot of theoretical stuff, so let’s get into what really matters. How do systems compare to each other, and which one should you get?
A year or so ago I would have made two best security system lists: One for monitored security systems and one for self-monitored systems.
The features of these systems have blended so much I think one list will better serve shoppers. I’ll be sure to indicate whether you would need a contract to use each service.
While convenient features are important and worth weighing into the equation, the quality of the system itself still matters most.
So I’ll be giving the quality of your home security system first priority in these comparisons while giving conveniences and customer flexibility a little less importance.
Frontpoint
Contract required: Yes Professional monitoring: Yes Length of contract: At least one year
Remember earlier when I suggested the future of home security will likely blend the features of monitored and unmonitored systems?
I had Frontpoint in mind when I said that.
This company has led this confluence of features, offering professional monitoring plus the conveniences do-it-yourself systems introduced.
Yes, Frontpoint requires a contract and you’ll be paying for 24/7 professional monitoring. But you’ll also have a user-friendly app that can control your locks, lights, and thermostat.
With Frontpoint, you install the equipment yourself since it’s wireless, lightweight, and easy to position with included adhesive strips.
Essentially, Frontpoint offers the best features of monitored and unmonitored services in one package: professional monitoring, quality equipment, convenient features, and a do-it-yourself approach.
That’s why I’ve listed Frontpoint first.
I also like the 30-day, risk-free guarantee. If you’re unhappy with the service, Frontpoint won’t bill you and you can return all the hardware. You won’t be on the hook for the rest of the contract.
I also like the one-year contract. Most companies require a three-year commitment.
Frontpoint offers three price points. If you’d like to access recorded video surveillance from your property, you’ll need to go with the most expensive plan.
Best for: A homeowner who wants mobile control, full-time professional monitoring, and more contract flexibility than usual. Avoid if: You don’t want to enter at least a one-year contract.
ADT Pulse
Contract required: Yes Professional monitoring: Yes Length of contract: At least three years
ADT, a leader in home security for almost 150 years, has also started offering the conveniences of unmonitored security in its ADT Pulse system.
Like Frontpoint, ADT Pulse still bases its services on contracts, but it has bulked up its app to give customers more control over their security equipment. In fact, you can probably incorporate your own cameras and sensors into ADT’s system since it supports many third-party hardware brands.
Unlike Frontpoint, ADT Pulse includes professional installation (and a corresponding $99 set-up fee). The result is another best-of-both-worlds approach for the customer who is willing to enter into a contract.
In ADT’s case, the contract will last at least three years, and you’d be billed a hefty termination fee to get out of it.
ADT will let you out of the contract if you’re not happy with the service, but it’s not a no-questions-asked policy. ADT will try to resolve your issues, which is a good thing if home security is your priority.
Best for: A homeowner who wants a time-tested, trustworthy home security partner with professional installation plus modern mobile-based control. Avoid if: You’re not sure about entering a long-term contract.
ProtectAmerica
Contract required: Yes Professional monitoring: Yes Length of contract: At least three years
By now you’re sensing a trend: Traditional, contract-based home security companies that have adopted modern conveniences are dominating the top of this list.
And for good reason: Ultimately, a home security system should provide the best home security for you and your family, and professional monitoring tends to offer more security.
ProtectAmerica makes this list for those reasons and because of its flexible pricing options. The company has five price points.
I’d stay away from the company’s less expensive, landline-based options. They do not offer the control and integration you’d get from Frontpoint or ADT Pulse (unless you want a traditional, landline-based system).
ProtectAmerica’s broadband and cellular-based options deliver a lot. You can even integrate the system with your Amazon Alexa or Google Home smart device for voice control.
And when an alarm goes off, you can also get a voice prompt from the system telling you which sensor or camera triggered the alarm. When you’re half asleep, this simplicity can pay off! There’s also a panic button which will automatically call for help.
Best for: A homeowner or renter who wants the conveniences of tech-based security with fewer potential complications. Avoid if: You’re shy about a three-year contract.
Vivint Home Security
Contract required: No, unless you’re financing equipment Professional monitoring: Yes Length of contract: At least 42 months (but only when financing equipment)
If you’ve been looking for a no-contract home security solution that still delivers professional results, consider Vivint Home Security. Vivint offers monitoring for a monthly fee, but it doesn’t require its customers to commit to more than one month at a time.
However, if you cancel your account while you still owe money on your equipment, Vivint will bill you for the balance. So even though you wouldn’t have an official contract, you’d still be compelled to keep the service or pay a lump sum to end your connection to the company.
It’s not exactly a no-strings-attached situation, but customers do have more control month to month, especially if they pay up front for the equipment.
Vivint makes this list because of this potential flexibility and because of the flexibility of the company’s equipment.
You can essentially build your own home security and home automation package the way you want. Rather than choosing from a package, you can combine different kinds of surveillance equipment including outdoor monitoring, and different safety features such as smart lighting and thermostat control.
You can manage your system through a Google or Amazon smart speaker or you can use a more customized control panel.
Best for: A homeowner who wants to customize a security solution. Avoid if: You don’t want to pay up front for equipment. If you don’t pay up front, you’ll have a de facto contract.
Link Interactive
Contract required: No, unless you’re financing equipment Professional monitoring: Yes (by a third party monitoring center) Length of contract: N/A unless financing equipment
Link Interactive rounds out my top 5 because, once again, it blends traditional and unmonitored features to give customers the best of both worlds. Link Interactive stands out because it has embraced broadband and cellular networks more thorough than most other providers.
As a result, you can talk with a professional monitor through your control panel at home during an emergency. Sometimes just knowing what’s going on and finding out easily when help will arrive can alleviate stress.
But you should know that Link Interactive uses a third party, which doesn’t always equal a loss in quality, but it does mean the company has less control over the monitoring process.
Still, lots of Link Interactive customers have been satisfied with their service according to TrustPilot and Better Business Bureau reports, which tend to lean toward the negative for security systems.
Link Interactive lets you pay month to month instead of committing to one to three years. However, as with Vivint, if you owe money on your home security equipment, you’d have to pay the balance if you canceled service.
So unless you pay up front for the equipment or pay the balance down enough to make more affordable, you’d likely be sticking with the service for a while.
Essentially, it’s a contract by another name. Link Interactive does stand by its 30-day grace period. If you change your mind or don’t like the service, you can cancel without obligations.
Security matters most, and even though I’ve listed a couple concerns, Link Interactive has the experience (about 70 years’ worth) and the equipment to serve its customers well.
Best for: A homeowner who wants a reliable partner with the best modern conveniences. Avoid if: You don’t plan to stick with the company for at least until you’ve paid off the equipment.
Best Self-Monitored Home Security Services For 2023
I know — I listed my five top choices for home security, and not a single one offers a completely self-monitored system.
I alluded to the reason earlier but here it is again: Professionally monitored systems simply provide better security across the board, and we’re looking for the best home security systems.
In most cases, security tends to be better because you have a staff of monitors at the ready to respond to a crisis at your home.
Most, of course, doesn’t mean all. You may have just the right work-life balance to handle a self-monitored system. Or you might just prefer to self-monitor your home security, either to save money or because you like the control.
If so, you have a lot of choices.
Let’s take a look at a few of my favorites.
Ring Alarm
You’ve probably seen this one on TV. It looks simple, efficient, and affordable.
Overall, it lives up. For only $200 or so up front, you can get a pretty solid set-up and install it yourself. Pricier packages offer more components for larger homes.
You can opt for professional monitoring (for $10 a month or $100 a year) or for self-monitoring, which is free. Ring connects to Z-wave, which means you can incorporate a wide variety of home management and security equipment.
Amazon owns and sells Ring systems, so if you’re a frequent Amazon shopper you’ll know pretty much what to expect.
Best for: A low-cost but useful alternative with professional monitoring available.
Honeywell Smart Home Security
Honeywell, whose name you may have seen on thermostats somewhere along the line, has expanded its business into smart home connectivity, including home security.
You’ll pay more, over $1,000 most likely, to get your system going, but after that, you can do a lot, including arming and disarming the system with a key fob and even integrating facial recognition.
Honeywell’s system works seamlessly with Amazon Alexa, and the system should soon also offer Google Assistant and Apple HomeKit integration.
Honeywell also syncs with Z-wave, which means you can use all sorts of wireless equipment to manage and monitor your home.
Best for: A do-it-yourself alternative that still has top-notch gear and accessibility specializing in self-monitoring.
SimpliSafe
SimpliSafe has grown in name recognition and market share. The company offers a lot of options. About 16 to be precise. They all vary slightly in the number of components and price.
Set-up fees range from about $290 to about $550 depending on how much equipment your home needs. The equipment is easy to install and use. You can go without professional monitoring and keep using the security equipment.
It tends to be harder to incorporate third-party equipment, though. So if you get SimpliSafe don’t assume you can use existing gear from previous systems.
Best for: An all-in-one system for homeowners new to security systems.
Nest Secure
If you use Google products — Google Assistant and the Android operating system, for example — Nest Secure could offer a sensible extension for your home automation and security needs.
Naturally, the service integrates nicely with Google Assistant and your Android phone or tablet. You can spend up to $500 or so getting the equipment set-up.
You can add professional monitoring on a contract or month-to-month basis.
Best for: Customers who already use Nest home automation products. Nest is part of Alphabet, Google’s parent company.
Going Cheap? Create Your Own System And Go Full DIY!
Even though the home security market has changed a lot with the success of self-monitoring systems, customers still have two basic choices:
Enter a contract of some sort to get professional monitoring and pay less up front.
Buy a do-it-yourself system, spending $300 to $1,500 up front, and have the freedom to self-monitor and avoid the contract.
Some customers wonder why they can’t just buy some cameras and door sensors and connect the gear to their smartphone. That may be possible, and if that’s your thing, you could save compared to buying a pre-packaged deal.
But, for the majority of consumers, I do not recommend this approach for a few reasons:
It depends upon your ability to connect and maintain the equipment.
You couldn’t add professional monitoring if you wanted to.
It’s more difficult to self-monitor without an app to centralize the camera feeds and sensor data.
Regional Security Firms May Offer a Lot
I tried to limit this post to companies offering nationwide service. Some regional companies offer great equipment and great service, too.
If you’re considering a regional firm in your area, make sure to check on the following issues:
Who monitors the company’s security systems? Is it local or third party? If third party, try to find out response times for the monitoring service.
Are you as the customer responsible for maintaining the equipment or will the company keep it up to date? If you’re responsible, work that into what you’ll be paying.
Does the system’s control panel have a battery backup during loss of electricity? What about backup for the WiFi connection? If not, the system could leave you vulnerable.
If you have the ability to self-monitor, can you integrate components you already own via Z-wave or another similar service?
What do local law enforcement officials think about the firm? Cops know a lot about home security. They may know the value of a local or regional home security outfit.
Need Proof of Results? Ask Your Insurance Agent
Our homes are personal. Having a stranger violate, steal, or destroy our homes, our property feels like a personal attack even if we’re not home and deal only with the aftermath.
People who have experienced that feeling know it can change the way you look at the world for a while.
It makes sense for homeowners (and renters) to seek some kind of protection against this danger. No system can guarantee your safety and the safety of your family.
But home security systems do get results. For proof, just ask your homeowners insurance company.
Many insurers will give you a discount on your home insurance premiums if you have a professionally monitored home security system. Insurers give this discount because they know a quality home security service will likely reduce the likelihood of a personal property insurance claim.
As you compare systems, consider what kind of security you need and whether what you’re buying fits your home.
Security is personal. It’s up to you to make sure you’re getting a system to match your life.
Few things go better with the desert weather and aesthetic than the luxury spa treatment.
It doesn’t matter if you work over 40 hours a week or 40 minutes a month. Everyone needs time to unwind. From work stress to tough workouts and beyond, the pressures of daily life add up if they aren’t handled properly.
The apartments featured on this list all have one thing in common: They hold some of the best spas in Phoenix. Amenities that provide residents with options to unplug, resources to recharge and everything they need to make the most of every day. From resort-style pool and spa setups to yoga rooms and saunas, these Phoenix apartments have what you need to stay sane and healthy right at home.
Source: Rent. / Optima Kierland Apartments
Optima Kierland Apartments aims to be more than an apartment community. The goal of this complex is to feel more like a world-class spa destination than it does a tower of apartments. Residents here are able to enjoy the stunning natural landscape from the sprawling rooftop deck and sit out by one of the many water features on-site to let the stresses of the day slip away.
This Kierland apartment complex also boasts a stunning infinity edge pool and a separate shaded jacuzzi area complete with two tubs. It also has a stunning poolside sauna complete with mountain views. There’s a reason why Optima Kierland Apartments sets the standard for spa-style amenities in Phoenix. Swing by for a tour and see for yourself.
Source: Rent. / Vela on Camelback
Undeniably boasting one of the best spas in Phoenix, the wood-floored, light-filled yoga studio at Vela on Camelback is a serene place to stretch out the demons or sit and meditate on all life’s twists and turns. Equipped with everything you need to complete a particularly difficult yoga flow or just sit and let some time pass in peace and quiet, Vela on Camelback has what you’re looking for.
Vela on Camelback also boasts one of the best outdoor pool and spa areas in the desert. With their choices of towel service, ledge loungers and an outdoor games area, residents here always enjoy the freedom of choice when they decide to unwind. Good luck finding a better apartment complex in North Phoenix to unplug.
Source: Rent. / The Logan at Deer Valley
With a stunning pool and spa area as the central meeting spot for the community, The Logan at Deer Valley has a long list of spa-like amenities to offer its residents. Crystal-clear waters surrounded by lounge chairs sitting atop turf, this desert oasis is an undeniably cool spot to chill out, beat the heat and recharge for the next work week.
The calming pool area at this Foothills North apartment complex is also surrounded by large cabanas that house multiple chairs and loungers and provide ample shade for anyone that needs a break from the pool and the sun.
Source: Rent. / The Met
With a large oval-shaped pool and a sizable squared-off hot tub, the outdoor spa area at The Met is undoubtedly one of the most relaxing places in Downtown Phoenix to be. With picnic tables and loungers under umbrellas, full-grown palm trees and mood lighting embedded under the surface of the water, this uniquely relaxing outdoor area is the ideal desert hangout.
The Met also boasts a tropical-themed workout room with a stretching area. While working out may not be the best way to relax, everyone could use a good stretch at least once a week to work out the knots and reflect on the day.
Source: Rent. / 56 North Phase II
Boasting a long turf lawn peppered with loungers and conveniently located right next to the resort-style pool, the courtyard area at 56 North Phase II is a serene place to spend a lazy day. Whether you want to soak up the sun, soak away aches and pains or simply sit and think about life, there’s a place for you here.
Located in scenic North Phoenix, this peaceful paradise is perfect for busy nine-to-fivers, laid-back work from homers and everyone in between. Kick back and watch the day go by from the comfort of a covered cabana or get to know your neighbors poolside, the choice is yours at 56 North Phase II.
Source: Rent. / Quays at Encanto
It’s not every day that you encounter a mid-century modern apartment complex. Quays at Encanto is a boutique apartment community located near Phoenix College. With only 26 units, this small community was thoughtfully designed to help residents relax when they’re at home and live their best lives.
That starts with the apartment decor itself. The bathrooms in this beautiful complex are absolutely beautiful. Artisan fixtures, custom tilework and top-of-the-line appliances all combine to provide a potent spa vibe. This complex also boasts a rectangular courtyard pool — perfect for when the desert temperatures soar well into the triple digits. Plus, you’ll also see turf landscaping throughout for whenever you want to take a load off and soak up the sun.
Source: Rent. / The Logan at Osborn
Designed to look and feel like a five-star resort, the pool and spa area at The Logan at Osborn is simply stunning. A large rectangular pool surrounded by loungers backs right up to the crystal-clear jacuzzi creating an undeniably calming environment. With plenty of shade and more than enough room in the pool, this is one of the most relaxing places in the Phoenix College area to unwind.
The Logan at Osborn also boasts a number of well-manicured community courtyards. These lush green areas are ideal for anyone looking to get away from the hustle with a little alone time. Great for leisurely walks and breathwork, stress relief is always just steps away when you live at The Logan at Osborn
Source: Rent. / Acero at Algodon Center
Located in nearby Glendale, the Acero at Algodon Center apartments are spacious, modern and undeniably homey. Along with an elevated apartment standard comes an updated list of amenities, including an absolutely amazing outdoor pool and spa area. A large jacuzzi and rectangular pool sit in the center of the complex lined by palm trees and complete with loungers and a shaded outdoor clubhouse. It’s tough to stay stressed with a setup like this.
Acero at Algodon Center also boasts a beautiful community garden. If you’re the type that finds comfort in getting your hands dirty, the community garden is a great place to meet neighbors, reconnect with Mother Nature and recharge for another week in the real world.
Source: Rent. / Camden North End
It doesn’t get more zen than an ivy wall and a couple of statues of people in tree pose. Camden North End provides residents with two fitness centers, an indoor spin area and yoga studio and an outdoor stretching area. With so many other places to work out, the stretching and yoga areas are almost always quiet and perfect for a half hour of stretching, meditation or spacing out.
Camden North End also boasts not one, but two seasonally heated pools. These pools are surrounded by sundecks and peppered with loungers so there’s always a place for everyone at these Desert Ridge digs.
Source: Rent. / Circa Central Avenue
Circa Central Avenue may not have a traditional spa, but it does offer residents a long list of amenities that are designed to facilitate relaxation. Amenities like the outdoor poolside lounge. This enchanting outdoor oasis has tipi-style cabanas under string lights and a fire table to boot. Good luck finding a better place to relax and recharge.
The pool area at this Los Olivos apartment complex is nothing to scoff at, either. Falling water acts as the soundtrack thanks to the fountains lining the perimeter of the pool making it one seriously relaxing place to unplug.
Find your desert oasis in the best spas in Phoenix
Looking for an apartment that provides the resources you need to relax and unwind? You’re in luck. Phoenix is full of beautiful apartments with unique amenities that prioritize wellness, mindfulness and the best of a leisurely lifestyle. Find the spa-like place that fits your style and fill out an application today.
Featured image source: Rent. / Optima Kierland Apartments
The pool comprises 58.4% of loans where the borrower maintains a primary residence, while 37.5% comprise an investor property. Additionally, 0.1% are safe-harbor-qualified mortgages (SHQMs), and 62.5% are non-qualified mortgages (non-QMs). “There are 299 DSCR products in the pool (42.8% by loan count),” Fitch said in the report. “These business-purpose loans are available to real … [Read more…]
Running and maintaining a home can be a costly business while juggling the many necessities of life.
Purchasing your home is one thing, but making sure it is always in good running order is quite another. Before you even realize it, expenses can quickly mount up to hundreds or even thousands of dollars.
Upon taking out a mortgage, your lender may have a requirement that you also take out a home insurance policy to protect the building from theft or a naturally occurring disaster, such as a fire, flood, or earthquake.
While this preserves the physical structure of the house, it offers no protection for the things contained inside the building—the essential systems and appliances we use on a daily basis.
If your washer breaks down, or your air conditioning fails, you are potentially looking at hefty repair bills, time spent calling the best technician in town, and a sizable financial hit if the entire appliance needs replacing.
Luckily, there is a practical solution to this issue: welcome to the world of home warranties.
What is a Home Warranty?
As the name suggests, a home warranty or service contract is an insurance policy taken out to protect your home.
First-time home buyers and existing homeowners alike are encouraged to look into a comprehensive home warranty.
Since homes are often considered a huge investment, purchasing a home warranty ensures your valuable piece of property is safeguarded for generations to come.
Unlike a traditional home insurance policy, however, a home warranty is not restricted only to the building. Instead, home warranties cover major elements, such as heating and hot water systems, dryers, and ovens, among other essential items.
Choice Home Warranty is an ideal solution to your warranty woes, offering two plans to provide the best option for your home.
What Are the Benefits of a Home Warranty?
A home warranty works by exchanging a regular monthly payment for protection.
This offers a cheaper solution to the headache of having to pay the total replacement cost of an item at a moments notice.
This type of policy provides homeowners with an extra layer of protection whenever unexpected issues occur.
What Are Choice Home’s Warranty Plans?
There are two plans currently offered by Choice Home: the basic plan and the total plan.
Basic Plan
The basic plan provides standard coverage on the following items:
Electrical system
Heating system
Plumbing system
Plumbing stoppage
Whirlpool bath
Oven, range, or stove
Water heater
Dishwasher
Built-in microwave
Cook top
Garbage disposal
Garage door opener
Ceiling and exhaust fans
Duct work
Total Plan
As the name suggests, the total plan is a comprehensive warranty designed to protect all aspects of your home.
In addition to everything covered by the basic plan, the total plan also covers the following items:
Air conditioning system
Clothes washer
Clothes dryer
Refrigerator
Add-Ons
As a bonus, Choice Home offers clients “add-ons”— extras that can be added to an existing plan for a specific item but not included in either of the standard plans.
Those items covered here are:
Well pump
Sump pump
Pool and spa
Limited roof leak
Central vacuum
Septic system
Standalone freezer
Second refrigerator
Septic tank pumping
These extras allow you to personalize a warranty to focus only on those things you will really need to save money.
Get A Choice Home Warranty Quote
Why Choose Choice Home Warranty?
A Choice Home Warranty offers a variety of benefits, all designed to help make your life easier:
Pros
Free First Month: This is a definite bonus if you are browsing providers. Choice Home Warranty offers the first month of service at zero cost to you when a single-payment and one-year warranty plan is purchased.
24/7 Service: One of the benefits of a home warranty plan is guaranteed peace of mind. Choice Home Warranty offers a 24/7 approach to customer service, allowing customers to call or submit a claim when it’s most convenient for them. Claims can be filed via an online form on their website, making the process quick and easy.
No Home Inspection Required: Some providers require a full home inspection before providing you with a warranty, and this can make the sign-up process a long and drawn out affair for both parties. This is not necessary with Choice Home, and coverage starts as soon as the policy is activated, with no prerequisites.
Benefits for Real Estate Agents: Choice Home provides plans and packages specifically designed for real estate agents. A home warranty can prove a fantastic incentive to a potential buyer, giving you a chance to stand out from the crowd.
Knowledgeable Team Members: Choice Home representatives are thoroughly involved in the claims process and are knowledgeable about the products and services offered. This allows customers to obtain thorough and accurate information tailored to their individual needs and requirements.
Completion Date: In the event of a delay, technicians can provide a completion date for any work carried out. This offers customers total peace of mind along with a realistic time frame.
Informative Website: Choice Home’s website is not only easy to navigate, but is also divided into sections for buyers, sellers, homeowners, realtors, and contractors, making information extremely accessible. A FAQ page helps potential and existing customers answer questions quickly, and their regularly updated blog gives readers the opportunity to learn about recent business developments.
Extensive Coverage: Choice Home prides themselves on comprehensive coverage, and the choice of two separate plans helps potential and existing customers find a solution that best fits their needs.
No Policy Gaps: Coverage will begin 30 days after the homeowner is enrolled, and continues for 365 days. If a customer provides proof of prior coverage with Choice Home or another provider, then a new policy can be activated as soon as the old one expires. This ensures customers are always protected.
Cons
There are also some cons to Choice Home’s policies that specifically relate to pre-existing damage or appliance misuse:
Pre-Existing Conditions: Any damage occurring as a result of pre-existing conditions, whether known or unknown, will not be covered.
Appliance Misuse: Policies do not cover damage from misuse, abuse, or failure to clean and maintain a system or appliance.
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Final Thoughts
A home warranty plan is an ideal way to provide additional peace of mind while saving money on expensive repairs or replacements down the road. You never know when that extra hedge of protection will come in handy.
Choice Home keeps it simple with just two plans to choose from, along with the option to supplement any of their policies with “add-ons” or extras.
There are also options to pay monthly or annually, allowing customers to delegate home management to the experts.
Choice Home’s exclusions are similar to competitors. Nonetheless, homeowners should always read the fine print carefully to understand what is and is not included in a specific coverage plan.
Taking these extra action steps can save customers from any potential disappointment later on when filing a claim. No matter what home warranty under consideration, it’s important to always conduct your own research and analyze competitor offerings before making any significant financial purchases.
With a range of attractive benefits, including ongoing coverage, 24/7 customer service, and a host of benefits for real estate agents, Choice Home warranties take the stress out of a sudden appliance failure or system emergency.