Now, if you are still reading this, I bet you also feel like you have advice that would help many people be able to save money and live a better life right? Maybe you've even tried to offer close friends and family members financial advice? *raises hand* I have.
Everyone's reaction when I start listing ways to save money
And more often than not, my advice has not been welcomed. In actuality, it is usually considered "crazy" since its so far from the traditional and accepted financial path of mainstream society.
Common phrases I have heard when talking about ways to save money:
"How will I live without [insert money sucking thing here]?" (i.e. cable, fancy car, brand name clothes, cell phone, dining out, etc.)
"But I like my social life!"
"Frugal isn't sexy!"
But sometimes, my advice actually does work and I can honestly say that one person is better because of it: My mom.
Before I tell you the story, I want to mention that my family has no idea about this whole FIRE mindset. They know that we have been cutting back on costs and have become more frugal. However, they do not know about this blog and they definitely do not know about our financial independence plans.
In honor of Mother's Day, I want to share this story with you guys.
Story Time
A few months ago, I surprised my mom with tickets to the Dr.Phil Show (which she absolutely loved). (Side note: if you are in LA and a fan of the show, tickets are free and its definitely a fun outing! I even ended up on TV and Mr Wow's aunt recognized me, made for an interesting Xmas conversation.) The night before the show, we went out to dinner and my mom shared with me how she wished she could save a little more money every month. She wasn't looking to completely change everything and override their current lifestyle, but being that my parents are both retired and living on a fixed income, she really just wanted a little more financial padding come the end of the month.
"Tell me some things that you are spending your money on," I asked while grabbing a napkin and pen.
She listed out some expenses.
In order to actually help her make a difference, I knew I was going to have to keep it simple, make it attainable and show her the numbers to prove she could save.
Keep It Simple
First off, I knew I had to keep it simple. I knew that if I got carried away and started rambling about everything that she could do, that she would experience frugal overload and would probably completely shut down, not attending to a single word I said.
Make It Attainable
I also knew that if anything was too much of a hassle, my mother would probably just skip doing it. I made sure to pick items that could easily be changed, with minimal effort.
The Proof is in the Numbers
After she listed how much she was currently spending on each item, I informed her of how much she could save by eliminating or changing this expense.
The Chosen Culprits
I pinpointed 3 things that I knew wouldn't be too much effort to change, but would have a big impact on the amount she saved.
- Cable/Internet= $100/month
- Cellphone= $70/month
- Gardener= $140/month
The Results
Do it, do it!
After a few phones calls (and the cable company pleading to keep my mom as a customer) she eventually cut the cord and completely did away with cable. There's an extra 100 bucks a month.
She then ditched Verizon and signed up with Page Plus, cutting her cellphone plan in half. Another $35 every month added to the bank.
Finally, she switched her gardener (who she wasn't particularly happy with in the first place) and saved another $70 a month. (Side note: she absolutely loves her new gardener and is spending less so I call it a win win!)
Bam! $205 saved each month!
My mother absolutely loves hearts! What could be better than saving money and then making a heart with the money she saved?
My mother was ecstatic! She called me up after she had made the changes and was so proud of herself. I was just as happy to have helped her make that difference. These small, simple changes ended up saving her over $2,400 a year.
I know that not everyone is willing and wanting to hear financial advice. I have definitely learned that lesson, but even just helping one person means a lot to me. Thinking about all that my mother has done for me, it just feels good to be able to return the favor.
Have you every given financial advice to a friend or family member? How was it received?
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