Frugality is always a strong topic in the Financial Independence /Retire early (FIRE) world, and it seems to me that we sometimes forget to spend a little money on the luxuries of life. Spending a little more on products you use every day is NOT a waste of money. In fact it’s the smart thing to do, and it should be considered inexpensive. We should be measuring the cost of something in cost per use, and additional happiness it brings…
Inspired by Cait Flander’s new book: The Year of Less, I started thinking about my consumption habits — particularly clothes. I wondered why I needed to buy new ones every year and how many years earlier I could retire by removing clothing consumption from my lifestyle. The average American Household spends $1,600 a year on clothes. Considering the average household income is $60,000, the after-tax in NY** is $42,000. 4 percent of your average household’s yearly expenditure is on clothing….
Olivia worked in finance and wants you to learn the secrets of financial independence. She believes there are so many ways to monetize your life and make money doing the things you're already doing because so many companies offer free money.
The average savings account rate is 0.1%. The big banks have incredibly low savings accounts rates. CIT Bank offers a 1.75% savings account. You can open an account with just $100 and no monthly fees or charge . Tired of being charged fees and getting peanuts in interest at your current bank? Open a CIT Bank savings account in less than 15 minutes online.
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One of my favorite ways ways of monetizing my life is via credit card bonuses with cards that give you cashback or rewards. Check out our review of the Chase Sapphire cards, which give you at least $500 in cash or $625 in travel credit.