https://www.alainguillot.com/frugality-2/

I have always lived a frugal life, but now as I am transitioning into retirement, I am questioning my frugality.

When I came to Canada, as an international student, I experienced financial hardship, like most college students. I was working under the table because I didn’t have a work visa and I hardly had enough money to pay for my food, my rent, and my tuition. Since then I developed the habit of excessive frugality. I didn’t see how I could earn more money, so I decided to go on the extreme of spending as least as possible.

This continued later on in life, I became a freelancer because I was never able to find a job that paid me a regular salary. Never in my work history I had a regular salary and I was always anxious about money, so I continued my habits of extreme frugality.

Along the way, I learned about the FIRE movement, which is based on only spending a small portion of my income so that I could accumulate enough wealth to retire early. This is exactly what I did, but this goal to retire early continue reinforcing my habit of extreme frugality.

Finally, this year I reached my FIRE number, and I aware that the mentality of extreme frugality is no longer serving me well. Now I have to learn how to spend more money and enjoy life a bit more.

I don’t follow any budget. Instinctively, I have an aversion to spending. For years, my trick was to pay myself first first. Once I deposited money in my bank account, I would allow myself to spend the rest. Now that I am retired, I withdraw a set amount from my broker’s account every month. If I need more, I just withdraw more.

This brings me to the subject of investing. Most financial advisors suggest that as you approach retirement, you should own less stocks and more bonds. I have mentioned it several times, that investing in bonds is shooting yourself in the foot. I am 100% invested in stocks and my money is growing at a faster rate than I can spend it.

I also feel fortunate to be a man. As a man I don’t spend much money on clothing or cosmetic, as many women do. I see some of my female friends spending money on beauty and fashion and I just shake my head and count my blessings.

I do enjoy spending time with friends, but that’s easy for me. My closest friends live only a few minutes away from my apartment and most of the time we open a bottle of wine and meet at the park. It’s easy and not expensive.

I find joy in the simple things of life, such as reading, writing, eating with friends.

I do have two advantages in keeping my expenses low. My rent is low, and I don’t own a car. I own a bicycle, I take the metro, I enjoy walking, and use a car-sharing service when I need to go far.

Since I mentioned walking, I walk about one hour ever day, that way I stay in shape and I don’t have to pay a membership to the gym.

Another advantage is that I shop at a small family grocery store close to my apartment where the prices are much cheaper than at the big brand grocery stores in Canada.

Also, I make it a point never to buy processed foods. I think that processed foods are poison to our bodies. I cook most of my meals at home. They consist of vegies, frits, and grains. I tend not to eat meat.

I have nothing of value in my apartment, most of my furniture I have is second hand. The only thing in my apartment that I really care about in my laptop and my two computer screens. Since I have nothing of value in the apartment, I don’t pay for apartment insurance. And of course, since I don’t have a car, I don’t pay for car insurance either. Finally, I don’t have any dependents, so I don’t need life insurance either.

I never eat at restaurants or order takeout if I am by myself, I can always prepare a meal in a few minutes. However, I do go to restaurants when I am with friends and that happens about once or twice a week.