Interviewing Gen-X, Week 4: Writing and Money

In today's interview we speak with Nut, who hosts the Writer's Coin blog. As a young newlywed in a big city, Nut does a great job finding ways to balance frugality with living in the moment and shares them with his readers. If you can relate to the challenges of achieving that balance, I encourage you to check out his blog.

Mrs. Common Cents: I've noticed in your blog that you occasionally make parallels to money and life with baseball stats. I, too, make parallels between money and life, but my parallels mirror my interests. I'm not so interested in sports, but do love to cook and find food, in general, an interesting topic. One of my new favorite books is In Defense of Food by Michael Pollan. Michael's philosophy of the entire book could be summarized in his 7 word introduction– "Eat food. Not too much. Mostly plants." If you had to summarize your philosophy on money in this way, what would that be?

Writer’s Coin: That's tough, and before I narrow down my “philosophy” down to a few words, I would just like to say that drawing parallels to the things that interest us when talking about money is a great way to engage readers and get them into this stuff. It shows people your personality and interests,and makes it much more interesting. My money philosophy would probably be something like, “Think and learn about money a lot. But don't obsess.” I'm caught in the obsess part still, so there you go. I should try to follow my own advice.


MCC: You've recently married. I'm sure you've heard that money is one thing couples often argue about. What are some of the challenges you face in combining financial lives? Any advice on what's worked for you?

WC: Well, we just set up our joint account and are going through our first month of “jointness” so I may have to report back on how this goes later. It's tough because I'm way too obsessive about saving (we want to buy soon) and when it was just my money it was fine, but I sometimes feel likethat obsessiveness is making M feel like she can't/shouldn't spend money. And that's not good. So I have to get better at that. The biggest challenge is accepting that this isn't your money or her money, it's “our money.” It sounds simple but in practice it's a tough concept. So far I don't know that anything has worked for me—we're two weeks into it. But I know I have to chill out with the micromanaging of our account. Instead of obsessing about it day in and day out, maybe just sitting down once at the end of the month to go over things would make both of us feel better.Money is important, but it's not worth getting all bent out of shape 24 hours a day (unless you're in a serious financial catastrophe, which luckily we are not).

MCC: We hear about the state of the economy everyday, so much that it seems omnipotent in every news bite, article, TV show, etc.. As someone who writes about money, what are your thoughts on the economy? How will this impact our generation?

WC: You know what, the more I read up on all this stuff I get very fatigued by it. Like you mentioned, I'm a huge baseball fan. Well, it's like the draft: you see it every year, “This guy is going to be a superstar, he's incredible!” Every year it's the same thing over and over and does anyone really know how good a player is going to be in the big leagues? No. It's the same with the economy and the market and all of it. You should keep track of what's going on (like right now you should know the housing market is depressed and why), but don't worry so much about a lot of the panic around it. Make sure your financial house is in order and most of this stuff will just be noise. As for the impact of our generation, I think it'll be a good thing. A lot of people our age don't know/care about this stuff and this is a wake up call. Maybe they will learn a lesson or two about high gas prices, helping the environment because of it, and the things that can happen when you borrow more than you should for a home. All it can do is teach us something. Of course, in 10 years when all this is behind us, it'll all be forgotten and we'll make some new mistake. But that's just life. It's one of those things where you have to try to be even keeled about things.

MCC: You speak with a lot of insight surrounding personal finance. Have you always lived frugally or did you have a financial turnaround?

WC: I guess I always lived frugally but didn't really know it. My dad doesn't really care a lot about stuff. I asked him what he would do if he won $10 million once and after telling him his answers were boring (“Save it”), he finally splurged and said “Another Terios.” Which is the car he alreadyhas now—a paper-thin car masquerading as an SUV. I was like, “come on dad!” So that's just the mentality I've grown up with. But I lust for stuff just like everyone else. I wanted a Wii forever and the iPhone is so cool. My “turnaround” was just becoming aware of things; I call it my “financial awakening.” It happened while reading Rich Dad, Poor Dad. I just made me change my thinking about money—I had never really thought about that stuff before. I have major issues with Kiyosaki, but he got millions of people “into” money, so you have to give him props for that. Sorry I don't have an exciting story here, I've seen people with much better ones. I was never in debt up to my eyeballs, never had to sleep in a car, etc.

MCC: I've noticed a few posts lately about looking into buying a home. What are some of the challenges you face there? Any thoughts on renting vs. owning? Any societal pressure to start the American Dream as soon as you can?

WC: Well the big challenge is being responsible about it. And by that I mean putting 20% down. Not putting it down but finding out a way to come up with the money. That's a LOT of money. I like renting because it gives you flexibility, but when you know and love a city and you're not going to go anywhere anytime soon, it makes sense to buy. Especially right now. So I think we're in luck because our situation (newlyweds) is lining up pretty well with the beginning of the end of this housing mess. Pressure... I think there's pressure every day. If you aren't someone that's got plans to “start their own business,” it feels like you're being lazy or something. It may be in my head, but that's the way it feels. When I meet someone who runs their own business and is my age, I'm immediately 2 inches tall in this person's presence. “I bow down to you oh achiever ofthe American Dream.” But it's silly, I know. Other than societal pressure, I don't really feel anything like that. I put pressure on myself and I'm an optimist, so if there is any other pressure out there, I haven't felt it. Keeping up with myself is enough work right now.

MCC: Do you feel pressure to compete financially with your peers? Why do you think so many people in our generation struggle to buy things they can't afford easily?

WC: For sure. I used to work in publishing so I was usually the person who made the least amount of money. And even now I don't know that I make the average of the people my age, but that's just the way it is. It can be tough when a couple starts talking about buying this and that, traveling here and there, and so on. For me, the toughest part is not being able to give that stuff to my wife. I mean, she is not a high-maintenance person (which I love about her), but you want to do nice things for her and make her happy. Sometimes it takes money to do something special and sometimes I wish I had more to just treat her.
As for why people struggle so much with buying things they can't afford, I don't know. It feels like everyone makes more than me so I don't see how they would struggle, but it has to mean that they are buying too much stuff, right? Also, I think they don't plan for it. Planning is huge. Itcan save you tons of money if you do some research and find the best deal (coupons, sales, etc.). And also planning on the money side of it. It's simple: save $25/week and in two months you can buy an iPhone instead of buying it and worrying about how to pay for it later. Just plan it out and you'll save yourself money and stress.

MCC: What are your long term financial goals - where do you see yourself in 10 or 20 years down the road?

WC: Oooh boy. Long term I want to have the money to not be so obsessive about it, to be able to give my unborn children everything they need education wise and so forth, and I want to travel. The world has some amazing places out there and I'd like to visit them. In ten years I hope to have a kid and a job where I can see him/her whenever I want. A house here in Chicago would be nice too.

In 20 years...whew that's tough! In 20 years hopefully I'll have a book out and writing will be a central part of my life/job. I'll probably have a kid or two also, which is going to be fun/exhausting.

MCC: What financial advice would you give your younger self (5-10 years ago)?

WC: This is easy: start investing now. I would show myself all the numbers and the proof that the longer you're “in the game” for, the better you'll do. Every time I see one of those charts showing how compound interest works I start daydreaming about how much I would have now if I would've started when I was younger. Hopefully I'll be able to get my kids started early.

MCC: What's your motivation for blogging? What's daily life like for a blogger who has a "real" full time job? Admittedly, blogging doesn't provide much income, so what motivates you to continue?

WC: To become famous! Not really, I started blogging just to have what I wrote read by as many people as possible. That's still the case today. My life is just like anyone else's that has a job except I get up around two hours before I "have to" to get to work. That's when I either blog or write fiction. At this point the motivation is kind of strange. I feel that if I miss posting one day I'm falling behind or not doing what I'm supposed to. Like when you sit around the house all day on Sunday and as you're going to bed it hits you, "I never took a shower today, gross." I'm so caught up in it right now that it's more an aversion to "missing a day" than anything else. But seeing emails and comments from readers always gives me a boost. I got a really nice one recently that made my day. And deep down I think part of me still believes I'll start making more than $3/month—so that's always a motivation factor. I talk a lot about alternative income and hopefully the blog will make more than a couple of bucks a month, but we'll see about that.

MCC: Anything else you'd like to add? Writing or saving tips?

WC: I write a lot about writing too and I really feel that blogging about writing/money has made me grow a lot. I encourage people out there to try it. Not for the sake of making money but for all the other positives that come with it. It's kind of like running a business (again, with no money) in that you pick up organizational skills you wouldn't otherwise put into practice. Since I am not a “boss” at work, I can practice being one with this blog. I am the CEO, the editor, etc. I can be as creative as I want. It's an outlet for my creativity.And there are other benefits too. My blog got me my current job and it has honed my writing skills. Long story short, what I'm saying is that having a platform to talk about what you love is a great idea. You'll network with other people who also share that same passion (I've also gotten some freelance writing leads this way).In short, there is tons of help out there on starting a blog. Go out there and do it! It will only make you a more interesting job candidate at your next interview and after a few months you'll have A LOT of samples to show if you ever want to work in a writing-related career. And trust me, people with writing/communication skills are in short supply out there so it will make you stand out.

Interviewing Gen X, Week 3: Goals and Groceries

I was first introduced to Pixie on a money network I often frequent. As is often a hot topic on money forums, someone asked about the cost of groceries and Pixie said, time and again, that she spent no more than $250 in a given month. This is no small feat for a grocery budget and needs to involve careful planning and use of everything you buy. The real kicker is Pixie lives in a large metropolitan area, where food costs can often mirror mortgage payments in other parts of the country. I figured if she was this careful in grocery budgeting, that she was probably pretty frugal all around. My assumptions were correct, and here is her story:


Mrs. Common Cents: People tend to overcomplicate their views and theories on money, when generally it comes down to just a few simple concepts. If you had to summarize your philosophy on money in 7 words, what would that be?

P: Budgets reflect values. Ours: future, fun, others

MCC: Food prices have risen to astronomic proportions over the last few months. In your blog, you mention that you and your husband average $250 a month for grocery spending. How do you manage to keep costs that low even in a large metropolitan area, where food costs are generally higher?

P: The crazy thing is that for us, we haven’t noticed a big shift yet. I think that reflects that we try to only buy things when they are at the best price. Most of the time, if it isn’t the right price, we just don’t buy it. Our new exception to that is the farmer’s market for produce. I am willing to pay more for local food and also I am willing to pay more for food with less packaging. We try to be very eco-friendly as well.

My husband has a photographic memory, so for him it is easy to remember what the best prices on things are. Me, I need to keep notes. I kept a price book in Excel for awhile and I still refer back to that. I looked at about 6 months of grocery receipts to get a feel for prices and then took special note of the best price for any item and how we got that price (seasonal produce, coupon, sale + coupon, normal price, etc.).

Also, we look at the ads before we go out so we can plan which store to go to and what specific things we should seek out. $1.99 chicken is the big draw for me. That will always sell me on a specific grocery store for the week. When we find something at a great price, we stock up.

For the curious, here is our grocery spending per month for this year (go power of Microsoft Money):

January- $151.80
February- $225.50
March- $152.75
April- $309.27 (Let’s Dish included)
May- $153.41
June- We’ve spent $75 so far, so this will be a high month

As you can see, we tend to alternate between high months and low months. I think that reflects the bottom-price buying thing I already talked about as well as stocking up and then really eating through our pantry.

MCC: Have you always been a saver and lived frugally or did you have a financial turnaround?

P: Saving -as in money in the bank- is new to me simply because I couldn’t afford to save until two years ago when I graduated from college and got married. I worked my way through college taking as few loans as possible, so money was tight for the seven years I did that. I understood and liked the principle of saving, but I chose to reject excessive debt rather than save. Then I was following the idea of living within my means; now I get to live beneath my means. Saving -as in being frugal- was a huge part of my lifestyle from day one that I struck out on my own. Failure at being financially independent was not an option, so I just lived simply and cheaply to make ends meet.

MCC: You live frugally yet have chosen to live in one of the most expensive housing markets in the U.S. What motivates you to continue living in a HCOL area? How do you make it work?

P: My husband and I are both military brats and moved a lot as kids. This was even worse for me, since I travelled in between my divorced parents three times a year as they each respectively moved around the country and world. We both just want to stay put now. Both of our dads retired and settled here, so it is nice to finally have “roots”. I love that D.C. has four distinct seasons, tons of free things to do, a rich blend of cultures, and our area (in Northern Virginia) has some of the top public schools in the country which will come in handy for kiddos someday.

As far as making it work, honestly, we have pretty humble standards for the everyday. Tonight’s “date” was walking to the pool, swimming together, and then walking home. Other nights we will walk to the grocery store and rent a $1 DVD from the RedBox. On Tuesday nights we know that the second run movie theatre shows $2 movies and the sit-down burger joint next door does $3 burgers. if something good is playing, that is a pretty great date for $10 (plus dinner tip).

We also just try to make do with what we have, are given, or find. For example, our neighbors were getting rid of their coffee table and so hubby decided to sand it and paint it. Free entertainment and a free coffee table! We’ll try to sell the old one on Craigslist. My favorite thing to do in the summer is to go to yard and estate sales. I prefer to buy used for both financial and environmental reasons, and hunting for the perfect thing provides lots of entertainment. We could think of these things as chores, but for us they are entertainment.

On the big stuff, we just take things a step at a time and are patient. Right now we can’t yet afford to buy a house or have kids and still have the spending plan that we want, so we’re waiting. We’re really close to being able to buy, but we either need the market to drop, mortgage rates to drop, or to get a raise. We are so close to having enough that it is tempting to overextend ourselves, but that level of tightness just isn’t worth it. With my next raise we should be able to buy and with hubby’s next raise we should be able to start thinking about kids. But for now, we just have to wait.

MCC: Do you feel any pressure to compete financially with your peers?

P: Not really. My husband and I have grown up pretty peer-pressure-proof. (I can psychoanalyze about why for ages, but that would get us way off topic!) So, childhood drama aside—as adults the key for staying out of the Jonses’ game is the “others” part of our budget values. Though we make under $100k (combined) in a HCOL area, we recognize that we have it good, really good. So good that we need to share what we have with others in terms of gifts, charitable giving, etc. The other 80% of the world is the only group that I have any business comparing myself to. For me, the less tightly that I hold onto my money and the more that I am willing to share; the richer I see my own life.

MCC: Why do you think so many people in our generation struggle to compete with each other?

P: In no way do I feel equipped to speak for a whole generation. While I enjoy reading about generational nuances and culture (most recently in Buy, Buy, Baby and UnChristian) and recognize elements of myself in them, I generally subscribe to the idea that humanity pretty much stays the same. People have always been competing. It's human nature and a struggle that each individual has to get beyond by finding self-worth in something greater than title or status.

MCC: Where do you see yourself in 10 years (or longer if you want to go into it)?

P: Owner of a green(er) home, parent to children (biological, adopted, or fostered), still saving 12-15% for retirement, setting money aside for our kids’ college, and becoming increasingly generous to those with less. My dreams are to participate in an archeological dig, optimally a Bronze Age site (homage to my Classical Studies degree), and travel through much of the world. I don’t know that with kids that will be possible in 10 years, but someday! So, I’d love for us to keep up a travel budget, too.

MCC: What financial advice would you give yourself 10 years ago?

P: Don’t sell yourself short on wages. Ten years ago this month, I moved to San Diego and worked as nanny for a year. The ridiculously low wage that I asked for still bothers me to this day. A dollar more an hour would have set me up so much better for moving back to D.C. Two dollars more an hour would’ve paid for a semester of college at a state school. Three dollars more an hour would’ve paid for a used car outright or eliminated a semester where I had to take student loans for living expenses. Know your value and know how to negotiate.

MCC: Any advice for others trying to live in a HCOL area on a shoestring budget?

P: One small tip: for entertainment take advantage of what you are already paying for through taxes or home association fees. Government-sponsored recreation and adult education centers offer cheaper classes than private groups. Check out plays and concerts at your local public university or high school. Attend free cultural events. Go to the park. You pay into local and/or state taxes; use the things that they are paying for. If your neighborhood home owners association offers a pool, a gym, party rooms, or events, take advantage of them. If your neighborhood is like ours, you are already paying for these things--and have no choice-- so it is money wasted to not use them.

Pixie hosts a money blog with tons of great tips and tricks for grocery budgets and living a money conscious lifestyle. Feel free to check it out at http://pixieprincss.blogspot.com/.

Interviewing Gen X, Week 2 - Living on 1 income in a 2 income world

Part 2 of the "Interviewing Gen-X" series, we have Lisa, who tells us how she and her husband live on one income and have found greater pleasure in living simply than they ever did living outside of their bank accounts. This is her story….

Mrs. Common Cents: You may have seen some buzz around the personal finance sites about a 6 word life mantra. I'm actually more fond of a 7 word mantra ala Michael Pollan (His mantra for food is - Eat food. Not too much. Mostly Plants.) If you could describe your philosophy on money in 7 words or less, what would it be?

Lisa: Live simply. On less money. Greater happiness.

MCC: Have you always felt this way - did you have some kind of turning point in your financial life, or were you always kind of a saver?

Lisa: Yes and no. In college I was very anti-credit card debt, as I had seen my older sister get into some bad credit card debt. It wasn't until I had a job and making decent money that things changed. I suddenly had money to burn and that is exactly what I did – a lot of shopping and going out with friends for drinks and dinner. When I was bored I would head down to the mall.

It wasn't until after I got married that this line of thinking changed. I was nearly 10k in credit card debt, mostly due to overspending and not living within my means. Meanwhile, my husband had several family loans.

One night, right before Thanksgiving 2005, we talked about how we were going to get rid of this debt. I started to read financial books on how to get out of debt. It wasn't until this past spring that we were able to pay off that credit card. During debt payoff mode, we went down to living on one income, and haven't changed since.

Since that night, I became more interested in money, ways to save, get out of debt, and what to do once you get past that stage. My interest has just grown from that. Our main goal on money right now is to get through these next two years when my husband is a full time student.

MCC: You mentioned living off one income several times - what's that like? What are your financial challenges? What do you do to save money?

Lisa: Well, living off of one income isn't all that bad. We chose to live off of one income since my husband is a full time student with two years left to go. We're already half way through! It was a personal decision because he does better in school when he isn't working, both mentally and academically. This fall, he is going to try to tutor in some of the areas he excels in. Luckily, I do make higher than the average national salary, but that is still less than what we were making combined when we first got married and had two incomes.

I think when you live off of one income it just becomes a mindset. Sure you are not able to go and do as freely as others. We go camping instead of flying somewhere for vacation. I think this is where my mantra has really come into play.

Live simply: We just have to as we don't have that extra money to throw around any more. On less money: living on less money is a given on one income - less money means less stuff. Greater happiness: we are actually happier now than we were when we had more income.

The mantra also has a greater impact than just our wallet – it impacts our daily life. We are living a more simply. We now go and do things that are free, such as taking the dogs for a walk, hiking in the near by city park, riding our bikes on the trail system and just enjoying each others company.

Financially, it can sometimes be a challenge. We are unable to do things as easily as we were when we were first dating. Then again, I was most likely putting that on the credit card. Also, I mentioned being a nurse - there is never a shortage of overtime to be had and I do take advantage of that.

The bills come first; however, we are still able to save a little bit. We automatically have a certain amount every month directly put into savings from my direct deposit. We also still contribute to a Roth IRA monthly. We have my 403 (b) on hold as we need that extra money to live on right now. I do feel frustrated in that fact that we aren't contributing more towards retirement, however, that will all change once my husband is out of school. Lastly, I am very lucky to have a very good pension plan that I am now vested in at work.

MCC: Do you feel pressure to compete financially with your peers? Why do you think so many people in our generation struggle to compete with each other?

Lisa: Actually no, we have come into the mindset of less is more. We watch our peers buying the much bigger (5000 sq foot) home and we just shrug our shoulders. It is not what we want. We are happy with our little home, in our old neighborhood. Honestly, we feel it is better for the earth. We often joke about how we are becoming "those people": the tree huggers, the hippies, those that take the alternate lifestyle.

We just want less. That doesn't mean we don't like nice things, we just have different opinions of what is important to us. We would rather have a nice bottle of wine with the incredible dinner we made at home for a fourth the cost of the same meal at a restaurant.

If there is anything I feel pressure from my peers financially is that they don't believe me when I talk about still wanting to live on one income after my husband is done with school. They just laugh and say, "Oh, you will just increase your lifestyle to what you will be making." Honestly, we won't, we will just be saving it all. If anything, I just want to prove them wrong!

I think the struggle to compete that's so prevalent with Gen X is seeing what new and shiny thing everyone else has. We see what our parents have and think, "We should have it all, right now!" There is a competition for having it all now, whether it is a job or money. It's tough to learn that more isn't always better.

MCC: Where do you see yourself financially in 10 years (or longer if you want to go into it)?

Lisa: We would still like to be living off of one income, and banking the other! We would like to have children in the next few years, once my husband is done with school. Professionally, I would like to have completed my Masters of Science in Nursing. Financially, we would like to be maximizing our retirement accounts and college savings for our children as well. Most importantly, we want to have all of the student loans paid off, be debt free except for our mortgage, and start being those millionaires next door.

MCC: What financial advice would you give yourself 10 years ago?

Lisa: Start saving half of what you make now and put into a retirement account. I didn't even start that until I was 24, so that would have been 6 extra years of saving for retirement. Once you are out of college, get on a budget and stick to it! Oh, and don't use that credit card!

MCC: What are some tips you could offer for someone in debt payoff mode?

Lisa: Learn to cook, because really, eating at home is much cheaper than eating out. We now look at this as a hobby, an event to do with each other. Don't deprive yourself all at once otherwise you will not stick to the debt reduction plan. We still had cable, well, we just got rid of that too, as we hardly ever watch T.V. Make this a priority as you are only able to pay off as much as you are willing put into it. Don't go browsing at the mall, you will always come back with something you didn't plan on. Oh, and those books I read, I got them at the library. I only now buy books that I can't put down and want to reread. And this is coming from someone who wants their own library!

MCC: Anything else you'd like to add?

Become happy with what you have. Make plans, set goals, and live frugally; because really, life is better served when you aren't worried about how you are going to pay off debt. Think twice before you buy something. Give it some time; come back if you really want it. If you forget about it, you must not really need it.

I do think that we have chosen a simpler lifestyle (whether it was forced or not) because it allows us to do more. We chose to stay in our house, put in new windows (eleven of them!) and redo some of our landscaping this summer – it's all already paid for. We chose to work on the house and forgo a vacation. By cutting back, it's allowed us to do more on this house than we have in the past 4 years. We still are going places, they just happen to be closer and in a more fuel efficient vehicle. By being less materialistic we are happier in our lives and in our marriage.

Our path is right for us. Everyone must find the path that is right for them, not one that someone else thinks you should take.

Excellent advice, Lisa, thank you. Sometimes, everyone needs a reminder to take the road less traveled.

Interviewing Gen X

Our relationship with money can change over time. We interpret its value on our life, if we are even aware of it, and then go forward to live our life. The impact of money means different things to different people. Everywhere you look on the web there are personal stories about people’s relationship with money. CNN has been publishing a long running story called “In their own words” about how changes in our economy affected people. I’m not particularly fond of these stories, even for merely entertainment value. They are far too sensationalist for my taste and just breed more fear and the impression that “the sky is falling”. In addition, something that seems to be severely lacking in these interviews – financial stories from Generation X or Y. Don’t these generations have a significant financial impact? After all, aren’t these the same people who are going to see the impact of the baby boom generation on their financial situation? Where are their stories?

Perhaps out of selfishness for my own intellectual curiosity, I want to see stories of how people in my own generation are dealing with money. Financial education is lacking in our country and lives. No one wants to talk about money. So I’m opening up the door and starting to tell those stories. My good friend Rachael over at Ms.MoneyPenny selflessly agreed to be interviewed as my first guinea pig. (Thanks Rachael!) Her unique and inspiring story follows….


Mrs. Common Cents - Let’s take a look back at the financial life of Rachael…what’s your financial philosophy?

Rachael - My philosophy has changed a great deal over the years. I grew up without any money, and parents that were pretty financially uneducated. My father was - and is still - a compulsive spender, raised by compulsive spenders. It made sense that I ended up the same way. I grew up believing that the object of having money was to get stuff that I wanted, and was completely utterly clueless about saving, planning or even why spending money on the necessities was more important than the things I wanted. Now my philosophy is that money is a tool that will eventually buy my freedom from spending my time in ways I don't enjoy. It's been a huge change, wanting time vs. stuff.

MCC - Has it always been this way? (Meaning, were you more of a spender and something changed, did you have some kind of eureka moment, or were you always kind of a saver?)

R - I had a moment. A few of them actually. I completely destroyed my credit by age 19 - I got credit cards, ran them up and couldn't pay them back. So I just didn't. I wasn't doing that to be irresponsible, I just saw no way out, so I stopped opening the envelopes.

I probably did myself a favor - I had to learn to live on cash after that. And I got into a relationship where I was the primary wage earner, and so I had to learn to be frugal. I bought a copy of 'The Complete Tightwad Gazette' by Amy Dacyczyn, and I started living it. Bulghur wheat and lentil burritos and all. But I kept us afloat during that period by washing out baggies and not buying things, and it really imprinted on me.

After that relationship ended, I got pretty spendy again. I blew through my savings, spent a ton on clothes and disposable purchases, had a credit card balance....but never truly forgot the lessons from my frugal days - I kept building my credit score, and even though I wasn't saving, I was in a manageable situation most of the time.

And over the years, watching myself on this financial roller coaster, I became fascinated with money and it's impacts on me and others. I began to see how warped and unhealthy my relationship with money was.

I'm more frugal now, and in a much better financial place, but my fascination with money and it's impacts on people's lives remains.

MCC - Describe your lifestyle and goals…what are your financial challenges?

R - My goal is to eventually be completely - even mortgage - debt free and able to downshift, or retire early. I haven't quite worked out how it's all going to flow, but that's where I want to end up, and not in 30 years. Far less.

The challenge for me is to find the right balance between planning for the future and living for today. Like today, I'm working late. I had to drive into work. And I had a really hard time taking the faster route, with a $3 toll, vs. the longer route, with no toll but more mileage. And I thought "I can see myself busting out the calculator here" to see which way was financially more sound. In the end, I took the faster route, but I'm not totally comfortable with that decision, I'd rather put the $3 elsewhere. I have difficulty spending money to save time.

MCC - What do you do differently than other people?

R - I think a fair amount. We make our coffee at home - almost always. Coffee out is a rare thing. We also pack our lunches pretty much every day, make breakfast at home. We've started a big vegetable garden, and planted fruit trees, raspberries, blackberries and strawberries. I'd like to be about 30% self-sustaining in 3 years from a food perspective.

Eating out is a treat for us - only 1-2x a month together, and then periodically with friends. I'm a good cook, and I love to try new recipes, so eating in is not a hardship.

We plan and save, and do everything in cash. If we can't pay cash for something, we don't do it. And our savings is as important to us as our daily expenses.

MCC - Do you feel pressure to compete financially with your peers? Why or why not?

R - Sometimes. It really depends on what reference group we're with. We have some peers in our lives with real, genuine wealth, and some that have almost literally nothing. Having grown up with very little, and a great deal of financial insecurity, I am sometimes boggled by the financial security others are able to take for granted - part of me still feels like a kid with my face pressed up against the glass in that regard.
But mostly my husband and I march to our own beat, and aren't too fussed about what others have. I wasn''t born with the ability to do that, but I've learned over the years that I'm happier that way.

MCC - Where do you see yourself in 10 years (or longer if you want to go into it)?

R - In 10 years, I'd like to put my downshift plan into effect, and get off the corporate treadmill. I'd like children, and I want to be around to get them off the school bus. I'd also like to be able to make a living from my writing. Mostly I just want to be happy.

MCC- What financial advice would you give yourself 10 years ago?

R - Oh, heck, I don't know. I could give myself lots, but if I hadn't been such a financial screw up, would I be in such a good place today? I don't know, I really don't. I think I learned so much from my mistakes....but it might have been nice to not always learn the hard way.

MCC - What are some tips you could offer for someone embarking on a financial turnaround?

R - Change your mind. Instead of thinking "I cut back because I have to", think "I am doing this so that I can acheive this goal". It makes leftovers and rabbit ears on the TV instead of expanded cable so much more appealing. At this point in my life, I have taught myself, slowly, over the years, to prefer pizza made at home on a Friday night to one we picked up. I genuinely like it better. Same with many frugal choices - I prefer them over the more expensive options.

Amy Dacyczyn wrote 5 words that have stuck with me for many many years. "Tightwaddery without creativity is deprivation". I'm not saying everyone has to become a card-carrying tightwad, but I think that living frugally and within ones means can be very very rewarding if you are willing to be creative and look at all options as equal, not some as less appealing than others.

If you are willing to change your mind.

MCC - How about some of your favorite money tips for dealing with the day to day?

1. Learn to cook. Let's say your average blog reader is 26, and the average life expectancy is 74 years. Most people eat 3 meals a day. That's 17,520 meals remaining in your life. Let's say the average purchased meal costs $6 per serving (some being cheap prepared food, others being more expensive) and the average homemade meal is $4 per serving.

Cook in and you save $35,000.00. $70,080.00 vs. $105,120.00. To me, that $35k is worth some trial and error in the kitchen. And you'll eat better.

2. Eat organic, local food - as much as you can. It tends to be a bit more expensive, but it's healthier, and it's better for the environment at large. Get to know your local farmers. You won't regret it.

3. Don't go shopping if you don't need something. I cannot go walk around a mall without finding something I never knew I needed. Chuck the catalogs and stay out of the stores, and every time you don't buy something you want, deposit that money into savings for a goal. You'll be amazed at how quickly it adds up.

4. Go for a walk. It's good for your body and your soul, and it doesn't cost a dime.

This is the first in a series of (hopefully) many interviews discovering the financial lives of the generations following the Baby Boomers. If you’d like to be considered for an interview, please send an email to ourcommoncents@gmail.com.