You may be wondering what this topic has to do with career change - a lot! If you plan on leaving the law and entering a field in which you have little to no experience, you will likely take a pay cut. Or, if you're currently a law student who never intends to practice and needs to figure out a way to pay back student loans, you really need this. That being said, adjusting your lifestyle prior to making the switch will be invaluable. For most people, it's not the big ticket items that break the bank. Rather, the day-to-day and month-to-month small expenditures have the larger impact. A quick shout-out to Penelope Trunk for her article, 5 steps to taming materialism, from an accidental expert that inspired me to write this - see #4 on her list - painfully funny.
(1) See how many days you go without spending any money.
My record is 12.
(2) Make coffee/tea at home.
When I initially began my "No Spending" test, I purchased (oh the irony!) a good thermos so that I could make coffee each morning and take it in to work. I did this mainly because I realized that coffee and an occasional pastry were the only things I spent money on during the work week.
(3) Streamline your wardrobe.
A few months ago, I packed up anything I had not worn in the last year. When you do this exercise and find yourself reaching for items that still have the tags on them, you will know that you have stumbled upon something big. Anything that you don't love; that doesn't fit; or that you're hoping to find something to match with it- say goodbye.
(4) Don't purchase any clothing/accessories for 6 months.
Yikes! Here's the thing. We easily convince ourselves that each and every trip to the mall or click online to purchase clothes, etc. is justified. But unless you 1) have recently undergone significant weight loss or gain; or 2) changed careers such that your current wardrobe is way out of line; or 3) you work in fashion - what you currently own will work. You may have to be creative. You may learn to mix and match in ways you never thought possible. But, most of all, you will eventually not even think you're missing out on anything. By the way, I also canceled my subscription to Lucky magazine.
(5) Run out of something.
The "bulking up" and "bulk buying"
of America is a great tragedy. I have visited peoples' homes that were
equipped like bomb shelters. And these same people are always the ones
saying, "I just need to run to the store." To get what?
You have a 48 oz bottle of ketchup in the refrigerator. There are, at least, 3 different types of ranch dressing - Classic Ranch, Peppercorn Ranch, Creamy Ranch. Buy one dressing, empty the bottle, then go buy another. This goes for any and everything you own.
One of my favorite
dishes is garlic with mushrooms, frozen spinach and stewed tomatoes. I
went to make this one day and realized I had everything but the
spinach. I did have swiss chard, but I stopped myself from getting in
the car and driving to the store to get the spinach. I didn't make the
dish but I cooked the chard and guess what? It was good. So I've
trained myself since then to figure out how to eat what I have even if
that isn't what I'm craving at the time. The wonderful thing is that I
never feel like I'm making a sacrifice. It just feels right. So lighten
up on the stockpiling and use up what you've got.
(6) Pretend you have 24 hours to pack and leave town.
What
do you take with you? Now decide how important the stuff you'd leave
behind is to you. Perhaps it is time to let some of it go.
(7) Deny yourself something.
When
I was 16, I awoke one morning and decided to stop drinking soda for 6
months. Just like that. Why soda? I have no idea. But I did it. And
after the soda, I gave up fried foods for 6 months. For a
while, my family didn't even know what to feed me. Bonus: Lost 20lbs that summer without even trying.
In the end, I learned an important lesson about letting go. When I decided to become a vegetarian, I implemented the change overnight. I've never had cravings. I've never been tempted. The simple reason for this is that I'm not attached to anything. I enjoy the things in my life, but they don't define me. In fact, the next time I move, I hope to sell my home furnished. The stuff is nice and yes I enjoy it, but so what? Believe me, it's a great way to live.
(8) Limit dining out to 1 - 2 times per month.
I don't eat out on a regular basis. I never have. I grew up in the south and have always preferred homecooked meals. Vegetarian cooking is also so much easier. I've managed to resist eating out even while working 80 hour weeks. Organization is key. I take approximately 3 hours on Sunday and prepare enough food for the week. I place the servings in separate storage containers and toss them in the freezer, then remove them as needed.
(9) Evaluate the need for Cable.
I have an old TV that would not otherwise have reception, but for cable. I have basic cable but haven't been able to do as other frugal people advocate and let it go in exchange for just watching movies. But don't let that stop you. If you find that you're only watching one or two shows, check the networks online and see if you can download and watch them. I caught up on an entire season of Lost this way.
(10) Join Netflix.
This one is a little tricky for me because, as an aspiring screenwriter, I feel a little disingenuous saying to limit yourself to watching movies at home rather than in the theater. But due to the limited time I have these days to go to the movies and my increased need to watch a lot of old movies, I do both. I do find myself immediately judging a new movie as Netflix or Theater worthy.
(11) If you are an avid reader, get a library car and join Bookswim.
It works the same way as Netflix. I joined after giving away about 300 books. I realized that I enjoyed not having that much stuff around. Assess how much you intend to read in order to justify the monthly cost. I read a lot and used to buy a lot so it's worth it to me.
(12) Don't purchase magazines off the newsstand.
This is kind of a no-brainer, but since I've caught myself doing this a time or two, I figured it was worth including. The newsstand price for one magazine is usually somewhere between $3 to $6. A yearly subscription is usually between $10 and $12! Duh! The duh is directed more to me than to you.
(13) Purchase new music the first week it is released.
New releases are generally $2 to $3 cheaper when they first hit the shelves. I support artists so I'll never stop buying music, catching shows or going to the movies. But, in terms of accumulating stuff in my home, I've curbed that. I picked up CD storage albums, each holding 96 CD's and tossed all the cases.
I also sorted through boxes of photos and sent my favorites off to be scanned. I want to destroy the originals, but I'm holding off on this for now. The last thing I did was scan in every piece of paper I needed and shredded the rest. I truly feel free.
(14) Check your cell phone minutes.
I've been working from home recently so I looked at my cell phone usage for the last 3 months and noticed that I had accumulated over 1200 rollover minutes. This is both good and bad. The bad was, obviously I was paying for too many minutes, the good was that I could lower my monthly plan. You may also want to decide whether or not you need a home phone. When I lived in New York, I had the unlimited minutes on my cell phone so a home phone was unnecessary.
(15) Find alternative transportation.
I love public transportation. That was one of the main reasons that I moved to NY. I live in DC now and take the Metro, which is a far cry from the NY subway, but it'll have to do. The rising gas prices have made everyone look a little more closely at this issue. I've just lucked out in living in cities that have good mass transit, for the most part. But you should also look at other alternatives, if available. I also believe that a commute can serve you well if you're trying to generate new ideas. Put on headphones and write down everything that comes to mind.
(16) Stick with beauty products you currently own.
I don't have to remind you that we spend roughly 42 billion dollars yearly in the US on beauty products. I have been part of this schizophrenic consumerist cycle as well. No more! First, I stopped going to hair salons. It's been almost 2 years (I do need to stop in for a trim). But I also stick with the same hair products. It is very tempting to try the newest product to hit the market. Forget about it!
When I was clearing out my home last year, I saw a number of half-full bottles of various shampoos, conditioners, body washes and body oils. And with each one, I realized that it was something that I had purchased after reading about it and seeing it prominently and seductively displayed in a retail store. But the products that I was using everyday until the very last drop were the same ones that I had been using for a few years. And, on top of that, they were usually less expensive. So until and unless the products I currently use stop working or get discontinued (which happens), I am content.
(17) Limit manicures/pedicures to once per month.
I cannot tell a lie. I love being pampered - manicures, pedicures, massages, facials, you name it. But these weekly rituals, if nothing else, will keep you a slave to the system for the rest of your life. I am a stickler when it comes to pretty feet. I don't wear ill-fitting shoes. I prefer buffing over polish because it keeps nails healthier, so believe me, this is very serious business. I found a mani/pedicurist who is great! She does a fantastic job and makes the upkeep easy. As for the other services, I say limit yourself to once or twice each year.
(18) Assess your need to be on the cutting-edge.
Everyone has his or her thing. You may be the Apple-guy, the first one at work with whatever is the newest and greatest product. Well I have a feeling that Apple intends to be around for a while and if you are that guy who has to be the first in line, please get a part-time job there so you can get the employee discount. This goes for anything. If you must maintain your position as the fashionista, the cultural or restaurant critic or the blah blah guru, calculate how much that position is costing you, then consider letting the reputation whither away like your salary is about to do.
(19) Forget about the Joneses.
First of all, we are all, to some extent, guilty of this, even if not for the reasons of most - envy, jealousy or the desire for instant gratification. I purchased a condo in 2006 and if I was the kind of person who suffered with regrets, which I'm not, this would make the top of the list. I was not competing with friends or family who owned homes, but really listening and reading all the frenzied hype over the years about "home ownership is the key to wealth." It didn't really cross my mind that this is probably not the case for most nomads like ME!
At age 18, I left home to attend college. I've never lived in any city since that time for longer than 3 years. I even graduated from college in 3 years because I was just ready to move. What in the heck was I thinking in buying anything other than an RV. So really this is more about knowing yourself and trusting your instincts. The path that works for others may not be the path for you.
(20) Sell or give-a-way something you love.
You've heard the old adage, give until it hurts, right? Well, in part, one of the great lessons in living with less is that you realize just how little you need. I purchased a dining table in 2002 that I loved. It seats 8. The store where I bought it went out of business last year so that made it even more special because I knew there wouldn't be another like it. But, in the process of clearing out all the unnecessary things in my life, I shipped the table to my aunt in Chicago. I have never had enough people over to fill it so seeing it on holidays will suffice.
What other steps have you used to curb your spending or decrease the stuff in your life? I'm also curious, for men, what are the day-to-day spending traps that catch you?
If you've enjoyed this article, please pass it on to your friends via email or your favorite social networking site. But, most importantly, tell the transitioning and former lawyers in your life to take a few minutes to share their wisdom via this survey.
This is great. All very good points and ideas. As a former lawyer, I can agree that you really need to shift gears when you shift careers.
I especially like #20. I turn 30 soon and I have been thinking about giving away 30 things (things I like) to the guests at my party. I want to lighten my load for the road ahead.
I like what you're doing here and have really been enjoying your posts!
Posted by: AlliG | June 30, 2008 at 07:27 AM