A cheapskate’s diary

Our gas dryer hasn’t worked for years. When it did work, we only used it occasionally. The reason: clothes dryers are among the most wasteful appliances in energy terms. And the alternative is so eco-friendly.

Laundry dried on the clothesline smells wonderful. And in winter, when we hang the laundry in the basement, we’re helping humidity levels in the house instead of pumping out heat and moisture through a dryer vent. (A subversive thought: women may think we’re pushing them back to their grandmother’s time suggesting pegging out clothes. Maybe it’s the guys’ turn to go back to the future.)

For us, simple living came naturally. With six children and one salary, there was little choice. Some living with less tips:

Your furnace, your friend: It pays to be friendly with your furnace, learn how it works, understand efficiency tests, always be present when it’s cleaned or serviced, and don’t get hoodwinked into believing a new furnace will necessarily be cheaper to operate.

Water meter, please: When our city offered water meters, we jumped at the chance. Turned out we had been paying for everyone else’s water extravagance. Our bill now is only araction of what it was, especially since we installed water-saving devices in the toilets.

Bye, bye, grass: Lawns are the biggest water-wasters. And the poisons we pour on them are just that… poison. Most of our lawn is gone now, swallowed up by perennial flowerbeds which, properly mulched, mostly look after themselves. What little grass is left, we allow to go brown in dry spells. You don’t notice it for the flowers.

Being picky about garbage: The new people across the street just tore out all the new broadloom the previous owners had installed and put it out for the garbage. Time was we would have been across there with our wagon to collect it – if only for our kids’ places. Now even our kids have enough. We still are garbage pickers – call it recycling – but this time we were garbage watchers as a guy came by and put the carpet on his car roof. That hurt – but at least it found a home.

Only insure big: When our car reaches a certain age, we drop collision insurance, figuring we can afford to insure it ourselves. It’s a good principle – only insure for the big losses – such as public liability and your house burning down. Make the deductible equal to what you could afford to pay if the worst happened.

What’s a life? Same goes for life insurance. Ask yourself why you really need it – after 55, needs diminish to provide for a surviving spouse or children. Buy only term and at the lowest rate you can find. Possible exception: last-survivor insurance that will pay the taxes on your estate. Maybe your kids or other beneficiaries who are in fact the true benefactors, will pay the premiums.

Costly credit cards: For many of us, those ads pushing credit cards with low, low interest rates are of no interest. If you pay off your balance monthly, you will never pay interest anyway. Meanwhile, you will pay a hefty annual fee for the low-interest card. Most financial institutions have fee-free cards. They just don’t advertise them.

As for cards that help you buy a car or get frequent flyer points, figure out how much you are likely to put on credit. The value of the points may not equal the cost of the annual fee. Besides, the car points will make you a captive customer, forced to pay top price when the time comes to buy.

Invest in your tummy: Food is one of the best investments we can make – even at a time of low inflation. Forget about so-called wholesale warehouses that want to sell you huge containers of stuff that goes stale before you can use it. Instead, stock up on meal-sized items when your supermarket has specials. That way your basement storage room and a modest-sized freezer will give you decent returns on your grocery expenditure.

Fruit and vegetables in season are also winners. If you can’t grow them yourself, pick-your-own farms are a good alternative. Nothing beats homemade pickles and preserves, and the work doesn’t all have to be done in one mad rush. Freeze strawberries, raspberries, blueberries and other soft fruits, and you can turn them into jam as you need it in winter.

A wine cellar on the cheap: Because we drink wine every day with dinner for our heart health (only a glass or two – then seal up what’s left with a vacuum pump) we watch for wine specials at the liquor store. If we don’t know the wine, we try a bottle. Then, if it’s good, we go back for a case or two and lay it down. Sometimes we get lucky and end up with a really nice, aged wine we can share with our friends. We don’t tell them how much we paid for it.

Fashion for less: If you love designer fashions but find today’s prices beyond your budget, check out the clothing consignment shops available in many areas. You can build a great classic wardrobe at cut-rate prices — and have fun trying on a variety of styles. Although most of these stores are geared to ladies’ fashions, some also carry men’s wear. For good deals at other footwear and apparel stores, watch for end-of-season sales.<!–

David Tafler, Publisher and Editor of CARPNews FiftyPlus, is one of Canada’s leading commentators on retirement planning and investment strategy. He is co-author of the perennial bestsellers “Gordon Pape’s 2000 Buyer’s Guide to RRIFs” and “Gordon Pape’s 2000 Buyer’s Guide to RRSPs”. In addition, he is the author of “David Tafler’s 50-plus Survival Guide”. –>