I set to reading Meet the Frugalwoods: Achieving Financial Independence Through Simple Living for three not-entirely-deep reasons:
- The title seemed intriguing. I mean, what’s a frugalwood?
- I’d just finished reading The Barefoot Investor and figured a book about frugality was a good way to continue refining my financial plans and processes.
- The book was in demand at the library, which is the book-reading equivalent of seeing a long nightclub queue and figuring it that club is the place to be.
So, despite not having known anything about the Meet the Frugalwoods or its author, I was sufficiently intrigued.
While Meet the Frugalwoods didn’t explicitly impart financial advice in the same manner as The Barefoot Investor, it did chart the story of how a couple of 20-somethings had scrimped and saved enough to pay cash for their dream home and be financially independent by their early 30s.
And that’s without hyperbole but with plenty of mistakes. ‘I’m astounded at how many ways there are to waste money, and at how many of them I’ve personally fallen victim to,’ author Elizabeth Willard Thames writes, which is heartening. She wasn’t, like the kinds of people I tend to find write these kinds of books, born impossibly good with money and had been saving since she was seven.
Instead, Willard Thames kicks off the book with explaining that she found herself finishing uni with good grades but little to no experience and struggled to find anyone who would hire her. She eventually landed herself a job in New York that paid just US $10,000 per year and found herself having to live in a pretty dire Brooklyn neighbourhood and develop some extremely good money-conserving skills on the fly just to survive.
It seems like that forcibly lean year set her on the path to ensuring she never had to feel so financially stressed again. As she writes: ‘While I’m pretty sure the phrase “extreme frugality” sounds like penance, it’s actually the exact opposite. It’s deliverance … Frugality opened up my mind to what I can do with my life, as opposed to what I can buy.’
She makes some salient points throughout the book, not least: ‘It’s not about how much you like or dislike your job. It’s about how dependent upon it you are for your paycheck.’ Also: ‘Buying clothes didn’t automatically make me more confident or more beautiful; it just automatically meant I had less money.’
Meet the Frugalwoods centres around the premise that Willard Thames and her husband aimed to have enough money saved up so they could work if they chose (which they do choose), but that they don’t need to work to survive. It’s an aim almost everyone could relate to.
Spoiler alert: The couple achieved that and more, saving more money than I just about thought possible. Willard Thames even went so far as to give up make-up, a crutch she’d used to bolster her self-esteem since she was 14, and the couple used YouTube to teach themselves how to do their own haircuts.
All of which is probably a little extreme for most of us, but which illustrates what’s doable if you’re motivated enough.
But saving money isn’t the only boon. A byproduct of frugality, Willard Thames writes, is that it’s good for the environment because it involves ample use of second-hand items: ‘I’m of the belief that you can’t buy your way green because consumption, by its very action, usually has a negative impact on the environment.’
Not having known what a frugalwood is or what the book was going to be like other than the fact than it seemed to be in demand worked out ok for me. Meet the Frugalwoods was a pleasantly interesting, thought-provoking, and ultimately useful foray into frugalism and a no-nonsense look at achieving financial independence.
While I probably wouldn’t give up haircuts (and frankly couldn’t be trusted to cut my own hair—not now, not ever), there are plenty of other areas where I’m saving money and others this book has inspired me to try.