Slowly but surely, we're learning to live with less

Unbridled spending and conspicuous consumption are no longer popular. Even if you or someone in your family is not one of the unlucky members of the long-term unemployed, the general economic uncertainty both here and abroad has created a renewed interest in cutting expenses and returning to the “simple life.”

If your stock portfolio has sunk to new lows, it may offer some small comfort to learn that the 10 richest Americans lost a combined total of 39.2 billion this past year. But it is not just wealthy Americans who are saddled with too many things.

Thanks to my daughter, I was introduced recently to a remarkable online video, “The Story of Stuff,” by Annie Leonard, which has now been viewed by millions worldwide.

Annie says that Americans spend most of their dwindling leisure time either watching television or shopping. She makes a convincing case for the production and disposal costs of our “stuff” in health and environmental problems. You can watch the 20-minute video at www.storyofstuff.com.

Another interesting website called “The Great American Apparel Diet” was formed by a group of women and two men who are attempting to completely eliminate new apparel from their diets for one entire year. Even though there is a footwear and accessories loophole, this is still a difficult assignment.

Like most women, they are attached to their wardrobes, and buying something new is as natural as a chocolate pick-me-up. The ages of this group ranged from 19-60 and their reasons for joining were varied. Some have lost their jobs or made career changes and want to cut their spending, while others are tired of consumption and are concerned about the environment.

One member said she had enough clothes to last a lifetime, but always feels she never has enough and needs to learn to live with what she has. Another member felt she spends too much time thinking and talking about clothes.

I certainly applaud their efforts. I think I could manage it, provided I could engage the accessories loophole. I am, admittedly, a pocketbook collector and have a vast assortment in all shapes and colors. However, research shows that the money spent on experiences such as vacations, sports or leisure activities brings the most lasting pleasure.

Additionally, saving for and anticipating these events increases our happiness, as does sharing experiences with friends and family.

Following are some additional tried-and-true methods to help you save:

-Ask for senior or other discounts wherever you shop. They are often available, but not offered unless requested.

-Refinance your mortgage if you can reduce your interest rate. Also, if you have at least a 20 percent cushion, you can get rid of PMI insurance.

-Look for free checking accounts and credit cards that offer rewards.

-Pay all credit card bills promptly. Never pay interest.

-If using a credit card is too tempting, only pay in cash.

-Combine cable, Internet and phone service for savings.

-Cut out cable channels you really don’t need or watch.

-Rent DVDs from the library or use Red Box at your grocery for $1 per night.

-Share magazines with your neighbors.

-Use newspaper and Internet coupons.

-Shop thrift stores and garage sales for used items that you need. No impulse buys.

-Stop smoking.

-Track expenses for two to three months and see what you can cut out.

-Buy out-of-season and take care of what you have so it will last.

-Don’t shop without a plan or when bored. Instead, go to a museum, a talk at your library or one of the many free events in your area.

“I have learned to seek my happiness in limiting my desires rather than attempting to satisfy them.” — John Stuart Mill

Contact Jean Cherni, founder of the retirement advisory service, Senior Living Solutions, at jeancherni@sbcglobal.net or 15 The Ponds at Hotchkiss Grove, Branford 06405.

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