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Catching Up With…Lynnae at Being Frugal

Being frugal is more than just giving up coffee, right? When someone is “being frugal,” what exactly does that mean?

You’ll be happy to know that you can be frugal without giving up coffee! I haven’t given up my coffee yet, though I have given up trips to Starbucks. 🙂

My definition of being frugal is making the best use of your resources in accordance with your goals in life. Right now my goal is to get out of debt, so I try to cut my expenses, leaving more money available for debt repayment.

Other people may have different goals, but as long as they make the best use of their time, money, space, and other resources, they are being frugal.

You have a goal of getting out of debt by this summer – how close are you? What’s your best single debt reduction tip?

Unfortunately I’m not even going to come close to getting out of debt by this summer. We’ve had one setback after another in the last year. My husband lost his job twice, we got some bad advice from an accountant and owe a large amount of taxes… and the list goes on.

Despite the setbacks, we’ve still managed to keep paying off debt. At this point it looks like we’ll be out of credit card debt by September and hopefully the rest of our debt will be paid off by the end of 2009. That’s the new goal.

My best debt reduction tip is never give up. Always keep your goal in mind. You will face setbacks. You might not come close to meeting your first goal. But if you are diligent, eventually you’ll get there.

You just started Being Frugal last summer, and it’s really taken off since then. What’s your secret?

My secret is my great readers! They really keep me motivated, and I enjoy interacting with them. Beyond that, I’m just myself. What you see on my blog is exactly what you’d see if you were to meet me in person. I think readers like bloggers who are authentic and willing to admit making mistakes, and I’ve had to admit quite a few.

To tell you the truth, the growth of my blog blows me away! If I have a secret, I sure don’t know what it is!

You don’t seem to be a fan of debt at all (who really is?). What are the worst types of debt that should be avoided at all costs?

You’re right. I’m not a fan of debt at all. But if I had to pick the worst kind of debt, it would be going into debt for something that decreases in value. It doesn’t make sense to me to pay an inflated price (credit card interest) for something that isn’t holding its value. I’m also not a fan of car loans, especially new car loans. I’d rather pay cash for a slightly older car than pay interest on a car that loses its value as soon as I drive it off the lot.

I’m on the fence about student loans. I realize it’s difficult to get a college education without one these days, but I’m going to encourage my children to explore every other opportunity before taking out loans for college.

What are a few of your favorite posts? (I was a big fan of “7 Things Women Wish Men Knew About Money“)

Thank you! I had a good time writing that post. And I have to thank Ron from the Wisdom Journal for suggesting I write 7 Things Women Wish Men Knew About Money.

Some of my other favorites are:
What Little House on the Prairie Taught Me About Debt
Things I’ve Learned About Money by Not Having a Lot of It
There’s No Shame in Renting

Peer-to-Peer Lending: good/bad/evil?

I’m not a big fan of peer-to-peer lending, because I’m not a big fan of debt. That being said, if I had to choose between dealing with peer-to-peer lending or dealing with a credit card company, I’d choose peer-to-peer lending. I really don’t like credit card companies.

Being from Oregon, are you a Blazers fan?

I’m not a fan of basketball, so I can’t say I’m a Blazers fan. Now if Oregon had a football team or a NASCAR track, we’d be talking!

Thanks for taking the time to interview me. I enjoy the Lending Club Blog, and it’s been a privilege to participate in this interview!

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