Right before I quit my job, we sat and crunched the numbers. My wife would still be working and we made a conscious effort over the years to live below our means and save for our emergency fund. What bigger emergency than my health.
We knew we had to cut back if I took time off. Big vacations were off the table. We had to eat out less and cook more at home. Thankfully, we were not huge shoppers in general. Still, it was important to define needs versus wants and remind ourselves of this before making any purchases. After literally penciling a budget on the back of an envelope, we decided we could make it work and still have a little wiggle room.
The early months were a little uneasy. Cutting off an income is a drastic shock to your system. A few unexpected expenses came up. That hurt to write those checks, but we didn’t have a choice. Health insurance was also expensive. It really shed a light on the problem of affordable healthcare in this country. We were careful not to go overboard during the holidays. At the same time, we didn’t want to totally deny ourselves a little fun. It was a delicate balance.
What I learned from this experience is we could get by on less. We don’t have to be big consumers and accumulate things. I always believed that, but this past year cemented it.
Now that I’m back at work, there is more breathing room. Although we’ve loosened our grip, many of our sabbatical spending habits may remain. I’m curious if we can stay on this path.
I loved the Psychedelic Furs in the 80’s. All That Money Wants was the only new song on the compilation CD All of this and Nothing released in 1988. The Furs released this CD after they felt they made musical compromises to appease their record company the prior year. It became their first number one hit on the modern rock charts.
The 1988 song questions whether money and material wealth amounts to anything in the end, when there are “painted lies on painted lips that promise heaven tastes like this.”
OK. I’m not going that far. And I’m not suggesting money is evil nor am I trying to convince others from buying stuff either. Far from it. You do you, no judgment here. I’m just saying I’ve gained a little perspective and have a better understanding of the difference between needs versus wants. It’s possible for us to enjoy life with less. It’s not for everyone, I get it. It was a great lesson for me to learn a few miles before pulling into retirement. Not bad timing.
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city sky comes down like rain
through all the alleys to the sea
i hear footsteps getting louder
drowning in my sleep
painted lies on painted lips
that promise heaven tastes like this
i don't believe that i believed in you
all that money wants
all that money wants
all that money wants
sunday's child will fall through faith
i feel i'm falling out of grace
grey city sky comes down like rain
to drown me in my sleep
people fade and i forget you
i hear footsteps see their faces
but it all means nothing to me now
all that money wants
all that money wants
all that money wants
city sky comes down like rain
through all the alleys to the sea
i hear her footsteps getting louder
i'm drowning in my sleep
painted lies on broken lips
that promise heaven tastes like this
came home pushed and full of pins
sunday's child will fall through faith
i feel i'm falling out of grace
i see the sky comes down like rain
to drown me in my sleep
people fade and i forget you
i hear footsteps icy faces
but it all means nothing to me
all that money wants
all that money wants
all that money wants
all that money wants
MyGenXerLife 
Such a great reminder!
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Do you think there is a generational attitude in play in our ability to take sabbatical? My husband is a gen X too, and we did a lot of things very similar to you (living below our means for years, using savings to help funding sabbatical), and with few adjustments our simpler life became a habit. My friends asked me how can I live without Netflix subscription (very easy, we don’t have FOMO), or how can we never try the new takeaway (I am a chef in sabbatical, I am currently cooking for fun), or why I picked supermarket own brand ketchup instead of a Heinz (because to be perfectly honest, I don’t use the ketchup and my husband cannot tell the difference). There are a lot of things that we can live without but the younger people I know would be unwilling to give up even though it means that they will be struggling with paying rents, for example.
OR… my random sampling is just too small and I was just talking like a boomer.
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I’m not sure. I can only speak for myself. I’ve been interested in personal finance ever since finally getting out of credit card and student loan debt. Fortunately, I don’t have FOMO these days. I don’t need the latest technology and I drive my car for at least 10 years. This isn’t for everyone, but works for me. I also think people change as they get older. My twenty year old self had no problem racking up credit card balances and just wanted fun now. Somewhere along the way I became the opposite. It just worked out for me and I was able to take time off. I find myself fortunate to have that flexibility when I needed it most. Sounds like you found a way that fits you. That’s great! Your time off will be so beneficial to your health!
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we are currently experiencing the loss of income. it is an adjustment! i appreciate this thoughtful post.
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It is an adjustment. It takes some time to get used to it. Hopefully it is a temporary situation for you.
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Retirement? I figure I’ll be financially stable enough to retire when I’m 212 years old.
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Hopefully your teacher’s union negotiates well for you.
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An exceptional and under appreciated band! Talk Talk Talk and Forever Now are the albums that stand out for me. Lots of songs about money, time, newspapers, tears, and the drudgery of life focused on work for work’s sake. President Gas would be a good song of theirs to listen to today.
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Ghost in You is one of my favorite all time songs. I love those guys
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We’re eyeing up early retirement. The only big problem we have is the unknown medical expenses. Because of my disability, I’m well aware medical costs are going to be high the older I get. I do not like the medical system in this country.
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Health insurance before 65 is expensive. You might qualify for subsidies under Obamacare that could help lower your cost. It’s worth looking into. But yes, our healthcare system is broken….
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Love the Furs. They’re still so fucking cool.
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I’m glad you included the F bomb! My sentiment exactly!
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I recently started packing my coffee and lunch to work, and I feel the $$ difference.
Nice post and song. Thank you for sharing!
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Great! What a great feeling!
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That is an interesting account, thank you for sharing. Most could live on less I am sure. I have cultivated much better financial habits in the last year as I have lived on savings and been careful, giving my private pension time to bulk up a bit more.
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Living on savings is a different mindset. This was a good test run for me before actual retiring. I’m glad your financial habits changed for the better. It’s not easy to change.
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Only when we go through it do we realize we can do without the wants. We try to make the best of deals and sales.
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