This is Alain’s month-to-month income statement

• I live on less than $1500 per month. Frugality allows to live with less.
• I have no debt
• I have a positive cash flow from two real estate properties and some dividends

Before I go further,  I want to tell you about me and how I practice frugality.

I am single. I live in what is known in Canada as a 3.5 apartment, which is one bedroom, one kitchen, one living room, and one bathroom. On the second floor, not in a basement.

I live in the coolest neighborhood in Montreal (Le Plateau).

Occasionally, I buy items on special, or I use Raise Coupons to get discounts on gifts I buy for other people. Using coupons is a fantastic way to save money – plus, nowadays, thanks to the internet, you can find coupons for everything from groceries to hunting, fishing, and camping supplies.

Item	Cost	Explanation
Rent	710	3.5 apartment
Food	300	I have a vegan diet at home. Lentils, broccoli, oats, soy milk, lots of fruits, and vegetables. A vegan diet is cheap, nutritious, benefits the environment,  and it’s cruelty-free.
Restaurants	80	I go out about once per week. I pay less than $15 (tip included)
Internet	30	I don’t stream many things. I have a basic service
Cell phone	30	Basic services, nothing special
Electricity	50	Varies from month to month
Transportation	25	I just sold my car. I rely on my bike, on the metro, jogging, or car sharing.
Wine/Beer	20	I am not much of a drinker, most of my booze are gifts from dance students
Clothes	10	I hardly ever buy clothes. I don’t care about fashion nor designer clothes
Exercises	0	I run around the block and do dumbbells in the apartment.
Haircut	0	I cut my own hair
Vacation	100	I go away for one week during the winter. Since I am flexible with the dates, I can get good deals.
Entertainment	5	There are many free shows in the park. Movies, theaters, concerts, operas.
Podcasting and web hosting	20	I use Bluehost for my website and Libsyn for my podcast
Healthcare	o	I am a happy Canadian resident. Insurance is covered. Besides, in 20 years I have never been sick
Taxes	o	My income is so low, I don’t pay taxes
Total Monthly	1,370
Total annually	16,440

How much do I work?

I work about 10 hours per week. I do dance classes, see my dance school, I do some photo gigs, some coaching, some sponsored posts. With a frugality mindset, I don’t have to work many hours.

Every month I earn in excess of my expenses and whatever is left I use it to pay down the mortgage on my income properties or I dump it in my tax-free savings account.

Don’t’ cry for me…

Don’t feel sorry for me for my lack of luxury or for my low spending, I practice frugality by choice. I am so happy not having to work the 9 to 5. Nothing can compare to my happiness.

My emergency fund can last me for about 10 years (with my present lifestyle).

My social life is rich. As a dance teacher, I have as many dancing opportunities as I want. As a photographer, I am invited to the most amazing events. As a Toastmaster, I have a great number of young and intelligent friends around me. As a blogger and podcaster, I get to speak to some of the smarter people on the internet.

I wake up when I want to, go to sleep when I want to, and if ever I feel inclined to buy a high ticket item, I have the means to do it.

What’s your situation

Obviously, this is a lifestyle I have created for myself, it goes well with my priorities. Roger Whitney says that people should create a lifestyle they would want to retire into. It is up to you to decide which lifestyle you want to retire into. You can work hard and save 50% of your income as Kornel did and retire at age 32, or you can do like me, make frugality a priority, and work 10 hours per week.

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