“As I make more money, I’m sure my concept of frugality will change. Instead of eating peanut butter sandwiches three times a day, like I am now, I’ll probably be able to afford an actual meal”.
Blog Name: The Frugal Law Student
URL: www.frugallawstudent.com
Started: October 2006
Blog tagline or theme: Trying to mitigate crippling law school debt
So: you finally got to law school. The loans are big but so are your ambitions. Money-wise it may be tight now but that will change, right? Why bother learning about finances if you’ll be making big money someday? Geezeo user Brett McKay explains why he’s sending Overspending to the electric chair (or life in prison…not the other way around, where you feel debt is your prison!). Overspending is just too big a menace to us all if we don’t do something!
First, an introduction. Why did you decide to become a lawyer, and how did blogging about personal finance develop?
Being a lawyer is something I’ve always wanted to do since I was a kid. I had several mentors growing up who were attorneys and they all seemed to enjoy their job. I was also attracted to the intellectual challenge lawyering brings. I love a challenge.
To be honest, I really fell into blogging. I wasn’t planning on The Frugal Law Student to get so big. During the middle semester of my first year in law school I made a goal to mitigate the amount of debt I would take on during my three years of schooling. My wife and I already had a ton of debt from undergrad and her masters program. I didn’t want anymore. So, I started The Frugal Law Student to document the ways I was saving money. At first just my family and close friends read it, but now thousands of people read it each month.
A large portion of your blog is devoted to living frugally. Some might think this is strange since you could live for today and bank on making it up later once you’re a practicing lawyer. Why be frugal?
My goal in life is to be debt free as soon as possible. Debt makes me feel like a slave. I want that burden off me. Sure, I’ll probably be making lots of money when I’m an attorney, but I want to reduce the amount of time it takes me to pay back loans. Less loans now, means less I have to payback later.
I also don’t plan on dropping my frugal ways as soon as I get that first big lawyer paycheck. I want enough money so I don’t have to worry about money anymore. Sadly, many lawyers who make the big bucks are under financial stress because they spend all their money on a lavish lifestyle. Luxury is no replacement for peace of mind.
Plus, frugality is kind of like a game. It’s fun! I love trying to find ways to save money. I’ve learned new skills that I probably wouldn’t have learned if I weren’t frugal, like laundry dryer repair. The game aspect of frugality will probably keep me hooked.
Do you think your attitudes or approaches will change once you start making more money? Or do you anticipate keeping a frugal profile because you will choose to work in, say, the public defender sector like my uncle?
I plan on working in the private sectors, so I’ll (hopefully) be making a decent living after I graduate. I plan on keeping a frugal profile even though my financial situation will be much better than it is now. As I make more money, I’m sure my concept of frugality will change. Instead of eating peanut butter sandwiches three times a day, like I am now, I’ll probably be able to afford an actual meal. But I’ll still be very conscious of the price of things and do all I can to get the most bang for my buck. I want to retire early!
What’s been an unexpected outcome of tracking your law school life and your money publicly?
All the great people I’ve networked with! I’ve met tons of great people that I probably wouldn’t have met if it weren’t for the blog. Several of these new connections I’ve made through blogging have helped me further my part-time career as a blogger.
What’s been the most difficult habit(s) to change to reach your financial goals? How have you worked to overcome them?
Reviewing my finances regularly. Keeping track of your money is the first step in gaining control of your finances. With debit cards and automatic deposits, it’s easy to not look at an account summary for months! One of the things that has helped me establish this habit is to start using Geezeo. Seriously. Having all my financial info in one place makes it much more easier to review my finances on a regular basis.
What are some of your favorite posts, or posts that seem to create the most debate?
One of my most popular posts that still creates a lot of conversation is Experiment in Frugality: Brushing Teeth With Baking Soda. I tried brushing my teeth with just baking soda and documented the results. The experiment didn’t turn out good. While my teeth were clean, my breath smelled like poo. I brush my teeth with normal toothpaste now. Lots of people commented on their experience with brushing their teeth with baking soda.
I’m also proud of 180 Money Saving Tips to Turn Your Financial Life Around 180 and the Massive Personal Finance Resource List (which Geezeo is included in!). I wrote those posts back in May, but they still rank in the top five posts each month.
Do you use Geezeo?
You bet! It’s really helped streamline my financial reviews. I’d highly recommend it to anyone who’s wanting to get their finances in control.
Finally — and ten bucks says you know this is coming — what’s your favorite lawyer joke?
What do you call a lawyer with an I.Q. of 50?
Senator.
Ha! Did you see our “politics and money” post yesterday? Thanks for taking the time to talk with us, Brett. You can find more law-school frugality and other ways to think about your money at The Frugal Law Student.
January 25th, 2008 at 12:18 am
Thanks for a great interview Brett. Love you blog…keep up the great work! -Pete
February 1st, 2008 at 10:35 am
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