Ready to be Extremely Frugal?

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I think the problem with a lot of these ideas is not that they're too extreme; it's that they won't actually save you enough to make them worthwhile. For example: with a typical low-flow showerhead, a 5-minute shower will use 12.5 gallons of water. With a fairly efficient gas water heater, heating that water will take about 0.08 therms. Over the course of a year, taking cold showers would save you roughly 29 therms of gas, which would cost you a little more than $36. I'm not about to give up hot showers for such a paltry sum.
Giving up your refrigerator isn't much better. My refrigerator uses about 500 kilowatt-hours of electricity per year; at 17.8 cents per kWh, that's about $89 worth. And as the article points out, that savings will be offset by increased food costs.
If you're going to get extreme about saving money, it makes more sense to do it in ways that will actually yield a sizable savings.

Haverwench of NJ 9:22PM June 09, 2010

Love Thomas Stanley's books and maybe they don't say to take cold showers, but I am opting live with extended frugally to get out of debt and build that net worth a little faster. Then when I am at a comfortable financial spot, I will relax a little. They didn't all start out wealthy, I am sure some had moments of using extreme frugality.

Money Funk of CA 12:20AM June 07, 2010

Read anything by Thomas Stanley, PhD.
He actually studies the rich and knows how they live (hint: it doesn't involve cold showers or not driving).
Best books out there on the topic:
"The Millionaire Next Door" and "Stop Acting Rich."
Yah, they're frugal, but in the right ways (opting for a Toyota instead of a gas-guzzling, high to insure Ferrari, for example).
He discusses the "net" rich versus the "debt" rich.
Also, NO ONE gets rich working for someone else.
Start a your own (or a side) business, instead, and you can keep taking warm showers.

Avid Reader of IL 4:21PM June 06, 2010