How to Live Life a Little Less Traditionally and Save Money in the Process? (Part 1)
For many years, I’ve been trying to live my life outside of the traditional understanding of what and how life should be.
I was at the nursery when I realised that repeating the same thing over and over again wasn’t for me; it seemed silly to my young mind.
Early on in life, I decided that the way out of the ‘traditional’ life was to become an artist, travel the world and drink coffee while observing people and life. Nowadays, there are many other alternative ways to live one’s life outside the traditional 9-5 job. I grew up in the 80s in a communist country, so we had lots of limits imposed on us.
In my quest to become a creator, there was one thing I didn’t consider for a very long time: the financial implications of being an artist. In case of any economic upheaval, governments first implement cuts to arts and culture, as this is considered a luxury rather than a necessity. Such a move is always short-sighted and backfires one way or another. Luckily for many creative people, the Internet has made making money as an artist easier, which is great, and many artists skillfully utilise the opportunities offered by online platforms.
My early idea for a nontraditional career path and life was to work on my art and hope for the best. I spent years looking for that one magical project (I’ll write more about this at some point) that could make all my dreams come true and set me up for financial abundance. On top of my unrealistic understanding, or rather misunderstanding, of how finances work, I chose to live in one of the most expensive cities in the world. I can only afford to live in London because I have a mortgage. London would have priced me out long ago if I were renting. As of this writing, rents in London are unaffordable to the majority of people on average income, homelessness is soaring, and multigenerational living is back, as well as living in dangerous conditions.
Even before the pandemic and crisis of living (which in the UK means inflation and soaring prices, including housing), professionals in the arts didn’t make much money, often had to juggle several jobs at the same time and keep dreaming of this one project that would and could change everything around for them.
As of the current crisis, which doesn’t only apply to the UK, unsurprisingly, political powers and financial establishments are unwilling to find alternative ways to the current system that clearly serves only a few. So, what can ordinary people do if they have no governmental help and, in a way, the odds are stacked against them, especially the artists? How do you support yourself and your artistic projects, have a joyful life, and have time to create artwork?
I decided to put together a list of alternative ways of living that have become popular, and some of them have gained much momentum since Covid-19.
All those alternatives will have examples, which means that this has been done before, and it’s doable and can be replicated.
As for the ideas presented below, if you decide to implement one or a combination of them, ensure the concept works for you and frees up more time to create instead of adding additional tasks and pressures to your daily existence.
For most of my life, I have been living in London, UK, which is hideously expensive, and despite its many attractions and cultural outlets in recent times, it has become unaffordable to go out and enjoy all that is seemingly free. On top of overpricing, like most other large cities, London suffers from tourist overcrowding, which has worsened since the pandemic ended. My compromise to live in London for such a long time was to live in a smaller space, which is quite far from all the exciting things London can offer. I live in Zone 4, meaning I need to travel to Zone 1 to get to London. Travel from Zone 4 to Zone 1 is more expensive than travel within Zone 1 and, at times, is difficult when the DLR and Elizabeth lines are running (my closest public transport lines). Before the Elizabeth Line, travelling to London from where I live in Southeast London was incredibly time-consuming. When I moved to London in the late 90s, living close to public transport links was a rule to make travelling to work easier. Nowadays, that’s out of the window as people can work from home, so living close to the train station and good communication networks isn’t an issue for some people. Also, the soaring accommodation prices push people further and further away from London, making the daily commute to London very expensive. I’m fortunate to be able to work from home, and so is my husband. If I have to go to the office, it’s scarce, and for my husband, there are only two stops on the Lizzie line, which isn’t overly expensive for us. However, if you have to commute to your workplace daily and you live far out, you might want to reconsider cutting down on the commute time and travel expenses. My conscious choice was to live in a smaller flat, in a not-so-petty part of London, but still with car access to green spaces, a farmers’ market, and shops. This lifestyle choice has worked for us for a long time. However, to accommodate our growing family’s needs, we need to look outside of London to be able to afford a bigger space, as London has become unaffordable. This in itself is messed up, as I need to uproot my kids to afford decent accommodation. In my wildest dreams, I never imagined that I would be faced with a situation like that. So, if you decide to live in an expensive city but in a much smaller accommodation, keep saving money to futureproof that choice so you have options, which you can exercise without putting additional stress and pressure on your life. Smaller accommodation will help you save more money, and so will cutting costs on your travel expenses. What you do with that money is your choice, but always have emergency funding saved up. Try to look for affordable housing within your means; downsize if needed, but don’t be pressured to buy a big place only because other people are doing it.
Financially Independent Retire Early (FIRE) Movement. FIRE people managed to save up and invest a lot of money to retire comfortably rather than sooner. The concept is based on having a fixed yearly budget, and to retire comfortably, you need to have 20-25 times that yearly budget saved up, preferably in the Index funds, and follow the 4% withdrawal rule. Some people from the FIRE movement say that having a house/flat you own is a bad investment as it requires a lot of money to maintain, which I agree with. However, current rents worldwide are so astronomical that paying for a mortgage in many places is cheaper than rent. The FIRE movement comes from North America, and a lot of the people who walk that path, often but not always, secure high-paying jobs, which is not usually a possibility in Europe, as we traditionally earn much less than Americans, something to keep in mind when you live in Europe. Besides, in the arts, we earn less, so to keep that momentum going, one would need to have another job for a while or juggle a multiplay of jobs. FIRE movement encourages aggressive saving strategies when you are in the saving stage of building your portfolio (preferably early in life when you don’t have that many responsibilities and/or commitments), living in low-cost areas, finding creative ways to have a side hustle, and cutting down on your spending, which includes travelling, going out and shopping is what makes aggressive investments possible. If you are interested in the idea, read JLCollin’s blog, which is one of my favourite FIRE people on the internet. A Purple Life is also a good read if you are young and can sacrifice a lot during the aggressive investment stage. However, to succeed on the FIRE path, one needs to be comfortable investing in many unethical companies that put profit above people and the planet, as those companies usually make the biggest profit. Of course, it’s possible to invest in ethical businesses. Still, your average return on investment might be lower than the top Index Found companies offer—something to consider if you care about the environment and human rights.
End of part 1
PS. I’m Made by Dyslexia, so expect small typos, spelling mistakes, and big thinking.