In one of his earlier post Mr Money moustache sang the virtues cutting your own hair with the help of a hair trimmer or multigroom kit. Here in Belgium, we usually use the French word tondeuse which does have a nicer ring to it than grooming kit.
Now he makes the bold claim of it saving over 30.000 usd but actually never runs the numbers in detail. If you do that, it is easy to see why he was so excited over such a simple device and an equally simple change in one’s habits.
Going to a barbershop every month would set me back about 300 euro a year.
Paying for this means, I need to amass a stash of 300 x 25 = 7.500 euro.
Replacing it by a device that costs around 50 euro eliminates this need completely! Right of the bat, I have just made a size-able reduction in the amount I need to retire!
However, it gets even better! Factoring 10 euro a year to replace the tondeuse every 5 years I only need a stash of 250 euro to pay for it. Buying it, means that even in the first year I can make a big enough savings to pay for a replacement for the rest of my life! Yeah, that is indeed something to be excited over! I know of very few other things that are such a powerful help in achieving financial freedom. It is unfortunate that this does not scale to other parts of life. If this were possible to do for food, transport, housing, clothes and such everybody would be able to retire after only one year of working!
It off course does not stop with the reduction of 7.250 euro in necessary stash.
If we say you need to work about 20 years in Belgium this will also add another 5.700 euro in savings (19 x 300 if we do not count the first year, as those savings will finance the purchase of a new grooming kit for all eternity).
Savings you can invest and accumulate over the years. So that one time purchase of 50 euro has a value of at least 12.950 euro, not counting any investment gains you will make on your savings…
It might be basics for the more frugally inclined people but with those kind of numbers I found it justified to bring this powerful financial freedom tool one’s more to the forefront! Want to retire early? Cut your own hair! Small things do add up over time.
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