It’s May Flowers month, so I would like to take this month’s blog to look on the brighter side. We began this quarantine journey during the raw March winds when we too were raw and reeling from the shock of what was happening. Many people experienced a job loss or at least a reduction in pay. We could barely wrap our brains around what was happening. All we could do was retreat to our homes, as we were told to do, and try to make sense of it all. We remained hunkered down through the rains of April, for the most part even unable to get outside much in the soggy world out there. As the temperatures plummeted out there so did our investments, and often our spirits. Things looked pretty bleak. All we could do was take stock of where we were financially and in every other way. For those of us who still had jobs it was just a matter of staying afloat and ignoring the stock market plunge (as we are always told to do), and stay the course. For those struggling with income loss it was a matter of prioritizing and taking care of the most pressing needs (shelter and food). The rest would have to be figured out eventually. “But Victoria”, I can hear you saying now, “I thought this was going to be a silver linings message?” Ok, well now it’s May. The month of flowers. We are still home, but the initial shock has worn off a little. Those that have lost income have hopefully figured out a way to get their most important needs met. Maybe they are getting unemployment, SNAP benefits, food from a food bank, their stimulus check, or help from other sources. The rest of us are learning to live at home, creating new routines, keeping ourselves busy and occupied. But the real May flowers are going to be what we take away for having gone through this. For many this time has given us somewhat of a wake-up call. We were hurrying along through life without even thinking about where all our money and time were going. This has given us time to pause, and think, and live a different way, whether we wanted to or not. Many are surprised to see how little they are spending now that they are forced to stay home, unable to go to restaurants, coffee shops, stores, bars, movies, concerts, etc., etc. Some never paid attention to how much all that was really costing them. And some are finding that they actually can lead a pretty good life without all that spending. Perhaps they will rethink it when life returns to normal. So that’s a silver lining. Forced savings helps you discover a different way. Some people were caught short with no savings to help get them through a time of no income. It’s a hard lesson to learn for sure, but a lesson learned nonetheless. In either case being at home gives you the time to step back and examine the way you have been living, where your money has been going and to make some changes moving forward. What was once an abstract notion “I know I should be saving up for an emergency fund” becomes stark reality, and hopefully, brings about positive change for the future. A silver lining! The silver linings go beyond all that though. As usual when we go through tough times, it brings out the goodness in people. Acts of kindness and generosity abound. It is heartwarming to hear the stories of people going above and beyond for their neighbors, friends and people they don’t even know. And staying at home has given us a chance to live at a different pace, to stop all the rushing about and really spend time with each other in ways we rarely do when life is going full tilt. We have been playing board games, making meals and baking together, even just talking and going for long walks together. Some people have reconnected with old hobbies that they never had time for when life was in full swing. Knitting, gardening, painting, playing an instrument... All that is the best silver lining of all as far as I am concerned. If you know me at all, in person or from my writing, you know that I have long championed the slower, simpler, frugal lifestyle that has now become a forced reality for many. I would like to think that some of this will stick, that at least some people will come away from all this with a new perspective. Priorities will shift. People will slow down just a little. Spend more time home with their families and less money on needless frivolities. I think that would be the biggest silver lining of all. A beautiful May flower indeed! Now if only something would come along to force us to reduce our screen time…
Wishing you all a bright and beautiful flowery future!
0 Comments
Have you been caught short with a sudden loss of income? Or even a reduction of income, at least temporarily? Times like this can turn your world upside down. Your priorities become putting food on the table and keeping a roof over your head. It’s hard to think beyond that and you may never have experienced anything like this before. It’s hard to believe but not so long ago, historically, this was how most people lived throughout most of their lives on a daily basis. In the 1800’s this was how many people struggled through life. They lived a very frugal existence without even thinking about it. It’s just what they had to do to survive, but then came industrialization and things began to change. People could feel more secure in their daily lives. The Great Depression brought it all back. Food insecurity and the daily scramble just to survive. Frugal living was once again the norm. There have been a few more lean times, WW II, and a few lesser stock market downfalls that have shaken people’s financial worlds… but with no real lasting effect (on people's behavior), and now this... Most people who came through the Great Depression tended to continue to feel that insecurity and lived the rest of their lives in a frugal manner. Their children were raised in that manner, and learned frugality to some extent. But now we have gotten too far away for it to have any real impact on the way we live now, and we all live a much richer lifestyle than those people of yore. So, this coronavirus situation and the financial repercussions has really come as quite a shock, and is leaving many people at a loss as to how to proceed from here. It all depends on your own personal situation. If you still have a paycheck coming in, then the worst of it is psychological, the fear, and stress of dealing with our new upside down world. But if you can stay calm and just hunker down and get through this it will all be ok in the end. If you have investments you have obviously seen them drop, but don’t panic. Sit tight and they will rise again. That is just how the stock market works If you have experienced loss of income and you don’t have an emergency fund, then just concentrate on your most pressing needs at the moment to get through this. You need a roof over your head (and the recent rent/mortgage freeze will take care of that for the time being) and you need food. If you really can’t afford even that then there are charities and agencies to help you with free food right now. And you can apply for food stamps as well (unemployment too). Beyond that don’t worry about your monthly bills. Contact your loan and credit card companies. They all know the situation and will hopefully defer them for now. The same for any medical bills you are paying. Luckily heat season is over, so that's one less thing to worry about. If you can’t pay your electric bill contact the company. Insurance companies must give you a grace period right now as per the CARE act. That takes care of your monthly bills for the time being. When your stimulus check comes in, prioritize it for the best possible use. If you need it to live on, then put it in your checking account and use it for your most dire immediate needs. If you are not going to need the money for your current emergency situation, then it is a good idea to use it to pay down your debt and/or put it aside for an emergency fund if you don’t have one. Put this in a separate bank account that you don’t ordinarily access, such as setting up an account in an online bank. And finally, now that you are stuck at home, if you never want to feel the bottom drop out from you again (financially), it is a good time to re-examine your spending habits. Take a good look at what you have been spending money on. Write down some savings goals. (Hint: one of them should be to save up an emergency fund.) Is your spending keeping you from your future goals? Are you robbing yourself of financial security and a decent future by giving in to reckless, unnecessary spending today? Do you ever want to find yourself in a scary financial situation like this again? Now is the time, while you have the time, to think about what your priorities are and make a budget to reflect them. Now you have time together at home to discuss your goals and dreams for the future with your loved ones. This could be a turning point in your life. Make the most of a bad situation and turn it around to work for you. You can do it! Wishing you all safety and good health! And a bright Future!
Many people tend to view the holidays as a time of abundance and exuberant gift giving. They equate the season with bountiful shopping and lavish piles of gifts. And while I understand the spirit of generosity and kindness that this custom represents and originates from I can’t help but feel that it has lost something through the years as it has been taken to the extreme. Of course, being the frugalista that I am, I first must note that, for one thing, it “inspires” (forces?) people to spend beyond their means. So many people today are going into debt for the sake of (the societal pressure to create) a lavish holiday. Do you regret the bills in your mailbox come January? Are you able to pay them off? You can read more in my December 2018 blog about how to have a festive holiday without the debt hangover. But it goes even beyond the new year regrets. How does this excessive holiday feel to you? Most people report feeling frazzled and stressed out and overwhelmed trying to pull it off. So then, what is the point of it all? Is it for the children? Well, I can tell you right now that children’s happiness not only is not dependent on how many gifts they receive, but is, in fact, negatively impacted by over abundance. They are actually more appreciative of a few well thought-out gifts than a mountain of “stuff." And what message are you sending them with all this “generosity?" Does the word “spoiled” have any meaning to you? So, if you are currently wrung out by all the stress and overindulgence of the past month, and you are dreading facing those bills in the mailbox come January, it may be time to consider another way next year. Just try it. I think you will be pleasantly surprised. Wishing you all joy, peace, and contentment at the holidays and always
I know I am dating myself here, but back when I was a wee lass, Halloween was a simple holiday, simply for kids. And when I say simple I mean that a few weeks before October 31st, we kids, (not our parents) would start thinking about what we wanted to dress up as for Halloween. Then we would scrounge our closets and other parts of the house for things we could use to accomplish our goal. There were usually things like cardboard boxes, tin foil, old clothes of our parents, yarn, fabric scraps and other such items involved. If our parents went all out and bought us a costume, it would be this thing that came in a 12” x 12” box consisting of a flimsy cover-up with a picture on it to represent what we were supposed to be and a cheap mask with a rubber band in the back to hold it on, like this: These are way more ambitious homemade costumes than we ever came up with. LOL! Very clever! On Halloween day itself we would rush home from school, put our costume on and head out with an old sheet or grocery bag to go around the neighborhood trick or treating. We would be home by dinner to review, organize, and trade our loot and that was it. Halloween over. As for decorations, maybe we would have a few cardboard cutouts of pumpkins, or bats, or ghosts, that we would tape on to our door or windows. And these we saved and used year after year. Oh, and the adults did not celebrate at all. They were not really involved other than to help us with our costume, if we asked, and buy and give out the candy for the trick-or-treaters. Fast forward to today and it (like almost every other holiday, and so many things in our society) has become a multibillion dollar industry that goes on for an entire season. Now I know I am sounding rather curmudgeonly here and don’t get me wrong I am not against people having fun for Halloween, adults included. I am just saying that if you are in debt, or not saving enough, it would be prudent on your part to reign in the holiday spending. Even my own (frugal) family has gotten into the spirit. When my kids were little we began hosting a spooky bonfire party each year at this time, adults included, which even though my kids are all adults now, we still often continue to this day. As I said we held our annual Halloween event, but I never went crazy with the spending. Since I knew it would be happening I kept it in mind all year long when I was shopping at yard sales and thrift shops. And I would take a look for clearance sales in the stores in the days after Halloween. And, of course, I would save things and use them year after year. I would also pad the decorations with things I had around the house, such as many candles in jars. Even Christmas lights can work for a spooky effect. I would recycle old halloween costumes into creepy scarecrows strategically placed around the yard. My kids would often put together a haunted house or trail, also cleverly using whatever household things they could find. For instance, one year “Dr. Ner’do well’s” lab contained body parts in jars, A cauliflower for the brain, grapes for eyeballs, chicken bones for fingers, etc. We also invited everyone to come prepared with their favorite scary story to tell as we sat around the fire. Free frights and chills for everyone! So I think you can see what I’m getting at here. I don’t think we will ever be getting back to that simple sweet Halloween of my childhood years but there are still many ways to get into the spirit and have tons of spooky holiday fun, adults included, without giving up your hard earned money. A little imagination can go a long way towards making your piggy bank happy and still making your Halloween spooktacular! The author and a friend in our homemade costumes at last years bonfire party. Happy Frugal Halloween!
Do you need a vacation? And can you afford one? Well those are two very different questions. The answer to question one? Hmmm . . . need? I would say in Maslow’s hierarchy of needs it would be pretty low down on the list. But do you want a vacation? Well, that’s an entirely different question! As for the second question, the simple answer is if you have the money to pay for it upfront (and are not taking this money from a more pressing need), then you can afford it. If you need to finance the cost, then no, you cannot afford it. So what can you do to make it more affordable? Ahhh… well that’s where I come in! A thoughtfully planned out vacation does not have to break the piggy bank. If you are aware of your budget up front, which you are, since you have put the money aside for it, there are many tricks and tips you can use to keep it affordable. If you are going to whip out the plastic to book it and then again all through the trip you can easily lose track of how much your spending is racking up to. Once the vacation is over, is that one week of relaxation worth the stress of having to pay it off until the next round of big spending at the holidays? So, that said, you will start by planning a vacation that you can realistically afford. The purpose of vacation time is to relax and enjoy yourself. Personally I find that life is more relaxing and enjoyable when I staying in control of my expenses and living below my means. I think you will too. Here are some step by step tips to make any vacation more enjoyable and affordable, starting with planning and throughout the days of your trip. ,Planning: Of course the first step is to be realistic about what kind of vacation you can afford on your budget. If you have $2,000 to spend, you are not going on a six week trip around the world. But can you do something fun on a smaller budget? Absolutely!! Take a little time to think about your priorities? What is the best thing about vacation time for you? Sightseeing? Beach time? Activities? Relaxation? Time with the kids? You may not be able to do everything, but you should be able to hit a few of your priority choices. Half the fun of a vacation is actually in the planning stages. Talk about your vacation dreams with the people you will be vacationing with. Have fun with it! Which of them might you be able to actuate on your next vacation? While you’re at it, daydream about future vacations. There is great pleasure to be had in just the dreaming alone! Accommodations: The time to book is as early as possible, again keeping your budget in mind. If you can’t afford a motel, camping might be the way to go. If you can’t afford to travel, keep it close to home. See if you can lock in a good deal as early as the summer before. Keep your eye out for specials. There are so many travel and discount websites now, you just have to go to your favorites and watch for them. If it is feasible, try to find something with a kitchen to save on meal expenses. Or you can try a house swap, or hostel. Don’t forget to check out Airbnb for some offbeat affordable options. If you are very flexible about where and when you go (retirees for instance) here is where you may be able to snag some great last-minute deals if you keep watching! Transportation: Again, keeping the budget in mind. If money is tight this is not the year to be flying off somewhere. Keep it closer to home. If you have a little more leeway, then maybe this year you can take it further afield. Don’t feel you need to fly away to get away. Remember, some people are flying to wherever you live to “get away.” Again, starting at least 6 months out, keep your eye on the flights. When you see a good deal, book it. Don’t wait to see if there are last-minute specials. The airlines don’t really do that anymore and you may very well end up paying more for a last-minute flight. There are also apps and websites that will alert you to a drop in price, and some airlines will send you a refund for the difference. You can save some money by flying on any day except Friday or Sunday, the two most expensive days to fly. And also by booking at less than optimal times and flights that have layovers. Remember to watch for add-on expenses (checking in luggage, etc.) The best thing to do is learn to pack very light. One carry-on bag and you’re done. I’ve done this on several two week trips with no problem whatsoever. You don’t need a lot! You can wear things over and over with no dire consequences. If you are driving, remember to factor gas prices into your budget, also tolls and parking expenses. If you are renting a vehicle get the smallest (cheapest) vehicle you can make do with (it will also be more fuel efficient). It may be a good idea to just go with mass transit at your destination if you can. Meals: Here, as I have alluded to earlier, the more you can avoid eating out the better. It’s great to have a place with a kitchen. But even if you don’t, always bring a cooler to keep stocked on meal options. Try to get a room that includes free breakfast. Eat up on that!! This way a light lunch will do. Keep things in your room for that. Sandwich bread, peanut butter (or other “fillings”), fruit, yogurt, cheese, crackers, nuts, etc. Don’t forget to bring your water bottle. Now you can eat in your room or take your lunch out on the road for a picnic wherever you go for the day. Dinner does not have to be a fancy affair every night. A quick deli meal or some tacos will do. Also remember to share meals if you go somewhere with big servings (or bring a “doggie bag” home for the next night’s dinner). And for the adults, try not to go out for “drinks” every night. You can have “cocktail hour” on your balcony sometimes, with a bottle of wine (or cocktail ingredients) brought from home (or purchased locally) Activities: These can run the gamut, from those pricey theme park vacations or expensive activities to a (free) hike in the woods or making s’mores around the campfire. You should “limit” yourself to what your budget dictates. Why do I put limit in quotations? Because there are so many beautiful experiences you can have for free that I hardly think this is a limiting factor. It fact I might argue here that the best things in life are truly free! Get the local papers and look up free events in the area. Bring along (or rent) bikes, boats, balls, rackets, etc., etc. Bring board games for those rainy days. The things that bring joy to you and your family are the fun and pleasure of spending time together. You cannot buy relaxation or happiness. If you can’t afford a vacation, you can’t afford a vacation, but you can still enjoy yourself and share good times and laughter with your family and friends. And whatever your vacation budget is you can still have a quality vacation and make memories to last a lifetime for you and your family. It’s all up to you!
Ah Amore! The month of love. Hallmark, Brachs, Godiva, florists, and all fine jewelry stores, even those romantic getaways and restaurants are eagerly awaiting it! How much do you love your sweetie? Open up your wallet and show them! The ads make it abundantly clear. As James Taylor crooned, “Shower the people you love with love. Show them the way that you feel.” In our society of commercialism, stuff and abundance, it’s just another occasion to sucker you in to buy even more. This one carries a particular guilt trip. If you love your honey how can you not show them through valuable merchandise? What kind of a heartless cad are you? And, of course, Hallmark, et al, went beyond just your particular heartthrob to include the whole dang family in the celebration. From the kiddies all exchanging valentines in school (which, through the years, went from homemade hearts to purchased cards to candy and treats), to cards and gifts made for every one of your beloved family members. Don’t leave anyone out! And just a card (which now can run upwards of $7)? No way! What about the candy? The flowers? The stuffed animals? The jewelry? Showing everyone in your family that you love them can run a pretty good chunk of change! So … my challenge to you is this: Why do we have to spend all this money (mostly on crap that will someday become part of the landfill) to “prove” to our families that we love them? Just because Hallmark told us to? Because companies want to make money selling us their products? Where does it all end? It escalates year after year, holiday after holiday. The only place it can end is with you and me. We must all realize that how much you spend on a person does not equal how much you love them, especially when what you spend on them is for meaningless junk. If you are married or in a committed relationship with someone, you should be working together to make the most of your money, live below your means and save. Work together to make the holiday special. Make a special meal together, go on a sunset stroll somewhere, watch a romantic movie at home (free from the library!) Surprise your spouse with a heart-shaped cake you baked. A heartfelt letter written to them about how much you love them and why would certainly be more appreciated than something some greeting card writer came up with. And as for the kiddos, yes you can shower them with gifts. In fact, you can shower them with gifts for all of the many Hallmark gift giving occasions that have sprung up throughout the calendar year, but what exactly are you teaching them? What are you creating? Perhaps you might want to think about what kind of adults you would like to raise them to be. What kind of expectations are you setting up for them? If you really feel you must note the occasion, how about making some heart shaped cookies and having fun frosting them together? Keep it simple. Resist the impulse to go overboard. That impulse is what got us into this overspending mode in the first place. Yes, Amore! Love is a many splendored thing. We should tell our love ones that we love them, not just in February but always. And finding special ways to show them that we love them is a very sweet thing to do. Little love notes and special surprises are always cherished and appreciated, and go a long way towards keeping the love alive. But the danger comes in equating how much we spend, especially on things dictated to us by outside forces and advertising, with how much we love them. Make love, not debt!
Tis the season …for exuberance, generosity and joyful abandonment. It’s so very festive and fun, but oh so easy to get carried away with it all. And temptations to spend are everywhere you look. Deep discounts! Drastically reduced! Prices slashed! The more you buy the more you save! …. Or do you? It certainly doesn’t seem like it when the bills roll in come January … right around the time when you’re making those New Year’s resolutions, it seems. You know, the ones about getting on a budget and stopping the overspending? So, what are some strategies that you can employ to obtain that simple peaceful holiday season and reign in the excess spending? The first thing you can do is pare down those lists. Of people to buy for, indulgences, activities, and, of course, presents to buy. Well, now is the time to stop and think about that. Take a deep breath, have a cup of tea and sit down and contemplate a quieter, simpler, less hectic holiday season. One that you won’t regret when the new year rolls around. One that you’re not paying for until next August. Does that thought bring you joy? Do you feel your blood pressure dropping already? Sometimes the amount of people we exchange with can become out of hand. What starts out as a nice gesture one year, exchanging with this friend or that relative eventually morphs into a yearly obligation. You may be surprised to find that the other person in this exchange feels the same way and is more than happy to drop the yearly gift swap. Talk to them. Often we also have auxiliary people in our lives to favor with a gift, from teachers to work-related people to babysitters and hairdressers, etc. Many times these people are also swamped with all those many little gifts at holiday time, and though the thought is appreciated they would rather not deal with the deluge. Sometimes a kind and heartfelt note of appreciation is most welcome. If you feel you must give something, make up a big batch of your holiday specialty (cookies, candy, fudge, whatever) and parcel a little out to each of the people in your life that you need to thank. One and done. And edibles are often more appreciated than extra objects to clutter up their lives. Besides paring down the list of people that you exchange with, it is also a good idea to pare down the amount of gifts exchanged. This especially applies our beloved and cherished little offspring. I know it can be so fun to spoil them and see their happy faces when they open that pile of gifts, but is it worth going into debt for? And is it really good for them in the grand scheme of things? ‘
Have you ever noticed that the more gifts children get the less they are actually appreciated? If they open, open, open more and more gifts the presents themselves become secondary to the act of tearing into the innumerable presents. Is this greedy abandonment really the kind of “happiness” you want for your child? Just a few thoughtful gifts might instill a more genuine thankfulness in your child. My last gift giving tip comes too late for this Christmas, but is certainly something you can start for next Christmas. That is to prepare for the holidays all year, both in your spending and your buying. The old fashioned “envelope system” works great here. Just deposit a little bit out of each paycheck and let that be your holiday budget for next year. Pay cash for your presents and other holiday expenses, and when the money’s gone it’s gone. No more spending. And no credit card bills to fret over in January. You can also spread out your buying for the entire year. Look for those after-Christmas sales. Take advantage of clearance sales throughput the year. And one of my favorites, yard sales and thrift shops. I used to pick up gifts for my kids (often still in the box or with tags on) all summer at yard sales and my Christmas shopping was almost done (for dirt cheap) by October except for a few requested items to round out the list. This works especially well with smaller kids who are not as particular as older kids can get. You can sometimes score presents for the adults on your list this way too (keep them in mind when you look around). So, yes, Virginia (or whatever your name is), you can have a joyous holiday season without going into debt for it. In fact, I might venture to say that you can have an even more joyous and peaceful holiday when you keep it simple and take this time to relax and enjoy yourself with your family and friends without all that frenzied spending. Give it a try. You have nothing to lose and lots to gain! Wishing you all a warm and wonderful holiday and a peaceful and prosperous new year! This is, of course, the time of year that we traditionally give thanks for our blessings. We express gratitude for our warm homes, our families, our health, the bountiful food set before us, and whatever other good fortune has befallen us during the course of the year . . . then we dig in, and move on to other things; sports, the weather, movies, politics (and hopefully world war III does not erupt at the dinner table at this point). But what about the other 364 days of the year? And what, pray tell, does this have to do with frugality? In a word… everything! Why? If you think about it for a moment, the very causation of overspending is exactly the opposite of gratitude and thankfulness. If we are truly content and happy with what we have in our lives at this very moment, then why would we feel the need to go out and acquire (buy) more (and more) stuff? We wouldn’t. It’s one thing to pay lip service to thankfulness, but unless we truly feel it in our hearts we will never be completely content and will never resist that constant urge to have more. Don’t get me wrong. I’m not saying you’re a bad person every time you buy something. And it is absolutely human nature to continually want more, in fact, I would argue not only human but all animal nature as well. It is bred into us as a survival mechanism. In a world of “survival of the fittest” and scarcity, this instinct is necessary to keep us alive. But herein lies the rub. We no longer live in that world of scarcity, but unfortunately, our basic animal instinct has not caught up with that fact. So now instead of a nice little cache of saved up nuts and berries to get us through the colder months, we have 15 pairs of shoes and 50 pieces of jewelry stashed away. And that wanting “itch” will just not go away. Comparison is another enemy of contentedness. We don’t only live in our own little bubble, but we are constantly looking at what everyone else has. I can’t even fathom what the survival mechanism is in play here but animals definitely do this too. If you’ve ever had more than one cat, for instance, it is comical to watch them run to the other’s bowl before they have even finished their own meal, just to make sure the other cat did not get something better than they did. If you live in a 1,500 square foot house while everyone around you is in a tiny shack you feel like a queen, but how would you feel if everyone else was living in a 4,000 square foot “McMansion”? Is there anything different about your 1,500 square foot house? No. So what changed your level of happiness? Most people in our country live far more opulent lives than a large percent of the world’s population, even more opulent than the general population of our own country did 50 years ago. But since see we don’t see them (or remember that simpler time) we are constantly striving for something better. The problem is that there is never an end-game to this desire. And people quite literally go into debt every day because of it. I’m not saying it is easy, and it is certainly going against the very grain of our instinctual nature but in the long run, your life will be more deeply satisfying and happy if you can fight the urge to splurge and feel the rich ample abundance of what you already have. And that, my friends, is what being frugal is all about. Wishing you all a very happy Thanksgiving!
Last month I discussed the topic of saving money on your school expenses. Now I would like to suggest that you think of every day as an opportunity to save money. Staunching the flow of money out of your pockets in your daily life you can really add up to some serious savings by the month’s end. And even more serious savings by the end of a year. Invest that money and just watch the pile grow larger year after year. All with a few simple changes in your life to save, well, some simple change each and every day. It really requires nothing but a shift in your mindset. When you start to look around at every purchase you make (or decide not to make) with an eye to saving a few bucks you will be amazed at how many opportunities to do just that will arise. Here are some key points to consider before making any purchase. It may seem obvious but first of all, do you really need it? A great deal of purchases are made for things that we don’t really need. Try to be more cognizant of this before parting with any of your hard earned bucks. From the blatant impulse buy (snacks, drinks, etc.) to the fancy gadgets. Stop and think. Do I need this? Do I already own something else I can use for this purpose? Can I borrow it? Can I wait until it comes down in price? Buy it used? If you decide that you really do need an item, do not buy it on impulse. Take some time to comparison shop, look for deals, bargain with the seller. If you take enough time you may even cool off and decide you don’t need it after all And remember the old expression “Waste not, want not” (or am I dating myself here)? Another (more modern?) way of putting it is “Use it up, wear it out, make it do, or do without.” These are excellent frugal words to live by. The less you waste your resources, the less you have to spend money replacing them. This applies to all aspects of life and everything you spend your money on, from food, to beauty products, to cleaning products, to clothes, to utilities (heat, electricity) and even to electronics, appliances, and cars. If you keep these expressions in the forefront of your mind it will help you to make wiser more frugal spending decisions in your everyday life. Speaking of utilities like heat, electricity, and also phones, internet, and TV, and insurance, do not leave them on autopilot. Revisit what you are spending on these things every so often. Are you really using everything you are paying for? Do some comparison shopping. Perhaps it’s time to switch companies? Sometimes even the threat of such a thing will get your existing company to lower its rates. Sometimes entertainment is a big budget drain. Keep in mind that there are a great many ways to be entertained for free. At home game nights, potluck suppers with friends, videos borrowed from the library, village festivals and events, picnics in the park, hikes, bike rides, free museums, and art exhibits, the list goes on and on. (And if all else fails you can always take one of my enlightening and fun courses or attend one of my Frugal Living meetings one night for a nominal fee) ;)😃😃 I would like to get up on my soapbox for just a moment with a little speech on the pleasure principle. Think about something that you really enjoy. Chocolate? Wine? A big juicy steak or lobster? Now imagine that you have unlimited access to said thing (since we’re imagining here, you might as well imagine that said thing will not do anything to your waistline or arteries). Now you can eat this thing as much as you want all day, every day. (I’m not sure what it says about me that all the items I chose were food). Anyway, what do you think that constant access to your beloved treat would do to your enjoyment of it? I would wager a guess that it would no longer hold the same joyous appeal after a while. So what I am saying is a little self-deprivation of the things that you love can actually enhance your enjoyment of them. Good for your pocketbook, your waistline and your pleasure sensors! A win-win-win all around! And it goes without saying (or does it?) that you should always consider before you make a purchase whether this is a want or a need. Be honest. Many times what we call a need is actually a want. And what I like to do is make a game out of it. Challenge yourself. How low can you go with your grocery shopping this week? Can you skip a week and creatively make use of what you have in your pantry already? How long can you stretch that product? Always use everything to the last drop. How long can you go without buying clothes? Without getting a haircut? Save every $5 bill you get for one month (one year?) Make mini goals for yourself. If you usually spend $100/week on groceries, try to keep it to $80 this week (then $60 …). Can you put away an extra $200/month ($50/week) to pay for a nice vacation next summer? (without having to put in on the credit card). Once you get into the “mode” you will begin to discover many ways in your daily life that you can shave off a few dollars spent. And this success will spur you on to even greater savings. It’s a wonderful feeling to gain control of your spending and have your money work for you in a way it never has before. The joy of frugal living can be very addicting. And unlike other addictions this is a great one to have! People say having kids is expensive and while they are definitely an expense, much of that expenditure can be trimmed up dramatically with a more frugal approach. There are certain times in the child rearing when spending can skyrocket if you are not careful (the holidays for example) and back to school is one of those times. First of all, it should not come as a big surprise that in September the little sweeties will be heading back to the classroom. Therefore, it should not come as a big surprise to your pocketbook. This is an event that should have been included in your budget all along. When I was using the envelope system (see February’s blog) I put in a few bucks (maybe $10) out of each paycheck into the “School Supplies” envelope so that I would be ready when the time came without having to break out the old credit card and go into debt for a perfectly expected event. But the savings don’t end there. It is also in how and what you go about spending this school supply budget on. Obviously you will need supplies for the classroom. But take a good inventory first. How much can you reuse from last year? Does your child really need a new backpack this year, or might he be able to get by another year (or more) with this one? Take this approach with all supplies. Sometimes there are notebooks that only have a few pages written in. Rip out those pages and you have a brand new notebook for this year. And while it feels good to have that fresh pack of colored pencils at the beginning of the school year, does the old pack still have enough life in it for another year? Once you are sure that you are not buying “wants” for the new school year but actual needs, then it is time to replenish the supply. I am all for back to school sales. Know and watch your prices and comparison shop. Just because it is listed as part of a school sale does not mean the price is actually a bargain. If there is a really good price on something, (loose leaf paper for 17 cents a pack?) then by all means stock up on that item for the rest of the school year and even subsequent school years if there is no limit. And you do not have to give in to the desires of your children that just have to have that particular (insert popular character/name brand here) item. Remember there are other lessons to be taught to kids than the ones they learn at a classroom desk. And you as parents are obligated to teach them. Now we move onto another category of possible contention. School clothes. And while it is nice and fun to start off the new year with a whole new wardrobe it is not necessarily necessary! Once again take careful stock of actual needs. And once again refrain from giving in to entitled demands. Another point in question, is do these “new” clothes actually have to be new? I shopped for much of my kids clothing needs at thrift shops and yard sales and back to school was no exception. And I can guarantee you that no one could look at my kids’ wardrobes and tell me which items were purchased new and which were “preworn”. As the kids got a little older and more aware of their “wants”, I would let them make the choice. I would give them each an envelope with a certain amount of money in it for school clothes and off we would go shopping. It was entirely up to them as to whether they wanted to buy a nice “new” wardrobe with that money for a few bucks an item at the thrift shops or whether they wanted to take that same amount of money and just buy a few name brand (or whatever) new items at the stores, or shop a combination of the two. Of course, remember you are still their parent and retain final say on what is appropriate to buy and wear with “their” money, and what items they need to buy (socks and underwear might not be on the #1 “gotta have it” list, but a necessary expenditure never the less). And another non-classroom lesson learned here . . . budgeting their money! There are also year-long school related expenses to consider, like school lunches. Consider your budget here as well. Is it cheaper for them to bring their own lunch? (hint: Almost always) (another hint: This goes for adults as well). And although the grocery stores are blasting you with back-to-school lunch items at this time of the year, these are usually not the best things for your lunch budget. For instance, do not be tempted by those cute little single serve packs of anything. Buy your own (pretzels, dried fruit, crackers, cookies, cheese, etc. etc.) and prepackage it yourself into Ziploc bags or even better reusable containers (P.S. aside here, I reuse Ziploc bags too). Have the kids participate in the preparing of their school lunches, making as much of it themselves as possible. The more they are involved in the prep the more they will be likely to actually eat it (and bonus, another life skill lesson learned!). I always told my kids to bring home what they didn’t eat rather than throw it away in the garbage. It drives me crazy how much perfectly good food gets thrown into school lunchroom (and all) garbage cans. If they bring it home, they can eat it as part of their after school snack or take it again the next day. So, I hope you can see that sending the little ones (and not so little ones) back to school does not have to be quite the piggy bank shattering event that it can become if you are not careful. Stretch your frugal muscle and save your dollars. Your piggy bank will thank you for many years to come. And who knows, maybe even your kids will thank you someday for all the (out of school) lessons learned. 😉
|
Archives
June 2022
Categories
All
|