So many things involve choices in life. And some of them are quite difficult. When it comes to questions of lifestyle and living our best lives to reflect our personal convictions it is so important to live your authentic life. You need your life to reflect your own values, in order to be comfortable in your own skin. Two important values that I have (and maybe you, too?) are to live my life in the most frugal way possible, not to be spending money and resources unnecessarily, and to do whatever I can in my own small way to be kind to the environment and help save the planet for future generations to enjoy and thrive. I am so thankful that these two very important concepts in my life do not present a dilemma in lifestyle choice for me but rather go hand in hand beautifully. Quite often the same activities that I do to save money are also saving the planet, and vice versa. Sometimes it’s hard to even distinguish. The lifestyle is so interconnected. Let's take a look at some of the things I do that accomplish both of my objectives: Recycling – I recycle as much as I can. Paper products, cans and bottles, cardboard. This saves my money by reducing my trash amount and saves the planet of more trash into the landfills. Plus, When I return my cans and bottles to the store get my 5 cents deposit back. 😀 Reusing – I try to reuse whatever I can. Again, this reduces the trash going into the landfills, and the pollution caused by the manufacture of things. For instance, using a refillable water bottle instead of buying plastic water bottles. Saves money too, obviously. Buying used – I try to avoid buying new whenever I can. This not only saves me money but reduces the amount of “stuff” being manufactured. Growing my own food – Saves money on the grocery bill, while at the same time reduces my carbon footprint. Less (gas guzzling) trips to the grocery store. Less buying groceries trucked in from all over (in gas-guzzling trucks). Less packaging (being manufactured, and having to dispose of). I bring my own bags when I shop – Well this one does not necessarily save me money, but it does save the planet. Cooking my own food – Less packaging (on prepared food) and less take-out containers (and, of course, less expensive). I also use all my food and leftovers. I very rarely throw food away. Waste not, want not Using reusable cleaning products as opposed to paper towels – Cheaper and no garbage. Limited cleaning products. I mostly use vinegar and baking soda. Easier on the planet and the pocketbook. Planning my shopping trips wisely. I consolidate my errands to save gas. Staying home – I am very content to stay home and be with my family or even alone. This obviously saves me money and saves the planet on my wasteful gas and other consumer expenses. Gardening – This form of “entertainment” Is good for nature and my wallet. (I trade plants with other gardening buddies in addition to saving my own seeds) and it keeps me content at home! I compost – Keeping food scraps out of the landfill and putting them to good use in my garden, while at the same time saving me money on buying amendments for my soil. I use my heat, AC and electricity sparingly – Sweaters and blanket in the winter. Open windows, use fans (to cool one room) in the summer. Only use lights and other electrical appliances when absolutely necessary. I hang my clothes outside to dry. I eat vegan – This saves me money because the most expensive items in the grocery store are meat and dairy products. It also saves the planet as meat production is one of the biggest sources of pollution in the world. Just that one change could go a long way toward saving the planet. And bonus points on this one! It not only saves money and the planet, but it is also healthier! To me it’s a win-win lifestyle. I couldn’t imagine living any other way and I highly recommend it to anyone who would like to save money and is concerned about the environment. Wishing you and the planet a very bright future indeed!
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A Sample of my garden bounty I’ve heard it said that gardening is an expensive endeavor. And it certainly can be. Just take a look in any garden store or online catalog. There are plenty of things you can buy, from tools to trellises, to totes and more. And plants aren’t cheap either! But I’m here to tell you it doesn’t have to be. I have been gardening here for over 20 years now and I do what I can to keep the costs to a minimum. I love to bring people on tours of my property and tell them how I acquired each plant or other garden paraphernalia for free or at a very low cost. And after gardening in this manner for several decades I have quite a few gardens to show for it. My Veggie garden (shared by a few flowers 😀) In the ornamental (flower) beds most of the plants have either come to me from gardening friends, who give them to me when they are are dividing up their own perennials (I do the same for them in return), or from “orphan” plants that need a good home. Sometimes they are offered to me from people who just don’t want them anymore, or sometimes they are looking sad on the clearance rack at a garden center. Both of these beauties (blue forget-me-nots and pink peonies) were shared from friend's gardens ,As long as the plant has good roots, I do not concern myself with how pathetic the foliage and flowers have become. Often the garden centers will put them out for clearance just because somebody forgot to water them, and the tops have died back. They are ugly to sell this way, but the savvy gardener knows that taken home and given a little TLC that plant can thrive and, if it is a perennial, live and flourish in your garden for years to come. I bought 24 of these dianthus on a clearance rack this spring, selling for $1 per 8 pack. For a grand total of $3 I got enough to line my entire front walkway. And the best part is, although they sell them as annuals, they will actually come back for me year after year. I also get free plants from my own garden. I divide perennials and plant the divisions around my yard, and I also take cuttings from some plants and root them to make new ones. Often shrubs will put out “suckers” around the base of the plant that you can dig up to create another shrub for yourself, or to trade for something else with one of your garden friends. I bought two of these hydrangea bushes, and used branch cuttings to make another three. Now I have five of them lining the side of my garage (for the cost of two). And many annuals are free too! You buy them once and plant them in your garden and they will reseed themselves for the rest of your days. All you need to do is creatively “edit” them to pull them out where you don’t want them or move them around to where you do. I have many plants that grace my garden from year to year this way, including cleomes, cosmos, poppies, sunflowers, morning glories, dill, lettuce, and daisies. These cleomes and cosmos reseed themselves and pop up all over my gardens to my delight each year And this frugal gardening does not stop at the flower gardens. I am very frugal when it comes to my veggies too. It is very easy and economical to grow most of your vegetables from seed. For the price of a cell pack, you can buy a packet of seeds with enough in it to last you for years to come. Just store them in a cool, dry place (I use plastic containers in my refrigerator). An almost free fresh salad bar for the price of a few seeds Some other ways to be economical in your vegetable patch are to source your own planting and mulching material. Your own shredded leaves are garden gold, used as mulch or allowed to break down into compost (or leaf mold). You can also use your own yard waste and kitchen scraps to make compost. And look around for other sources organic materials to use in your beds. Our town has a huge pile of wood chips free for the taking. Ask someone nearby with animals if you can use their manure (we trade veggies for cow manure with a local cattle farmer). Your own shredded leaves turn into a (free!) "garden gold" soil amendment As for tools and other garden paraphernalia, you can’t beat yard sales, and now you can even just search for them at the click of a button on sites like FB Marketplace. As they say, where there’s a will there’s a way, and if you have the will to garden there are a multitude of ways to do it for very little cost. I am as proud of how little I spent to create my gardens as I am of their beauty. And nothing tastes as good as free fresh food, straight from your own backyard! Wishing you all a bright, healthy, and beautiful future!
Continuing along the wedding theme, I am delighted to report that my daughter created a beautiful wedding for herself and her new husband while leaving plenty of money in the piggybank for them to begin their new life together. It was a simple yet elegant affair that celebrated the occasion in lovely fashion that was enjoyed by all who attended as we gathered to celebrate this joyful occasion. If you are planning a wedding allow me to give you some tips on how you too can celebrate the day without depleting your savings or, even worse, going into debt for it. #1 – The Venue. My daughter and her fiancé chose to have a backyard ceremony. 0f course this is a very economical location! If you do not have a backyard of your own that would be suitable, perhaps you can ask a friend or relative. They had only 30 people in attendance and did not have the reception there. If you are having more people and or also having the reception in your (or someone’s) yard, you will need to think about renting one or more port-a-potties so as not to overtax your septic system. You will also have to consider parking. Some other low-cost options for the ceremony and/or reception may be a local park, or a VFW (or some such) hall, or your church gathering hall or yard. I have heard of people renting a big house and having the entire ceremony and reception there in addition to have a place for all the out-of-towners to stay. You could even make use of the kitchen and cook your own food for the party right on premise, if you so desire. My daughter chose to have the reception at a local restaurant. This, of course, cost more money than having the whole thing in the yard, but they were willing to accrue that extra cost for the sake of convenience and pleasure (it is their favorite restaurant). It is your wedding. You get to choose which things to save on and which you want to splurge on. It was still much less expensive than renting a catering (wedding) hall. #2. - The Food – Here the key phrase to keep in mind is K.I.S.S. In days of yore a wedding “meal” consisted of some cake and champagne after the ceremony. That still remains an option. Of course, things have evolved a long way since then to the often much more elaborate affairs of today. Here I would like to step in and say that is fine if you’re Mr. and Mrs. Got-Rocks. But if you are on a limited budget, it is not necessary to put out a huge spread. People will be just fine with a basic meal. It can be either buffet-style or a sit-down meal. If you are having a simple backyard wedding, perhaps some people could offer to cook some dishes for you as a wedding present. Even if you are having it in a restaurant or catering it, there is no need for top-notch (AKA expensive) food choices. My daughter had a few appetizers passed around and offered a choice of three simple (vegan) entrées for dinner. It was just fine. I don’t think anybody felt deprived. For dessert, Amber made her own wedding cake (I know!) and it was a simply delicious vanilla cake with strawberry filling. Two other dessert options were offered as well. # 3 – The Drinks – Again, just a champagne toast would be entirely appropriate. But this is your decision. Some people save by having a completely non-alcoholic affair. Or, if that’s not your cup of tea (so to speak), you could offer limited options. Serving beer and wine only is one option, or some couples will include a signature drink (or his and her drinks) as well. You can decide from one extreme to the other (of course the extreme of the top shelf unlimited open bar will be quite an expensive one). # 4 – The Décor – This is one area where it makes no sense to go all out on expenses. So much can be done on a shoestring budget to make the place look elegant, and charming. Strings of white lights do wonders to dress a place up and make it look magical. A few well-placed simple flowers and/or candles can be delightful. Use your imagination for something that captures your own essence and personality. My daughter used the fluffy tops of the phragmites grasses from around our backyard pond to add a little personal whimsy to the table décor. (Free!) # 5 - The Music - Again do what you can to keep it reasonable. Amber did it for free by making a playlist and just having it piped in at the restaurant.. Easy Peasy. For the ceremony she set up a speaker in the yard for her chosen music. You don't have to go as frugal as she did but do you have some musical friends that can play for you? Or someone who can DJ for you? As with all aspects of the planning, be flexible and creative. # 6 – The Flowers – Here Amber opted to go with a dried flower bouquet. She ordered it online for $80. She felt it had the added advantage of becoming a fond remembrance of her wedding as a decoration for their home afterwards. You can certainly make your own bouquet or ask a talented friend to do it. And again, simple is just more elegant. You do not need anything elaborate and gaudy. # 7– The Dress – I can’t state this enough. Simple is just so much more elegant. Of course, if you want a big elaborate princess wedding dress, well, I guess this can be your splurge. But do keep in mind that you will wear this dress exactly one time, and every thrift store in America has at least five or ten of them in stock at all times. Go take a look. You never know what you will find. Here Amber ordered a few simple dresses online and opted for a very lovely and graceful dress for the modest price of $100. And I must say no fancy dress would have made her any more beautiful on her special day. She looked stunning and could not have been more elegant. P.S. She also did her own hair. # 8 – The Guests – Another K.I.S.S. Keep it small! Obviously, the less guests you have the less expensive it will be. As I mentioned before, Amber and Brendan had 30 guests. Enough for a nice intimate celebration. It was quite enough for them to feel that the people closest to them were with them on their special day. A huge party was just not a necessity for them. The most important thing to keep in mind is that although this is a very special event in your life, it is just one day of your life. And while it is certainly a meaningful one it is not imperative that you spend too much money on it to make it memorable. The real importance is what this day signifies in your life, and that commitment is there whether you spend hundreds or hundreds of thousands on it. When I asked Amber, having just gone through this experience, what she would advise other couples currently planning their weddings, she said not to stress over all the little details. Honestly no one is going to remember how perfect your invitations were (sorry to say, but most of them will probably just end up in the trash eventually anyway). And not to get sucked into all the hype that the wedding industry is trying to sell you. You don’t have to buy everything. There is just no point in spending a ton of money on it. When it’s over everyone will just get on with their lives, and you will too, hopefully with your piggy bank still nice and healthy, and you will be glad you still have all that money to help you build your new life together, for that is what is truly important! To make it real: The actual breakdown of Amber and Brendan’s beautiful wedding: Restaurant (including food, drinks, tables, plates, etc.. $2,500 Bus (to transport people to various locations) $700 Photographer $1,200 Dress $100 Brendan’s suit $300 Bouquet $80 ------- Total spent $4,880 So, for under five thousand dollars they had a perfect and absolutely lovely and memorable day. And I just know that with the love they have for each other coupled with their frugality and financial savvy they are destined to have a wonderful life together and a very bright future indeed! This blog entry is dedicated to my beautiful daughter, Amber and her handsome groom, Brendan
Marriage is certainly a wonderful alliance. It’s happy, hopeful, joyful, and harmonious. It gives you love, security, warmth, friendship, help, and compassion. It can, without a doubt, be a joyous and perfect way to spend your life. And yet, nobody ever said it was easy. Yes, it can be work to blend two (or sometimes more) lives together into and amicable and peaceful living arrangement, but the result can be a beautiful life together. Well worth it for sure! And what is the key to making it work? Where does the “work” come in? The answer, in one word, is communication. You may think a certain way about something and you just assume your partner feels the same way but, well… you know what happens when you “assume”! The only way to really know what each other are thinking is to talk about it. It is often said that money issues are the number one cause of divorce in the United States, so it stands to reason that this topic deserves a lot of attention by a couple to make sure they are on the same page, and continue to stay that way. And money in a marriage is not just about numbers and arithmetic. How an individual views and handles their money has more to do with a sense of control, status, security, self-indulgence, priorities, fear, guilt, empowerment, dreams… the list can go on and on. And when you add a second person into the mix (with differing feelings), you can see where, without communication, the troubles can begin. Of course you should be communicating about a lot of things before you get married, and trying to get to know each other as much as possible before blending your lives together. And generally what your life goals are and how you view making and spending money are inexorably tied up with almost every aspect of how you will conduct your lives together. Here are some things to think about and discuss before you make that trip down the aisle and legally join your lives together ‘till death do you part”;
• Do you want kids? If so, when and how many? Will one of you stay home with them? If not, how will you handle daycare? How will you divide the childcare responsibilities? How much money to you plan to spend on them? What about saving for their education? There are a myriad of questions surrounding kids, and raising them, both in the financial realm and outside of it. Talk about it before you get married! As I said earlier, marriage is great! And if you are heading that way, then you are surely very busy planning the wedding, and maybe for a honeymoon too. You are putting lots of time and energy and probably money into planning for that big day. But do try to keep in mind that it is only one big day. Please try to spend at least as much time planning for the many years of marriage that you are facing beyond that one big wedding day. I think you can understand how equally important that is. Wishing you all the best for a beautiful wedding day, a happy marriage, and a very bright future together! For Amber and Brendan - June 13, 2021 💞 My hubby and I, recently celebrating our 35th Anniversary - May 4, 2021
This is the perfect time of year to talk about a way that you can save tons of money on your food bills over the coming summer months. Grow your own! Now don’t get intimidated. You don’t have to go out and start a mini-farm in your backyard. Any amount of food you can grow will help. You don’t even need a yard. Some pots on a balcony or patio will grow enough to help supplement your diet with your own food. If you don’t have a yard but would like a garden plot, check around your area to see if you can find a community garden that you could join. If you are new to all this, start small. Do not bite off more than you can chew (so to speak 😀). Even if you do nothing but grow a few lettuce plants, you will have free salad or most of the growing season. That alone is pretty cool, don’t you think! You can grow many things in pots on patios. Besides lettuce you can grow tomatoes, cucumbers, squash beans, potatoes, radishes, scallions, and strawberries to name a few. You can also grow herbs, like basil, oregano, parsley, chives, rosemary, and dill. When you see how expensive some herbs can be at the grocery store, growing these at home can be super economical for you! You can dry them or freeze them to continue to use throughout the year as well. The key here, if you are trying to save money, is to do your growing in a frugal manner. If you go out and buy a bunch of fancy gardening apparatus, then you have completely defeated the purpose. Keep it simple! Use what you have in terms of containers (just make sure to put holes in the bottom for drainage.) If you are growing a plot in the yard, you can begin to save your shredded leaves and use your yard debris and kitchen scraps to make your own compost for free soil amendments You can buy seedlings in the nurseries in the spring, but it is even more economical and very easy to start many things from seed. For the cost of a few seed packs you can grow your own lettuce, spinach, cabbage, peas, carrots, beets, kale, swiss chard, collards, tomatoes, cucumbers, squash, and beans, the list goes on and on … But as I cautioned earlier, if you have not done this before, just start small. Even just one tomato plant on your patio or a few lettuce plants by your kitchen door may be enough the first year to introduce you to the joys and satisfaction of growing your own food for a frugal way to eat. And wait until you taste how much better it is than store bought! I guarantee you will be hooked! Happy frugal eating! And wishing you a bright future of home-grown food!
Well, it’s windfall season, and many people are looking forward to a double bonus this year. Not only might you be getting a tax refund, but that third stimulus check may be heading your way at the very same time! The big question is “What do we do with it?” Of course, there are any number of things you can do, and a lot of what you do may ultimately depend on your personality. Are you a spender or a saver? The great irony here is that the very people who might need to be saving that money (because they have a history of spending) are the ones who may choose to spend it, whereas the natural savers (who are already in good financial stead due to that character trait) are likely to save this money too. So let’s have a run down here on what you should be doing with the money, depending on your individual financial circumstance at the current time. Here is an easy-peasy priority list that you can run down anytime a big fat windfall check comes your way that will give you the best bang for your buck in getting ahead with your finances (which hopefully is your ultimate goal here): 1. Are you current with your bills? If you are not, then this is what you need to use this money for. If this is a struggle for you then it will have to go to your most dire needs, and that’s that. My heart goes out to you during this trying time and I hope as this crisis gets better your situation will improve accordingly. 2. Do you have any debt? Then, by all means, pay it off (or at least down). Start with your smallest debt and pay them off smallest to largest until you have used up all the money. Bonus! Maybe this head start will give you the incentive you need to get serious about continuing on to pay the rest off. 3. Do you have an emergency fund (of three-to-six months-worth of expenses) saved up? If not, put it towards that. Put this in a separate account away from your everyday saving/checking accounts. And again, maybe this will be incentive to keep going and fully fund it! Plenty of people found out this year just how important it is to have one! 4. Do you have any big financial goals you are working to save up for? (a car, education, a wedding, a house, a home repair, or improvement project, a vacation, etc.)? Put it toward that. Open up an online bank account (separate from your everyday account), put the money in there and set up automatic monthly payments going into it to continue funding it until you reach your goal. If this goal is a more long-term savings goal (more than five years away) then you might want to buy a mutual fund to make your deposits into for a greater rate of return on your money. You can do this by opening up a discount brokerage account (such as in Fidelity). 5. Do you have a mortgage? Pay that down (or off!). You do not want to get to retirement age with a mortgage still hanging around your neck. And the faster you can pay it off before retirement the more time you will have to save even more money towards that golden retirement nest-egg! And the less interest you will pay on it in the long run! 6. Retirement. If you are good on all of the above then there is nothing wrong with adding this money to your retirement account, or starting a new one. I know, I didn’t give any “spending” options in this list, but hey, I’m a budget coach. We teach people how to save their money. So, I guess if you are on nice solid financial ground on all fronts and you want to take this money and spend it on something then what can I say? But whatever you do, please put the money to good use. If you really don’t need it at all, maybe you could donate it to those that really do. This prioritization schedule can be applied to all windfall money that comes into your life at any time for whatever reason. It is very easy to go down the list, see where you are with your finances and know exactly what to do with it. I hope this helps! As always, wishing you all a very bright financial future!
Sometimes there is just something to be said for boiling it all down into a nutshell and that is just what I have decided to do in this blog. This is pretty much says it all in seven easy-to-follow rules. The best time to start living these rules is from the minute you start that very first job. That is the time to set up good habits that will keep your finances healthy and thriving for your entire life and ultimately lead you on the path to that beautiful dream of financial freedom! If you know anybody who is just starting out here is the perfect gift for them. Just print these rules out for them and you will have changed the trajectory of their life forever. 1. Always live below your income level (and be saving for retirement and goals).
2. Always be saving at least 15% of your income into your retirement account(s). 3. Always have an emergency fund set up of at least 3–6 months' worth of spending. Your Emergency Fund questions 4. Keep track of all your spending. Know where your money is going! 5. Learn to distinguish wants-vs-needs. Many things that we think of as needs are actually wants. Don’t buy wants if you can’t afford them. 6. Never buy anything on credit (including cars). No Loan Auto Ownership. Save up and pay for things with cash. One exception to this would be a mortgage on a house but put a hefty downpayment down. Get a 15 yr fixed rate mortgage and pay it off ASAP. 7. Pay yourself first! Put your savings on Automatic Pilot. Set up an online bank account (or a few) to save up for your future needs. It’s better if you can have a separate one for each goal (i.e the car account, the wedding account, the vacation account, etc.) Set up automatic payments going into them each month from your checking or savings account. You really can’t go wrong if you live by these simple rules. They're not that hard to do! Wishing you all a very bright future! January is, of course, traditionally the time when we make resolutions, and unfortunately the time we also traditionally break them. Why is that? Well …change is hard. We are ultimately creatures of habit and a resolution by its very nature requires change. And we would much prefer going along in our daily lives doing the same things in the same ways as we have always done them. So, regrettably our resolutions go by the wayside … and life goes on… and we feel bad. Instead of setting resolutions this year, how about setting some goals for yourself? “What’s the difference?” I can hear you asking. While a resolution tends to be somewhat vague (“I want to lose weight”), if you are setting them the proper way, a goal is more specific. And to help you make them specific the genius gurus that be, have come up with this cute little moniker: S.M.A.R.T. So, taking the example of losing weight, we would say that I want to lose 20 pounds (specific) by April (time bound) and I will do this by losing 2 pounds per week (measurable). This goal would be both attainable and realistic. Saying you wanted to lose 100 pounds by April would be very unrealistic. And setting the mini goal (of two pounds per week) makes it easier to work towards. You can now just concentrate on those two pounds per week, rather than the bigger (more daunting) 20 pounds by April. You can even set up a reward system for yourself every week if you make your 2 pound goal (get a message, your nails done, watch your favorite movie, whatever…) Now, let’s translate this into a money goal. Rather than a vague “I want to save more money this year”, try “I want to save $2,000 by the end of the year”. Now you can break this down into how much you would need to save each month ($167), and per week ($38), and even per day ($5.48). Once broken down this way, it is easily manageable. What can you give up that is currently costing you $5.48 per day, or $38 per week? And much easier to monitor your progress. You can easily see if you are on track. It is helpful to make a chart for yourself. To be even more specific make a plan for where you are going to put this saved money (perhaps open up a separate savings account for it). And it should be earmarked for a specific purpose (a vacation, new furniture, a new computer…). Or it can be an account that you will continue to add $2,000 (or more) into each year going forward (toward your emergency fund, or a house, or a car…). Now you are not just making vague resolutions, you are setting goals the SMART way. It is a specific amount (broken down into even more specific “mini” goals), it is realistic and attainable, and certainly measurable. And you can continue to manage your progress throughout the year (and give yourself little mini rewards if you need them). When you set your goals in this very definitive way, you are now shooting towards something very precise, and keeping that goal in mind it is now easier to “give up” whatever you need to do in order to achieve your goal. You are not just making your own coffee in the morning to “save money”, you are saving up for that computer, or furniture, or car or house. It gives you more of an incentive to make the sacrifice. (In the weight loss scenario given earlier, it makes it easier to give up that one of two things that are contributing to your weight gain and swap them out for healthier options, just to make that 2 pounds weight loss for the week). So try setting yourself some S.M.A.R.T goals this year instead of those nebulous resolutions and see if you don’t stick to them this time around. Best of luck to you for a bright and prosperous New Year!
Well, it’s been quite a year to say the least. And I think that how much it affected us and how we came through it had a lot to do with how we had been going about our lives before this year. How prepared were you for something like this? I think this year many people have come face to face with this age-old question: Are you a grasshopper or an ant? The grasshopper will ignore the future and just live for today only to be surprised when winter comes and he has nothing put aside to get him through the cold snowy months. Meanwhile, the ant has been working throughout the summer to build up a stash to sustain her throughout those food-barren months. There was no way to foresee this odd turn of events this year and to anticipate how it might affect your family’s finances. But good financial planning does not require a crystal ball. Your money management style should not change based on the threat of a world event. That is to say, you should always be “preparing” for an impending disaster. If you have not been budgeting in such a manner, then now is the time to do so. You just never can tell when financial hardship will hit, be it worldwide or personal. The only way to grow your savings during this pandemic or any other time is to spend less and save more. Now is a very good time to examine where your money is going and make some cuts if you are looking to save more money. There are certainly a few things that you are spending money on that are not really necessary. You should have a nice comfortable savings account set up for your emergency fund (with at least 3–6 months of your living expenses in it) I recommend an online account for this. Any other savings that you will need within the next 5 years or so, should also be in a regular (online) savings account. For longer-term savings (to grow your savings) open up a discount brokerage account and buy some mutual funds. An S&P 500 fund is the best way to start. As your money grows you can explore other options to diversify your portfolio. If you have the option of signing up for a 401k (or other retirement account) at work you should do so right away. The bottom line is if you want to grow your savings to be prepared for the future, you have to save (and invest) your money. There is no magic bullet. Save and invest. If you are always doing this, even (especially) through the good times, then you will be able to weather through the not-so-good times such as these, just fine. Don’t be the silly grasshopper from Aesop’s fable, just living paycheck to paycheck, without a thought for tomorrow. Be the little ant saving up for the future Wishing you all a bright and prosperous future!
What are your thoughts on this? Here is how I answered the question, when posed to me: Black Friday shopping does not hurt my budget at all, because I don’t take part in it. To me, that is not what the holiday season is all about. I am not really interested in bucking crowds (or online traffic/waiting) and being in all that mayhem to score a few bargains. I would rather buy my family a few thoughtful gifts, specially selected for them, than whatever the latest on-sale items are this year. But, I would venture a guess that those that do get caught up in all that insanity are probably spending more money than they should be. It is so easy to get swept away with all that bargain shopping and go over budget in the excitement and adrenalin of it all And I also notice, since I watch prices very carefully, especially when I am planning to make a purchase soon, that those “bargain” prices advertised are not necessarily such a great deal. Yes, occasionally they are, but certainly not always. And people come home (or away from a day immersed on the computer) saying they “saved” hundreds of dollars when what they actually did was spend hundreds more. So I would say to those that plan to participate in all that madness, be very careful not to get carried away and blow your budget before the Christmas season even gets underway. Keep it calm and simple if you can. Savor the moments, not the spending. Wishing you all a safe, merry, and bright holiday season!
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