saving money

The REAL way to save on Black Friday.

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Having a gift closet is a great frugal hack, as it saves you money all year long. A stash of “evergreen” presents means you’re ready for any occasion.

(Especially those that sound like this: “Hey, I forgot to tell you, I’m invited to Jack’s birthday party on Saturday.”)

If you pick your spots, the first few shopping days of the holiday season are a great way to put some oomph into your gift closet. They’re also a good chance to hit some specific gift milestones, and maybe even to get something your own household needs (or wants).

Gifts for people who are pregnant, getting married, and or heading off to/graduating from college abound in sales flyers for Black Friday et al. Maybe it’s time to check a few gifts off your own upcoming events?

You’ll see towels, sheets, blankets and the like starting at just a few bucks. Last year, I spent just $5.99 for a luxuriously warm blanket in a rich mulberry color. It’s on our bed, and between it and the comforter we’ve been a little too warm lately.

Then again, poking an arm or leg out of a cozy bed is one of the great joys of a winter night. In “Dandelion Wine,” Ray Bradbury described it thusly:

“…sticking your feet out of the hot covers in wintertime to let the cold wind from the open window blow on them suddenly and you let them stay out a long time until you pull them back in under the covers again to feel them, like packed snow.”

Someone who’s setting up a first apartment might really appreciate something like that, especially if you could afford to pair it with a set of sheets. Maybe a half-dozen bath towels and washcloths would be a big help for that new apartment-dweller.

Small appliances like coffeemakers, electric fry pans and slow cookers are typical loss leaders. The Kohl’s flyer I got in the mail offers these for $2.14 after coupon and rebate.

Why didn’t they save that price for Valentine’s Day, I wonder? Maybe it’s because none of these are romantic enough. But they’d be a big help for someone setting up housekeeping – and that includes getting married.

 

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Extreme frugality: An occasional series.

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During the last recession, people went to surprising lengths to make ends meet. Hypermiling. Navy showers. Dumpster-diving for food (aka “freeganism”).

Some practiced extreme frugality to keep from sinking further into the red; others did it to survive. (Some still do.)

Hailed at the time as examples of savvy consumerism, these sorts of activities don’t get a whole lot of press today. Some would say that’s a good thing, i.e., fewer people are living on the edge.

I’m not so sure.

While I’m glad the recession is technically* over, I remain sad that we seem to have learned nothing from the tough times of previous decades. There’s more things than ever to buy, especially as regards electronics – and quite a few us want these things at all costs.

In fact, a new survey from CreditCards.com suggest that 61 percent of people with credit card balances are willing to add more debt for the holidays.

Don’t get me wrong. I’m really glad I no longer have to wash all my clothes by hand, or live on the most basic of foodstuffs. But I think we could all do with a little bit more strategic frugality.

Some people think “frugal” means “impoverished,” and certainly it’s true that some people live frugally because they have no choice. It’s a way of life that can be terrifying. (Anyone else here ever raided the baby’s piggy bank** for bus fare to get to work on payday?)

In those days, and again during my lengthy divorce and return to college, I was frugal because I had to be. But even when times got better, I was still frugal – because I happen to think it’s a great way to live. To me, it means a life in which every decision is intentional. Every step I take (or don’t take) means something.

 

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7 free financial resources.

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My buddy Cameron Huddleston’s new book, “Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances,” is a guide to negotiating that potentially awkward and/or painful subject of your parents’ finances as they age. (She recently sponsored a giveaway of two copies.)

In conjunction with the publication of her book, Huddleston has created a pair of great (and free!) financial resources.

The first is a document called the “In Case of Emergency Organizer: A Fill-in-the-Blank Financial Inventory to Give Your Loved Ones the Information They Need,” and it’s one-stop-shopping as far as financial information is concerned.

This PDF is write-able, i.e., you can type into it from your computer, tablet or smartphone. Then you can either print it out or send it as a document to your kids or whoever needs to have this info. Or you can print it out as a blank document and fill it in with a pen. #oldschool

Obviously you’ll need to lock it away safely, and make sure the person to whom you send it is careful with the document as well. After all, it will contain your Social Security number, bank account number(s) and other identifying information. But it sure beats your kids (or whoever) scrambling to find this stuff during a crisis.

Consider filling one of these out yourself as well, even if you’re young and hale. Suppose you became very ill, or were involved in some sort of accident: Would your relatives, or even your partner, be able to deal with things like temporarily paying your bills or finding your health insurance information?

 

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Saved Savings Challenge: How did you do?

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I decided to count my Saved Savings Challenge monies right up until July 1. The grand total was:

 

$286.02

 

That’s a lot more than I thought it would be. That’s because I figured since I don’t do much shopping, my saved savings wouldn’t be super-high.

Shows what I know.

Among the savings were some obvious ones: using coupons, cashing in Walgreens Balance Reward scrip to pay for needed purchases, getting a payment from the Mr. Rebates cash-back shopping site.

Also some that wouldn’t work for everyone: using a rewards credit card that gives 2 percent cash back for my purchases, picking up a package of Reynolds Oven Bags for $1 at the thrift store, ordering discounted gift cards on the secondary market (saving just over $51). Not everyone has access to thrift stores, or wants to deal with discounted gift cards, or can’t/won’t) get a rewards credit card.

Depending on whom you ask, at least two of my hacks might not be considered “saving” at all. For example, I included the money I didn’t spend after talking myself out of going for fast food* on several occasions. And I was tasked to review a local musical that I’d otherwise have paid to see, thereby “saving” on the $28 ticket. (Getting paid to go, too.)

 

 

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Saved Savings Challenge, Week 1: Define “savings.”

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In last week’s introduction to the Saved Savings Challenge, I declined to post specific, hard-and-fast rules. That’s to leave room for each participant to define “savings” in her own way.

As of May 16 I’d set aside $104.09, which I rounded up to $105 and transferred over to Ally Bank on May 31. Since then my savings haven’t been gigantic, but they have occurred – along with some additional questions about the definition of “savings.”

According to the bottom of a recent supermarket receipt, I saved another $107.06 in a single shopping trip. But that’s true only if you think that in a free country a box of Triscuits should cost $4.49 and eggs go for $2.49 per dozen, or that it’s acceptable for a five-pound package of ground beef to retail for $31.15.

This particular grocer generally has higher prices than the one at which we do most of our shopping. Just as department stores mark clothing higher than it should be in order to offer hot deals later on, the store offered a short-term sale and downloadable discounts to bring the Triscuits down to $1.69 a box, the eggs to $1.50 a dozen and the meat to $10.35.

To be clear: Those final prices were pretty darned good for Anchorage. But I don’t see the discounts as savings, because I would never have bought the products at that price. Instead, I’d have waited until they went on sale and then stocked up.

Some people would say, “Hey, point is you wound up paying $1.69 – that’s a pretty skookum deal for Anchorage! If the regular price was $4.49 you really did save $2.80 per box.”

Maybe you would agree. I don’t buy it.

 

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Join me in the “Saved Savings Challenge.”

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A few months back I asked readers to join me in a No-Spend February Challenge. It went so well that I figured we’d do another one at some point.

That point is now. As of June 1, I’d like to invite you all to take part in the Saved Savings Challenge.

That is, any money you don’t spend gets squirreled away (in a jar or in a special savings account) for 30 days.

After all, it’s not savings unless you save it.

Next time someone tells you he saved 20 percent on holiday shopping or $40 on a great pair of boots, ask this question: Where’s the money you saved? Chances are that it, too, got spent because suddenly there was this “extra” cash.

Of course, sometimes people are thrilled to save money on something absolutely necessary. As in, “If I don’t cut the grocery bill by 20 percent, we won’t have enough to eat this month.” Or they’re grateful to have found affordable winter boots, or a coat for the kid who outgrew his previous one sooner than expected.

But for the purposes of this challenge, “saved savings” generally means stuff like:

  • Money you were going to spend before you talked yourself out of it.
  • Money you saved on an essential purchase thanks to sales, traded-in scrip at CVS or Walgreens, discounted gift cards, or coupons/discount codes (CVS, et al.) or the use of store credit or coupons.
  • Refunds you got from a cash-back shopping site like Mr. Rebates, Dollar Dig or Ebates.
  • Money that showed up in some other weird way (more on this later).

I did a dry run for this challenge in May, after my daughter – whose own saved savings example is pretty epic – suggested that the two of us take a trip to London. Although this trip probably won’t happen until spring 2020, I want to start setting aside the funds now. That way I can pay out of pocket, i.e., without incurring debt or interfering with my other financial goals.

 

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#1goodmoneything, and its #badcousins.

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Lately I’ve been noticing the #1goodmoneything hashtag on Twitter and Facebook. People use it to describe both major and minor money choices and actions.

Stuff like using increasing a 401(k) contribution, reaching a side hustle goal, winning tickets to a show, using travel rewards credit cards for a big trip, taking charge of bills vs. ignoring them, and not being upside-down on an auto loan any longer.

My daughter, whose blog many of you read, contributed one as well:

$10.95 sale on sports bras + $10 rewards card = $1.03 Victoria’s Secret sports bra.

That surprised me, since I had no idea that VS sold sweaty grunty stuff like sports bras. I thought they were all about frilly scanties. Live and learn.

Lately I’ve encountered a few #1goodmoneythings of my own. The most recent example was Saturday’s J.C. Penney anniversary sale. Coupons were handed to us at the door, good for $10 off a purchase of $10 or more. Because a video-game-themed T-shirt (destined for a nephew’s birthday gift bag) was on sale, I paid just $2.99.

My niece, a single mom who sniffs out deals the way a Brittany Spaniel scents quail, got six items for just over $20. Among other things this included tops she can wear to work, a handsome Henley shirt for her older son and a long-sleeved, screamin’ aqua bike jersey for the younger. (One of his plans this summer is to “ride my bike as much as I can.”)

Wish I could say it’s been all good-money-things, all the time, lately. Some But me being me, I’ve also met a few of the hashtag’s cousins.

 

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Ode to the junk drawer.

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During my recent errand of mercy to Phoenix, my daughter streamed some episodes of the dark and frequently hilarious television show “Speechless.” The program focuses on the DiMeos, a working-class family that moved to a dump of a home in a good school district. The goal was for oldest son JJ, who has cerebral palsy, to get the education and services to which he’s entitled.

Money is short and the family is overwhelmed by just the activities of daily living so, yeah, the house remains a dump. In fact, it gets even dumpier because of their casual attitude about home upkeep. (Hint: A blue tarp over part of the roof is not a fashion statement.)

In one episode, JJ’s personal care attendant sings a song* about the DiMeo lifestyle, to the tune of “Brandy (You’re a Fine Girl).” Among other things, he notes that while most homes have one junk drawer, the DiMeos have multiples. In fact, pretty much all the drawers – like their house – is full of miscellany.

Which got me to thinking about the junk drawer in my Seattle apartment. It held stuff like safety pins, key rings (ever notice how those things accumulate?), USB cords (ditto), bits of ribbon, a clutch of shoelaces (which I saved when I tossed worn-out shoes), rubber bands and a tube of powdered graphite to squirt into balky locks (I managed the apartment house).

Tape lived there, too: Electrical tape, duct tape and a spare roll of cellophane tape. (Do people still call it that? I do.)

The junk drawer was also crammed with hardware and hand tools. A couple of former cream-cheese containers held nails, screws, bolts, brackets, washers and other bits of metal I couldn’t really identify. That’s also where I kept my six-in-one screwdriver, my hammer and the allen wrench I used on garbage disposal units – my own and those of other tenants. As apartment house manager I regularly got calls or knocks about a disposal that quit** mid-chew. Usually it just needed a few turns of the wrench.

My favorite thing about the junk drawer: It saves money.

 

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12 ways to save money on groceries.

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If you want to balance your budget, start by looking for ways to save money on groceries. You probably can’t negotiate your rent/mortgage or car payment downward, but you can find wiggle room in your food bill. According to the U.S. Department of Agriculture, nearly one-third (32.7 percent) of our food dollars go toward meals prepared somewhere else.

Saving money on groceries means different things to different households. Not everyone lives near a warehouse store, or can afford to belong to one. Nor can everyone grow a garden or visit you-pick farms.

Fortunately, plenty of other ways exist to keep food prices as low as possible. This article’s focus is on getting food at low prices.

Use some (or all!) of the following hacks to eat well without breaking the budget.

Look for “manager’s specials”

Not store-wide sales, mind you. No, these are items that are close-dated or otherwise no longer welcome at the store. You’ll generally save 50 percent and sometimes more.

Meat and dairy items need to be used or frozen quickly, of course. I grab half-price milk whenever I see it, for making yogurt, but milk can also be frozen. Ask the dairy and meat departments at what time(s) of day these marked-down products are put out.

With regard to shelf-stable specials, sometimes it’s because they’re holiday items (canned pumpkin, chocolate bunnies) that have to move along. It might also be a new product that didn’t do as well as the manager hoped, which is how we scored a dozen boxes of mango-flavored gelatin for practically nothing. (We prepared some of it with apple juice instead of cold water and called it “mangle” Jello.)

Sometimes the manager’s special rack includes scratch-and-dent stuff, such as canned goods that have been dropped by shoppers or boxed/packaged items with torn or crushed corners. We’ve gotten some extremely good prices this way; last year we found several giant cans of pickled jalapenos for less than a dollar apiece.

Note: According to the USDA you shouldn’t buy any can that has visible holes or punctures; is swollen, leaking or rusted; is crushed/dented badly enough to prevent normal stacking or opening with a manual can opener; or has a dent so deep you can lay your finger into it.

 

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America Saves Week: Grow your dough.

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As a country, we’re not saving. Our personal savings rate is at its lowest level since the 2008 recession.

How’s your savings going?

Plenty of reasons explain why people aren’t saving: un- or underemployment, tax issues (local, state or federal), stagnant wages if you do have a job, illness (your own or a family member’s), the rising cost of living or even good old-fashioned bad luck (of all the cars in the parking lot, yours was the one that got sideswiped by a guy who just kept going).

Fact is, we have to do better. That’s why America Saves Week was created. Even if you don’t take the America Saves pledge (which apparently gives you the chance to win cash) or follow any of the suggestions in the ASW tool kit, the program might help you focus on this essential fact: It’s up to us to save ourselves – and one way to do that is to SAVE.

 

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