love being frugal. Saving money is a constant goal of mine. But there are a lot of challenges to this, and traps for the unwary.
Most of these traps relate to failing to think about the long term. It's easy to say that this item costs less than that item. But does the difference really justify buying the cheaper item? Not always, and that is what you have to think about.
Trap 1: Cheap or better quality?
There are times where being frugal means spending more rather than less. Think about how long you are going to be using the item. If you're buying generic rather than name brand foods, in most cases that makes good sense, especially since sometimes the two are made by the same company. Just different labels.
But other times you are buying things that you want to last. Then paying a bit more now means you will not be paying more later.
A simple example would be the cheese slicer I bought the other day. The wire on the old one had broken and we couldn't find a replacement wire. So off to the store for a new slicer.
One model had replacement wires in the box with it, while another cost a dollar less but had no replacement wires or obvious way to replace the wire. The wires themselves felt about the same. So I bought the one with the extra wires so that we won't have to buy another the next time the wire breaks. And in my experience, they do break.
Trap 2: Overbuying
This is the danger of the warehouse store and the really good sale. You buy more than your family can use because darn it, it's just such a great deal! How could you possibly go wrong?
In a lot of cases stocking up isn't all that bad. You just don't want to stock up on things that will go bad on you or take up more storage space than you can spare for it. As you shop, pay attention to when the food will expire.
In the case of clothing, think about whether or not all the stuff you are buying will really be worn. It can be especially easy to overbuy for babies and toddlers, who just look so cute in everything. Just try to remember that overbuying is why resale shops have so many clothes available with the tags still on them or clothes that look like new.
Trap 3: "But it's on sale!"
Similar to overbuying, buying something just because it is on sale is a big mistake. Think instead about whether or not you really need it. All too often, you won't really need it.
Trap 4: Giving in
There are a few ways to give in. One is to go shopping while hungry. It's said that you will buy a lot more food if you grocery shop while hungry. Your hunger just makes it easier to give in to temptation.
But if you're shopping with the kids, it's easy to give in to their ideas. "But Moooooommy!" If you're a mom, you know the rest of that routine. Just remember that you are the example for your kids and that if you buy everything that they want, they'll never understand why you talk so much about spending your money wisely.
Being frugal is smart. But taking frugal down to cheap can be a huge mistake. Whenever possible, make the most sensible decision, not just the cheapest at the moment one.
Are You Falling Into These 4 Frugality Traps?
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love being frugal. Saving money is a constant goal of mine. But there are a lot of challenges to this, and traps for the unwary.
Most of these traps relate to failing to think about the long term. It's easy to say that this item costs less than that item. But does the difference really justify buying the cheaper item? Not always, and that is what you have to think about.
Trap 1: Cheap or better quality?
There are times where being frugal means spending more rather than less. Think about how long you are going to be using the item. If you're buying generic rather than name brand foods, in most cases that makes good sense, especially since sometimes the two are made by the same company. Just different labels.
But other times you are buying things that you want to last. Then paying a bit more now means you will not be paying more later.
A simple example would be the cheese slicer I bought the other day. The wire on the old one had broken and we couldn't find a replacement wire. So off to the store for a new slicer.
One model had replacement wires in the box with it, while another cost a dollar less but had no replacement wires or obvious way to replace the wire. The wires themselves felt about the same. So I bought the one with the extra wires so that we won't have to buy another the next time the wire breaks. And in my experience, they do break.
Trap 2: Overbuying
This is the danger of the warehouse store and the really good sale. You buy more than your family can use because darn it, it's just such a great deal! How could you possibly go wrong?
In a lot of cases stocking up isn't all that bad. You just don't want to stock up on things that will go bad on you or take up more storage space than you can spare for it. As you shop, pay attention to when the food will expire.
In the case of clothing, think about whether or not all the stuff you are buying will really be worn. It can be especially easy to overbuy for babies and toddlers, who just look so cute in everything. Just try to remember that overbuying is why resale shops have so many clothes available with the tags still on them or clothes that look like new.
Trap 3: "But it's on sale!"
Similar to overbuying, buying something just because it is on sale is a big mistake. Think instead about whether or not you really need it. All too often, you won't really need it.
Trap 4: Giving in
There are a few ways to give in. One is to go shopping while hungry. It's said that you will buy a lot more food if you grocery shop while hungry. Your hunger just makes it easier to give in to temptation.
But if you're shopping with the kids, it's easy to give in to their ideas. "But Moooooommy!" If you're a mom, you know the rest of that routine. Just remember that you are the example for your kids and that if you buy everything that they want, they'll never understand why you talk so much about spending your money wisely.
Being frugal is smart. But taking frugal down to cheap can be a huge mistake. Whenever possible, make the most sensible decision, not just the cheapest at the moment one.
Most of these traps relate to failing to think about the long term. It's easy to say that this item costs less than that item. But does the difference really justify buying the cheaper item? Not always, and that is what you have to think about.
Trap 1: Cheap or better quality?
There are times where being frugal means spending more rather than less. Think about how long you are going to be using the item. If you're buying generic rather than name brand foods, in most cases that makes good sense, especially since sometimes the two are made by the same company. Just different labels.
But other times you are buying things that you want to last. Then paying a bit more now means you will not be paying more later.
A simple example would be the cheese slicer I bought the other day. The wire on the old one had broken and we couldn't find a replacement wire. So off to the store for a new slicer.
One model had replacement wires in the box with it, while another cost a dollar less but had no replacement wires or obvious way to replace the wire. The wires themselves felt about the same. So I bought the one with the extra wires so that we won't have to buy another the next time the wire breaks. And in my experience, they do break.
Trap 2: Overbuying
This is the danger of the warehouse store and the really good sale. You buy more than your family can use because darn it, it's just such a great deal! How could you possibly go wrong?
In a lot of cases stocking up isn't all that bad. You just don't want to stock up on things that will go bad on you or take up more storage space than you can spare for it. As you shop, pay attention to when the food will expire.
In the case of clothing, think about whether or not all the stuff you are buying will really be worn. It can be especially easy to overbuy for babies and toddlers, who just look so cute in everything. Just try to remember that overbuying is why resale shops have so many clothes available with the tags still on them or clothes that look like new.
Trap 3: "But it's on sale!"
Similar to overbuying, buying something just because it is on sale is a big mistake. Think instead about whether or not you really need it. All too often, you won't really need it.
Trap 4: Giving in
There are a few ways to give in. One is to go shopping while hungry. It's said that you will buy a lot more food if you grocery shop while hungry. Your hunger just makes it easier to give in to temptation.
But if you're shopping with the kids, it's easy to give in to their ideas. "But Moooooommy!" If you're a mom, you know the rest of that routine. Just remember that you are the example for your kids and that if you buy everything that they want, they'll never understand why you talk so much about spending your money wisely.
Being frugal is smart. But taking frugal down to cheap can be a huge mistake. Whenever possible, make the most sensible decision, not just the cheapest at the moment one.
A Message To The Frugal Stay Home Mom
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So many of us have become used to the ever so busy corporate lifestyle where every second is worth money that we just dont know what to do with ourselves when we have some free time.
As you transition from that lifestyle to the stay home mother who is approaching delivery or has recently delivered and is taking care of her new born you may find your self slowly going crazy being home with really not all that much to do.
Some may get involved with home renovations and preparations for the new baby and some take up some hobbies.Some women find that taking care of their children is enough work as is, and it all depends really.
To those of you who make the decision to retire from the job lifestyle for a while or forever as you raise your children and take care of your family, you may find that living on one income difficult. Many women are committed to staying home and refuse to return to the hell of a regular J.O.B. which I personally think is a smart decision but still may cost you money.
So on one income you try to downsize your home, car, spending habits, and perhaps even deny yourselves the little things that used to make you happy and try to find ways to save money.
I will not talk about the endless controversy of the stay home parent and the delusion that has sadly become an epidemic that sees the stay home parent as poor bum who is not a functional part of society and ultimately an unfortunate individual.
This topic always has, and always will spark a fire in me and in many, I am sure. After all I would like to see more than 20% of people who state without a doubt that they love their job including the boss, working hours, and traffic to get back and forth from work and that they would not change a single thing about it.
Sorry, back to mothers as they shift to staying home whether on a temporary or permanent level. Here is some Unique advice you may find trouble accepting intially; Dont Get too overwhelmed, and by that I mean think outside the box.
As you transition from that lifestyle to the stay home mother who is approaching delivery or has recently delivered and is taking care of her new born you may find your self slowly going crazy being home with really not all that much to do.
Some may get involved with home renovations and preparations for the new baby and some take up some hobbies.Some women find that taking care of their children is enough work as is, and it all depends really.
To those of you who make the decision to retire from the job lifestyle for a while or forever as you raise your children and take care of your family, you may find that living on one income difficult. Many women are committed to staying home and refuse to return to the hell of a regular J.O.B. which I personally think is a smart decision but still may cost you money.
So on one income you try to downsize your home, car, spending habits, and perhaps even deny yourselves the little things that used to make you happy and try to find ways to save money.
I will not talk about the endless controversy of the stay home parent and the delusion that has sadly become an epidemic that sees the stay home parent as poor bum who is not a functional part of society and ultimately an unfortunate individual.
This topic always has, and always will spark a fire in me and in many, I am sure. After all I would like to see more than 20% of people who state without a doubt that they love their job including the boss, working hours, and traffic to get back and forth from work and that they would not change a single thing about it.
Sorry, back to mothers as they shift to staying home whether on a temporary or permanent level. Here is some Unique advice you may find trouble accepting intially; Dont Get too overwhelmed, and by that I mean think outside the box.
The Mom's Guide to Living Frugally
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Not only am I an entrepreneur but I'm also a stay at home mom. For some reason you just can take the mom out of mompreneur. I love working at home for a lot of reasons, but it has not been all gravy.
My daughters who are now 9 still don't understand the concept of leaving me alone when I'm on the phone or computer. And always, summer is approaching and we are wondering what they should do to keep their days busy.
A lot of my frugal mom's ideas about living have been passed down from my mom and dad, who were the extreme parody of living without. My parents were not business owners and basically were unemployed most of the time. So they became very talented at living on pennies from social assistance. Something I do not agree with.
My husband Robert is another master at frugality. He is an accountant and financial representative and see's peoples finances on a daily occurrence. One thing he has learned is that many people over extend themselves and get themselves into financial hot water.
Frugal Mom's guide to the world is a mired of suggestions, but you must decide what you wish to put up with. We all have our ideas as to what we need and what we what.
Frugal Mom's Idea #1
Buy only what you need and not what you want. Pretty simple, but a lot of us are enticed. Advertising companies know how to manipulate us with behavior, emotion, colors, and the list goes on. They seem to know what we want better than we do.
Frugal Mom's Idea #2
Pay off your credit card every month. If you feel that you are capable of doing this, than have a credit card that gets you miles for airline tickets. The interest rate is higher on these cards, so it behooves you to pay them off on time. Our family charges all items to the credit card so that we receive the points for airline tickets. Each year we claim several free tickets for our purchases (that we would have made anyways.)
Frugal Mom's Idea#3
Live below your means. My husband and I live in an old home, drive a basic car, and don't live extravagant lives. My jeans have rips in them (it's really in fashion) and my husband owns one pair of pants (besides his suits). Can we afford more? We sure can. But other things are important to us, saving money, private school, family vacations. We just don't see the need to go out and buy more stuff. We are happy, and don't need other people to tell us so.
Frugal Mom's Idea #4
Watch out for nickel and diming. What does this mean? Going to Starbucks for coffee. This concept totally amazes me. This business is so successful on a premise of coffee which has been around for centuries. Everyone can make coffee in their kitchen, and even BUY Starbucks at the grocery store. But people wish to spend more and go the store with the friendly person waiting to collect their money. Think about how much money you would save if you didn't buy that latte every morning.
These items are just a few to mention, the list could go on, and on. We all have way's to save money and become more financially free. We are being manipulated by the media and corporations each day, they want us to buy their stuff. Really.
My daughters who are now 9 still don't understand the concept of leaving me alone when I'm on the phone or computer. And always, summer is approaching and we are wondering what they should do to keep their days busy.
A lot of my frugal mom's ideas about living have been passed down from my mom and dad, who were the extreme parody of living without. My parents were not business owners and basically were unemployed most of the time. So they became very talented at living on pennies from social assistance. Something I do not agree with.
My husband Robert is another master at frugality. He is an accountant and financial representative and see's peoples finances on a daily occurrence. One thing he has learned is that many people over extend themselves and get themselves into financial hot water.
Frugal Mom's guide to the world is a mired of suggestions, but you must decide what you wish to put up with. We all have our ideas as to what we need and what we what.
Frugal Mom's Idea #1
Buy only what you need and not what you want. Pretty simple, but a lot of us are enticed. Advertising companies know how to manipulate us with behavior, emotion, colors, and the list goes on. They seem to know what we want better than we do.
Frugal Mom's Idea #2
Pay off your credit card every month. If you feel that you are capable of doing this, than have a credit card that gets you miles for airline tickets. The interest rate is higher on these cards, so it behooves you to pay them off on time. Our family charges all items to the credit card so that we receive the points for airline tickets. Each year we claim several free tickets for our purchases (that we would have made anyways.)
Frugal Mom's Idea#3
Live below your means. My husband and I live in an old home, drive a basic car, and don't live extravagant lives. My jeans have rips in them (it's really in fashion) and my husband owns one pair of pants (besides his suits). Can we afford more? We sure can. But other things are important to us, saving money, private school, family vacations. We just don't see the need to go out and buy more stuff. We are happy, and don't need other people to tell us so.
Frugal Mom's Idea #4
Watch out for nickel and diming. What does this mean? Going to Starbucks for coffee. This concept totally amazes me. This business is so successful on a premise of coffee which has been around for centuries. Everyone can make coffee in their kitchen, and even BUY Starbucks at the grocery store. But people wish to spend more and go the store with the friendly person waiting to collect their money. Think about how much money you would save if you didn't buy that latte every morning.
These items are just a few to mention, the list could go on, and on. We all have way's to save money and become more financially free. We are being manipulated by the media and corporations each day, they want us to buy their stuff. Really.
Frugal Retirement: Are You Mentally Prepared?
Friday, January 21, 2011 0 comments
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Economic reports for the future predict more tough times. Tightening your belt and learning to live frugally are more important than ever, but are you psychologically ready for a truly frugal retirement?
One of the first things that you will need to do to live frugally is prepare yourself psychologically. Ask yourself if you are really ready to change your lifestyle. Are you willing to commit to a whole new way of living? A change in lifestyle doesn't always come easily, but working through some of the psychological issues will definitely go a long way to ensuring your success. Let's take a long look at what you want to accomplish.
Your first priority is to get rational – define your goals. Is your goal to trim your budget by some set amount or are you completely revamping your lifestyle? Do you have a set amount in mind to save? It's important to think rationally rather than emotionally when you need to plan this type of change. Factors like, sudden unemployment or a catastrophic drop in your retirement fund just before you retire will require much greater changes than just trying to shave a couple of hundred dollars off your monthly expenses because you are saving up for large purchase. Firming up your goals will help you gain a sense of mastery and control over your plans and increase the likelihood of your success.
Another factor to consider when defining your goals is the time frame for your lifestyle change. Are you gearing up for a drop in income because you know you are retiring in two years so you have the time to slowly shape your behavior towards a frugal retirement? If you just got a notice of a forced early retirement next month, then you're looking at a need to make sudden radical changes. Long slow changes can be much easier to accept psychologically, than sudden radical changes. Knowing this should help spur you to make the changes now, rather than wait until catastrophe strikes because small changes are easier to make into new habits.
Second – overcome your pre-conceived notions. Are you picturing yourself darning socks by candlelight under a mountain of blankets because you've decided to be so frugal that you don't pay for heat or light anymore? Many people get stalled because they actually fear what it means to be frugal. There are ways though to be frugal without feeling like you have become miserly. You do not have to become miserly and cheap in order to be frugal. Think of frugal as being more economical – less wasteful and you will feel less put upon while adopting your new frugal lifestyle.
A frugal retirement isn't as difficult as you may imagine. Careful planning and discarding of pre-conceived ideas will help get you on the road to living frugally.
Economic reports for the future predict more tough times. Tightening your belt and learning to live frugally are more important than ever, but are you psychologically ready for a truly frugal retirement?
One of the first things that you will need to do to live frugally is prepare yourself psychologically. Ask yourself if you are really ready to change your lifestyle. Are you willing to commit to a whole new way of living? A change in lifestyle doesn't always come easily, but working through some of the psychological issues will definitely go a long way to ensuring your success. Let's take a long look at what you want to accomplish.
Your first priority is to get rational – define your goals. Is your goal to trim your budget by some set amount or are you completely revamping your lifestyle? Do you have a set amount in mind to save? It's important to think rationally rather than emotionally when you need to plan this type of change. Factors like, sudden unemployment or a catastrophic drop in your retirement fund just before you retire will require much greater changes than just trying to shave a couple of hundred dollars off your monthly expenses because you are saving up for large purchase. Firming up your goals will help you gain a sense of mastery and control over your plans and increase the likelihood of your success.
Another factor to consider when defining your goals is the time frame for your lifestyle change. Are you gearing up for a drop in income because you know you are retiring in two years so you have the time to slowly shape your behavior towards a frugal retirement? If you just got a notice of a forced early retirement next month, then you're looking at a need to make sudden radical changes. Long slow changes can be much easier to accept psychologically, than sudden radical changes. Knowing this should help spur you to make the changes now, rather than wait until catastrophe strikes because small changes are easier to make into new habits.
Second – overcome your pre-conceived notions. Are you picturing yourself darning socks by candlelight under a mountain of blankets because you've decided to be so frugal that you don't pay for heat or light anymore? Many people get stalled because they actually fear what it means to be frugal. There are ways though to be frugal without feeling like you have become miserly. You do not have to become miserly and cheap in order to be frugal. Think of frugal as being more economical – less wasteful and you will feel less put upon while adopting your new frugal lifestyle.
A frugal retirement isn't as difficult as you may imagine. Careful planning and discarding of pre-conceived ideas will help get you on the road to living frugally.
Finding Frugal Family Fun
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Finding Frugal Family Fun in your area doesn't have to be a chore. We highly recommend visiting your local tourism website for your state; Simply view the calendar of events for free family activities throughout the entire summer, as well as listings of farmers markets in your area to save a bundle on fresh fruits and veggies.
Below is a list of all 50 states tourism websites.
Below is a list of all 50 states tourism websites.
Household Budget Tips
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One of my main hobbies has always been to collect books on budgeting, investing and saving money. My hobby has allowed me to be able to be a stay at home mom for almost twenty years, despite living in one of the most expensive areas of the country. I hope you enjoy the frugal living tips I've collected over the years.
Featured Articles:
Making a Budget - an important step in getting finances under control.
Find a free budget worksheet here.
Ways to Make Extra Money - Creative ways to make some extra cash when money is tight and you don't have a regular job.
How to Get Groceries for Free - $272 worth of free food in one month? Here's how I did it this past December. (new!)
Tips for Frugal Living - suggestions on how to save money on food, travel, entertainment, health care and general shopping.
Saving Money on Groceries - watching the pennies each day can add up to real savings over time.
Living on One Income - Can you cut back enough to manage it? Financial questions to ask yourself before you take the plunge.
My Favorite Online Freebies - really free credit reports, easy do it yourself greeting cards, full text magazine articles you won't find in the search engines, books and more.
Featured Articles:
Making a Budget - an important step in getting finances under control.
Find a free budget worksheet here.
Ways to Make Extra Money - Creative ways to make some extra cash when money is tight and you don't have a regular job.
How to Get Groceries for Free - $272 worth of free food in one month? Here's how I did it this past December. (new!)
Tips for Frugal Living - suggestions on how to save money on food, travel, entertainment, health care and general shopping.
Saving Money on Groceries - watching the pennies each day can add up to real savings over time.
Living on One Income - Can you cut back enough to manage it? Financial questions to ask yourself before you take the plunge.
My Favorite Online Freebies - really free credit reports, easy do it yourself greeting cards, full text magazine articles you won't find in the search engines, books and more.
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