College students, young professionals, and anyone trying to save money as well as time cannot afford to have food waste before consumption.  Here are some tips to store your food to save time and money.

1. Use good containers.  I recently discovered vacuum storage containers.  I didn’t really believe the promotional claims, that they can seal in freshness by locking out excess air, but the containers were on sale, so I had to try.  Guess what?  It actually worked ridiculously well!  I stored grapes in them in the refrigerator.  Instead of wilting within a week and a half, they were fresh and firm for three weeks, the amount of time it took for me to finish them.  Usually, I have to throw out half the grapes because I just can’t eat that much.  So, invest in some good containers to store your food.
2. Wash and dry vegetables immediately after purchase, then store them in a good container or bag with a paper towel.  The paper towel reduces moisture, delaying rotting, but gives out just enough moisture to prevent the vegetables from wilting.
3. Plan your purchases to account for the fact that some food will go bad before others.  I have a bi-weekly grocery shopping schedule.  I buy and plan my meals so that I eat the fragile foods first and the hardier, longer lasting foods the following weeks.  So, fish gets eaten the first week, sausages the second week.  Spinach the first week, broccoli the second week.
4. Cook meats as soon as you get them, portion the meats, then refrigerate or freeze the meats. If you don’t, one of two things will probably happen if you are anything like me.  One, you leave the meat in the refrigerator and a week later throw it out because you don’t want to touch it anymore.  Two, you put the meat in the freezer and then keep it there for months because the whole process of defrosting and cooking mid-week is too much for you.  But, immediately cooking, portioning, and then freezing assure that you have individual sized meals ready for the microwave whenever you want.  Chicken and pork work best.  Avoid reheating hunks of beef, just doesn’t taste good.
5. Create your own freezer meals!  This is just the best thing to do for anyone trying to save money and time.  Make your meals, pack them in individual containers, and grab and go for the rest of the week.  Check out my earlier articles for great freezer meals.

Christmas is a beautiful time of year. The colors, the carols, the decorations, the food and the presents have all been a part of Christmas for decades. But amidst all of the cheer and festivities, Christmas can be a nightmare to families who are on a budget or who don’t have much money.

Presents, food and decorations are always expensive, depending on what type you buy. But, there are some simpler ways to avoid overspending around the holiday season. Everyone can budget, even if it does seem like a daunting task.

Here are some tips that you might find useful:

Food

• When buying food or drinks, try to buy home brand as often as possible. You will find that home brand is cheaper than name brand and tastes exactly the same.
• When purchasing alcohol, limit yourself a little and don’t buy more than you need to get through Christmas. Alcohol can be pricey but you can also get them for under $10.00 on the internet and in various local shops
• When you go shopping for all of those Christmas goodies, write out a list and stick to it. You’ll find this way you won’t end up getting something you don’t need simply because it was an impulse buy.
• When buying food, look around and compare prices. More often then not, you’ll find the same product at varying prices.
• When buying soft drinks for the kids, the best to get are home brand from Cole’s or Woolworth’s. They have a great variety and all from eighty five cents and under.
• In most Woolworth’s stores, they mark down the prices considerably after 6:00 p.m. If you shop around this time, you’re bound to get a bargain on items that usually would have cost more then you could afford.
• Try to buy healthy food instead of unhealthy food. It can be cheaper and better for you. But Christmas is a time of celebrations, so don’t ban all sweets.

Decorations

Decorations are part of what makes Christmas great. Fairy lights, beautiful colors and all that other beautiful stuff can be a little costly, depending on what you buy.

If you want to decorate your house then I suggest the following things:

• When buying decorations, only buy what you need. Buying something simply because you ‘may have a use for it’ is usually a waste of money
• Re-using decorations from previous years is also a good idea and will help you to cut costs when it comes to purchasing new decorations.
• Making your own decorations is also a good idea. If you have kids, paper, a pair of scissors and a tube of paint (around $2.00 at Go-Lo) then the options are endless. You’ll end up with some great decorations and it will keep the kids entertained for hours on end.
• Buy decorations from your local Go-Lo. Trust me when I say this, they have great decorations at great prices, most of which are under $2.00.
• Decorations can be made from recycled products in your home. Cardboard boxes, plastic containers, old soft drink bottles, paper and aluminum cans are all great when it comes to making your own decorations. You get cheap decorations and you’re doing something for the environment. Good news all round!
• You can buy cheap fairy lights and absolutely beautiful decorations for Christmas at Go-Lo. The people there lower their prices just before Christmas because they know how much Christmas can cost. Such good people!

Presents

Now we come to the hardest part. The worst part of budgeting at Christmas is buying presents. And if you have a big family, then it’s going to cost a bundle. But there are ways to save money even when buying for a large family:

• Presents don’t have to be big to show someone that you care. Something simple can be all it takes to show someone how much you love them. After all, it’s the thought that counts, right?
• You can find simple and inexpensive gifts on the internet or at Go-Lo if you spend some time looking. Some people are happy with the simplest of objects.
• Remember, don’t overbuy for Christmas. Christmas is a time for family and friends to get together and have fun. It’s not about the money, it’s about being with those who love and want you.
• Some of the best gifts are homemade. If you can knit, sew, use a hammer or bake then you’ve got a lot of options. Even a child as young as eight can use a hammer and turn a piece of wood into something for their parents or family. Trust me when I say this
• Compared to others, if you have a roof over your head, food on the table and a loving family, then you are indeed lucky. Your love means so much to people who care about you.

Here is a great idea for a homemade Christmas present:

You’ll need:

• A small box
• Pretty wrapping paper
• Glue
• A small piece of cardboard or paper
• An hour or so
• A ribbon
• A flower such as a rose (optional)

What to Do

1. Take the small box and paint over the outside and the lid in a thin layer of glue
2. Wrap the outside in the wrapping paper. Do the lid as well (But only the outside)
3. Smooth down the paper and rid it of any bumps or lumps.
4. Grab the small piece of cardboard/paper and write the following message on it
   

   My Love to You

   This is a very special gift
   That you can never see
   The reason it’s so special is
   It’s just for you from me
   Whenever you are lonely
   Or even feeling blue
   You only have to hold this gift
   And know I think of you
   You can never unwrap it
   Please leave the ribbon tied
   Just hold the box close to your heart
   It’s filled with love inside.

5. Tie the card to the box using the ribbon by placing the card on top of the lid and wrap the ribbon around it, securing both the lid and the card in place Now you have a lovely gift to give to a friend or a parent or maybe even a favorite aunt or uncle!

When Christmas comes around this year just remember that it’s all about having fun! You don’t have to spend big to have a first class Christmas, believe me. Often you’ll find that spending time with your family is worth more then are amount of wealth. Family is more important then money. That’s the way it’s always been and that’s the way it always will be. Don’t use the excuse “We haven’t got much money because it’s Christmas” You really needn’t spend big just because it’s the holiday season!

But for now my friends, Thanks for reading and have fun! I hope you have a safe and happy Christmas and a great new year, Merry Christmas to all and to all a Good night!

Spam is just a wonderful waste of everybody’s time.  I wonder if there are still people out in the world who is taken in by spam?  Probably.  What’s the old saying?  “A sucker is born every minute.”

In this case, very true.  There are actually people out there who will believe the above spam message, “improve your borrowing power.”  In our American culture of debt, we believe that we need good credit so that we can borrow more and more money to buy more and more stuff.  We forget that what we are borrowing is our future money, paid for with our future earnings, usually with heavy interest.  Someone benefits, but it isn’t us.

Rather than improving our borrowing power, let’s improve our earning and saving power.

Improve Your Earning Power

1. Take classes to improve your professional skills.
2. Consider a career change if you are unhappy where you are.
3. Go back for a degree.
4. Take a part-time job or start your own business.
5. Work harder where you are and politely let your supervisors know you are looking for more duties with more pay.

Improve Your Saving Power

1. If you haven’t started saving yet, open a savings account and start with just $50 a month.  That’s pocket change, but will add up quickly in one year.
2. Use a change jar and dump your change in it every night.
3. Move your savings account to one that pays higher interest.
4. Check with your benefits department and join in the company’s 401K or 403(b) plan.
5. Have your money automatically withdrawn from your paycheck every month to go directly to your savings

Celebrating Christmas is an expensive proposition. Apart from the extra food and drink, Christmas involves a host of other spending such as gifts, wrapping, decorations, and seasonal entertainment. But it is possible to reduce your spending without dampening the holiday spirit. You can fill your home with Christmas cheer without having to spend more than you can afford, by using a few clever tips.

Budget

The first and most important thing is to make a budget that is realistic and won’t store up post holiday financial troubles. To do that, first calculate the maximum sum you can afford for Christmas. Then break that down across the various sorts of spending associated with the holidays. Have a shopping list of what you need and stick to it, don’t be led astray by tempting extras! If your Christmas budget is going to struggle to encompass everything you want to do then try some of these suggestions to make it stretch further.

Decorations

These are the key to creating a festive ambiance in your home, with a tree as the usual centerpiece. But there are some funky and fun alternatives to the baubles in the shops. If you live near, or can get to, a suitable area, collect some acorns, pine-cones and nuts. Spray these silver or gold to make natural decorations to hang from the tree. Candles create a great atmosphere and you can easily make your own Christmas themed holders. When you entertain guests, bake some small cakes or cookies and use those as supplementary decorations which can be taken down to nibble on. That way you’ll have the smell of fresh baking as a bonus side effect when your guests arrive.

Christmas trees can be very expensive, but there are a couple of ways to reduce the cost. If you are getting a traditional tree, it’s worth investing in a living one (ie. one growing in a pot). As well as being environmentally friendlier it can be reused for several years. After Christmas put it outside and look after it like any ordinary plant. Cut trees are priced by size so if you’re getting one of those, get a smaller one and put it on a table covered with a white sheet to give it the impression of height.

If your space is limited but you still want a live tree, ask for scrap branches from a tree seller (they may even let you have them for free). Put the branches in a large vase with other seasonal plants such as mistletoe. Spruce up the vase with a few ribbons and hang your decorations from the branches Ivy is another low priced festive plant that can be used for decorating try it as part of a table setting.

Gifts

Gifts are usually the biggest expense at Christmas, especially for anyone with a large family or circle of friends. But there are ways to keep the cost under control here as well. If you and your friends have children, why not agree that you will each buy presents for your own children on behalf of the other. That way each of you only spends what you can afford (there’s no element of having to guess what the other will spend and match it) and you can get your children what they really want/need. Otherwise try to agree a price limit with friends and family.

Consider whether creative homemade gifts would be suitable for some recipients instead of purchasing a gift. Gift baskets are fun, easy to put together inexpensively and can have a personalized touch which a shop bought present lacks. Grandparents, uncles and aunts will love gifts made from your children’s artwork.

For smaller kids a dressing-up box makes a great low-cost present which will encourage them in imaginative play. You can stock one from your old clothes, shoes and hats etc (try and include a few items which lend themselves to exotic roles such as pirates and princesses). If you are expecting your kids to end up with some electric toys, buy some rechargeable batteries and a charger. It’ll be more cost-efficient in the long run and will spare you those cries of “my new car isn’t working any more!” the next day.

A great idea is to give your own “gift certificates” for chores and other activities which friends or relatives can call on later. Kids can give certificates for things such as a car wash or an hour’s gardening; parents can offer vouchers for a trip to the beach or other desirable location, or an hour spent in an activity of a child’s choice; adults can provide things like a back-rub, home cooked dinner of the recipient’s choice, or an hour of help around the home.

Catering

Don’t do the Christmas food shopping when you’re hungry. You’ll want to get everything on offer when your stomach is demanding “feed me!”, and you’ll end up buying much more than you need. If the family is coming to you for the main Christmas meal, ask everyone to do their bit by bringing something along. It needn’t be main dishes, but perhaps some of the snacks and side dishes. Mulled wine is a great traditional Christmas party drink. It also happens to be economical in that you can use inexpensive wine and mix it with apple juice or even water to stretch the quantities.

Other Tips

• Keep your credit card out of sight and pay by cash wherever possible. There’s nothing like parting with real notes to make you think twice about unnecessary purchases.
• Last-minute shopping is a gamble, but it can pay off because many shops drop prices dramatically just before they close for the holiday. Don’t do it if you don’t want to take a risk though.
• You’ll spend more money than you expect on stamps and fancy wrapping . You can cut costs by:
• Being selective about the cards you send. Prune your Christmas list if it has become too lengthy.
• Sending free E-Christmas cards
• Reusing old Christmas cards as gift tags
• Use less expensive paper for wrapping, such as that used to prepare packages for mailing. You (or the kids) can decorate the paper with sponges dipped in craft paints, rubber stamps, or potatoes cut in half and carved into Christmas shapes.

Finally although these suggestions are Christmas themed, many of them are equally applicable to other holidays and festivals and even birthdays.

What are some skills that we need in order to save money in our daily lives?

1. Budgeting and basic financial skills.  We need to know how to spend less than we earn.  We need to save the difference.  That is the basic premise of frugal living.  If we can’t save some of the money that we’ve earned, we will never become a) rich b) financially secure c) have money for the things we want and may even d) die on the streets a pauper.  There are lots of books out there devoted to this topic and I have lots of articles on this as well.
2. Cook.  We need to save money where we can and one place we can easily slash our bills is in food and dining.  A useful skill to have is to cook, or else it’s canned and frozen food or, even more expensive, fast food, take-outs, and delivery.  Cooking our own meals immediately saves us money and we can see it.
3. Basic car maintenance.  One skill I don’t have and truly wish I do is basic car maintenance.  If only I can change oil, I would save so much money!  My cousin knows how to change oil.  She is my new hero.  If you know how to take care of your car, even just a little bit, how many thousands of dollars can you save in a year?!  Better yet, you would have the confidence to purchase older vehicles, or even accept free ones, and slash your transportation cost even more!
4. Handyman skills.  If you can paint, knock a nail to a board, sandpaper some walls, unscrew a lightbulb, put doorknobs back on, just little things, you would save hundreds of dollars a year, if not more, because you DIY!  You don’t have to call in someone to take care of little things.  Years ago, my bathroom drain got truly clogged.  Crying and panicking, I called in a plumber.  He used a wire coat hanger and unplugged the drain.  You don’t know how P-ED I was at myself when I wrote that check for $95.  I’ve kept my drains clear ever since using baking soda and, you guessed it, a wire coat hanger.

Now, all of these skills are basic, take care of yourself skills that fall under DIY.  They all save us a tremendous amount of money, money that we can keep.  Money that we can save.  Money that we can spend on more important things, like investments.

ou might notice that I don’t have as many articles this month. I hope to add some in a few weeks. The reason, and I like to use the word reason and not excuse, is that I somehow got mold in my lungs and have been ill for a MONTH now! I was sick and I’m still coughing up nasty stuff now.

Of course, I would be better sooner if say…I went to the doctor as soon as the cough started. Nope. Not me. It’s just a little cough, I said, no need, I said. Two weeks later, doc said I had mold in my lungs. Grrrr.

The moral of the story here is: Take care of your health! It’s generally less expensive that way in terms of medical bills, loss of school and work time, and just less fun.

I probably won’t take my advice, but it doesn’t hurt to put the idea out there.

 

• Eat healthy: Follow the usual health guidelines. Eat your vegetables, minimize meat consumption, cut out the salt and sugar, etc. Don’t eat fast food. Snack on fruits. Healthy food doesn’t require a lot of time to prepare. A fresh salad is a simple toss, toss, as opposed to deep-frying chickens. Are healthy food more expensive? Probably not if you are careful what you buy. Instead of a pre-washed, pre-cut, pre-packaged tub of apples at $3, just buy an apple for $0.50.

• Excercise: Even I in my utter laziness occasionally get of my buttocks and walk for my health. You don’t need an expensive gym membership. You school probably has a gym for free, just use it. Or jog on school grounds with friends. or swim in the school pool. Or play basketball or tennis with friends regularly.

• Sleep well: I know, I know. It’s silly to think that college students get time to sleep. Try to. A regular regimen of a good night’s sleep alleviates stress and illness. Study earlier in the day instead of waiting until 8 or 10 p.m. Don’t loaf about, just get to work. Then relax with friends after you are done and then go to sleep. Wake up earlier instead of waiting till 11a.m. and you’ll have a full day to enjoy. Of all the tips, this is probably the one that’s least followed, but for anyone who’s serious about his or her health and serious about school, this is a key advice.

 

Good luck people! In the meantime, I’m going to swig down some more nasty medicine. Grrr!

Frugal living comes in five steps:

1. Spend wisely now
2. Save for your needs
3. Save for your future
4. Save for your wants
5. Spend for fun

Notice the order? It’s specific and purposeful. First, you spend money wisely (the opposite of randomly buying a shirt here, a movie there, and black lights ‘cause they look cool). Then, you save a bit of money for things that you know you will need (those textbooks that you need in three months). Next, you save money for your future (your retirement, your wedding, your house, or your graduation trip to Africa). After all that you get to save money for your wants (that new laptop you’ve been eyeing). Finally, you get a bit of money for fun.

That’s all to it. If you follow these five general guidelines, then you would be living a frugal, financially smart life. Some people already know this and follow these guidelines without needing any further instructions. I’m not one of these people and if you are reading this, then chances are, neither are you. So for this month, let’s take a closer look at Step 1, Spend Wisely Now.

A lot of our debt and financial problems come from our inability to spend wisely.

Spending is very easy. Even now, after years of living frugally, I still spend money frivolously and uncontrollably. I don’t do it as often as I used to, granted, but I have to constantly fight the urge to just “pick something up at the store.”

So how do we spend wisely?

First, know your wants and needs.

Here’s your first exercise for today. Make a chart of your wants and needs. Go all out. Write down everything that you can think of. Use pencil and paper or an excel sheet.

Needs are things that we have to have to survive. Food and shelter are obvious needs. Transportation is another need. Good health is not a luxury, it is a need.

Wants are things that we want to have. These are things that we want, desires, demons if you will.

Frugal living means we spend money on our needs and prioritize our list of wants. We then spend money on our wants ONLY when we have money left over. Ideally, spending money on wants comes after Step 4.

The funny thing is many people confuse their wants with their needs. They then go ahead to spend a lot of money on their wants, all the while patting themselves on the back for spending wisely and insisting that they don’t have enough money to live on. Hah!

Let’s examine your list of needs and how you are spending your money on it.

Shelter is usually the first thing on the list of needs. However, what kind of shelter do you have? You need a place to sleep and rest, but do you really need an apartment at the beach? The difference between the minimum that you need and what you are actually spending is luxury and luxury belongs in Step 5, meaning that if you still have money after you spend for your needs and save appropriately, then you can certainly afford to have an apartment at the beach. If you don’t have money after you spend for your needs and save appropriately, then you CAN’T afford that apartment at the beach and if you continue to spend money on it, then you are spending unwisely. Move to a cheaper apartment in a relatively safe neighborhood, get a roommate or two or three, or move in with a relative for free. Find shelter that meets your minimum need.

Food is also on the list of needs. However, we all know that you don’t need to eat out three times a week and have McDonald’s for lunch every day. Your food needs can be met by cooking at home and making sandwiches to bring to campus. You can read more about how to manage your food expenditure elsewhere on this website.

How about clothing? You do need to wear clothes, but does it have to be brand new, straight from Banana Republic? No. You can get your clothes from thrift stores, vintage shops, and garage sales. To be perfectly honest, you don’t even need that much clothing. If your closet is tight, then you have too many clothes and don’t need to buy new ones till the old ones wear out.

Transportation is another need. That’s not to say that everybody needs a car. No, everybody needs a means of getting around. Your feet are a means of transportation. Bicycles another. Buses are great for getting to far away places. College students generally don’t need a car but if you do, does it have to be the latest model or can it be five years old?

Do you get the general idea? Spend only the least that you need to and not a penny more. That’s the first step to frugal living. However, everybody’s minimum needs are different. I am small and don’t take up a lot of space. A small one bedroom apartment is more than enough for me. However, you might have pets, boyfriends, girlfriends, and need a space for painting. Your housing needs would be greater. Just know your needs and wants.

Does it all sound harsh, terrible, and completely undoable? Yes, but please keep in mind that this is only the first step. This is the foundation of your financial life.

Did I say that you can never spend money frivolously? Of course not. You can spend money, as much money as you want…when you have it. That comes with Step 5 where you spend for fun.

For this month, think about your needs and wants. Think about how you are spending money on them. And of course, think about how you view your needs and wants. Examine your spending habits. Start to make changes.

There are ways to save on taxes that can fit into a financial plan.  Home ownership can help, especially if you buy in a good location at a good price, and stay put, at least for several years. You can deduct the interest you pay on your mortgage loan.

Financial advisers encourage investing in retirement plans, especially those offered by employers. If you are saving for retirement through an Individual Retirement Account (IRA) and/or work retirement plan (tax-sheltered annuity, 401(k), 403( b) , or 457) you get the triple advantage of tax-deferred compounding: the interest and dividends earned on your principal, the interest you earn on those interest and dividend earnings, and the interest you earn on the dollars you otherwise would have paid in taxes. These all grow and compound tax-free over the years. Taxes are due upon withdrawal in your retirement years when your tax bracket is likely to be lower.

The interest earned on municipal bonds is totally exempt from federal income taxes, and often state and local taxes as well. Congress has allowed this type of tax- sheltered investment opportunity to encourage investors to support the development of local and regional infrastructure – schools, roads, hospitals, libraries, sewer and water systems. Investors can buy into diversified pools of tax-free municipal bonds through mutual funds. As always, it’s best to consult a professional tax or financial adviser when considering tax-sheltered investments.

There are many ways to donate investments to your favorite charities and social change organizations that can provide tax deductions for you and allow you to continue to receive interest and dividends from the principal, or that will reduce the estate tax burden on your heirs.

Whatever your situation, you can be a responsible investor and let your values guide your investments. You can withhold money from businesses whose products or practices conflict with your values, and direct it toward low-income housing, minority-owned enterprises, renewable energy – whatever you want to support. Financial professionals can help you build a responsible portfolio.

Here’s a story I wish someone had shared with me a long time ago. It’s the hypothetical story of twins. Let’s make them young women with a passion for fashion, food, and world travel. (Why fashion, food, and world travel? ‘Cause they’re costly.) Both girls have the same taste, the same wants, and since they are twins, they like to have the same things. They are only different on the timing of their purchases.

Twin 1 (Ms. C.C. Shopper) can’t stand to wait for anything so she buys first and think later. Most of the time, she doesn’t have the money right away so she uses her credit cards and pays for her purchases a couple of months later down the line. Of course, she ends up paying premium prices AND interest on her credit cards.

Twin 2 (Ms. Savy Shopper) can’t stand the thought of giving her money away to credit card companies, so she saves her money in an interest bearing savings account until she has enough to buy what she wants. Of course, by the time she has enough money, the item is usually on sale, so she gets a great deal. She also gets to accumulate interest on the left-overs in her savings account.

Now, C.C. feels bad for her twin because Savy always seems to be a bit behind the fashion. Savy feels a bit sad too, but she figures it’s a small price to pay to stay out of debt.

Graduation day comes and they both decide to head off to Europe to celebrate. C.C. puts the entire $3000 trip on her credit card, really pushing her limits to the max while Savy pulls out the savings that’s been growing for the last 4 years. She is mildly surprised to find that she still has a bit of money left over. They both have a great trip and come back to start their working lives.

What’s the score so far? Well, both girls have the EXACT same STUFF because they enjoy buying the same things. However, C.C. is already burdened with thousands of dollars in debt while Savy already has a small nest egg started.

The decision that you have to make for yourself is: are you going to spend first and pay later or are you going to save first?

Take the time to post your comments and thoughts here.