April 16, 2008
Be Frugal Not Cheap!
By Dana Joseph
With all of the talk being batted around about living the frugal life, you could easily start thinking that the most inexpensive option is always the best option. But is that really true? Are there any instances where it would benefit you to choose a higher-priced option?
You bet there are. Although a tight budget requires that you carefully consider any major purchases, being frugal is not the same as being cheap. Occasionally, you will encounter cases where it is wiser to spend a little more money on your purchase in order to obtain a higher quality or additional features.
For instance, imagine that your family is shopping for a new dining room table. You might spot a small, inexpensive table that leaves room for you, your husband, and your two children. It’s not very well made, but it will provide for your immediate needs. As you shop you try to squelch your thoughts about how much you like to entertain and the fact that this smaller table will not allow you to have any dinner guests.
In another store you find a more costly table that catches your eye. This table is approximately the same size as the first one, but has the added benefit of having a leaf that can be inserted to increase the size of the table. You also notice that this table is made from solid wood rather than a laminated product.
If pressed for the truth, you know that the more expensive table is better for you and your family. It leaves room for your family to grow and to do the things that you enjoy like entertaining. And with its stronger construction you can rest assured that this table will serve your family for years to come.
However, you may be sorely tempted to buy the cheaper table. After all it’s better to spend as little money as possible, right? This scenario would be a classic example of a false economy. Sure the cheaper alternative could save a little money in the short run, but if you just have to upgrade to another new table in a few years, you’ll end up spending more money in the long run.
Whenever you’re planning a major purchase, be careful to consider the needs of you and your family. Don’t just consider your immediate needs; evaluate how those needs may change in the next few years. Once you’ve committed to the idea that a purchase is necessary, you’ll want to make sure you get as much value for your money as possible. Making purchases with the intent to use an item for a long time rather than making several less expensive purchases is the key to being frugal instead of cheap.
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Topics: Frugal | 3 Comments »
April 14, 2008
Choose Your Grocery Shopping Time Carefully
By Dana Joseph
You already know that you should shop around to get the best bargains for your groceries, but did you know that the days and times you shop can also impact what you pay? By paying attention to the day of the week and the season you are shopping you can find considerable savings at your local grocery store.
Stock up on sale items during the appropriate season. Have you ever noticed that baking supplies always seem to go on sale during the Christmas holiday season? Grilling meats like bratwurst and steaks tend to receive special pricing at the beginning of football season or around the Fourth of July. Meats can be frozen and flour can last almost forever, so be sure to take full advantage of seasonal sales and stock up your pantry.
Pay particular attention to what day your grocery store starts their new sales each week. Often, if you shop during the day before the new sales start, you will find that the new special advertising is being hung. At this time, you may be able to take advantage of both the old and new specials.
Shop early to take advantage of recently marked-down pricing. On Monday mornings, department managers often return to work after their weekend away from the store and will be ready to clean out leftover seasonal or soon-to-expire merchandise. Leftover Halloween candy and bread baked over the weekend are prime examples of the types of goodies you can expect to find in the morning.
Don’t always assume that sale pricing will end after the date listed in the advertisement. Sometimes, stores will receive special manufacturer pricing to run those specials. The stores order a lot of these sales products and can continue to pass the sale price on to its customers past the originally advertised end date.
In general, it just makes sense to pay attention to your favorite grocery store’s habits. You’ll learn to get a feel for when things are discounted, as well as when the specials change. Then come, armed with your coupons, to find the best deals available on your family’s groceries.
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Topics: Saving Money | 2 Comments »
April 11, 2008
Five Ways Using Quicken Will Make Your Finances Simpler
By Dana Joseph
Many people are a little intimidated about the idea of using financial software to track their expenses. Even the term “financial software” calls to mind thoughts of spreadsheets and complicated budgets. In reality, though, deciding to use Quicken can make your finances much simpler than you ever thought possible.
Quicken is relatively easy to use, even if you’re a little “numbers-challenged.” You simply have to enter the expenses you encounter each month into the software. Then, you will be able to tell exactly where your money went and to make plans for where your money is going in the future.
Quicken users will find that making Quicken a part of your financial plan has many benefits. Users can expect to enjoy streamlined processes in many parts of their financial lives.
Completing your income tax returns is a breeze with Quicken. You can use the different expense categories to separate your tax-deductible purchases from the rest of your purchases. In addition, some tax preparation software packages will allow you to transfer your information straight from Quicken into your tax return information.
Quicken makes it possible to track your retirement plans to make sure that you’re on the right track towards meeting your goals. You can input your updated balance after you’ve received your statements and keep an eye of your funds’ performance records.
Know your financial position at a moment’s notice by using Quicken. If you take the time to input each of your accounts, such as checking and investment accounts as well as car loan and mortgage accounts, you will always be able to quickly determine what your net worth is.
Budgeting becomes much simpler with the use of Quicken’s reporting tools. You’ll be able to see where your money went at the end of each month. You’ll also be able to use that information to forecast where your money should be going. Forget about adding up each receipt; Quicken will track them all and calculate what the category totals are.
Quicken will help you keep track of your progress as you pay down your debt. This valuable information will enable you to create a plan to pay off all of your creditors and work towards being debt-free.
Once you get started, you’ll find many ways that using Quicken’s financial software plan will help make keeping your financial records in order. No longer will you feel like you have to spend hours chained to your desk to keep your financial information current. Instead, you’ll be able to get away from shuffling papers around on your desk and get on with your life.
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Topics: Personal Finance | 1 Comment »
April 9, 2008
Financial Records That You Should Always Keep
By Dana Joseph
Tax records should be kept for at least seven years. Automobile records should be kept as long as the car. But did you know that there are some records that you should keep forever? Although any effort to reduce excessive clutter should be applauded, there are some things that you should make sure to hold onto.
Real estate transactions are extremely intricate legal transactions that can raise their heads to impact you years after their completion. You should keep the records from these forever. This includes the purchase, refinance, and sale records for any piece of real estate.
Wills should also be kept forever. Make sure that someone in your family knows where to find your will and make an effort to keep the will current.
Life insurance documents should be kept in a secure location. Again, make sure that someone in your family and/or the executor of your will knows about these documents and where to find them.
Provisions for your long-term health. If you’ve already made arrangements regarding your wishes in the event of a long-term illness, a record of these arrangements should be kept in your important documents.
Receipts for major home improvement projects should be stored in your long-term files, as well. Major home improvements may impact the basis you have in your home when you sell it. However, you can’t take advantage of that adjustment to your basis if you don’t have the records to prove the costs involved.
Retirement and mutual fund account statements. These accounts aren’t your typical bank accounts like a checking or savings account. You will need the historic information in your statements when you make withdrawals from these accounts later in life. Saving these statements now will be much easier than trying to hunt down the information in twenty or thirty years.
The vital financial records that you should keep indefinitely aren’t great in number and won’t take up a lot of space. However, having these files available in an emergency or after the loss of a family member will help to make financial matters easier to deal with.
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Topics: Personal Finance | No Comments »
April 7, 2008
Garden without Spending a Lot of Green
By Dana Joseph
Many people enjoy gardening for a variety of reasons. Gardening can help you stay active and relieve stress. Spending a part of each day outside in your garden will also allow you to enjoy a little sunshine. And you know you’ll love showering your friends and family with fresh produce or flowers from your garden.
The difficult part of gardening, and any other hobby for that matter, is keeping the costs from taking over your budget. The more time you spend enjoying a pastime, the easier it can be for you to get carried away and spend too much money on accessories to go along with that hobby. Keeping those costs is possible, however, if you keep a few tips in mind.
Grow your plants from seeds. Seeds are much less expensive than the plants available at your local nursery or home improvement center. For an added incentive, imagine how proud you’ll be when your plants bloom after you’ve nursed them from little seeds.
Stick with the basics when selecting your gardening tools. An inexpensive hand tool set is probably all you need to cultivate a flower bed. If vegetables are more your specialty, you may need to add a shovel and hoe to your list. Otherwise, skip the fancy accessories that are supposed to make gardening “easier.” Remember that spending time in your garden is work that you enjoy, anyway.
Take cuttings from your friends’ plants. Some plants are hard to start from seeds. In these cases, trade cuttings with your friends and learn how to cultivate a new plant. If you have trouble with your new addition to the garden, at least you’ll already know someone who can give you advice for helping your new little plant along.
Skip adding expensive insecticides to your vegetable garden. The chemicals used to keep insects at bay can be costly. And, besides, who wants to eat produce that’s been doused in those chemicals? Instead, pledge that your garden will be organic and serve the produce from your garden with pride.
Gardening costs can be easily controlled if you don’t go too crazy adding modern conveniences into your garden. By gardening in the manner that your grandparents did, you can enjoy the simplicity of a garden without carrying the worry of your budget into the garden with you.
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Topics: Frugal | 1 Comment »
