Beating Broke

Personal Finance from the Broke Perspective

10 Everyday Items You Can Save Money On Today

By Leave a Comment

saving money

Saving money is the safest way to build assets, as investing money always carries risks. That’s why the best way to take control of your finances often involves creating a flexible budget that ensures a certain amount of money will go toward savings every month. Here are ways to save on 10 everyday items.

1. Food

The best way to save money on food is to not each out as much. It doesn’t mean cut all restaurants from your budget, it means focusing more on preparing your own meals. If you can’t stop eating out, at least look for coupons or gift certificates.

Fruits and vegetables are still fairly cheap yet are high in nutrition, giving you more quality for your money. You can save hundreds of dollars per month by making your own salads and sandwiches. Mixing water with juices is an economical way to get the benefit of diverse flavors and nutrients at low costs.

2. Energy

Cutting down on dependence of electricity is important for various reasons. You never know when there may be a disaster with the electric utility company and you’ll be without power, so it’s good to prepare for such catastrophes. Conserving energy helps the environment by reducing fossil fuel emissions. Energy costs can also be unpredictable, so it’s a good idea to adopt energy conservation techniques. Smart tools are spreading to help remind consumers the amount of energy they are using. Turning off all appliances when not in use is a major key.

3. Water

Water bills can get surprisingly high in the event of a water leak. As with energy, there are now smart tools to detect water losses in piping systems. The key to adhering to values of sustainability is to simply not waste water. Use it as necessary, but don’t turn water on and forget about it. If you don’t have timers on sprinklers then be aware of when it’s time to turn the water off.

4. Transportation

A good way to save money on transportation is to walk more when it comes to short distances. If you live near a store, for example, save gas by walking. For longer distances, consider riding a bicycle or public transportation such as trains and buses. You can save money on daily rates by purchasing a monthly pass.

5. Disposable items

Part of regular expenses are often disposable items such as paper towels and tin foil. These items can be purchased cheaply at discount stores that sell items for a buck. These stores also carry a wide variety of soaps, cleansers and personal care products.

6. Entertainment

Spending money online for entertainment can add up to big bills if you watch a lot of movies. Playing Mini Lotto is a much cheaper alternative than other forms of online spending. At least with a lottery you have the satisfaction of enjoying the thrill of possible winnings until the numbers are called. Joining a lot of different streaming services can add up to a lot of money even if each one only charges $10 per month. Lotto is a fun affordable way to be in the running for expensive prizes.

7. News consumption

At one time everyone used to subscribe to newspapers delivered to their doors. Over time these papers would stack up and occupy space in the garage. Eventually online publications became the norm for keeping up with news. Ask yourself if going completely digital works for you and if there are online sources that publish the news you want for free.

8. Exercise

Instead of investing in a physical fitness gym, you can stay fit by doing exercises at home. Walking or jogging around the block is one way to stay fit for free. If you live in an apartment complex with a swimming pool, think about how swimming uses every muscle of the body. Finding a track at a nearby public school with a basketball court can also help cut fitness costs.

9. Clothing

One of the most important things to remember about saving money on clothes is that practicality often has more value than fashion. One of the reasons people buy new clothes is to keep up with the latest fashions. Then when the clothes go out of style they just take up space in a closet. Consider cleaning out your closet and selling old items to used clothing stores. Then make room for clothes you know you’ll need for every season.

10. Internet

The internet is a great tool for saving money on anything. Mobile phone users can use digital coupons offering discounts while they visit stores. Thanks to many businesses emphasizing the internet as a way to find them, there are countless promo codes and ways to learn in seconds with search tools where the best deals are online.

Image source, Pictures of Money, Via Flickr.

8 Ways to Save on Halloween

By Leave a Comment

Halloween is fun for kids of all ages, including adults who are kids at heart.  However, what isn’t so fun is the hefty price tag that often comes along with the fun-filled day.  In fact, a “new poll from the National Retail Federation projects that Halloween revelers will spend. . .an average of $82.93 per shopper” (USA Today) this year.  That’s more frightful than the Halloween decorations that may cover your yard. Use these tips to help you save on Halloween spending this season so you can still have a fun Halloween without breaking the bank.

Halloween Decorations

8 Tips to save on halloween
Save on Halloween Spending

There are plenty of ways to get Halloween decorations for a fraction of the cost.  My favorite way is to buy Halloween decorations at yard sales.  (In fact, that’s how I buy all of my decorations!)  Or, if you have patience and would like to buy new, you can check out the clearance sales after Halloween is over.  That’s how I bought a good supply of Halloween and fall-themed towels, at more than 75% off.

Halloween Costumes

Halloween costumes bought new can cost anywhere from $25 to upwards of $100 for fancier costumes.  Yikes!  We have three kids, so to spend that kind of money on costumes is not practical.   Instead, we employ a variety of strategies to save on costumes.

Homemade

My son went as a knight one year.  We found the vest at Goodwill for $5.  We pared that with black pants and a white shirt that he already had.  Then he made a shield out of cardboard from a large box and covered it in tin foil and put a design on it.  He actually wore that costume for two years in a row.

Bought on discount

Our girls typically like fancier costumes, so we tend to buy them immediately after Halloween is over at a steep discount.  Our favorite stores to shop are Disney and Gymboree.  I can find cute Gymboree Halloween costumes for less than $10 immediately after Halloween.

Use what you already have

Another idea is to use what you already have.  If your son has a baseball uniform, why not go as a baseball player?  If your daughter is taking ballet class, why not go as a ballerina?

Halloween Candy

If you live in a subdivision, you likely get a lot of trick-or-treaters.  The price of candy can really add up, but it doesn’t have to.

Buy the candy at a warehouse store

If you’re a member of Sam’s Club or Costco, you can buy candy in bulk  for less than your local grocery store chain sells it.

Buy cheaper candy

You don’t have to buy expensive candy for trick-or-treaters.  Instead, buy cheaper candy like suckers, Smarties, and candies like that.

Have a limit

Set a budget for how much you want to spend on candy and limit your purchase to that amount.  When you run out, turn off your outdoor light and don’t answer the door anymore.

Halloween is a fun-filled holiday.  You can still be festive without spending a fortune.

What are your favorite tips for saving on Halloween décor, costumes, and treats?

 

To Grow Wealthy, Stay Where You Are

By 1 Comment

When I was little, I devoured the Little House on the Prairie series. I felt bad then for Ma and Pa. I felt bad for the way they struggled financially, facing setback after setback. I felt bad that they always had to move just as soon as they were settled.

But then I read the books again as an adult. Then I read them one more time to my daughters. Now I realize, as much as Pa was a loving father, he was responsible for a lot of his family’s financial hardships.

Life in Wisconsin was good for them. But once Pa got the itch to go west, his family never had a stable environment. They never got more than a few years into getting settled and making a life for themselves before they moved again.

Does Moving Now Cause the Same Financial Difficulties?

Grow Wealthy
Grow Wealthy by Staying Put?

Most people would argue that life was different then, and moving around now doesn’t cause as much financial hardship, but as someone who recently completed a 2,000-mile move, I would disagree.

My husband and I had lived in Chicago for 14 years before we made the move last July to Tucson, Arizona. We went for my husband’s work and because the move would give us a lower cost of living and a pay raise for my husband. On paper, everything looked good.

We foolishly thought we’d stay for two to four years. Now, I’m not sure we should move so soon if we want to prosper financially.

Even though my husband’s employer paid for the move, we still had many expenses like setting up the utilities and paying deposits on them, buying a few new pieces of furniture, etc.

Breaking Even and Getting Ahead Takes Years

We bought a house when we moved here, knowing that we weren’t sure how long we’d stay. We’ve had our mortgage for 15 months now, and in that time, we’ve paid down $4,300 on principal. Our home has increased just $1,100 in value during that time. That gives us a cushion of about $5,400, but I’m guessing if we were to sell our house next year (which would be two years that we’ve lived here), we’d be losing money thanks to realtor fees.

We’ve also just reached the point where we’ve started to discover ways to save money in our new city. Now I know where the cheapest places are to buy groceries, secondhand clothes, etc. Our first few months here we spent much more than we normally do on groceries because I didn’t know which stores offered the best deals.

We also have finally found decent doctors and dentists. Our first few months here, we found out my daughter need 6(!) cavities filled. We had to go to four different dentists before we found one that we liked and could trust. All of those different visits cost us a little less than $200 out of pocket, and that was before her cavities were even filled.

Of course, I’m not saying never to move. In our case, the decrease in cost of living and my husband’s raise made it possible for us to own a house, which we couldn’t afford to do during our 14 years living in Chicago. However, the whole story isn’t just on paper.  When you move, there are many incidentals that add up. Moving repeatedly can cause you to struggle financially.

It’s no surprise to me that the only time in life when Pa and Ma flourished financially was after Ma put her foot down and refused to move from DeSmet, North Dakota. Without the constant moves, they could finally get established and become comfortable financially.

How often do you move? Do you agree that frequent moves are detrimental to your finances?