Personal Investment

[hsifeng]

 This is something I need to try and remember to do. Not because I buy pricey clothes (I am a Thrift Store denizen and proud of it!) but because I do spend money I don't need to and then end up wondering where my cash has gone at the end of every month.

Part of this is the unavoidable side-effect of two adults with a first- and second-mortgage living with pets on one income (and I am damn proud that I can support my husband while he's going to school!); but part of it is me refusing to coupon, and not paying attention to sales on food products, and generally acting as though I somehow *deserve* only the best when it comes to the things I put in my mouth.

I am a food whore, it's true. Anyway. Replace the comments about clothes in the following message with "pricey gin", "expensive cheese" and "ribeye steaks" and you have something I need to get behind more:

(via hickville on Tumblr)

I think you should save money and not spend it all on fashion. Is that controversial? Save 10% of what you earn. Always. Pretend you never earned it. Because one day you’re going to want to buy a house to live in, and you can’t do that if you’ve spunked it all on not-so-cheap threads. I love that phrase ‘spunked it all’.

Save some money, because you work hard, and at the end of each year, you can look at that bank deposit and say “that’s what I have to show for it.” Fetishise over the balance as much as you do a new pair of Miu Mius. You deserve more than a pile of potential op-shop donations for your hard work.

Don’t be fooled into thinking you need to buy clothes all the time. You don’t. People like me who talk about clothes all day do it for a job. Other people talk about bin collecting all day, or hedge funds, and you don’t fiendishly slave over what they’re saying. Maybe you do, let’s talk. You’re funny.

Buy once and buy well. Love clothes and enjoy them, but choose pieces that work for your body, you’ll go back to them year on year. Update with seasonal purchases here and there. Don’t panic buy and treat sales like brain surgery. Be precise, make only considered incisions into your wallet.

Save money, buy a flat, but don’t worry about when it happens. Whenever you manage to land your own home, it will eventually make you money. And at that point, you can spend the extra on clothes.

 

Comments

[sstormwatch.livejournal.com]

I will disagree on this one sentence, "And at that point, you can spend the extra on clothes." As you and I both know, don't spend it on clothes, as you will need that extra money for the upkeep of that home you own. Which is why I don't spend much money on clothes (not even bras and those are sadly in need of replacing), and gladly accept hand me downs for the kids.

[stacymckenna.livejournal.com]

Is there really that much excess spending on food? Food is worth prioritizing in my opinion. Is there some other category in your budget that's getting more money than your priorities really warrant that could be minimized to allow you to put your money where your mouth is?

[hsifeng.livejournal.com]

You have to remember this is food and DRINK. Between farmers market and Trader Joes I easily go through $125+/week (and that doesn't include CostCo and beverage runs for beer). Between two people, that's a hefty sum...figure closer to $175. I know that I can manage more organized meals with less money and still not sacrifice on quality. I just have to sit down and plan.

Let's see, I spend a mint on gas for events but unless I manage to figure out how to squeeze OPEC I'm sorta assed there. Really there isn't much else that comes to mind as a major bill that I haven't minimized.

But I will keep looking, trust me! :)

[hsifeng.livejournal.com]

Oh, I remember the days before I owned a home. No insurance (to speak of), no property taxes, no repairs or improvements. *sigh* *chuckle*

[dravon.livejournal.com]

Food is definitely an area that is easy to spend less on while still maintaining quality/taste. The biggest down side is that it's also very expensive in terms of time. It takes time to find the sales and clip the coupons, but in all honesty that's the fricken easy part. Coupons come in the newspaper or you can print them out on-line (I use www.couponmom.com), and the grocery sales fliers are delivered en masse to my house every Tuesday in the mail.

What is expensive is combining the right sale with the right coupon; then buying in bulk when the right combination appears. Even more expensive is figuring out that Store A is cheaper for this, that, and these while Store B is better for the next round of items. And for those that work and/or go to school full time, going through 2 to 5 different stores in a day just to get the best deal is ... well, is it really worth it? Is your time that unvaluable to you? Or is the money saved that important to you?

It comes down to what do *you* value more, and then accepting that decision. I have the time to do all this, and as a result we eat pretty darn well on very little spent per week. I'm even saving up to purchase a storage freezer so that I can really take advantage of those amazing meat and steak sales. Right now our freezer is cram packed with carefully labeled stuffs, and I make sure to use the oldest first when I do the weekly meal planning.

Oh. That reminds me. Meal planning is another HUGE way you can save money. I used to go buy stuff, then make a meal plan based on what we had. Now I do through my freezer, plan the meals based on what we already have and then purchase only what we need. There are times when I don't have to the go the store at all because I either already have everything I need (frozen, canned, standard-on-hand stuffs, or fresh from the garden).

Alcohol is the kicker, but that too is available via sales (since so many grocery stores now stock actual real liquor) and also coupons. First time I ran across a hard alcohol coupon I was stunned. Turns out, they are common!

I also turn the savings into a game. Without it being fun, I just can't maintain it. So far, my best day of shopping sales/coupons netted me a savings of $97 on an original tab of $150. That's the new record I'm aiming to beat, but the average is somewhere between $15 and $30 saved per trip. Even so, just clipping a few coupons and being aware of when a sale is REALLY a sale at your favorite store, this can save you quite a bit. You don't have to get all manic about it like I do. *lol*

If you ever have any questions on this one, feel free to ping me. I grew up with a super-couponing-rebating mom and now I'm doing it too. heh. It's fun for me to talk about, but for most folks it makes their eyes cross.

And now that your eyes are crossed, I shall sign off. :-)

[peacockdress.livejournal.com]

I hear ya, we're the same. We spend the same as you do on food each week, probably a bit more, but that's the UK cost of living for you. Our solution, it seems, is to value our health and not our wallpaper. We own a lovely big home, but the wallpaper is peeling and we've never got around to saving to improve it since the day we moved in 5 years ago.

I am currently working on instilling a new attitude. Since I am in more control than most people of exactly how much I earn each month, I'm working on worrying less about overspending and not having enough, and instead spending the energy on thinking up ways to make more of it. :D

I do sympathise with the sentiment, however. Pay yourself first. (And do as I say, not as I do. 'Cause I still don't.)

right there with ya...

[claughter713.livejournal.com]

this weekend was a real eye opener for me with finding what had been sitting around that had value - gift cards stuck in a box for gods know how long that all had some money left on them and taking clothes to the consignment store and getting up the courage to ask for something I wanted in trade instead of spending nearly $40 on it.

I also have money from every paycheck thrown into another account that I don't access which is not only a nestegg but also that thrill of "hey, I saved"...

[hsifeng.livejournal.com]

“ Pay yourself first. (And do as I say, not as I do. 'Cause I still don't.)”

*chuckle* I hear you, if only I could take all the free advice I dispense as well. ;)

I think the solution here is to start setting aside a chunk of cash every month into savings. At The Beginning Of The Month and before I can get a chance to spend it on something. Once the tiny credit card debt I currently have paid off ($500 or so) I can start putting the money that has been going toward paying that bill away directly as well without even noticing a change.

Re: right there with ya...

[hsifeng.livejournal.com]

It is always nice discovering those little ‘bonus items’ around the house and in ones wallet. I have been contemplating a yard sale for a bit here, but honestly those sorts of sales are totally ubiquitous to F-burg at this point (we’re a blue collar town and the recession has hit us hard) so I doubt that is the best means of converting things into cash. Perhaps I should start considering Etsy and Ebay…*hum*

All that after CoCo of course (a bill in and of itself – but one I have been planning for!).

Thankfully my job has a ‘nest egg’ already building for me (401K plus CSEA retirement benefits) but what I am really looking for is that thrill of having consciously saved money that I have earned and seeing it grow.

[hsifeng.livejournal.com]

“The biggest down side is that it's also very expensive in terms of time. It takes time to find the sales and clip the coupons, but in all honesty that's the fricken easy part. Coupons come in the newspaper or you can print them out on-line (I use www.couponmom.com), and the grocery sales fliers are delivered en masse to my house every Tuesday in the mail.”

Thank you for the website recommendation! I don’t want to become totally coupon driven (I am not going to buy 500 rolls of toilet paper, no matter how good the sale is) but it seems stupid to not take advantage of the discounts I *can* readily use in my normal shopping routine.

“I'm even saving up to purchase a storage freezer so that I can really take advantage of those amazing meat and steak sales.”

I am fortunate to have a friend with a storage freezer that lets me use space there. It is where our bulk sauces (Yeah! Garden!), wild game meats, and whatnot get stored when our own fridge is out of space. It’s been a lifesaver a number of times and I am all for buying big cuts of meat and then doing our own butchering (in fact, C prefers it that way).

Meal planning is another HUGE way you can save money. I used to go buy stuff, then make a meal plan based on what we had. Now I do through my freezer, plan the meals based on what we already have and then purchase only what we need.”

This is where I really need to start getting my act in gear. We have a ton of canned and frozen goods that just need to get used more regularly. I am always shocked when we end up staring into the fridge and coming up empty handed when the damn thing is bulging. Just because there isn’t a tiny chef in there with an already made veal picatta in hand doesn’t mean that we can’t eat well from what we have. *chuckle*

“Alcohol is the kicker, but that too is available via sales (since so many grocery stores now stock actual real liquor) and also coupons. First time I ran across a hard alcohol coupon I was stunned. Turns out, they are common!”

I am finding that I can *make* many of my favorite flavored drinky goodness with vodka (cheap at CostCo) and the right citrus/berries.

“If you ever have any questions on this one, feel free to ping me. I grew up with a super-couponing-rebating mom and now I'm doing it too. heh. It's fun for me to talk about, but for most folks it makes their eyes cross.”

Thank you for the offer honey! The website you recommended alone is gold but I will certainly keep you in mind as a resource.

BTW – Are you doing CoCo this year? Any chance you’d want to come join claughter713 and I for dinner some night?