Showing posts with label saving money. Show all posts
Showing posts with label saving money. Show all posts

Saturday, May 3, 2014

Refrigerator archaeology

Growing up in a hoarded house, I never knew what I was going to find in my parents' fridge. Some food would be fresh, but most of it got shoved to the back and would stay there for months or even years. Needless to say, I try to keep my fridge from looking like my hoarder parents' fridge.

Today we took stock of the fridge. This is everything that had gone bad. 

I was pretty surprised, it was a lot of food! Half of this stuff I didn't even realize was in the fridge.  
Our fridge and freezer aren't that stuffed. 



My sister-in-law had an idea about this. She's an urban farmer who tries to make sure that she wastes practically nothing. She suggested that a whiteboard could help. Each week she lists out everything in the fridge and freezer and then makes her weekly meal plan. They scratch things off the list as they use foods during the week. At the end of the week they know what has to get used first for the next week.


I figured, why not? So I made a "whiteboard" (ha!) out of an old envelope and then we planned our meals for the week. We're much less likely to buy doubles of things if we know what we already have.

We'll see if this is a habit that sticks or whether I give it up. But it would be nice to waste less food, as food in D.C. is terribly pricey. 

How do you avoid food waste?


Sunday, January 12, 2014

Less stuff, fewer loans

After writing yesterday's post I went to update the "adding it up" section that I keep on the right-hand side of this blog. Since I started this blog, I've written about discarding 203 items. I've surely declutterd more but haven't had time to write about every single little one. I'm thrilled that so many of you have been interested in watching me throw out 203 things!

I also added up the amount of money I wasted on those things. Right now the total stands at $2384. I'm sure this number is higher because of all of the items that I've tossed but never gotten around to blogging about. 

2014 is going to be a big year for us. This will hopefully be our final year without children. Because of that I want to be as financially ready as possible (though most of my friends say that hardly anyone will ever be or feel financially ready enough for kids.) I realized that I'm less than $8000 away from having my final student loan paid off. Had I not wasted money on so much junk I could be quite closer to being done with that loan. 

We have two outstanding non-home loans: my student loan (2.65%) and the loan we took out for the kitchen (1.99%). With rates this low most people would say, "pay the minimum and instead invest!" So I would pay the loans' minimums and save the money for 'investing.' Which usually meant keeping it in my bank account and buying stupid things with it.

But I want to stop having so many bills to pay each month before I start having to pay for visits to the pediatrician. We also don't have an emergency fund. We have substantial savings but all of it is locked up in retirement accounts. I used to consider that our "emergency fund," but no longer. It's time to start paying back at least some of those loans. It's time our money went to the proper places.

This year as part of blogging I plan to start putting any money I make from decluttering or other side-hustle activities towards the student loan and kitchen loan and towards a $20,000 emergency fund. At some point I also want to try an experiment -- what if I went a week or a month buying only things I absolutely needed and then totaled up my 'wants' and put that money towards a loan? Can I stop putting my money towards stuff and start putting it towards "us"?

Here's where we stand.

Emergency fund
goal: end of year
Kitchen Loan (1.99%)
due in Oct 2014 
Student Loan (2.65%)
goal: end of year
As of 1/7/14: $0
Starting balance: $0

**$0 saved so far**

0% filled
$0 $20,000

Starting balance: $10,000.00
Balance on 1/7/2014: $8461.80 

**1538.20 paid so far**

15.4% paid off
$0 $10,000

Starting balance: $8,127.00
Balance on 1/7/2014: $7983.83

**$143.17 paid so far**

1.7% paid off
$0 $8,127
Get a progress bar at DollarTimes.com

Because of that I've started a new page that you can see in the menu: Less Stuff, Fewer Loans. My goal is to pay off the $10,000 kitchen loan, the $8,000 student loan, and fill up a $20,000 emergency fund by the end of the year. I'll definitely have to cut down on buying useless junk, but that's the name of this game, isn't it? If our money is going to those things before anything else how can it go to junk?

So my question for you folks, is what order do we do it in? Do we go for the loan which is due first? Do we start with the emergency fund? Do we work on all three? Your thoughts are much appreciated. 


Monday, August 12, 2013

How to avoid overbuying at warehouse club stores

Oh, Costco.
Your brilliant sodium lights beckon me into your depths…you entice me with your mountains of fruit, huge piles of discount clothes, impossibly sparkly jewelry, walls of big-screen TVs, discount Kitchen Aid mixers…
I fill my cart with my bounty. “I’ve saved so much!” is my siren song.
And then comes the $350 bill at the checkout stand.
But wait, the bitter realizations continue! How could I forget the epic battle to squeeze 100 pounds of flour into the back seat of our sedan along with all of the other extremely large groceries?
So yeah, yesterday we went to Costco, one of the huge warehouse club stores in the US. My mom would often get the name of the PetCo mixed up with Costco when she would talk about where we bought our gerbils. We always replied that if we’d gotten the gerbils at Costco, we would’ve gotten a 12-pack of 5-pound gerbils, because nothing at Costco is small or comes in a convenient number or size.
These club stores are a compulsive shopper’s dream and a frugal person’s confusion. As the daughter of someone who had no trouble buying a 15 year supply of aluminum foil, Costco is a place where I really have to work hard to replace my desire to “save money” with a desire not to overbuy or overspend. Yes, you can save money on the items you purchase compared with other stores, but it’s hard not to spend a ton of money at these places. It’s easy to end up with way more than you need. 

How do you avoid overbuying at these places? I’ve tried going in with a list and sticking to it. Inevitably a few extras sneak into our cart. We’ve tried going with a specific amount of cash, but it’s hard to tell exactly how much we’ll need.
This time, we used some other strategies. And for the first time in ages, our bi-annual trip to Costco came out under $300! Here were our weird strategies:
1.      Bring a friend. One of my neighbors joined us on our expedition since she doesn’t have a car. We knew we had a limit on space in the car. I also appreciated having someone else have a more objective view of what and how much we were purchasing. Every time we laughed about how full our carts were, it made us stop and consider whether we really needed everything in the cart. You may be able to do this with your spouse, but maybe not. It’s easier to help someone else pick the unnecessary items out of their cart than out of your own. You can also split some item with your friend.

2.      Bring a list of what you want to buy and write down prices of the items as you put them in the cart. This made me more cost-conscious. It wasn’t as painful to write down “$2.89 X 2” for two gallons of regular milk as to write “$10.59” for a 1.5 gallons of organic milk, so of course we got the regular! This will also make it easier to comparison shop at the grocery stores. It also makes it easier to focus on the amount of money that will be disappearing from your bank account, as opposed to the amount of money you’ll “save.” Remember, it’s not saving if ¾ of those super-cheap bananas rot on the counter!

3.      Bring a calculator. Periodically we’d stop and add up everything we’d put in the cart (another reason to write down prices!) As the number slowly crept up I got much more careful about what went into the cart. No surprises at the checkout stand.

4.      Have specific plans for what to do with excess perishable food. I wanted some strawberries but I knew that the box would inevitably be too large to finish. So, I talked to the Chief Engineer and planned to make strawberry jam one evening later this week. I get fresh berries for the first few days, he gets jam later in the week, and nothing gets wasted.
In all, we spent almost $267. I feel good not because of how much money I saved (though I can’t complain about 25 pounds of flour for under $8), but because we’re keeping almost $80 more in our checking account this time around and NOTHING is going to get wasted. Not to mention, EVERYTHING fit in our cabinets. That’s saving, Dad.