Coronavirus pandemic of 2020 - trends in saving money

Hi! Remember me? I'm Penny.

It's been a minute since I've blogged about saving money. 

But I'm still working on it!

I've been noticing trends happening during these crazy times we are a living in. 

What is going on with our personal finances during quarantine?

I am happy to report we.are.saving.money.

Apparently, we were trying to live frugally, but were not living that way at all!

It wasn't until we were forced to stay inside, not eat out, not buy things, that I really saw the gargantuan impact that allowed us to save so much money...weight...not so much. :) But that's another topic for another day.

A few things I've noticed have that have saved the most money (or moolah as my kids call it):

1. Eating at home.  Duh...I guess I thought we always budgeted for eating out but apparently, we ate out A LOT.  During our time in quarantine we didn't buy food from a restaurant for three months! Now we have started to order take-away once a week. But honestly, we still eat out a lot.

2. Not traveling. Again, duh. We traveled quite a bit. 

3. Free entertainment.  We definitely had our share of date nights/entertainment splurges.  I also realized during the weekend I would "Treat" the kids to quite a few purchases. Movies, museums, random things I don't remember.

4. Clothing. Working from home with the kids out of school, I didn't have to worry to buy anyone anything. Usually I would take advantage of the sales to make sure we all look prim and proper...but not during the 'Rona.

5. Birthday presents. I have a previous post about saving money on birthday presents, but I really noticed it during this time.

Despite these benefits, it is important for me to share with you how grateful I am for healthcare workers, first responders, essential workers, scientists, and everyone trying to help during this time.  Thinking of all the families who lost loved ones...who couldn't be by their side...who couldn't be at their funeral...such a difficult time. 

Chores

Now that our kids our getting older, it means more help with household chores and more free time as a family.  I've been working on a system to help them do their regular chores (things we expect them to do as part of our family) and a system of optional "Extra" chores they can do to earn money for additional items.

More to come on this post...and I'll let you know how it worked out!

~Penny

Review - I Will Teach You to Be Rich

Most personal finance books are annoying.  

Honestly - they are unrealistic mantras from folks who clawed their way out of debt by eating ramen every night...trying to teach you to sacrifice your life to save $100 a month.

Not that $100 a month isn't helpful, but strategies need to be realistic.

Enter...

Ramit Sethi

Ramit wrote a no-nonsense book called, I Will Teach You To Be Rich.

This book isn't rocket science, but the approach is refreshing.  Despite some tried and true lessons liek: reduce your credit debt, don't pay crazy fees for your bank, etc. the book also provides scripts to help you negotiate everything from your late fees to your salary. 

I wish I had this book in my 20s!

 

My biggest take away was to consider changing banks from traditional banks, to online banks that offer significantly lower fees, higher interest rates and more convenience.

I like his approach about how living a richer life is different for everyone - to some being rich means having $5 lattes every day...to others it means driving a certain car or living in a certain neighborhood.

We only have one life...might as well make it a rich one.

~Penny

Labor Day Sales today

Happy Labor Day.

Ironically - the day to celebrate the labor force...but we think of it as shopping time -sale time.

Yes, the time to save on swimsuits, patio furniture and more! 

Gap is having a 40% off sale - I usually look over to see what items I'm missing for the school year.  To be honest it's been about four years since I bought myself a new swimsuit.  My current two full pieces are from Target and are starting to look deformed. 

Considering repurchasing something this year. 

But the real score is clothing for kids!  Look through their closets and see what they need...New jeans? (Haha) New sweatpants?  (Only fashion item needed)  New socks? (Why are these always lost in the laundry?)  

When my kids were babies I used to buy a season ahead; now I only buy what's needed for the year because otherwise I'd be running a clothes shop out of our home...and who has room for all those extra clothes and clutter?

Here are some of the top clothing deals today:

1. Gap - 40% off/50% off in stores

2. Osh Kosh has 40% off clearance (love this brand!) and 50% off entire store

3. H&M Kids has 60% off 

Christmas in July

July!


Independence day.
Amazon Prime day.
Nordstrom Anniversary Sale.

For me, the end of July is a great time to stock up on summer essentials for next year.  These bargains can be found at almost all stores - Gap, Old Navy, department stores, etc.  I buy t-shirts and shorts, bathing suits and flipflops for the whole family at about 75% off.

I use deal news to figure out where to shop and where the sales are.

The hardest part if packing up the old clothes and figuring out what to reuse and how to store it.

Also have to be careful to not be succeptable to buy other things.

Well, it's time to get food ready for the week -  hope you all have a great week!

Eating out

Full confession here.

For the last few months we have had a lot going on.  Family situations, moving, work - it's been hectic. We sort of fell off the wagon in terms of tracking our spending and such.

And our wallets felt it!

So we decided to take a look at what we have been spending as a couple...and we noticed...we've been eating out...a lot.

Both of us had been buying lunch at work, then eating out thre or four times a week - let's just say, this added up. Waaaaay up.

Not to mention, we realized all this eating out not only drained our wallet, it increased our waistline!

But what are two over-tired people to do?

Well, we formed a team, a mighty team of two.

We banded together and declared Sunday - meal prep day.

We made food to last us (and the kids) for lunch and dinner through Sunday.  And made a cheese plate to feel fancy while we meal prepped (see below).

He grilled chicken and burgers and I chopped veggies and made eight salads (to get us from Monday - Thursday).  I also bagged snacks - like crackers.

And the week was so much less stressful that we didn't have to out to eat.

 The only problem was I felt like we saved so much money, I wanted to spend it all...

I decided to combat that feeling by setting a goal in my head - to save until...we reached 20% more than our weekly grocery budget.

And the race is on...

The hidden cost of cancelling

Examining my credit card bills this month, I noticed two charges:

1 - $6.99 from Consumer Reports

2 - $299 for a legal charge when I started a company

WTF

I tried to cancel the Consumer Reports charge, but I couldn't find my password, so I filed it under...remember to cancel this...and went on to make dinner for the night.  TWO WEEKS LATER and I still haven't dealt with the password. And while $7/month isn't a huge charge...it's pretty annoying because I don't use it...and anything you pay for and don't use is expensive.

Regarding the other charge...I emailed the company...and they of course emailed back saying I needed to call them to make changes to my account...

Of course, I saw the message at 7am, but then completely forgot about it until 8pm between work, the kids, and so, here I am...two weeks later with those two charges still on my card.

So my plan is to use my lunch break and call them and deal with both charges.  Adding to my calendar. 

~Geez that's a savings of about $300...

Credit Cards

School's back in session, the leaves are changing and the carbs are-a-plenty.

Just in time for the holiday season, it's time to look at...Credit cards!

What has your credit card done for you recently?

The funny thing is a credit card, assuming you pay the balance in full every month,
has the opportunity to give you airline miles for free trips - or cash back - or free gas...there are many perks.

Using a site like nerdwallet, you can compare multiple credit cards to find the best one for you.

Sometimes there is a signing bonus for certain spend amounts.

It's worth evaluating and considering especially if you are planning to spend a lot this holiday season.

New clothes - how much money does it cost to look good?

How much money does it cost to look good?

I mean really good. Like, I look like I care about my looks and my clothes.

I always struggle with this concept. I'm usually so concerned about saving money and so focused on making sure everyone else has what they need. Don't get me wrong, I do hit up the Nordstrom anniversary sale or black friday...and I entertain a wonderful capsule wardrobe...

but is there room for more?

Cosmo says we should spend 5% of our take home pay on our clothes.  Hahaha I guess that's pre-day care costs?

I guess the key is making sure you have a few key pieces that work - basic pieces, follow the whole capsule wardrobe thing where every piece matches - and budgeting whatever amount suits your budget for a few splurges along the way.

Summer and camp

Summer.

School is out, but work is...in.  So, for those of us who have to work while school is out...kids have to go to camp.

Have you seen how much camp costs these days?


Affordable camps...like YMCA camps are about $120/week. Then you add in pre-care and after-care because...work...and you pay an extra $20/week.  Let's say there are 10 weeks of summer...and you have two kids...that's $2800 for the summer.

And that's on the low-end.

According to this article by care.com the average cost of day camp is $304 per week...so now you're looking at almost $6,000 for two kids over the summer...For specialty camps like...language immersion, sports, coding, etc...those are in the range of $500-$1000...according to care.com.

And it's true...my son begged me to go to coding camp.  It was abut $800 FOR. THE. WEEK.

To help my son get the summer camp experience that we could afford...we signed him up for a local YMCA-style camp - field trips, swimming, and just regular old playing. I happen to think that slowing it down for the summer...letting kids be kids and not little adults...is very important.  Plus, several of his school friends were attending, and I knew he would have a good time.  The camp is affordable, VERY well-run, and his buddies were there - what's not to love. Plus, I want him outside, in nature, since we don't live in a place where you can be outside for long periods of time year-round.

But that still left the question of coding...how do I satisfy his interest in coding, etc.

I made a deal with him that he could work on coding after he got home from camp, until it was time to get ready for bed. But that he had to break for dinner and also stop coding at around 7:15. There was also an option to sign him up for some science lessons at camp, so I added that on.

The price of camp is still outrageous - even affordable camps are really expensive - but knowing I have to budget for this the whole year helps make it easier to afford the camps when summer comes.

Enjoy the beauty of summer!

Penny

Air Travel, Part II

Some great tips on air travel can be found here:

http://dealnews.com/features/Ways-to-Save-on-Your-Next-Flight/1880243.html