by Angela Hinkle | Sep 28, 2016
I did it! Or should I say, I didn’t do it! Or more realistically, I almost didn’t do it! What? Spend money in the month of September. Some of you may remember my wallet really needed a break, so I set a goal to spend no money in the month of September unless absolutely necessary.
Did this help? Yes, my wallet, checking account, and credit cards seem much more at peace. Was it easy? Except for a few bumps and hiccups, it wasn’t too bad. Like a good financial citizen, I paid all by bills and gave at church, I kept gas in my car, and had plenty of food (in my house).
However…
Snafu #1: The food thing was a little trickier when it came to work. I went to a conference and for five days, we only received one dinner, one lunch, and two breakfasts. The people from Idaho brought and gave out great potato chips (but I could not and should not try to live off of those). I brought lots of nuts, granola bars, and small containers of fruit in my suitcase but still had to fork out money for three dinners and one lunch with a little more substance. My traveling companion knew of the goal I had set and was nice enough to buy me dinner one night. (I think I must have looked really sad and hungry.)
Snafu #2: When did September become the season of giving? A wedding and a baby shower brought out the checkbook. Oh well, there are a new bride and mom-to-be who are happy.
At home, the only food I had to buy was bread (yes, I could have frozen some – yuck, or made some – no time) and milk (yes, I could have used the dry milk – yuck to drink) and since I miscalculated the amount of dog food in the house, I had to buy some of that, too. I will give a big shout out for canned and frozen foods. It was no big deal to not go out to eat nor go to the movies or to other forms of entertainment. (The good stuff doesn’t usually come out until October anyway.)
What about my all-important trips to the nail salon? Ha! I found a gift certificate (I love those things) that took care of both trips to the salon.
Though I didn’t go hard-core all the way, I did really well. I feel so much better and I’ve veered off my path toward debtor’s prison (yes, exaggeration).
I am blessed to have a comfortable life so this was not that difficult. One month without extra spending was a free gift I gave myself. See if giving yourself the gift of a no-spend month makes your life better. Then be sure to share your success stories.
by Angela Hinkle | Sep 7, 2016
The month of August has been a financially painful time for me. I blame this on the fact that my only child has just begun her first year at college. Lots (and I mean a whole lot) of spending happened in preparation for this auspicious endeavor.
- Ouch – I began to question if I was spending more than I was making. (This was brought on by reading Building a Spending Plan: All Six Steps, a UF/IFAS EDIS publication.) Actually a very helpful financial read. Check it out: http://edis.ifas.ufl.edu/pdffiles/HE/HE82700.pdf
- Ouch – My credit card bills in the last few months have been quite hefty.
- OUCH – The college bills for housing and tuition came due.
What to do to help alleviate some of the pain caused by this financial stress? I remember reading about “no-spend” months. People often pick February because it has the fewest number of days. But I feel the need for immediate action – and so September it is.
A no-spend month means you don’t spend money on anything except the absolute necessities. I have to pay the mortgage, the car payment, utilities, and I have to get may nails done (yes, that is, in fact, a necessity for me). But no buying clothes or shoes, going out to eat, going to the movies, buying gum or an emergency caffeinated drink. Since there is no child in my house now, I think I may actually be able to do this.
Researchers say if we tell others about our goal, we are more likely to work hard to achieve it. So I told the participants in a health class I was teaching about this goal of mine. One very sweet, gentle, older woman said, “Honey, you know you can’t do that.” My somewhat deflated response was, “Why?” Her kind answer – “You know you’re going to send that child care packages.” Right she was.
However, undeterred, quite determined actually, I have found ways to plan around such obstacles. I sent a care package to the child at the end of August and will send the next one at the beginning of October. I will eat out of the fully stocked freezer and pantry to avoid trips to the store. I will start September with an already full tank of gas. I will watch TV at home. I will do this!
Once October rolls around, check back in and I’ll let you know how I did. Wish me luck!
by Dorothy C. Lee | Jul 30, 2016
Do you consider buying groceries a real grind? A necessary evil? Well, it may never turn into a fun adventure for you, but there are some things you can do to make it easier on you and your budget.
Grocery shopping actually begins at home:
Keep a note pad handy in the kitchen to make a list; when staple items are getting low, add them to your list so you won’t forget to replenish them. Then let your fingers do the walking through the grocery store ads to see which stores have the best buys on what you need.- You may want to plan menus around advertised specials and seasonal foods. It helps to have menus planned for the week so you can be sure to have all the necessary ingredients on hand.
- If you plan to use paper coupons, clip them to the list or use an electronic app. It is helpful to have the list organized according to the layout of the store to avoid backtracking for missed items.
- When shopping, buy non-perishables first and save refrigerated and frozen items for last. Make the grocery store your last stop if you are doing other errands. Once home, frozen and refrigerated items should be brought in and stored first.
- Finding the best buy can sometimes be a little tricky. Doing your homework with grocery ads is a good start for comparison shopping. When you get to the store, a little more detective work may be needed. If the store has it, learn to use unit pricing. This is the label on the shelf which gives not only the total price but also the price per unit (ounces, pounds, sheet, etc.). Buying larger sizes often saves money. However, this is not always the case, so use unit pricing or a calculator to check (divide the price by the number of ounces, pounds, etc.). Even if the larger size is cheaper per unit, be sure you can use all of it; if it spoils or can’t be stored, it is not a bargain. Can you divide foods into smaller portions and freeze some for later, or share with a friend?
- Another way to save is to compare national brands with store brands which are usually cheaper. The quality may or may not be the same, so try it once to see if it is acceptable. The nutritional value is usually the same.
- Buy the quality or form you need for the purpose. For example, don’t buy whole canned mushrooms then chop them into pieces if buying a container of already cut mushroom pieces is cheaper.
- Compare fresh, frozen and canned forms, especially for seasonal produce.
- Shop on a full stomach and alone if possible. Hunger and children often lead to impulse buying.
- Buy only the items on your list; anything else should be avoided unless it is a good buy on something you’re sure you will use.
- A larger portion of our “grocery” bill is actually for non-food items such as household cleaners, paper goods, personal grooming products, etc. Comparison shopping is important here too. Are there other types of stores where these products might be cheaper? Can these be purchased cheaper in bulk?
- Convenience foods are a part of today’s lifestyle. While they may save us time, they are usually more expensive than the homemade version. With some convenience foods you are paying for labor; grated cheese, cut up chicken, etc. With others we are paying for having ingredients packaged together; meat helpers, macaroni and cheese or vegetable sauces, etc. Compare time savings with the added cost. Are you paying for ingredients you may already have on the shelf or are easily purchased separately?
If you have questions about budgeting, shopping, menu planning or nutrition, contact your Family and Consumer Science Extension Agent.
For further information contact:
Dorothy C. Lee, C.F.C.S.
UF/IFAS Extension Escambia County
dclee@ufl.edu
by Judy Corbus | Feb 10, 2016
As W-2 forms and other receipts start rolling in, we’re reminded that tax season is upon us once again. It’s exciting to get back some of your own hard-earned money in the form of a tax refund! Saving a portion of your tax refund can be a big step toward meeting your savings goals, so it’s no surprise that a 2015 tax season survey found that a majority of those who receive a refund planned to save it.
This tax season, reward yourself for saving some of your refund by entering for a chance to win $25,000 through SaveYourRefund. SaveYourRefund has 101 cash prizes, including 100 weekly prizes of $100 and one grand prize of $25,000. Making smart financial decisions isn’t always easy, but splitting your refund couldn’t be simpler. Follow these quick and easy steps to enter to win in 2016:
- Use Form 8888 to split your refund. Entry to win with SaveYourRefund starts with splitting your refund into savings.
- Save $50 or more of your tax refund. In order to enter, use Form 8888 to save at least $50. There are a number of accounts you can save into including a savings account, a U.S. Treasury Direct account (savings bond), and a myRA retirement account.
- Visit SaveYourRefund.com to enter. You will automatically be eligible to win one of ten $100 prizes that will be given away every week from the start of the contest until the end of tax season.
- Upload a picture here that represents your savings goal or motivation, and you’ll be entered to win the $25,000 grand prize!
Need tax assistance? Take advantage of a Volunteer Income Tax Assistance (VITA) program. VITA programs offer free tax help to those who generally make $53,000 or less, persons with disabilities, the elderly, and limited English speakers.
Get ahead of your financial goals by splitting your tax refund into savings, and reward yourself with SaveYourRefund!
Source: Tammy Greynolds, AmericaSaves.org.
by Shelley Swenson | Oct 30, 2015
Holiday Spending
The holiday season will soon be upon us. It seems to begin earlier each year placing more stress on both retailers and consumers. Retailers struggle to sell more products while consumers are subjected to a bombardment of messages via ads and media to encourage us to buy more! Through careful planning, the journey can be more emotionally and financially stable.
It is not about sacrifice; it is about opportunity to…..
- Make the commitment to be debt free from holiday expenses on January 1, 2016 through good planning.
- Create a spending plan and log each expense. Use cash and/or debit cards when at all possible. Money coming directly out of your pocket will likely make you think harder about your purchase.
- Stay motivated by finding a support system of people who have similar goals. Share your vision and ask for assistance and support.
- Think of ways to find alternatives to pricey presents. Holidays are about spending time with family and loved ones so don’t let gifts be the focus of your holidays or break your holiday budget.
- Track and assess your spending. Recommit daily to being debt free on January 1, 2016 from holiday expenses.
- Learn more about this subject with worksheets to assist with your planning at https://edis.ifas.ufl.edu/pdffiles/FY/FY140500.pdf FCS5267
