budget — Beating Broke

Can You Benefit from a Meal Kit?

February 13, 2020 By MelissaB Leave a Comment

You’ve likely seen the advertisements for meal delivery kits and wondered, can you benefit from a meal kit? For a set amount, averaging about $7 to $12 per meal per person, the meal service company sends you a box with all the ingredients you need for three different meals with two or four servings, depending on what you choose, as well as the recipe for each meal.

There are so many kits to choose from: Green Chef, Hello Fresh, and Blue Apron, just to name a few. You can find meal kits that are offered for vegans, that have options for those who are gluten-free or nut-free, and those who prefer organic food only.

I’ve personally tried Green Chef, and my family and I loved the meals, but we didn’t love the price tag. However, while regularly subscribing to a meal kit isn’t good for us at this stage in our lives, there are plenty of times that buying a meal kit is a great financial choice:

When You Don’t Know How to Cook

Can You Benefit from a Meal Kit? — Photo by Le Creuset on Unsplash

Unfortunately, more and more kids are leaving the nest without knowing how to cook. If your cooking consists of boxed macaroni and cheese, grilled cheese, and eggs, a meal kit service might be perfect for you. Not only will you get to eat tasty, nutritious food, but using the kit week after week will slowly help you learn to cook. Eventually, you’ll be able to cook on your own, without the meal kit service. Knowing how to cook is a skill that is priceless.

When You Would Go Out to Eat Instead

When I worked full-time and my husband was a full-time student and we had an infant, we went out to eat much more than we should have. We wasted thousands of dollars because we were just too tired to go grocery shopping regularly and figure out what to eat. In this case, a meal kit would have saved us so much money. While meal kits are more expensive than cooking from scratch and buying your own groceries, they are cheaper than going out to eat for a meal in a nice, sit down restaurant.

When You Need A Healthier Option

If you eat out frequently or dine on delivered pizza or Chinese, a meal kit may be perfect for you because it’s likely healthier than the food that you’re currently eating. I found Green Chef to be very healthy; each meal had a lean protein and a variety of vegetables that were of different colors. Another bonus is that the meals are already portioned for you, so you won’t overindulge, unlike restaurant portions.

Can you benefit from a meal kit? Only you can answer that. A meal kit service isn’t right for everyone. Certainly, choosing your own recipes, grocery shopping, and cooking for yourself is a more frugal option. But not everyone cares about frugality when it comes to meals. There are times when a meal kit subscription is the perfect option.

Have you ever subscribed to a meal kit service? If so, which one? Were you happy with the food and recipes that you received?

Do Your Financial Splurges Embarrass You?

January 16, 2020 By MelissaB Leave a Comment

Do your financial splurges embarrass you? If they do, you may have noticed that some indulgences are more socially acceptable than others. Many people don’t see anything negative about someone buying a lot of clothes on clearance even though her closet is already full and she doesn’t need anything. Get a steal on clothes that you don’t even need, and you’ll likely be praised. In fact, others may try to emulate your deal seeking prowess. Yet, spend your money on something that benefits you but society sees as extravagant, and you may be shamed.

Do Your Financial Splurges Embarrass You?

Bargain Shoppers or Money Wasters?

I have a relative who is very good at frugal grocery shopping. However, she is a little too good at it. She buys more “deals” than she needs, so much so that she had her husband build shelves in their basement for her to store the deals that don’t fit in their pantry and kitchen. Because she goes shopping for groceries every week, continually finds deals, and only has three members in her family, she’ll never get through all of the food deals she has bought before they expire. Yet, friends always are impressed by her grocery shopping skills.

Do Your Financial Splurges Embarrass You? — Photo by chuttersnap on Unsplash

In our society, we see spending as little as possible per item as admirable even if we’re spending a lot over time for things we don’t need. In fact, in my relative’s case, these items may never be used and just tossed at a later date.

Splurges That Fit Your Life and Budget

However, if you hire a housekeeper because you have a busy schedule and a messy house stresses you out, people may judge you and argue that you’re spending your money frivolously. Yet, isn’t it just as frivolous to buy clothes and groceries that you don’t need?

The bottom line is that we all get to choose what to do with our money. If you’re financially responsible, you can choose to spend your money in ways that others may find frivolous.

Perhaps you hire a house cleaning service. Maybe you buy that sports car you’ve wanted since you were a teenager. Maybe you take the trip to Europe that you’ve always dreamed of.

Don’t feel the need to conform to society’s expectations and judgments.

If you and your spouse work full-time outside the home, and you’d benefit from more hours on the weekends spending time with your kids rather than cleaning the house, go ahead, spend your discretionary money on hiring a house cleaner.

If you feel that a traveling sports team will give your child an advantage when it comes to high school and college as well as personally and physically, go ahead and pay for the team and the travel if you need to travel with your child.

The bottom line is that you make the best decisions for you and your family. Maybe you have a minimalist wardrobe and cook at home every night so you can afford to splurge in other areas of your life. That’s okay.

You can spend your extra money any way you see fit. Society has a rigid standard of what compromises smart use of your money. However, only you and your spouse can determine what compromises smart use of your own money considering your lifestyle and finances.

What is one splurge that you have that you feel society frowns upon? How did you overcome societal judgement?

How to Stay Afloat after Losing Your Job

January 6, 2020 By Susan Paige Leave a Comment

Losing your job is a really hard thing to face at any time, whether you saw it coming or not. You likely feel very overwhelmed with thoughts of how you are going to make rent next month or afford groceries next week. But it is important to keep a clear head and act fast to set yourself up for success as soon as possible so you can find new work.

Here are a few important steps that you should take within the first few days to week of your unemployment. They should help stabilize you and get you feeling sane enough to do what you need to do to find a new job.

First Step: Apply for Unemployment

If you qualify for it, make sure to start filing your unemployment claim on the day you lose your job. You may feel overwhelmed by the whole situation, but it’s worth it to start filing as soon as you can. The process to receive unemployment can sometimes take a few weeks.

Second Step: Look at What Savings You Have

Take a moment to look at what you have saved. Take inventory of your different accounts and what severance you may have gotten so you know how much you have and how long that might last you. For this type of situation, you can also dip into your emergency fund as losing your job unexpectedly definitely counts as an emergency.

Third Step: Tighten Your Budget

Now that you have a better idea of what actual cold hard cash you have at your disposal before you are able to obtain a new source of income, you can plan out a tightened budget. Yes, it’s not pleasant, but cutting a few costs out of your budget for the next few months won’t kill you. Temporarily cut out all the expenses that aren’t essential, like subscriptions, gym memberships, cable, coffee, eating out, etc. By tightening the wallet, you ensure that your savings last until you are able to find a new job.

Forth Step: Look After Your Debt

Next you should try to contact any creditors that you may have. If you reach out to them, they will be much more likely to help you out during a financial crisis. Lenders may offer options that could reduce or temporarily suspend your payments until you are employed again. The same goes for your student loans. If you call your student loan servicer, you could likely choose from several different options like deferment, forbearance, or an income-based repayment plan.

If you really don’t have enough savings to get you through this time, then maybe you need a loan to cover you until your unemployment kicks in. Whether you get a personal loan, credit union loan, title loan, or anything else, make sure you do your research so you’re aware of what you are getting yourself into before making any final financial decisions in the heat of the moment.

Get these things in order and then make job hunting your new full-time job. Following these steps is a sure-fire way to make things happen quickly. With determination and hard work, you won’t be unemployed for long and then you can get your finances back in order.

Image source: Eric Ferdinand