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How To Live A Healthy Lifestyle – On A Budget

August 25, 2022 By Susan Paige Leave a Comment

Now more than ever it seems it is hard to eat healthy! The cost of food is on the rise, and that makes it more challenging to select nutritious meals. We also know that gyms and personal training don’t always fit in the budget. We have some hacks to make living a healthy lifestyle a little more affordable.

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Filed Under: Personal Finance Education Tagged With: Healthy lifestyle

5 Tips to Save on Groceries This Year

March 21, 2022 By MelissaB Leave a Comment

Tips to Save on Groceries

The price of groceries recently! Ouch. In the last few months, I’ve been shopping the same way I typically do, and yet, my grocery bill for my family of five has increased several hundred dollars, and my freezer and pantry are emptier. Enough is enough. The food prices are rising rapidly, but I’m utilizing these tips to save on groceries this year.

Prices Will Be High for Awhile

Prices will be high for a while because of supply chain issues due to the pandemic and the current war in Ukraine. However, if you’re willing to change your behavior and preferences, you can save on groceries this year, even with the market instability.

5 Tips to Save on Groceries This Year

Change Your Menu

Our family makes every meal at home, and we don’t eat extravagantly. However, I’m looking at changing our menu. We’re gluten-free and dairy-free. That means staples for most people, like bread, cost us significantly more to buy gluten-free. During this time, I’m limiting how much bread we use and instead am switching to naturally gluten-free carbs that are cheaper such as potatoes, sweet potatoes, and rice.

I’ve also searched the Internet for low-cost meals. Many bean-based recipes appear, but my family doesn’t want to eat beans several times a week.

Instead, I look two different places.

Depression-Era Recipes

For Depression-era recipes, I love the YouTube channel, Great Depression Cooking. Clara, the host, shares stories about her life and frugal recipes her family ate during the Great Depression.

Frugal Recipes Around the World

Tips to Save on Groceries

To make meals more interesting, I’ve prepared frugal meals from different countries. Some of our favorites include Colcannon (Irish mashed potatoes with cabbage), Okonomiyaki (Japanese cabbage pancake), and Tortilla de Patatas (Spanish omelet with potatoes and onions).

Use Less Meat & Fish

Part of our strategy to change the menu involves using less meat. Sometimes we have meat-based meals, but I’m currently trying to avoid having those regularly.

Find Meals with Reduced Meat

Instead of meat-based meals, I’m trying to make meals that center around vegetables and starches with some meat. When I do that, I can use less meat. For instance, when I make spaghetti, I add about six ounces of cooked ground beef. That half pound of meat is cheaper than using an entire pound for our family of five. I also look for soups and chilis that require a half-pound of meat or less.

Buy Cheaper Cuts

We enjoy roasts and steaks when we buy ¼ side of beef, but we haven’t purchased beef that way in over two years, so we’re only eating ground beef, which is the cheapest form of beef we can find.

Likewise, I still want to have fish in our diet, but I have found cheaper ways to buy it. I can buy cod pieces at Trader Joe’s for $4.49 per pound. Whole fillets cost approximately $10 a pound, so I buy cod pieces and make fish cakes instead of serving fillets to my family. We’re getting the benefits of eating fish at a much lower price.

Allocate Some Money to Stocking Up

One of the best ways to lower your grocery budget is to save some money each week to stock up on sales. Let’s say you have $150 a week to spend on groceries. You might use $120 to buy your weekly groceries and reserve the additional $30 to stock up on items that are on sale.

Maybe you find a clearance sale on ground beef marked down to $2.99 a pound instead of the regular price of $6.99 per pound. If there are ten packages available, you might buy all 10 for $29.99 total. (This is a deal I found two weeks ago, and I snatched up all ten. I promptly went home and made ten meals. Most of the meals are in the freezer now, so we can eat them in the next few months, saving us money on our upcoming grocery trips.)

Some weeks you may not find any good sales. That is okay. Let that $30 rollover, so the next week you have $60 to use for stock-up buys. Then, when you find a good sale, you can take advantage of it without wrecking your grocery budget.

Try Reverse Meal Planning

Some people carry this idea further by reverse meal planning. Instead of going to the grocery store with a list of items you need to buy, you go to the grocery store and look for food on sale or clearance and try to buy only those items.

Then, when you get home, you make a meal plan based on the items you already have. If you bought cheese at a discounted price, and you have ham from a sale two weeks ago, you might combine the two together with potatoes and milk to make scalloped potatoes for your family.

If you’re creative and can think of ways to use different foods, reverse meal planning can help you keep your budget low even when food prices are high.

I use this strategy, but only for a few meals a week. I’m not creative enough to plan all our meals this way, especially with our dietary restrictions.

Order Online

5 Tips to Save on Groceries

Another option is to order your groceries online. Some people love ordering this way because they limit their impulse buys. You only order what you need, so you can stick to your grocery budget.

I do sometimes place online orders, but our local grocery store is often out of the items that I order. Therefore, I only place online orders about twice a month. I like to go into the store to find discounted and clearance items, which I can’t do when I shop online.

However, by using both online shopping and going to the store on alternate weeks, I can save money.

Final Thoughts

The cost of groceries is high, but I’m hoping by regularly using these five tips to save on groceries this year, I can avoid going over budget.

How are you fighting the high price of groceries?

Read More

Save on Groceries by Limiting Junk Food

Living on a Tight Budget: Should Groceries Be the First Place You Cut?

Even More Ways to Save on Groceries

Filed Under: budget, Frugality, Saving Tagged With: food, frugal groceries, groceries, grocery budget, recipes

What to Do with a Sudden Large Sum of Money

January 10, 2022 By MelissaB Leave a Comment

Sudden Large Sum of Money

For years, my aunt and uncle helped their aging relative, Dottie. They didn’t receive any financial assistance for the five to ten hours a week they spent maintaining Dottie’s lawn, cooking her meals, and driving her to doctor’s appointments. They put in that time, week after week, because they loved her and wanted to make the remainder of her life more comfortable. However, my aunt and uncle were in for a surprise when Dottie passed away. They discovered not only that Dottie had a small fortune, but that she had left all of her money to them. My aunt and uncle raised a large family and had always lived on a bare-bones budget, yet suddenly, they had inherited a sudden large sum of money.

My aunt and uncle’s situation was not unique. Many people fall into a large sum of money through inheritances, insurance settlements, gambling, or other ways. If this happens to you, what should you do with the money?

Do Nothing for a Few Months

The best thing to do is nothing. Yes, you heard me. Take the money you received, put it in a bank account, and do nothing with it for a few months to a year. Take time to get over the shock of your good fortune. Take time to plan out how best to use the money.

If you don’t take the time to let the money sit, you may blow it on all of the things you’ve always wanted but could never afford—a new boat, a vacation home in the mountains, nights out at fancy restaurants, etc. Take the time to get used to having so much money before you do anything with it.

Consult with a Financial Advisor

You may also want to consult a financial advisor and see what she recommends you do with the money. However, choose carefully. Some financial advisors are paid based on the products that they sell you, so they may push products that aren’t the best use of your money so they can also benefit from your windfall.

What to Do with a Sudden Large Sum of Money

After you’ve taken a few months to set the money aside and get used to the idea of having a fatter bottom line, you are ready to decide what to do with the money.

Set Aside a Portion to Spend

Sudden Large Sum of Money

If you receive a large amount of money, the first thing most people want to do is spend it. Go ahead and spend some of it, but first, decide what amount you will use frivolously. Maybe you decide on 5% of the money.

Take that 5% and have no guilt buying what you want. Whether that is expensive meals out, or a vacation, or a new car, enjoy the money guilt-free. But, stop spending after that and make wise choices with the remaining funds.

Pay Down Debt

One of the best ways to use a sudden large sum of money is to pay down or pay off your debt. After you pay off debt, you can start with a clean financial slate. Then the money you make every month will be used for the present and the future, not servicing money you spent in the past.

Create an Emergency Fund

How’s much is in your emergency fund? If you have nothing saved or only a thousand dollars or two, use your windfall to bulk up your emergency fund. Experts recommend saving six to 12 months of expenses in an emergency fund. If you have a steady, reliable job, go for the lesser amount. If you’re a freelancer or have a job that may get cut when the economy stalls, save enough for 12 months.

Invest

After you pay down your debts and bulking up your emergency fund, consider investing. This is one of the best uses of the windfall because you’ll continue to earn money through investing, making your windfall grow.

Contribute to Your Retirement

Getting a sudden large sum of money can make your financial future brighter when you contribute to your retirement accounts. However, the government limits how much you contribute to your retirement each year. Depending on how much money you receive, you may not be able to use it all by contributing to your retirement, or you will have to space your contributions over several years.

Buy a House

Sudden Large Sum of Money

If you don’t own a home, now might be the time to buy one. However, even though you have a sudden large sum of money, don’t buy your house based on that money. Instead, buy a house that you would have been able to afford before you received the money. This assures that you won’t spend more than you earn. Use your newfound money to put down a hefty down payment.

By choosing a house you can afford based on your salary, you’ll be able to keep and maintain monthly payments on the house even if you lose the money you just inherited. (Sadly, many people who receive large windfalls end up broke a few years after.)

Contribute to Your Children’s College Funds

Another option is to contribute to your children’s college funds. When it’s time for your child to go to college, the money will be there waiting. You can contribute to a 529, or if you want to save money for your child without earmarking it for college, you can contribute to a Uniform Gift to Minors Act (UGMA).

Final Thoughts

When you come into a sudden large amount of money, you have many decisions to make. Take a few months to a year and do nothing. Wait for the shock to subside. Then, choose from one to several of the above options when deciding what to do with the money. Choose the options that will best serve you and your family. And don’t forget to earmark a small percentage of the money to spend and enjoy.

Read More

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Filed Under: budget, Debt Reduction, free money Tagged With: emergency fund, inheritance, money management, paying down debt, windfall

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