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Do Fitness and Frugality Go Together?

April 19, 2021 By MelissaB 9 Comments

Fitness and Frugality

Maybe it’s just because of the impending spring-like weather, but it seems like I’ve seen a large number of fitness-related posts on many of the personal finance sites that I read.  This made me pose the question, do fitness and frugality go together?

Ways Fitness and Frugality Go Together

The answer is complicated.  Fitness and frugality can go together.  Think about this–by its very definition, frugality is the rationing and careful spending of resources.  In being frugal, we carefully budget our money.  We carefully check over the fliers and find the best deals on groceries.  Eventually, as we continue doing these things, they become second nature.  We do them almost without consciously knowing that we are.  It becomes a way of life.

Fitness is very much the same.

Ration Resources

In being fit, we ration our resources, eating only what our body needs.  This can lead to a slimmer physique and a reduced grocery bill.  There are also other ways being fit can help us ration our resources

Not Buying Junk Food

Save on Groceries by Limiting Junk FoodJunk food is expensive, and it also can be a contributing factor for piling on the pounds.  If your fit and healthy, you’ll likely buy more natural ingredients like vegetables, fruits, healthy grains, and proteins.  These can help you stay fit and lower your grocery bill.

Not Going to Restaurants

Even if you eat what you think is a healthy salad at a restaurant, you’re likely consuming many more calories, fat, and sugar than you think.  Plus, restaurant food isn’t cheap!  If you eat at home more, you’ll not only save money, but you’ll eat healthier because you know exactly what is going into your meals.  As a result, you’ll feel better.

Track Our Progress

We frugal people keep close track of how we are spending our resources and are constantly trying to find ways to improve our outcomes.

This skill can easily translate to fitness.  We can keep track of our fitness progress while also trying to run a faster mile, bench press more, and do more sit-ups and pull-ups.  This drive can make us fitter over the years.

Lower Medical Costs

People who are frugal are patient.  They’re used to waiting for a good deal.  They’re used to waiting to see their retirement grow, knowing that each bit they invest will help secure their future.

Likewise, in fitness, each exercise you do and each healthy food you eat helps future you by reducing your long-term medical costs.  Ideally, the more fit you are, the less you need to spend on medical bills in the future.

Final Thoughts

Fitness can be expensive if you let it.  You can pay for a monthly gym pass.  You can buy the latest exercise equipment.  But you don’t have to.

If you are frugal, you can find ways to save money while getting fit and improving your lifestyle.  Simply improve your diet and find frugal ways to exercise like walking, biking, running, or lifting weights at home.

Read More

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MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: Frugality, Saving Tagged With: fitness, Frugality, Personal Finance, saving money

When Should Your Child Get a Checking Account?

August 10, 2020 By MelissaB Leave a Comment

My oldest child has always had an interest in spending money and being independent, so I shouldn’t have been surprised when he wanted to open a checking account, but I was.  After all, I rarely use my own checking account.  I didn’t think a 13-year old would want one, but he was adamant he did.  It turns out, he was smart to want a checking account from such a young age, and I’m glad we let him open one.

When Should Your Child Open a Checking Account?

When Should Your Child Get a Checking Account?

There’s no hard and fast rule when your you child should get a checking account, but if the child is asking for one, it’s probably time.  That may happen when the child is 13 like my son was, or it may not happen until the child is 16 and working her first job.  (That’s when I got my checking account as a teen; I had no desire to have one before that.)  Your child will let you know when she is ready for one.  However, definitely by 16 or 17 she should open an account so she can practice managing her money before she moves away from home.

When Should Your Child Get a Checking Account?
Photo by Tim Mossholder on Unsplash

Have Safeguards in Place

Most banks require teens to have a parent co-sign on the account.  As a parent, you can also receive copies of the monthly statements so you can make sure your child is managing his money properly.

However, some banks have more parental controls than others, so you’ll want to pick the bank in part based on how responsible your teen is.  The bank our son chose had limited parental controls, but he didn’t really need them.  However, some banks allow parents to set limits on daily withdrawals and to receive text alerts when the child withdraws money.

Debit Card Experience Is Invaluable

Having a debit card attached to the checking account is invaluable.  Our child used actual checks sporadically, but he used his debit card all the time.  He knew down to the penny how much money he had in his account, and he would frequently ride his bike down to the bank to deposit more money before planning on shopping.

What Having a Checking Account Taught Our Child

Our son was diligent about writing down his expenses and managing his balance.  Still, one time early on he had an overdrawn account.  Sure, I was co-owner on the account, but when he had overdraft fees, I didn’t pay them; he did.

He was so annoyed with himself, and he has never made that mistake again in years of having a checking account.  I feel confident that when he’s on his own, he’ll be able to responsibly manage his checking account.

Final Thoughts

If you’re wondering when should your child get a checking account, the short answer is when she asks for one and is at least 13 years old.  However, she definitely should open one by the time she’s 16 or 17 so she can prepare to be financially responsible when she leaves home.

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: budget, Children, Married Money Tagged With: checking account, children, debit cards, Personal Finance

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

Filed Under: budget Tagged With: budget, Personal Finance

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