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The Proverbial Black Hole

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Are you trying hard to penny pinch in every facet of life?  Are there certain areas in your finances that tend to have the leaky boat syndrome?  Everyone struggles with keeping all the holes in their proverbial financial boat patched and once in a while it’s a good idea to take a step back to see if it needs anymore repairs!

One financial area that could be suffering is your closet.  Closets seem like the endless black hole.  Money goes in, but somehow you still feel like you need more clothes….and then more, and more.  The cycle never ends.  However, if you create a budget, shop wisely, and stick to essentials, this hole in your boat could be easily and swiftly mended!

Here are some tips to keep your closet cleaned up while making sure your wallet isn’t empty:

Cluster Shop:

Budget for the times of year you know you will save big on clothes!  For instance, if you know that after Christmas stores will drop their prices significantly, jump on it!  Budget your money throughout the year, make a list of your essentials, and go shop.  It not only saves you from financial distress, but it gives you something to look forward to.

Look for Variety:

When you shop you need to ask yourself if the items you are purchasing will be versatile with multiple other items in your closet.  For instance, would the button down you’ve been eyeing match with the sweaters in your closet, and how many pants could you pair it with?  Ask questions about the clothing you pick out.  It will help you to narrow down your choices and will give you more selection in the long run.

Avoid the Trends:

If you must buy the latest trend then go cheap!  Never spend a lot of money on an item that is bound to go out of style in a year or less.  If you want something that is trendy then make sure you find a good sale and don’t invest your hard earned money on it.  Even if it does wear out quickly it won’t break your heart or your bank!

Spend More on Quality:

Go for the classic items that may be more costly up front, but will yield dividends in the future.  Spending extra money on a nice pair of shoes is a worthier investment rather than buying the cheaper pair and having to replace them every one or two years.  Nice dress shoes, if cared for properly, could last you years if not decades.  Sometimes you have to spend money to save money!

eBay:

Finding designer clothes at reasonable prices can be as easy as signing onto ebay.  Of course, you have to weed through some junk, but if you have an item in mind and search specifically, you may be in luck!  It never hurts to try!  Also, designer brands sell well on ebay.  So, if you are no longer in need of certain clothes or no longer want them try to list them on there!  You could end up with some more shopping money.

These simple tips could really help repair the financial black hole that we know as our clothes closet.   Try sticking to them each year and see how you continually save money!

Featured image by https://dribbble.com/jakedugard

Saving for Christmas on a Fixed Income

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Christmas can be an expensive time of year. Between travel, gift giving and meals, it’s not difficult to blow your budget and get into debt. If you are on a fixed income, this time of year can be particularly difficult on your finances. Unless you are able to supplement your income another way, you’ll have to make do with what you have and that requires two things: realistic expectations and a plan.

Below is a great list by LILA which outlines practical tips on how to get through the holidays without going into debt.

Realistic Expectations

One of the easiest ways to avoid disappointment during the holiday season is to set reasonable expectations. If you already know you are going to be on a tight budget, take a few minutes to explain that to your little ones, or discuss it with your spouse. Openly acknowledge that while you would like to be able to spend a lot on the holidays, it’s not responsible or even an option.

Readjust your expectations and find things you can do that are enjoyable. You can still celebrate the holidays on very low budget; you just need to have a plan.

Have a plan

When you have to tackle a financial burden, like holiday spending, having a plan of action will not only help you stay focused and save money, it can make sacrificing more fun and even make it possible to get more of what is really important to your family. Here are a few ideas for making a cheap holiday celebration a success:

Cut your gift list

Buying gifts for everyone you know can quickly eat up your budget. Trim down the gifting list to immediate family members and best friends. If you’re on a really tight budget, you may even want to trim it down more by choosing names from a hat and only buying gifts for the person you picked.

Make homemade gifts

Instead of purchasing new gifts for the people on your list, consider making inexpensive gifts. You can use old records to make bowls (heat them in the oven, on top of a glass bowl at 250 degrees for 5 minutes, remove and mold), make personalized CDs, create a photo collage or write a poem and put it in a nice frame.

Offer services

If money is really tight; offer services instead of an actual gift. Walk your neighbor’s dog for a month, cook your husband’s favorite meal or babysit your sister’s kids for a few Friday nights so she can get some free time. These won’t cost you anything but your time and you’ll likely be rewarded with good feelings and a lot of appreciation for the thoughtful gift.

Find free events

There are plenty of ways to get in the festive spirit. You don’t have to pay for concerts and events. Find free community activities like caroling or concerts. Another fun activity: hop in your auto and check out the homes lit up with Christmas decorations.

Pay cash

The last, and perhaps most important tip, is to spend cash when you pay for holiday expenses. Cash keeps you honest. If you are trying to avoid debt, cut up the credit cards and pay for the holidays with money. You’ll be able to track how much you are spending much more easily and studies have shown that people spend less when they use cash because they can actually see the money disappearing.

You can embrace the season to be jolly with less money and more focus on spending time with friends and family.

When To Break Away from the Undisciplined Pursuit of More

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As wonderful as our wedding was, it feels like I am getting back in the swing of things, two months later. I’ve got no less than ten unfinished or ongoing projects in various states. I don’t care how much of a ninja/badass/hustler/insert other trendy workaholic term you are, there is no way to devote quality time and attention to ten different directions.

Maybe even five is too many. That’s being pulled in too many directions to give anything a fair shake. That’s not to mention the full-time and demanding job I have and the hour (minimum) I need to exercise each day. I guess this was the perfect time to run into the book Essentialism: The Disciplined Pursuit of Less by Greg McKeown.

I want to do way too much. I’m trying to write for too many different outlets when I should simply be practicing my craft, either online or offline, audience or no audience. I’m trying to help every single person who comes my way with a business idea when I should be doing that only for a select few, and only when I have a stake in the business or I am getting paid well for it. I can’t afford to waste time.

We only have so many years, and the simple truth is that once you have a family, your time to focus on these pursuits will be even less, so now is the time to lay the groundwork and do the heavy lifting. If you don’t do it now, if you don’t pursue what matters most right now, you will find yourself five years down the road, still working for the same low wages and fees. You need to focus now to develop your best skills to command the highest possible rates.

You do have a number of different options when improving your skills and escaping your current situation. Obviously, going back to school and completing a university degree is an option, but this strategy is expensive and very time consuming. On that same note, however, you could enroll in an online degree program, which would provide you with all of the benefits of going back to school at a fraction of the cost. Earning a new degree online allows you to save on commuting and relocation costs, while ensuring that you do not have to quit your job as you upgrade your education.

Are you being pulled in many different directions, trying to develop and work on tons of things at once, and not really getting anywhere with any of them? I recommend reading Essentialism. This is a book that will be a quick read, but you’ll want to go back and reread the book at least two more times to analyze what’s being said and how you can apply it in your own life.

For me, it’s always been about surrounding myself with way too many small-time projects. It’s time to cut out even the ones that make money.

Let’s be honest, is a freelance writing gig that takes up two hours of your time really worth the extra $30-$50? I used to think it was, but that was when I was up to my eyeballs in debt and my day job income was a pittance. I’ve since improved my lot, but not my outlook. I’ll still accept most jobs when someone needs help and they want to throw some cash my way. But I don’t want more anymore. I don’t need to buy new clothes, I’m not itching to get away, show off in a new car, or even go out to the newest restaurant (although I’m a sucker for Michelin stars).

I’m seeking a simple, rewarding life. The discipline pursuit of less isn’t just about stuff. It’s about guarding your time like a squirrel jealously guards its acorns in the middle of winter.

There are only a few things I seek in my finances and career going forward: establishing the experience to become a C-level executive, owning a profitable business, becoming a writer that can fully develop a story in both fiction and non-fiction, and earning enough income to save and invest the majority of the income earned. The time I spend on everything else professionally is extraneous to those key goals. And those are already several big goals. So what am I doing spending the majority of my time elsewhere? I think it’s time to make some bold moves.

Are you working on cutting down on the tasks that take up too much time and provide little reward?

8 Tricks to Make Tailgating Convenient and Affordable

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Autumn is the time where leaves begin to fall, temperatures turn chilly, and most importantly, football kicks off!  Who doesn’t love a good tailgating party and hanging out with close friends?  Just make sure you are making it easier on yourself so you can enjoy the party too!  Here are some tips to make tailgating prep easier so you can enjoy your company rather than worrying about coordinating the minutia.

  1. You can never have enough ice packs for a cooler so this tip is handy! Freeze a few water bottles and throw them in your cooler the day of to not only keep your beers and drinks ice cold, but so you’ll have extra drinks to drink once they’ve melted!
  1. Pick up a cheap 7-day pill container for spices. Where you would normally have “each day” labeled you can substitute it for the title of the spice you are bringing.  It saves on space and keeps things neat and orderly.
  1. Bring a metal hanger to hang your grilling tongs on. The tongs get messy and no one needs a huge mess to clean up!  This way you can simultaneously have your tongs out of the way but also within easy reach.
  1. Use old soup cans as a silverware caddy! You can bring a couple cans and store unused disposable silverware in one can and dirty silverware in another.  This will save on trying to collect trash later on.  And if you’re feeling adventurous paint them the team color you’re rooting for!
  1. Attach a balloon or two to your car so that your friends can distinguish you from the other tailgaters! Let them know ahead of time what color balloons to be on the lookout for!
  1. Don’t be a procrastinator! I know it is tempting to think you can just throw everything in bags and a cooler and be off to the party, but it is better to be safe than sorry!  Make sure you cut up all the burger toppings the night before, organize the condiments, and also marinate any meats you need to marinate so that they are grill ready the next day!  Make a detailed list so you don’t end up forgetting to bring anything.
  1. Line your charcoal grill with foil for an easy clean-up. Plus, you won’t have to wait for the coals to cool off in order to dispose of them!  You don’t want to miss that kick-off!
  1. Finally, LABEL, LABEL, LABEL! How annoying is it to open a cooler only to find hamburger toppings when you just wanted a cold beverage?  Make sure you have labeled each cooler for not only you, but your guests.  It will save you time and frustration.

Planning may not be fun for you, but being prepared is much less stressful than showing up having forgotten to bring certain items!  Do the hard work beforehand and you can enjoy the fruits of your labor the day of.

Do you have any other tips you would recommend in order plan a successful tailgating party?

How to Remain Frugal While Traveling

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Have you ever gone on a vacation only to return to an exorbitant credit card bill? I know I have! You almost need a vacation from the vacation you just took! Your stomach sinks and you feel completely sick. Well, keep these tips in mind next time you’re planning a get-away and you’ll come home relaxed, guilt-free, and with money in your pocket!

1. Don’t pay for a flight….EVER! My husband and I never travel unless we have earned miles ahead of time. It is extremely simple and all we do is rotate credit card offers. We sign up for cards with his social one year and the next year we use mine. However, I encourage you to be savvy with them. If you feel you can’t pay off the cards then DON’T sign up. It’s much better to use your own money that you’ve saved to pay for flights if you feel you could go into debt with new credit card offers. We always pay them off each month. Also, always sign up for the cards that will give you the biggest return. Southwest and Chase offer some great rewards!

2. Don’t park your car at the airport. This is an average of $13 a day for airport parking. And even if you go with a competitor and have a coupon you’re still paying for it. Why not ask a friend? Surely you have someone that would be willing to drop you off and pick you up! Tell them you will do the same whenever they need help and you can swap. It is just much better than paying an exorbitant parking fee. You’ll want to save that money for your vacation!

3. Bring Snacks. If you’re traveling with small kiddos, and you’re either flying or driving, you must bring snacks! Even if you don’t have children snacks for you and your spouse are always money savers. Apples, bananas, small individually wrapped almond butters, items like that, will save you tons of money rather than making costly purchases at an airport or even gas station.

4. Only bring carry-ons! My hubby and I have gotten into the habit of only packing carry-on luggage. To check a suitcase is $50 for both ways! That’s a lot of money! Pack smart and you won’t have to be price gauged.

5. Use points for hotel stays. You can also sign up for cards that offer rewards for hotel stays. I know the Marriott does one and I’m sure other hotels do as well. I did this recently for an upcoming trip. My friend paid $650 out of pocket and can you guess how much I paid? Nothing! Nor did I have to pay anything for my flight. All that I have to pay for is food and other activities we decide to participate in! You can really have cheap vacations where you actually feel free to spend a little money because you’re not weighed down by travel costs!

6. Buy food to eat at the hotel during your stay. Limit how many times you go out to eat and budget for those rare occasions. My husband and I went to the nearest grocery store when we went to Hawaii and bought lunch items and other snacks for when we got hungry. We also had a set budget and ONLY used cash on the trip. That way we couldn’t lose track and get carried away! The vacation really becomes a vacation because you’re not coming home with a huge credit card bill you can’t afford! The next time you plan a trip I hope you keep these tips in mind. Not only could you have a free vacation, but you could also end up spending significantly less during your trip! Now who wouldn’t want to come back to a relatively nonexistent credit card bill?

What frugal ideas have you instated while traveling?

This is a guest post by Hannah @ Preciously Preserved. If you’re interested in guest posting please contact us.