Have you attempted to live by a budget and failed? Maybe you forgot to factor in a few splurges? I personally think you're bound to fail, time and time again, if you leave out the "fun factor" of a budget. After all, no one likes boring! If you're realistic, no matter how much you want to keep within your budget and avoid spending on unnecessary things, you are bound to give in to your temptations and splurge at some point. Never mind the feeling of guilt if you spend some of your gas money on a night at the movies!
So even allotting a small amount of cash for splurges each month can actually encourage you to enjoy frugality and your budget to it's fullest because you may be forced to get creative with the activities you are able to afford. Being creative is always fun and quite often makes you think up brand new adventures!
Here are the three splurges I think you should include in your spending:
Entertainment
It would be unrealistic to think that you can have a budget and not factor in some form of entertainment. After all, we all crave some adventure and fun in our lives. Without an entertainment "allowance" you'll be setting yourself up for failure in the budgeting department. Whether or not you set aside $200 or $5 a month, as frugal people, we tend to come up with cheap and entertainment ideas anyways! I've got a big list of Cheap Family Activities for you to check out here!
Pampering
Having a budget and being frugal doesn't mean you have to deprive yourself. Give yourself a break and factor in some pampering. This could mean a trip to the "fancy" hair salon every 6 months or even a bi-weekly house cleaning service! Or, even if at this point in time your budget cannot allow much at all, check out my ideas for Beauty on a Budget.
Dining out
Unavoidably, there will be times each month when you find you have to eat out. Why not plan accordingly and have some money set aside in your budget for those occasions? If you're like my husband and I, you enjoy eating out. We set aside money so that we can enjoy a dinner out once a week...without feeling guilty! I even factor our weekly dinner out into our meal plans so I'm not buying extra food for that day, which could go to waste.
Of course, your income and expenses will determine how much can be set aside for splurges. But start off small, then increase as you can. The longer you stick to your budget, the more splurges you'll be able to fit in. Use your splurges as motivation and rewards to keep you working at your financial goals!
How do you work splurges into your budget? What are some of your ideas for cheap fun? Let us know in the comments!
I thought I would start posting some super simple Frugal Tips occasionally that you can read and glean from in a very short amount of time!
Let’s start with today’s tip:
Shop your home first. If you’re in need of something at home and you figure you’ll just pop into the store to grab it, try shopping your home first. Maybe it’s a baking ingredient. Is there a suitable replacement in your pantry already? I recently needed some breadcrumbs for meatballs I was making but didn’t have any on hand. I did, however, have oatmeal in my pantry that did the trick!
Or, maybe you want to freshen up your home decor for Spring. Rather than heading to the store, do you have something already that you could transform by getting a little crafty?
Do you shop your home? What are your favourite things to repurpose or products to use in place of certain ingredients?
Statistics Canada released its inflation numbers for the 12 months to March 2011. At that time the Consumer Price Index rose 3.3 per cent, the largest year-over-year increase since September 2008. If inflation continues to trend high and interest rates start to rise it will become even harder for people to make ends meet. The Bank of Canada has been advising Canadians to take control of their spending and start saving since the Fall of 2010.
One area Canadians need to take a more aggressive approach to reducing their spending is at the grocery store. Putting together a money-saving strategy for grocery shopping will have a positive impact on your finances and allow your savings to increase at a faster rate.
Focus on your household budget as if you owned a business and the bottom line is your savings. Every spending decision you make affects your household’s bottom line.
Try to implement these strategies to save money at the grocery store:
Menu planning:
Save money by planning a weekly menu
Keep track of the staples in your larder; be careful not to over buy
Create a grocery list
Weekly Flyers
Review the flyers from the stores in your area
Match sale items to your grocery list
Look for key words – ‘save’, ‘2 for 1’, ‘price dropped’, ‘price match’
Use coupons on sale items to save even more money
Buy fruits and vegetables in season
Do it yourself
Bake your next birthday cake: a cake mix and tin of icing can save at least $10 over a store-bought cake-turn it into a family activity
Avoid unnecessary vegetable spoilage by: Washing lettuce and peeling carrots as you need them – the pre-washed, bagged vegetables spoil quicker once the bag is open
When ground beef is on sale make your own hamburger patties and freeze them for future use
Be a Price Conscience Shopper
Prices vary between grocery stores; make sure you are buying the sale item at the lowest price
Buy store brands instead of national brands especially if they are the same
Check the non-traditional stores, such as drug stores, for price comparisons
Buy in bulk when it makes sense
Don’t use your credit card to pay if it means going further into debt
Don’t invest so much – it leaves you short for other purchases
Purchase non-perishable items, ie paper products
For more everyday money-saving strategies Consolidated Credit has free PDF versions of their booklets available at: http://www.consolidatedcredit.ca/personal-finances/money-management/smart-spending
Jeffrey Schwartz is the Executive Director of Consolidated CreditCounseling Services of Canada and President of the Credit Association of Greater Toronto(CAGT). Consolidated Credit is a national non-profit credit counseling organization that teaches consumers about personal finance through web-based budget and debt analysis tools, financial literacy community outreach programs and in-person or telephone counseling. CAGT is a non-profit association with a mission to provide a dynamic forum in which members can share information and expertise.
In sort of a continuation of my post Why I'm not an Extreme Couponer, I though I'd follow up with some of my ideas to save money without using coupons! After all, I personally think coupon usage is a very small aspect of frugal living.
Here are 6 ways to be frugal without using coupons:
Use Less
You know how many household products, such as laundry detergent, give you guidelines on how much product you should use each time? Well, I rebel and always use less product than what is recommended 🙂
After all, in the case of laundry detergent, it's actually the washing motion that cleans the clothing, for the most part. While I was in Africa (years ago) I never once saw laundry being done with Tide, let alone a washing machine!
Use Alternatives
There's usually a cheaper alternative for most high priced items out there.
For example, Jet-Dry. I use vinegar in the place of Jet-Dry and my dishes come out sparkling!
Another thing I do, is use cottage cheese in place of Ricotta cheese in recipes like lasagna. Cottage cheese is a much cheaper alternative and contains a lot of protein!
Shop Less
I've been finding myself shopping a bit more than usual lately. Mostly because I'm trying to pick up the baby necessities I know we'll need when we bring the baby home from the hospital. (diapers, wipes, etc.)
But do you know what else I'm discovering with my more frequent shopping? I'm spending quite a bit more money on things that I think might be useful. Spur of the moment purchases. The fact is, the less shopping you do, the less stuff you'll discover that you "need", therefore, you'll be spending less money.
That is probably one one of my favorite ways to be frugal without using coupons!
Make More
I have completely stopped buying cleaning products. I know I can get cleaning products really cheap by using coupons, but I LOVE the natural cleaning kit I created. Saves me a bundle and it's fun!
Same goes for meals. The more you make at home, the more you'll save, even if you "splurge" on some ingredients!
I always find it very satisfying when I create something at home that I know I could have spent a fortune on at a store!
Evaluate and Make Changes
From time to time, evaluate the services you make use of regularly (phones, TV, internet, etc.) to see if there are any changes you could make to lower your bills.
If you want to hit a financial goal much faster, consider cancelling a service in its entirety to get you there.
If you're paying an outrageous interest rate on a credit card, call up your credit card company to negotiate a lower interest rate.
If you're spending a billion dollars on gas each month, assess how you do your errands/get to work to see if there are any changes you could make to lower your cost.
Swap with friends/family
Someone you know usually has something you need that they would be happy to let you borrow. I do this all the time with my Mom. She has mini muffin tins that I like to use, while I have a mini loaf pan that she likes to use, so we just swap!
We've been doing a lot of this in regards to the baby stuff we need. My sister in law sent along all her newborn clothes so we hardly have to buy any clothes for the first little while!
What I like most about this frugal technique is that we won't be storing very much long term since it will go back to the person it's borrowed from when they need it again! Perfect for me and my desire to have less stuff in my home!
What are your favourite ways to be frugal without using coupons?
You’ve got a short window of time to get food on the table after a long day with the kids or at work, but a big freezer. Money Smart Mom: Financially Fit Parenting author Sarah Deveau has the solution for you! In this three part series on Freezer Meal Planning, she’ll teach you everything you need to know about cooking for the freezer.
There are plenty of great one-dish freezer meals out there, but there are just as many recipes that simply help you prep certain parts of the dinner. The hamburger for tacos, marinating meat for the grill, veggies for a stir fry – they’re elements, not a meal.
I have to admit, I mostly avoid these recipes. The recipes that appeal to me most are the ones that I’ll just need to add a side of rice to, or pasta – quick sides with little work involved. You can make this process even quicker by making a large pot of rice at the start of the week and working through it as the week progresses – it keeps perfectly and is no worse for wear for being heated up. I cook batches of pasta and simply pop it in boiling water for one minute to reheat – it tastes fine too.
In the past few years though, our family has discovered the joy of eating fresh, raw fruits and veggies with dinner. I grew up in a household that ate only hot foods for dinner. Lots of shake and bake chicken, pork chops, mashed potatoes and gravy. Now, I keep an airtight container with compartments in the fridge with fresh fruit and veggies cut up. Once the main dish is ready, I pop the fruit and veggie tray on the table for sides and we’re ready to eat. It’s also handy for healthy snacking too.
I hope the tips and tricks I’ve shared in these three guest blog posts will give you the confidence to attempt a freezer meal cooking day. Send your spouse out of the house with the kids, put on a Molly Ringwald marathon and have fun!
