If you know how to spend less than you get, you have the key to success. Benjamin Franklin
Friday, September 27, 2019
Frugal Friday ~ September 27, 2019
Tuesday, September 24, 2019
Transcript Frugal Workshop Podcast #10 - The Frugal Mindset
Good Monday morning to all my listeners. I hope your week is off to a great start. I'm your host, Belinda Richardson and I want to welcome you to the Frugal Workshop podcast. I'm so glad you decided to join us.
Today’s main topic is going to be about The Frugal Mindset, which is really about changing your mind to think in a frugal way the majority of the time. A mindset is an established set of attitudes, which will allow you the benefit of thinking differently than other people.
People with a fixed mindset believe that their traits are just givens, and that they have a certain amount of smarts and talent and nothing can change that. People with a growth mindset, on the other hand, see their qualities as things that can be developed through their dedication and effort. Which means that you can have a frugal mindset with proper learning and practice.
During the times in my life when money has been tight and there was no wiggle room, I knew I had to be extra careful or we would suffer the consequences. This really helped me to use up things, make do with what I had and simply do without some things. This forced to bring my skills to the forefront and learn how to do a lot for myself. My cooking from scratch skills really became honed during this time. My daughter knows that if she finds something on markdown that I’ll be able to make a meal out of it, so she does not hesitate to pick up these markdowns she finds.
I’ve always mended a lot of our clothes instead of buying new. I’ve made a lot of cloth pads using fabric that we repurposed from other articles of clothing.
Living this way requires self-discipline, skills, and some determination. We need to learn to make do with what we have or do without. Becky over at Frugal Measures writes a lot about continuing to work on our skills. She says learning new skills regularly will bless our lives.
The real key to the frugal mindset is the daily decisions you make every day. The decision to make toast at home instead of buying a doughnut at the coffee shop. To make coffee before you leave for work and take it with you.
Use up that brand of coffee or tea you have on hand instead of simply tossing and wasting it. I recently used up a tube of toothpaste my daughter didn’t like until it was gone. Don't throw these items away. If not you, then find someone who will use it up and not waste it.
Learn how to cook cheaper, tougher cuts of meat instead of buying a steak. Or if you can find ground beef on sale use that instead of buying expensive steak or roast. We don’t buy steak or roast in our home due to the cost. We find ground beef on sale and manage to make delicious meals with that instead.
Sew the hole in the seam of your shirt instead of running out to buy a new shirt. Plant some lettuce or greens outside your home instead of spending money on those items from the store.
Your daily decisions will make all the difference in your mindset. You need to get creative and think about ways to solve a problem in order to fix things or make do without. Recipe substitutions come to my mind. Fixing things around the house like a new handle for a flyswatter that’s broke. Reusing large industrial sized cans to repurpose into things like a kitchen utensil holder or a rocket stove.
The frugal mindset is not for those people who are unmotivated and lack the desire to live frugally. You have to be willing to put in the work to make this mindset and lifestyle work.
During the Great Depression, people already had many of the skills with which to live frugally. Many didn’t have indoor plumbing or electricity. They did not have the many distractions we have available to us today. So, they made time to use their creativity to come up with solutions for the problems they encountered and they worked hard to make their lives better.
With the technology we have today it is possible to learn how to repair things, make things, and all types of skills about how to do so many things. Take the time to use these resources available to you and see what new skills you can learn.
The frugal mindset can be hard, but with some time and practice, it can become second nature to you. You will just naturally look for solutions that do not involve spending money or purchasing unnecessary items. You will just use your creativity and skills to solve your problems instead of running to the store to buy something new or throwing away an item that could be repaired. Even better, you may learn to be content with the things you have.
In The News…
There was an interesting article in the news this week on NPR about vanilla. I’ll include a link to the article in the resources section for this podcast. The article states that the vanilla boom is making people in Madagascar wealthy, although there is also a lot of theft going on as well.
Also...
Marianne Tulis, a resident of Chattanooga, TN, died on August 2nd, 2019. An elegant woman with classical tastes, Marianne taught herself how to invest by reading the Wall Street Journal.
Marianne, a naturally frugal person, had told family members that she just wanted to be buried in a pine box. So last month, her two sons bought $71 worth of pine plywood at the Lowe's and built their mother's coffin together.
I’ve included a link to this story in the resources for this podcast. The story is told by her grand daughter Abigail and is quite touching.
Christmas is 92 days from Today!
This past weekend I found a couple of presents at a consignment sale we attended. So that is my tip for this week. Brand new items can be found at yard sales, flea markets, thrift stores, second hand stores, etc. You will definitely save money. Be sure to look at unusual places for Christmas, which will save you money buying new items second hand versus buying new items at a retail store.
In Conclusion
I hope that this podcast has been helpful to you and I want to thank you for taking the time out of your day to listen. I hope you have a great week and we will see you back here next Monday. :)
Resources Used In This Podcast
Frugal Measures Blog
Vanilla Boom in Madagascar
Hand Built Coffin
Monday, September 23, 2019
Frugal Workshop Podcast #10 - The Frugal Mindset
Sunday, September 22, 2019
Yard Sale Saturday
Marjolein Bastin Soap Dispenser
Originally sold at Hallmark
Was $3.00 ~ paid 75¢
Brand new unopened magnetic notepad
North Pole Christmas
Was $1.00 - paid 25¢
This will go in my Christmas gift closet
Rug
Was $1.50 - paid 40¢
Will use as liner for cat bed
And of course I found a lot of books, which you know I love. All were 75% off the price listed.
Fantastic Beasts & Where to Find Them
Was $1.50 - Paid 40¢
1,427 Kitchen Cures and Pantry Potions
for Just About Every Health and Household Problem
Was $3.00 - paid 75¢
Top Secret Recipes
Step by Step
by Todd Wilbur
Was $3.00 - paid 75¢
Better Homes & Gardens
Cooking with Cheese
Was $1.00 - paid 25¢
Better Homes & Gardens
Fix It Fast Cookbook
Was $2.00 - paid 50¢
All Recipes Dinner Tonight
Was $1.50 - paid 40¢
Electric Eats:
Cooking Under Pressure
Miserly Moms
by Jonni McCoy
Was $2.00 - paid 50¢
The Tin Whistle Tune Book
with Tin Whistle
Was $7.00 - paid $1.75
This was a great consignment sale, which they hold two times per year. I spent $14 and some change and had a great time.
Tuesday, September 17, 2019
Transcript Frugal Workshop Podcast #9 - The Frugal Road to Wealth
Good Monday morning to all my listeners. I hope your week is off to a great start. I'm your host, Belinda Richardson and I want to welcome you to the Frugal Workshop podcast. I'm so glad you decided to join us.
Today’s main topic is going to be about the frugal road to wealth.
Considering you are listening to a frugal podcast you are probably already on the straight and narrow path to wealth. You’re actively living the frugal lifestyle and doing what is necessary in order to make that happen.
Know this, however, there is no quick road to wealth unless you receive an inheritance or win the lottery and the odds of either one of those happening are pretty slim.
There are many ways to accumulate wealth slowly, but they require hard work and discipline. The more effort you are willing to put in and the more disciplined you become, the sooner you will begin to see wealth happening for you.
Having a list of goals to work towards is one step that will guide you on the road to wealth. Having a plan to pay off debt for example will help motivate you to become debt free. Not having goals towards paying off your debt could lead to even more debt, which is the last thing you want.
When my daughter was in second grade, I explained to her that learning math was important and every year she would learn something new and that she would be building a foundation.
If she missed any of the steps in between she would struggle with math later on in school because she had missed out on an important step. So, it was very important to pay attention and learn all the steps, so she would have a solid foundation in math.
Having goals will help you on the road to wealth and should be considered important building blocks on the journey.
Know this, if you have credit card debt, you are traveling away from wealth and not towards it. Is that the direction you want to be heading? You can always change direction and start moving yourself toward wealth and the frugal life will help you along the way.
You may not even need to know the methods to living the frugal life because you already have them memorized. If you remember anything from my podcast today I hope it is this: Frugal living is a pathway to freedom, which puts money in your pocket, so let it guide you on the road to wealth.
There can be so many roadblocks when it comes to living the frugal life. Amy Dacyczyn said that you needed to have made all the right choices in the years beforehand. As we’ve discussed before, many people believe it is perfectly normal and reasonable to finance things they don’t need and that credit cards are an acceptable way to borrow money when expenses outpace their salary.
So many people are left poor because they are extravagant with their money needed the latest and greatest of items.
Frugality means spending your money wisely and avoiding unnecessary expenses. Remember we need to be using our resources wisely and that includes both money and time.
Do you ever eat out when you could cook, buy new clothes when the ones you already have are fine, or buy expensive electronics you don’t really need? This undermines all the hard work you do! To build wealth you must save the money you earn.
There are no shortcuts to building long term wealth. Delaying gratification may be one of the biggest factors to overcome in order to build wealth. People are wise to realize that delaying gratification in the short term can lead to a much bigger payoff in the long term. It will take discipline, but resisting the urge now will be rewarded later and ultimately bring more peace of mind.
Studies have shown that those who accumulate wealth tend to be more frugal and live less opulent lifestyles than their peers, even though they can afford it.
While it is never too late to get started, the one advantage of starting at an earlier age is time. Millennials could enjoy the added benefit of the power of compounding interest over a longer period, and so build lasting wealth.
Even when armed with the best frugal knowledge, you will still need to have that frugal mindset to change your behavior and make it stick. Keeping your children in the loop and make them feel like they’re a part of your frugal journey, which will help give you the motivation to keep going. Before you know it, your frugal journey will become a new habit.
Let’s discuss taking your lunch to work. I know I mention regularly in my blog that I pack my lunch for work all week. That doesn’t happen without some pre planning on my part. I have to make sure I make time to spend in the kitchen to get ready for that. I like to do that on the weekend or at least the night before. I might have to make tuna, egg, or ham salad for sandwiches. I might be taking a salad and will want to make that up in advance.
Let’s discuss your automobiles. In order to obtain wealth on a less than average income you’ll need to have less than average expenses.
One of the biggest expenses in our home are our cars. The cost of the car, yearly license plate and registration fees, gas, oil changes, regular maintenance takes a big chunk out of our budget.
Some of the ways we can lower these expenses include shopping around for the cost of insurance, doing car maintenance ourselves, and driving less.
Remember when families used to go on Sunday drives? Yea, we don’t do that here. Going out to eat? Stay home and cook a meal there and save yourself the money spent eating out and the gas and wear and tear on your car. A win-win situation.
Other habits that could compromise your path to wealth include cable tv, smoking, drinking, video games, etc. Many of these habits stand between a person and the road to wealth.
Real wealth comes from spending less than you earn, again and again, month after month, year after year. It’s a slow and steady process. It isn’t always exciting, but it is a sure fire way to reach your financial goals.
Did You Know?
According to Business Insider, the cost of college textbooks has risen over 67% in the last ten years with some students spending as much as $500 per semester just for textbooks.
How did the college textbook publishing industry become so expensive you ask.
Almost 80% of the textbook industry is dominated by five major publishers, and they're doing everything in their power to make sure that students continue to buy new textbooks.
When I went back to college in an effort to save money I bought used textbooks. Many college students started doing this and also renting college textbooks as both options were cheaper than buying them.
Publishers took notice of this trend and started bundling new textbooks with special codes, which forced students to buy new textbooks at the full retail price if they wanted access to this online information.
One study reported that 67% of students skipped buying textbooks altogether because of rising prices and restrictive codes, and that's not the only thing publishers have done to get students to buy new textbooks.
There used to be a new edition update every five years, but now, the production cycle has been shortened to two or three years. New editions have reordered chapters or changes in page numbers, making it harder to use older editions, and they can cost up to $150 more, but students have some other options to consider if they want to avoid expensive textbooks.
Some schools are starting to use open-source educational materials instead of traditional textbooks. That way, students can access open license texts, digital media, and other learning materials for a fraction of the cost, but the movement is still in its infancy.
So far, only 6% of schools are using these open resources. It may be awhile before we see textbook prices drop, so for now, you may have to shell over $150 for a textbook you may not even read.
Don’t Throw Macaroni at Your Neighbor
The other day while I was subbing in math, the teacher had me correct student papers as we went along, so they could correct them. I was grading one student’s paper when another student at her table came to have her paper graded.
Immediately I suspected this student had copied her answers from the previous student because all of her answers were correct but they were all shifted down to the wrong line under the next question. So, I looked at her and very gently asked her if she had copied her answers from someone else and she told me no.
So, I explained to her that they are supposed to show their work and she hadn’t done that. She told me she threw her paper away. I told her that was OK and to go get the paper she threw away.
She then told me she erased the answers before she threw the paper away. I told her that was OK to go get the paper anyway. She then started to change her story again to say her friend had actually helped her with the answers.
Needless to say, this girl had cheated, so I simply moved her to a different table and explained to her again that she needed to show her work. She would have saved herself a lot of trouble if she had just admitted she cheated when originally asked her.
Christmas is 99 days Away!
I know that Christmas is still a few months away, but a little bit of advanced planning now will save you money by the time Christmas rolls around.
On that note, I bought four Christmas presents this past week. I had $30 in credit from Amazon, so I used that for two of the gifts.
Also, I have one week off for fall break in October at which time I’m planning to make/sew a couple of other gifts.
If you’re wanting to make vanilla extract for gifts for the holiday you’ll need at least two months for the vanilla to cure.
In Conclusion
I hope that this podcast has been helpful to you and I want to thank you for taking the time out of your day to listen. I hope you have a great week and we will see you back here next Monday. :)
Monday, September 16, 2019
Frugal Workshop Podcast #9 - The Frugal Road to Wealth
Friday, September 13, 2019
Frugal Friday ~ September 13, 2019
Friday, September 6, 2019
Frugal Friday
