Sorry for the long absence – this has been a rather crazy semester. Actually, I am looking forward to this crazy first year of teaching, advising and committee work to come to an end. Then I have three long months to look forward to – spent on my dissertation. My deadline for getting that done is September 30th. But more on that later. Today, I want to talk about some of my ways of saving money in this horrendous economy.
The more I hear about the economy, the more nervous I get. It is getting very bad out there. So, I usually respond by doing things which are within my power. One of these things is cooking at home. It saves money, allows you to tailor your meals to your taste-buds and is a way of de-stressing.
1. I have started making ghee (clarified butter) at home. I mentioned this before (September 13th, 2008) and it saves quite a lot of money.
2. I have stopped buying beans in cans. We are now buying dry beans and soaking them overnight. It is much cheaper than buying cans and the extra work is not that much of a hassle. Also, and I learnt this from Food Network, you can be a more versatile cook with dry than with cooked beans.
3. I have started making more meals with lentils. I love lentils but Gregg has never been crazy about them. But lentils with ground beef/chicken with rice or couscous has changed his mind.
4. I am making flan – not from scratch but from the Goya packets. It took me some time to learn how to make the caramel sauce properly but now I have mastered it. It is so much more healthy than the store-made apple pie and is also cheaper.
5. I am making better use of leftovers and eggs. To this end, I bought a great nonstick pan which goes from the stovetop to the oven. Eggs for dinner can be good if spiced up with leftover meats and veggies. This is new for me because ordinarily, I hate eggs.
Things I still do even though it may be cheaper to stop doing them:
1. I still buy cans of diced tomatoes with green chilies. This is a staple of Indian food and it really saves time when I do not have to cut up tomatoes and chilies.
2. Coupon cutting is only done when it is easy (something catches my eye) or when I am making a bigger purchase (like bedsheets or something). I have stopped going through books of coupons and cutting everything out. It takes too much time and driving from one store to another to get a deal is just not my thing.
3. Switch stores: I love my current grocery store – Stauffers. It is local to PA and has great selections. It would be cheaper to switch to Walmart but I cannot do it.
4. Giving up on one nice meal a week: As I said before, I like cooking and experimenting and once a week, I try out something new and slightly complicated. I still do this though it is sometimes a little expensive because I do not have all the ingredients I need at home.
5. Buying healthy snacks: I still eat crappy snacks like potato chips but have been buying pistachios, fried peas and other slightly more expensive but healthier snacks.
_______________________
Other News:
School: Has really exhausted me this past year. But I have only a month to go – the last day of school is April 24th. In fact, the last day to turn in grades in May 7th. But this is also advising time which is turning out to be quite hectic. This is also the time of year when I am most irritated with my students because they realize that their grades are more than halfway there and that they need to do very well in the final month in order to increase their grades.
Giggs: He is now a year and 3 months but his puppy behavior is still in full force. He is now a little over 10 pounds.
Trip to India: I will write more on this later but Gregg and I just bought tickets to go to India for 3 weeks in December. This will be Gregg’s first trip there and my first in 8 years. I am so excited!!!
Showing posts with label Inflation. Show all posts
Showing posts with label Inflation. Show all posts
Sunday, March 22, 2009
Monday, October 20, 2008
A Frugal Life
As the economy takes center stage in the national election, I have my personal indicator of how bad the economy is: my retirement account. This is the first year, I have had one and therefore, I check it periodically to see how much is in there. But every time I check, there is less in it than there was before. Every time the Dow takes a nose-dive, so does the account. But the good thing about this bleak scenario is that checking it makes me frugal. It is a constant reminder about the nature of this economy and the necessity for frugality.
However, frugality has to be relative. It depends on who you are, what you like and your life-style. I have been trying not to let my life hijack my frugality. It is so much more difficult to be frugal this year – the first year of a tenure-track is really difficult. The temptation to eat out, especially, instead of cooking at home has been high. But I have stayed remarkably within budget.
So, here are a few things I have been doing that have worked for me. I have tried this year to take Gregg and my nature into account when budgeting as well as our life-styles. This is why these pointers are all relative – people are different and have different needs and life-styles.
1) A Realistic Budget: I had a very unrealistic budget last year but this year I have made one which I can actually stick to. This means taking into account the fallibilities of your entire family. If there is something you cannot do without, do not think you are going to cut down on it for the entire year. This could be anything – cable, an expensive dinner every week, a shopping trip every 10 days, whatever.
2) Have a weekly spending budget: I have a maximum amount which we can spend in any given week. If we go over the amount, Gregg and I sit down and talk about what we did that sent us over the top.
3) Coupon cutting and buying in bulk: Jill turned me on to coupons but I have been terrible about it recently. However, they did save money when I was doing it, so I would recommend it. As for buying in bulk, it depends on what you are getting. For two people, it is silly to buy a ton of bulk foods but I do buy things like paper towels, mac and cheese etc. in bulk. I never buy spices in bulk, however, because they would lose their freshness about halfway through.
4) Cook a large (maybe expensive) dinner once a week: On Sundays, I have been making a large meal which then yields leftovers for the beginning of the week. Yesterday, I made a roasted turkey, stuffing, gravy, mashed potatoes and cranberry sauce. This means I do not have to cook for the next couple of days – a casserole or turkey soup is very good this time of year. Next Sunday: lasagna.
5) Cook a very inexpensive easy dinner during the middle-end of the week: Last week, we had soup and grilled cheese sandwiches on Thursday. Cheap and quick!!!
6) Prioritize: In our household, the priority is Giggs. So, we buy what we have to for him and then restrict ourselves.
7) Reward: Have an idea of what you can do if you save. It is easier to be frugal when there is a reward attached. If you save a certain amount, maybe you can get that ______ that you wanted. If there is a whole list of things you want, prioritize them as well.
8) Shop every couple of weeks: Since I hate shopping, I thought this was silly but it means that you can buy things only when they are on sale. This is how I plan to do Christmas shopping this year. The outlet malls around here will help with that plan - they usually have HUGE discounts.
9) Loyalty: My favorite grocery store is giving a free turkey to everyone who spends a certain amount there by Nov. 15th. I am certainly saving up for mine. However, buy store brands instead of name brands whenever possible.
10) Pick your poison: I have realized that though I save more money shopping for food at Wal-Mart, I really cannot make myself do that. To make matters worse, Wal-Mart is much further than Stauffers where I prefer to shop. To make up for this, I buy meats and fish at Stauffers but sometimes go to Giant for the canned stuff. Anyway, I figure I am saving on gas.
______________________
In Other News:
Work: Has been crazy. Advising and committees take up a lot of time and that and 3 preps has made this very hectic. Plus, I have to write another diss chapter for a conference coming up in 3 weeks. Have not started that yet.
Fall Colors: Fall is finally here and so is cooler weather. We woke up today to a solid frost all over the grass and temperature in the 30s. The leaves are changing which is beautiful but Giggs is loathe to go out in this weather.
Driving: This will be my first time driving in snow. I am not looking forward to it. However, it will also be my first northeast winter – which will be cold but fun.
However, frugality has to be relative. It depends on who you are, what you like and your life-style. I have been trying not to let my life hijack my frugality. It is so much more difficult to be frugal this year – the first year of a tenure-track is really difficult. The temptation to eat out, especially, instead of cooking at home has been high. But I have stayed remarkably within budget.
So, here are a few things I have been doing that have worked for me. I have tried this year to take Gregg and my nature into account when budgeting as well as our life-styles. This is why these pointers are all relative – people are different and have different needs and life-styles.
1) A Realistic Budget: I had a very unrealistic budget last year but this year I have made one which I can actually stick to. This means taking into account the fallibilities of your entire family. If there is something you cannot do without, do not think you are going to cut down on it for the entire year. This could be anything – cable, an expensive dinner every week, a shopping trip every 10 days, whatever.
2) Have a weekly spending budget: I have a maximum amount which we can spend in any given week. If we go over the amount, Gregg and I sit down and talk about what we did that sent us over the top.
3) Coupon cutting and buying in bulk: Jill turned me on to coupons but I have been terrible about it recently. However, they did save money when I was doing it, so I would recommend it. As for buying in bulk, it depends on what you are getting. For two people, it is silly to buy a ton of bulk foods but I do buy things like paper towels, mac and cheese etc. in bulk. I never buy spices in bulk, however, because they would lose their freshness about halfway through.
4) Cook a large (maybe expensive) dinner once a week: On Sundays, I have been making a large meal which then yields leftovers for the beginning of the week. Yesterday, I made a roasted turkey, stuffing, gravy, mashed potatoes and cranberry sauce. This means I do not have to cook for the next couple of days – a casserole or turkey soup is very good this time of year. Next Sunday: lasagna.
5) Cook a very inexpensive easy dinner during the middle-end of the week: Last week, we had soup and grilled cheese sandwiches on Thursday. Cheap and quick!!!
6) Prioritize: In our household, the priority is Giggs. So, we buy what we have to for him and then restrict ourselves.
7) Reward: Have an idea of what you can do if you save. It is easier to be frugal when there is a reward attached. If you save a certain amount, maybe you can get that ______ that you wanted. If there is a whole list of things you want, prioritize them as well.
8) Shop every couple of weeks: Since I hate shopping, I thought this was silly but it means that you can buy things only when they are on sale. This is how I plan to do Christmas shopping this year. The outlet malls around here will help with that plan - they usually have HUGE discounts.
9) Loyalty: My favorite grocery store is giving a free turkey to everyone who spends a certain amount there by Nov. 15th. I am certainly saving up for mine. However, buy store brands instead of name brands whenever possible.
10) Pick your poison: I have realized that though I save more money shopping for food at Wal-Mart, I really cannot make myself do that. To make matters worse, Wal-Mart is much further than Stauffers where I prefer to shop. To make up for this, I buy meats and fish at Stauffers but sometimes go to Giant for the canned stuff. Anyway, I figure I am saving on gas.
______________________
In Other News:
Work: Has been crazy. Advising and committees take up a lot of time and that and 3 preps has made this very hectic. Plus, I have to write another diss chapter for a conference coming up in 3 weeks. Have not started that yet.
Fall Colors: Fall is finally here and so is cooler weather. We woke up today to a solid frost all over the grass and temperature in the 30s. The leaves are changing which is beautiful but Giggs is loathe to go out in this weather.
Driving: This will be my first time driving in snow. I am not looking forward to it. However, it will also be my first northeast winter – which will be cold but fun.
Monday, September 29, 2008
The Bailout Plan
Like a lot of people, I have been obsessed with reading about the bailout plan being debated in Congress. To say I am torn about it is an understatement. But the more I read about it, though, the less I like it. On one hand, I understand that we are a national and global economy. Therefore, the behavior of others impacts us – whether positively or negatively. In this sense, the plan is not just bailing out those in trouble, it is helping all of us. On the other hand, I am wary of the extent of power it gives to government and skeptical of the good that such a hand-over of power will do.
While Paulson’s initial demand of money with zero oversight was (in my opinion) unconstitutional, the current plan sets up oversight but leaves a lot of open questions. Who determines what mortgages to buy and which not to buy? How is their “true” value going to be settled? Which banks are we baling out and which are we not bailing out? These remain unanswered questions, primarily because answering them in the here and now would be impossible.
This brings me to my next point: the claim that this will unfreeze assets and make banks start lending again. Is this inevitable? Are we requiring banks to lend? What if the assets are not frozen but the depressed condition of the economy makes banks cautious and unwilling to lend anyway?
I am glad the new plan establishes oversight. I am glad that we are not shelling out $700 billion in one fell swoop. But I am still concerned that the plan simultaneously does too much and not enough. That it will be too great a grant of power and discretion and that this grant of power will be futile.
As I was writing this, I read that the plan failed in the House of Representatives. Nothing signifies my ambivalence more than my response. I am scared – because now it looks like there is nothing left to do but wait and watch the consequences of this failure. And who knows what the consequences will be? And I was not even in favor of the bill!!!!!
This situation reminds me of the Federalist-Anti-Federalist debates on the Constitution. The Anti-Federalists argued against the Constitution saying that it was too great a grant of power to the federal government and that the country was being scared into voting for it. It was a document which would prove harmful to the people and fear mongerers were forcing it through. The Federalists warned of the dire consequences if it was not adopted saying that the country would disintegrate if the Constitution was not ratified. Is this where we are today?
While Paulson’s initial demand of money with zero oversight was (in my opinion) unconstitutional, the current plan sets up oversight but leaves a lot of open questions. Who determines what mortgages to buy and which not to buy? How is their “true” value going to be settled? Which banks are we baling out and which are we not bailing out? These remain unanswered questions, primarily because answering them in the here and now would be impossible.
This brings me to my next point: the claim that this will unfreeze assets and make banks start lending again. Is this inevitable? Are we requiring banks to lend? What if the assets are not frozen but the depressed condition of the economy makes banks cautious and unwilling to lend anyway?
I am glad the new plan establishes oversight. I am glad that we are not shelling out $700 billion in one fell swoop. But I am still concerned that the plan simultaneously does too much and not enough. That it will be too great a grant of power and discretion and that this grant of power will be futile.
As I was writing this, I read that the plan failed in the House of Representatives. Nothing signifies my ambivalence more than my response. I am scared – because now it looks like there is nothing left to do but wait and watch the consequences of this failure. And who knows what the consequences will be? And I was not even in favor of the bill!!!!!
This situation reminds me of the Federalist-Anti-Federalist debates on the Constitution. The Anti-Federalists argued against the Constitution saying that it was too great a grant of power to the federal government and that the country was being scared into voting for it. It was a document which would prove harmful to the people and fear mongerers were forcing it through. The Federalists warned of the dire consequences if it was not adopted saying that the country would disintegrate if the Constitution was not ratified. Is this where we are today?
Tuesday, September 16, 2008
Consoling Fallacies
Whenever something horrible happens that is unthinkable or unexpected, people have to bow down under the stress of bad news or learn to cope with it. This is what I saw after Tom Brady got his season-ending injury in the first few minutes of the new season. Gregg pointed out how the Patriots’ fans and commentators were coping with the news. “Games will be much more interesting now that Matt Cassel is quarterback instead of Brady (winning apparently did not make games interesting).” “This is the time for Belichick to show his real caliber (as if this current record is not enough).” And on and so on and so on.
Similarly, I have been trying to see the bright side of this economic downturn that we are in. While my consoling thoughts may not be very sensible, they do work nonetheless. Reading about how peoples’ investments and retirement accounts may be in trouble, I found myself selfishly thinking: thank goodness we do not have any of that stuff. Reading about how people are worried about the costs of their homes, I thought: well, that is one thing Gregg and I do not have to worry about.
How monumentally stupid of me!!! This is what my thoughts translate to: thank goodness that we have no money. Thank goodness for the years in graduate school during which we did not live an adult financial life. This silliness is on par with the conversations about how Brady’s injuries benefit the team. Good things are good things even if they bring some inconveniences and worries with them.
Having said that, the one thing which this economic downturn has taught us all is how to save. Instead of depending on credit or spending down savings, most people are cutting down their budgets, using coupons and doing everything to pinch pennies. This is hopefully a long-term change – and if it is – it will be a positive change for us all. I have certainly been more budget conscious and I hope to be this way for many years to come!!! Is this just a consoling fallacy too?
Similarly, I have been trying to see the bright side of this economic downturn that we are in. While my consoling thoughts may not be very sensible, they do work nonetheless. Reading about how peoples’ investments and retirement accounts may be in trouble, I found myself selfishly thinking: thank goodness we do not have any of that stuff. Reading about how people are worried about the costs of their homes, I thought: well, that is one thing Gregg and I do not have to worry about.
How monumentally stupid of me!!! This is what my thoughts translate to: thank goodness that we have no money. Thank goodness for the years in graduate school during which we did not live an adult financial life. This silliness is on par with the conversations about how Brady’s injuries benefit the team. Good things are good things even if they bring some inconveniences and worries with them.
Having said that, the one thing which this economic downturn has taught us all is how to save. Instead of depending on credit or spending down savings, most people are cutting down their budgets, using coupons and doing everything to pinch pennies. This is hopefully a long-term change – and if it is – it will be a positive change for us all. I have certainly been more budget conscious and I hope to be this way for many years to come!!! Is this just a consoling fallacy too?
Saturday, July 12, 2008
Food Waste and Inflation
I have stopped complaining about inflation for the past couple of weeks because it seemed so pointless to complain about something we are all going through. But while we complain about inflation, food waste is still rampant. I read two articles yesterday and this got me thinking about food waste.
This article talks about a new trend in the food industry. Since transportation and production costs has risen so much, producers have one of two choices: they can raise prices or they can sell smaller amounts for the same price. Some producers are taking the second approach. They are using the exact same packages and selling their products at the same price but they have decreased the amount in each package.
On the other hand, British Prime Minister Gordon Brown announced that the people should cut back on food waste. It saves food and saves money for individuals. According to a recent study, families in the UK are throwing away a total of 4.1 million tonnes of perfectly good food every year, costing each around £420 annually.
So, how are these two articles related? Well, maybe people need to buy less – and selling things in smaller amounts would prevent food waste – or at least cut it down.
Personally, here is how we try to avoid wasting food:
I shop twice a week but buy just enough to get through till the next shopping trip. This is best done by planning meals beforehand.
I cook only once a day (if you do not count the oatmeal in the mornings) – lunch in always leftovers. This makes sure that leftovers are always consumed.
Fruits, veggies, meats and fishes are always bought in small quantities so that they do not go bad before they are consumed.
We try one creative meal a week – to finish anything which may go bad soon.
These are the things we could improve on:
We buy/make a loaf of bread per week but sometimes a little of it goes bad. I have been trying to put it in the ‘fridge to prevent that but it takes the freshness out.
We have some cans of food (turkey gravy etc) which we have not used. I think they sit on the shelf because they do not go bad quickly. I have been trying to use them up but I could be better at it.
What do you do to prevent food waste and what could you improve upon?
This article talks about a new trend in the food industry. Since transportation and production costs has risen so much, producers have one of two choices: they can raise prices or they can sell smaller amounts for the same price. Some producers are taking the second approach. They are using the exact same packages and selling their products at the same price but they have decreased the amount in each package.
On the other hand, British Prime Minister Gordon Brown announced that the people should cut back on food waste. It saves food and saves money for individuals. According to a recent study, families in the UK are throwing away a total of 4.1 million tonnes of perfectly good food every year, costing each around £420 annually.
So, how are these two articles related? Well, maybe people need to buy less – and selling things in smaller amounts would prevent food waste – or at least cut it down.
Personally, here is how we try to avoid wasting food:
I shop twice a week but buy just enough to get through till the next shopping trip. This is best done by planning meals beforehand.
I cook only once a day (if you do not count the oatmeal in the mornings) – lunch in always leftovers. This makes sure that leftovers are always consumed.
Fruits, veggies, meats and fishes are always bought in small quantities so that they do not go bad before they are consumed.
We try one creative meal a week – to finish anything which may go bad soon.
These are the things we could improve on:
We buy/make a loaf of bread per week but sometimes a little of it goes bad. I have been trying to put it in the ‘fridge to prevent that but it takes the freshness out.
We have some cans of food (turkey gravy etc) which we have not used. I think they sit on the shelf because they do not go bad quickly. I have been trying to use them up but I could be better at it.
What do you do to prevent food waste and what could you improve upon?
Tuesday, April 15, 2008
Inflation Again
Here is an account of how food inflation has hit the U.S.
What is sad is that this hits small business owners as hard as it hits consumers. I love the small bagel shops or coffee shops - their atmosphere is so friendly and comfortable to work and socialize in. But they are having to explain their prices increases to their customers and sometimes, these price increases hurts their sales. I, for one, have stopped studying at coffee shops (this is partially because I only drink one cup of coffee a day now) and we almost never go out and get bagels for breakfast anymore.
What is sad is that this hits small business owners as hard as it hits consumers. I love the small bagel shops or coffee shops - their atmosphere is so friendly and comfortable to work and socialize in. But they are having to explain their prices increases to their customers and sometimes, these price increases hurts their sales. I, for one, have stopped studying at coffee shops (this is partially because I only drink one cup of coffee a day now) and we almost never go out and get bagels for breakfast anymore.
Monday, April 14, 2008
Inflation
I read this article on CNN on worldwide inflation today and it triggered a mixed response. I have been reading about and fuming over high food prices for weeks. Yet, this article makes me feel ashamed of my attitude thus far. While the article acknowledges rising food prices in the United States, most of it focuses on countries like Haiti, Bangladesh and Egypt. Due to their already low standards of living and high poverty rates, the impact of rising food prices in these countries dwarves any of the repercussions I have faced. In fact, what exactly have I “faced”? While I try to cut grocery bills, I have not sacrificed anything of import. After all, I still not only eat ample meals but also dessert (apple pie or cake) every night. People in these countries cannot afford staples leading to food riots. They can afford neither bread nor rice (nor cake).
I am not saying that I will not be upset about inflation again in a few days. All I am saying is that this article gave me a little perspective - no matter how bad things are, we are still lucky. A lot of people have it a lot worse.
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