Tag: Thrifty

Frugal Fortunes & Fumbles: FFF#9

fortunefumble

 

Each week I like to look back at the week that was and reflect on whether or not I am still undertaking steps to get me to my financial goals. I am not superhuman and as such I have my fumbles as well as my fortunes and I think it’s important to learn from my mistakes as well as my successes.

 

Fortunes

  • I got a great deal on the most expensive component of my homemade version of cereal, allowing me to maximise my savings.
  • Following Little Mr’s anemia diagnosis I received an easy pate recipe from a friend that made almost 2kgs of pate. I looked up the shops price of pate and it’s around $30/kg – since the ingredients all cost less that $8 – including electricity etc I saved around $50! Bonus is getting a delicious pate in which I know exactly what went into it.
  • It was time to buy some more bird crumble. I discovered that one of the two packets at the pet shop was actually expired. I asked if I could get a discount on it and they gave me 50% off! A saving of $15, and there is NO difference to the budgies.
  • There have been some great specials on yogurt at the shops lately which I took great advantage of considering it’s one of the few things guaranteed to be eaten by Little Mr.

Fumbles

  • Little Mr stressful hospital visit resulted in maccas for lunch.
  • We have slightly gone overboard with the groceries this month. Not yet over budget however a no spend week is in order.
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Cutting Costs: Project Cereal

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I’m picky when it comes to cereal. Ever since I was a kid, light ‘n’ tasty was the only cereal I never got bored of ⅓ of the way into the box (sorry mum!). I dislike porridge and always have, weet-bix gets soggy and gross… but combination cereals, like just right and sultana bran are my kinds of cereal! However… they’re expensive and more often than not the box image expectation and the reality of what’s inside the box leave me totally disappointed.

Solution: make your own cereal!

Now I’m not saying this is the cheapest way to eat cereal, but I find it is the cheapest way to eat this type of cereal, and you can chop and change it entirely to your tastes.

 

I don’t have a set recipe and each batch I make is slightly different but the basic elements I try to include are

  • Corn flakes
  • Rolled oats
  • Weet bix
  • Rice bubbles
  • A combination cereal like light n tasty
    Optional extras:
  • Dessicated coconut
  • Sultanas

Honestly you can use any cereal you have available to you but it’s the quantity of what that averages the cost out for you. For example I use the cheapest of everything available to me (yes, even the cardboard tasting home brand weet-bix!)

Instead of paying around $7/kg for combination cereal, if I combine the following in complete packet sizes-

Combination cereal 770g = $5
Corn flakes 550g =$2
Rice pops 400g =$2
Rolled oats 750g=$1.19
Weet bix 1kg=$2.86

It comes out at
=3.475kg/$13.05=$3.75/kg
Which is by itself a $2.70 saving per kg however, that’s not the quantities I use.

The rough quantities I use are closer to as follows-

10% combination cereal =(.64c)
30% weet bix (crushed)=(.85c)
20% corn flakes=(.72c)
10% rice bubbles=($.50)
30% rolled oats=(.48c)

Or $3.19/kg a saving of more than 50% of store bought combination cereal!

Of course adding sultanas and dessicated coconut bumps the unit cost up a tad, but still it is much cheaper than a store bought version and if times are lean I can tailor the cereal to be cheaper again by increasing more of the cheaper ingredients and less of the expensive ones. The price can also be reduced by buying the cereals in bulk quantities while they are on special, or sometimes stores have multi-buys (such as 3 for $5 instead of $2 each for homebrand corn flakes and rice pops).

For the actual making part I just layer them all into a airtight container and then – to my sons amusement – shake it all up, and serve.

Don’t forget to check out other parts of the Cutting Costs series
– Cutting Costs: Project Water
– Cutting Costs: Project Groceries

Have you tried making your own cereal?
What ingredients do you include?

Frugal Fortunes & Fumbles: FFF#7

fortunefumble

Each week I like to look back at the week that was and reflect on whether or not I am still undertaking steps to get me to my financial goals. I am not superhuman and as such I have my fumbles as well as my fortunes and I think it’s important to learn from my mistakes as well as my successes.

 

Fortunes

  • I got a few DVD rentals for free with some promo codes for entertainment this week.
  • Extra repayments on the mortgage meant the end of month mortgage interest was reduced by $1.11 a day compared to last month – down $5.76 a day from January!

Fumbles

  • No fumbles that I can think of this week aside from spending more time indoors than I would have liked, increasing the electricity usage.

PSA: Huggies Little Swimmers Freebie

sample-banner-2_normal

Free Sample (Up to 2 per year) For Huggies Little Swimmer pants.

https://www.huggies.com.au/samples/little-swimmers

I have been told by a swimming instructor that these pants don’t actually contain wee, but just catch poo from escaping. This means if your little one doesn’t poo onto these swimpants you could in theory dry the swimpants in the sun until they look worse for wear. So if you only have the occasional swimmer this could make a packet of these pants last much longer.

The Importance of Setting Goals

goals

OK, so you’ve got some debt, or you are struggling to save money, maybe for a nice outfit or to break into the housing market. I cannot stress enough the importance of setting goals whatever your financial situation. Goals give you drive and motivation to do, or abstain  from certain habits.

For example as I’ve previously mentioned, we had a somewhat insane sounding goal of paying off the remaining $88,000 of a mortgage in one year, a goal that was completed 5 months early! Yes this had extraordinary circumstances as there was a rather large bonus we were banking our goal on, but having the goal helped massively. I know this because after that mortgage was paid off the amazing payments didn’t automatically cross onto the remaining mortgage. I didn’t instantly set a SMART goal for the remaining mortgage during our celebratory stage and the initial few months following paying off the first mortgage reflect that.

Once I set a SMART goal for our remaining mortgage suddenly I could see results as the mortgage began decreasing rapidly. So what is a SMART goal? “Paying down the mortgage” is not a SMART goal unfortunately. “Getting the mortgage down to $100K by June 30 2017” is a SMART goal. Let me explain. SMART is an acronym that goes as follows

Specific
Measurable
Attainable
Relevant
Timed

Looking at my latest goal it fits into each of those 5 categories. It’s a specific goal rather than the vague goal of paying off the mortgage. It’s a measurable goal by using money as the measurable unit. Its attainable, but not too easy, something that I still have to work at to achieve. It’s relevant because paying the mortgage down will release some financial stress, basically the “why” factor of the goal. And finally its timed to have an end date.

In order for a goal to remain a SMART goal you cannot simply create a goal and then walk away from it and expect a brilliant result. Part of it being measurable requires actually measuring it. The frequency of measurement is up to you but for the time being I measure our goal twice monthly. Once on the first of the month, another on the 15th of the month. Others may choose to measure weekly, or even monthly. I suggest monthly as a minimum frequency to look at your finances as a goal can get off track a lot in more than a month.

To me an ideal SMART goal is an A4 (or larger) piece of paper and consists of the following.

  •  The goal statement
  • A measurable chart (almost always a line graph)
  • A list of things I intend to do to reach the goal.
  • Optional: a specified reward once the goal is reached.

Spend a bit of time looking at your income, allow a portion to be set aside for living costs and bills and then from that get a rough idea of what your attainable goal might be and what needs to be done to make it possible, such as reducing your grocery bills or making extra side income. Then be sure to place your goal somewhere you can see and reflect on it frequently.

Have you created your SMART finance goals yet? 

Apps That Save You Money

apps

 

After recently destroying my iPhone 5 ( 😥 ) I decided to make the switch to an Android based phone which puts me in a tough spot in relation to finding replacement apps to ones I had known and loved for years. Particularly apps which save me a lot of money either by earning me money, or helping me manage the best deals and my budget. To save others some of the hassle I thought I’d create a list of which Apps I recommend for each operating system.

 

The types of apps I have found most beneficial are

 

  1. A money tracking app
    I strongly believe it’s impossible to be financially responsible without an system of tracking your expenditure. It’s very easy to have a $5 cup of coffee 1-2 times a day and think little of it. Seeing that you are spending $2,500 a year on coffee instead of adding it to savings, or debt, or a holiday may encourage you to start bringing a thermos from home. A money tracking app allows you to evaluate where your money is going and make choices and changes if required.
  2. An app that encourages debt payoff
    It can be hard finding motivation to pay off debt, particularly a mortgage. It seems like a never ending debt looming overhead that just constantly accrues interest. This is where an app that helps keep you motivated and on track can really help.
  3. Personal bank apps
    I think this is pretty self explanatory and I haven’t included these types of apps in the below list. Having your bank’s internet banking app on your phone allows for you to have a instant view of your accounts and to be aware of your current situation.
  4. Apps that bring in or save money.
    These can be mystery shopping type apps, free entertainment apps, or survey apps. Not a must for everyone but can still be useful.
  5. Apps that hold your loyalty cards
    I haven’t listed this in the list below because I never found one I was satisfied with on iOS and I haven’t yet looked on Google Play but the benefit of these apps is you will get all the loyalty points you deserve if you have your cards on you, but with almost EVERY shop offering loyalty cards these days it’s almost impossible to keep them all on hand.

iOS Apps:

  • I fell in love with CashTrails+ as my main money tracking app 3 years ago. It was a paid app (and still is if you choose to go with the pro version) but was well worth it for me. It had great functionality and reporting. It can take a while to set up all accounts and tags but once done to your liking the report power was awesome. The only downside I struggled with was not being able to compare records year vs year.
  • Sometimes a really simple app can be great motivation. I found Mortgage Payoff Tracker a great motivation tool while we were paying off our first mortgage because it showed in simple pie chart form as well as numbers just how much money we were saving  by making early repayments. In the end it showed we saved $200K! This app was GREAT motivation for us and whilst it’s aimed at mortgages there is no reason it couldn’t be used for other debts as well.
  • I’ve previously mentioned the Field Agent app and it’s a great way to try new things and bring in a little extra cash. I’ve been paid to buy and make my dinner, I’ve been paid for buying craft supplies from spotlight, I’ve been paid for collecting my junk mail for a week. They are generally super easy tasks, and are a nice way to get something for free.

Android Apps:

  • I’m only new to Android but so far I’m loving the look and feel of Expense Manager. From what I’ve seen in action so far it appears that there is quite the collection of reports I can run in this app, but it also has the ability to set budgets, something I’ve never actually done before, but with the help of this app I’m now attempting.
  • Luckily Mortgage Payoff Tracker is also available on Google Play! The features are exactly the same as the iOS but slightly prettier in my opinion.
  • Also available on Android is Field Agent. As mentioned above it provides a bunch of opportunities to make a little extra on the side when doing things as simple as your weekly grocery shop.
  • An extra bonus App I’ve discovered on Google Play is Google Opinion Rewards. It’s a survey type app that pays in Google Play credits. I haven’t been using it long but have $2 in credits and so far every survey I’ve done has been incredibly quick (2-3 questions) and worth what it’s paid out. The reviews are mostly decent with a few complaining more about lack of new surveys, but I think that’s a fairly common complaint with survey programs from a few people (which is why I am in so many)

Have you got any money saving apps you cannot do without?