Cooking like a peasant; Savings vs chequing; Living to 100; The iphone divorce case; Groupon laziness

By Amanda Morrall (email)

1) Eating like a peasant means princely savings

One of my biggest expenses after rent is food. I don't know why because I'm hardly a grocery queen. In fact I loathe grocery shopping because I know the biggest savings are typically found at the big box stores and I despise them. They're big, impersonal and play really bad music. Lately, I have taken to patronising the Asian food markets, which despite the crowds, have amazing bargains. Now if only I could excel at some of those Asian recipes I'd be in good form. Apparently, I need to think like a peasant as well as cook like one to achieve real savings on my food bill.  Getrichslowly.org shares some money saving recipes from the international cookbook.

2) Savings vs chequing

A banking guy tried to sell me the other day on a scheme whereby I could get 10 accounts for a set fee. Between myself and my two children, I have about half that number right now but I can't see how 10 would make my life easier. I have a savings account that I'm not supposed to touch, my main account for in-comings and out-goings, another account for sideline income (freelancing and yoga teaching) and two kids' accounts. A useful feature of my primary savings account is that I don't have ATM access to it which is a good deterrent from raiding it.

This article from the freeinfinancialadvisor.com also extols the use of savings accounts (particularly those with restricted access) as a vehicle for receiving all your pay. He suggests a manual monthly transfer into a separate chequing account for essentials. The idea is that you'll spend only what you need, instead of want because basically our wants are unlimited and we burn through the pay until our cards get declined.

3)  Living to 100

Based on the longevity of all the women in my family (my granny just died at age 93) I'm going to live to be a ripe old age. According to this article in smartmoney.com, if I live to be 100, I'll also need to be a rich old bird. Based on U.S. elder care costs, the article suggests I'll need US$3.5 million. Contrary to yesterday's link from a financial advisor who suggested our retirement costs have been greatly exaggerated, this one claims that we'll be woefully unprepared. Our columnist Janine Starks, in this column, looks at some the rest home costs here in New Zealand.

4) iPhone divorce

iPhones are hugely seductive and highly functional. At the same time, this ingenious handheld device is a social liability. It swallows you up if you're not careful. This blog from good.is/com details the downside of having such sophisticated technology in our lives and his reasons for breaking up with his phone. A great read and a good reminder that I don't need an iphone.

5) Getting a grip on Groupon

Despite access to advanced technology (I have a work issue android) I'm a bit of a Luddite. I profess that I didn't really grasp the Groupon thing until recently.  I also only learned of Kim Kardashian when she decided to divorce and it somehow qualified as front page news. A few people now have told me about the grabone.co.nz deal of the day offer. My thinking is that if you avoid the temptation to spend, even a discounted rate, you'll be more likely to save. The  grabone addict confessed that despite getting good deals, they didn't always take advantage of them before the expiry date. I was therefore interested to spot this explainer on how you can actually get around the expiry date with Groupon. Read on Groupon addicts.

To read other Take Fives by Amanda Morrall click here. You can also follow Amanda on Twitter@amandamorrall