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
18 Comments
So, the ones that will follow will be better of for a very short time.
If some other will follow and don't consume where is your money comming from.
The imbalances are short time or area related. You need to trick others to buy your stuff when you are saving.
Funny - he....
Yeah, I lost myFlybuy card. Won't get another. Didn't seem to make any difference any how and I don't need another cheap appliance that breaks down. Although I'm attached the loyalty coffee card. I don't use it that often any more but it's nice to get a free coffee every one in awhile.
I used to save nothing and spend everything, so I finally decided this was no way to live. First I paid off debt then started saving (just a little as an emergency fund). Then I decided to save to be comfortable and before you knew it I was obsessing over saving every little cent, agonising over prices in the supermarket (working out the prices of meals per person and congratulating myself on being so frugal) and making do with old clothes/shoes for just one more season (they had seen 6 already - I used to be a designer only girl!). The audi was tossed out for an old corolla, I walked everywhere to save petrol and I swapped veggies and fruit (they said to grow a garden) for other things I needed.
Just a word of warning about saving, it can turn into a complete obsession and it can be hard to actually spend money when you need to :-)
I live the phrase - everything in moderation.
So true Weka. It's a mindset, totally. I've become equally miserly. Never used to give it a second thought living in N. America as consumption is such an engrained part of life there. Yep, everything in moderation, and sometimes a little spending goes a long way, particularly if you invest in yourself...read my upcoming post and email me please. Will be up shortly.
As a yout living in TO I used to "shop" at the old army shop in Young Street.....that thift "look" was cool back in the '80s. I remember buying an army green v-neck for a few bucks (had to wash it a million times to get the stink out) and wore it ragged with a gyspy skirt my sister made in home-ec class. Not sure I could pull that Cindy Lauper look off these days tho:) Might revisit that fashion period in retirement and haunt the Ponsonby second hand shops in the meanwhile.
And the idiots handed over the money...what a laugh...
"A small crowd gathered at Auckland's plush Langham Hotel last week to hear how a visiting American infomercial marketer could help them make lots of money and leave them feeling calmer, healthier and more in control of their lives if they just coughed up US$1000 to become a member of what he calls his secret society.
Thirty people, who travelled from all over New Zealand, started applauding the speaker, Kevin Trudeau, before he'd even opened his mouth. From the reception, you would have thought he'd already made them rich.
Several had paid the stiff joining fee and said they had also been paying Trudeau US$150 monthly to belong to the Global Information Network he created.
Dressed in a smartly cut suit and gesturing at the audience with his right hand so the enormous diamond ring he wore caught the light, Trudeau is a smooth salesman and persuasive speaker.
But he's had a chequered past.
As a leading infomercial presenter in the 1990s, he had already been convicted of credit card fraud and larceny. He pleaded guilty on the fraud charges in 1991 and was sentenced to two years' jail. The year before he'd also pleaded guilty to charges relating to US$80,000 of worthless cheques.
Trudeau then moved on to become a self-described consumer advocate, selling a range of self-improvement and health products via informercials"
http://www.stuff.co.nz/marlborough-express/business/6480949/Slick-fraudster-woos-Kiwis
Question: Why was this shite allowed into NZ?
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