On US tax day, it seemed appropriate to post this entry.
If you have been following my journey for a while, you know I am that dreaded thing – an unemployed writer.
In 2022, I flamed out. I neared my 30th anniversary with my former employer and could not take one more second. It was highly irresponsible, but I quit my job with no plan for my next steps. So unlike me – but seriously, IT WAS BAD.
I was nowhere near retirement age. What the hell was I thinking?? I’ve been living off my savings ever since because God knows my book sales aren’t sustaining me. Ageism is totally a thing, too. Forget trying to find a decent job, especially in this economy.
Admittedly, I made some mistakes along the way. I could have done a few things here or there to extend my savings, but, oh well, what’s done is done.
Right now, the average person is trying to find ways to stretch every penny. It seems as if prices no longer increase by a nickel; they increase by $5. Ugh. What to do?
I’ve compiled a helpful list of money-saving tips:
Learn to cook. You can save so much money if you prepare your own meals. I do dine out on rare occasions, but it is just too expensive to do frequently. The $20 I spend on a restaurant meal could make several meals at home, even at the current grocery prices.
You can totally do it! Find a recipe. Follow the directions. It’s really that simple. Nowadays, there are tons of places to find recipes – cookbooks, Pinterest (my sis’s fav), websites. Give it a try!
Freeze what you don’t eat. Admittedly, this tip works best for one or two people. Most recipes make more food than I can eat in a few days. I usually freeze half of it. Then, when I am too busy or too tired to cook, I can dig in the freezer and find something to thaw in seconds.
Automatic debits are awesome. This trick is my salvation. For years, I used it to squirrel away money for travel, healthcare, retirement, and general savings. I highly recommend that you look into it if you are still employed, because it is a great way to sweep cash into special accounts. If the money is not available to you, you are less likely to spend it.
It is also a great idea to use it for recurring bills. For example, I have already shaved off one month on my car loan by setting up an early debit.
Use your imagination with this one if you are not employed. I still have automatic debits, though the amounts are smaller. If I squirrel away money for travel, home expenses, and entertainment, then I feel less guilty about spending on those things.
Watch those trial subscriptions. Streaming services will be my example, though you can subscribe to just about anything.
Admittedly, I like to use a trial subscription as a test. Will I actually use it? Do they offer something more than my favorite show? Usually, I end up binge-watching the show I wanted to see, and then I don’t find anything else that I want to watch.
I put reminders on my calendar to cancel the subscription. That way, I avoid incurring additional costs. You can also use any of the services out there that will remind you. Use whatever works. The point is – don’t forget to cancel!
Also – big tip here – look at membership programs you currently have and see if they offer discounts on other services. For example, AARP’s membership is usually around $10/year. BUT – for that membership, you get half off a Wal-Mart + membership…which currently includes a free basic Peacock or Paramount + streaming service and some other discounts that might help you.
I wanted the Peacock streaming service because I like watching English Premier League Soccer (up the Villa!). I did a quick calculation. The annual cost of the AARP membership + the Wal-Mart + membership was about $50 less per year than what the Peacock subscription would be. So, it made sense for me to get the AARP and Wal-Mart + memberships.
Check out your local library. It is outdated to think that libraries are just places for books. For example, my local library offers free notary services and free passes to some local attractions. I’ve heard of some libraries that rent tools and other items.
Another cool thing – see what sort of e-services they offer. The NC library system has an e-book rental program. Also, I saw something about a free streaming service for movies and shows when I last visited.
Sign up for rewards programs IF THEY ARE FREE, and you don’t mind sharing your data. Rewards programs offer all sorts of freebies or discounts. In exchange, you are giving up information about your spending habits. I signed up for some, but not all, for that reason. I always evaluate if the discount is worth what I give up for it.
Here’s an example. I signed up for a fuel rewards program because they give good discounts on gasoline purchases. I did not sign up for a pet food program, though. To get their discounts, I had to buy through a specific vendor and spend much more than I normally would. Which leads me to the next one….
Just because it is on sale doesn't mean it's a good deal. You really have to check yourself here. Suppose you are going to use the item and can get a good deal; great. Most of the time, though, you need to think about why you really want something. Is it just because you can save $20?
Look around your house/apartment. How many things did you buy because they were on sale, yet you either never used them or only used them a handful of times?
My advice – give yourself a 24-hour cooling-off period. Most of the time – you won’t really want it later.
Patience saves money. You don’t have to run out and buy the latest thing, see the latest movie/show, read the hottest book, et cetera. If you can be patient, you can usually get anything you want at a much lower price later or sometimes FREE.
Let’s use a movie as an example. When I see a preview for something that looks interesting, I make a note of the movie. If I can be patient and wait a few months, it usually pops up for free somewhere. Did I suffer because I did not see the movie in a theater when it came out? Nope! Despite what the movie studio wants me to believe, my life was not materially altered by waiting!
When times are tough, you gotta focus on the essentials. I have very little money to spend, so I need to stretch every dollar. I do it by following the tips mentioned above, along with a bunch of other things.
I focus on the basics – food, shelter, and Chewie – and extend from there. What’s the point of living if you cannot enjoy a few things, right? I budget for little treats, but I also try hard to make sure they are “little” treats. No trips to Scotland or fancy cars here!
Do I miss it? I’ll admit it – yeah, sometimes, I do. It would be nice not to think about money constantly. But, most of the time, I don’t take anything for granted. If I get an opportunity to dine out at a restaurant, I enjoy it. If I can buy a book, it’s awesome.
I could go on and on about this topic. I’ve barely scratched the surface, but you didn’t come here to read a novel. Some day, I might write a finance book full of tips like this, but, for now, I hope a few of these tips can help you too. Happy saving!